Accounting Questions Assignment

| November 28, 2016

Question
T account

#1 Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Accounts Receivable is $3,400
The starting balance of Cash is $9,000
The starting balance of Inventory is $5,100

1. Receive payment of $10 owed by a customer
2. Buy $16 worth of manufacturing supplies for cash
3. Sell product for $40 with historical cost of $40

What is the final amount in Cash?

#2 Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Accounts Payable is $1,900
The starting balance of Cash is $9,100
The starting balance of Debt is $2,400
The starting balance of Inventory is $4,800

1. Buy $18 worth of manufacturing supplies on credit
2. Borrow $53 from a bank
3. Pay $8 owed to a supplier

What is the final amount in Debt?

#3 Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Cash is $8,400
The starting balance of Inventory is $4,200
The starting balance of Retained Earnings is $23,500

1. Pay expense of $2
2. Sell product for $40 with historical cost of $32
3. Sell service for $25

What is the final amount in Retained Earnings?

#4 The T-accounts below summarize transactions of Torche Corporation from February 22 to February 25, 2013:

Cash

Balance 14,700

44

12

4

15

80

58

PP&E, Net

Balance 15,800

44

Accounts Payable

4

Balance 2,400

15

Other Liabilities

Balance 5,000

Accounts Receivable

Balance 4,800

12

Other Assets

Balance 900

Debt

Balance 3,700

58

Paid-In Capital

Balance 6,000

80

Inventory

Balance 3,800

12

15

Retained Earnings

Balance 22,900

3

What is the final amount in Total Liabilities & Equity?

#5

Stuart Company
Balance Sheet
As of March 11, 2013
(amounts in thousands)

Cash

8,400

Accounts Payable

2,800

Accounts Receivable

4,700

Debt

3,400

Inventory

4,200

Other Liabilities

900

Property Plant & Equipment

17,200

Total Liabilities

7,100

Other Assets

2,800

Paid-In Capital

6,700

Retained Earnings

23,500

Total Equity

30,200

Total Assets

37,300

Total Liabilities & Equity

37,300

Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question.

1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash
3. Issue $85,000 in stock

What is the final amount in Total Assets?

Please specify your answer in the same units as the financial statement.

#6

Lightspeed Industries
Balance Sheet
As of March 11, 2013
(amounts in thousands)

Cash

14,100

Accounts Payable

1,900

Accounts Receivable

3,200

Debt

3,600

Inventory

4,900

Other Liabilities

2,000

Property Plant & Equipment

16,300

Total Liabilities

7,500

Other Assets

500

Paid-In Capital

7,200

Retained Earnings

24,300

Total Equity

31,500

Total Assets

39,000

Total Liabilities & Equity

39,000

Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question.

1. Issue $80,000 in stock
2. Borrow $65,000 from a bank
3. Receive payment of $12,000 owed by a customer
4. Pay $6,000 owed to a supplier
5. Buy $17,000 worth of manufacturing supplies on credit

What is the final amount in Total Assets?

Please specify your answer in the same units as the financial statement.

#7

Lightspeed Industries
Balance Sheet
As of March 11, 2013
(amounts in thousands)

Cash

14,100

Accounts Payable

1,900

Accounts Receivable

3,200

Debt

3,600

Inventory

4,900

Other Liabilities

2,000

Property Plant & Equipment

16,300

Total Liabilities

7,500

Other Assets

500

Paid-In Capital

7,200

Retained Earnings

24,300

Total Equity

31,500

Total Assets

39,000

Total Liabilities & Equity

39,000

Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question.

1. Sell service for $20,000
2. Pay expense of $3,000
3. Sell product for $25,000 with historical cost of $20,000

What is the final amount in Total Assets?

Please specify your answer in the same units as the financial statement.

Statement of Cash flows

#3 Siam Traders had Net Income for 2012 of $9,500,000.

The firm invested $1,000,000 in manufacturing equipment during 2012.
The equipment is being depreciated over five years using straight-line depreciation, starting in 2012.

Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2012 with amounts in thousands.

What is the Net Cash Flow in 2012?

Please specify your answer in the same units as the financial statement.

#4 Valley Technology had Net Income for 2012 of $9,600,000.

The firm invested $5,000,000 in manufacturing equipment during 2011 but made no additional capital investments in 2012.
The equipment is being depreciated over five years using straight-line depreciation, starting in 2011.

Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2012 with amounts in thousands.

What is the Net Cash Flow in 2012?

Please specify your answer in the same units as the financial statement.

#5 Suppose Siam Traders has the following results related to cash flows for 2012:

Net Income of $9,400,000
Increase in Accounts Payable of $800,000
Decrease in Accounts Receivable of $600,000
Decrease in Inventory of $700,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.

What is the Net Cash Flow from Operating Activities?

Please specify your answer in the same units as the financial statement.

#6 Suppose Hopewell Corporation has the following results related to cash flows for 2012:

Net Income of $8,000,000
Increase in Accounts Payable of $500,000
Increase in Accounts Receivable of $700,000
Depreciation of $1,300,000
Decrease in Inventory of $300,000
Other Adjustments from Operating Activities of -$900,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.

What is the Net Cash Flow from Operating Activities?

Please specify your answer in the same units as the financial statement.

#7 Suppose Dansko Integrated has the following results related to cash flows for 2012:

Decrease in Debt of $200,000
Dividends of $800,000
Purchases of Property, Plant, & Equipment of $6,700,000
Other Adjustments from Financing Activities of -$600,000
Other Adjustments from Investing Activities of $300,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows for financing and investing activities with amounts in thousands.

What is the Net Cash Flow from Financing and Investing Activities?

Please specify your answer in the same units as the financial statement.

#8 Suppose Torche Corporation has the following results related to cash flows for 2012:

Net Income of $8,500,000
Decrease in Accounts Payable of $400,000
Increase in Accounts Receivable of $800,000
Increase in Debt of $100,000
Depreciation Expenses of $1,600,000
Purchases of Property, Plant, & Equipment of $5,400,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.

What is the Net Cash Flow?

Please specify your answer in the same units as the financial statement.

#9 Suppose Stuart Company has the following results related to cash flows for 2012:

Net Income of $7,700,000
Decrease in Accounts Payable of $900,000
Decrease in Accounts Receivable of $300,000
Decrease in Debt of $600,000
Depreciation Expenses of $1,700,000
Dividends of $800,000
Increase in Inventory of $800,000
Purchases of Property, Plant, & Equipment of $7,500,000
Other Adjustments from Financing Activities of $300,000
Other Adjustments from Investing Activities of $300,000
Other Adjustments from Operating Activities of $600,000

Create a statement of cash flows with amounts in thousands.

What is the Net Cash Flow?

Please specify your answer in the same units as the financial statement.

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