Posted: December 28th, 2022

AC 5230 Problem Set 1 Instructions: Create a single Excel document with one workshee

AC
5230 Problem Set 1
Instructions:
Create a single Excel document
with one worksheet/tab for each problem. Each problem is worth 20 points.

Problem 1
The following accounts appeared on the trial balance of
Gaudette Company at December 31, 2008. All accounts have normal balances.

What Citation Formats Do You Support?

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Notes Payable

$64,000

Accounts Receivable

$172,800

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Accumulated Depreciation - Bldg.

$261,000

Prepaid Expenses

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$18,750

Supplies on Hand

$12,600

Customers' Deposits

Will Anyone Find Out I Used You?

Nope—your secret’s locked down tight. We encrypt all your data with top-tier security, and every paper’s crafted fresh just for you, run through originality checks to prove it’s one-of-a-kind. No one—professors, classmates, or anyone—will ever know you teamed up with us, guaranteed.

$1,250

Accrued Salaries and Wages

$11,400

Common Stock***

Do You Rely on AI?

Not even a little—our writers are real-deal experts with degrees, crafting every paper by hand with care and know-how. No AI shortcuts here; it’s all human skill, backed by thorough research and double-checked for uniqueness. You’re getting authentic work that stands out for all the right reasons.

$375,000

*Investments in Debt Securities

$93,800

Cash

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$56,750

Inventories (average cost)

$526,750

Bonds Payable Due 1/1/12

Who’s Behind My Essays?

You’re in good hands with degree-holding pros—many rocking Master’s or higher—who’ve crushed our tough vetting tests in writing and their fields. They’re your partners in this, hitting tight deadlines and academic standards with ease, all while tailoring every essay to your exact needs. No matter the topic, they’ve got the chops to make it stellar.

$400,000

Land at Cost

$155,000

Allowance for Doubtful Accts.

Is My Paper Original?

100%—we promise! Every paper’s written fresh from scratch—no AI, no copying—just solid research and proper citations from our expert writers. You can even request a plagiarism report to see it’s 95%+ unique, giving you total confidence it’s submission-ready and one-of-a-kind.

$2,600

Trading Securities****

$24,400

Franchise

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$64,300

Accrued Interest on Notes Payable

$650

Notes Receivable

Can I Adjust Instructions Later?

Absolutely—life happens, and we’re flexible! Chat with your writer anytime through our system to update details, tweak the focus, or add new requirements, and they’ll pivot fast to keep your paper on point. It’s all about making sure the final draft is exactly what you need, no stress involved.

$46,000

Buildings at Cost

$642,000

Income Taxes Payable

How Do I Get Started?

It’s super easy—order online with a few clicks, then track progress with drafts as your writer works their magic. Once it’s done, download it from your account, give it a once-over, and release payment only when you’re thrilled with the result. It’s fast, affordable, and built with students like you in mind!

$52,000

Accounts Payable

$136,650

Preferred Stock**

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$250,000

Additional Paid-in Capital

$54,600

Appropriated Retained Earnings

$98,000

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Unappropriated Retained Earnings

???

*The company intends to hold the securities until maturity,
which is in ten years.
**8% cumulative; $10 par value; 25,000 shares authorized and outstanding.
***$1 par value; 400,000 shares authorized; 375,000 shares issued and outstanding.
****The company intends to sell the trading securities in the next year.

Directions(20 Points): Prepare a classified balance sheet for
Gaudette Company on December 31, 2008 on a separate Excel spreadsheet as
directed on the Problem Set 1 directions.

Problem 2
The following balance sheet was prepared by the
bookkeeper for Perry Company as of December 31, 2008.
Perry Company
Balance Sheet
as of December 31,
2008

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Cash $ 80,000 Accounts
payable $ 75,000
Accounts
receivable (net) 52,200 Long-term liabilities 100,000
Inventories 57,000 Stockholders' equity 218,500
Investments 76,300
Equipment (net) 96,000
Patents 32,000
$393,500 $393,500
The following additional information is provided:
1. Cash includes the cash surrender value of a
life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted.
2. The
net accounts receivable balance includes:
(a) accounts
receivable—debit balances $60,000;
(b) accounts receivable—credit balances $4,000;
(c) allowance for doubtful accounts $3,800.
3. Inventories do not include goods costing
$3,000 shipped out on consignment. Receivables of $3,000 were recorded on these
goods.
4. Investments
include investments in common stock, trading $19,000 and available-for-sale
$48,300, and franchises $9,000.
5. Equipment
costing $5,000 with accumulated depreciation $4,000 is no longer used and is
held for sale. Accumulated depreciation
on the other equipment is $40,000.

Directions (20 points)Prepare
a balance sheet in good form (stockholders' equity details can be omitted.)
Problem 3
Presented
below is financial information of the Lilley Corporation for 2008

Beginning Retained Earnings, 1/1/08

$950,000

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Gain on the Sale of Investments (normal recurring)

$110,000

Sales for the Year

$30,000,000

Loss Due to Flood Damage (unusual & infrequent)

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Yes—we’ve got your back! We’ll brainstorm fresh, workable ideas tailored to your assignment, picking ones that spark interest and fit the scope. You choose the winner, and we’ll turn it into a standout paper that’s all yours.

$125,000*

Cost of Goods Sold

$21,000,000

Loss on Disposal of Retail Division

$450,000*

Interest Revenue

$70,000

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Yep—need changes fast? We’ll jump on your paper and polish it up in hours, fixing whatever needs tweaking so it’s ready to submit with zero stress. Just let us know what’s off, and we’ll make it right, pronto.

Loss on Operations of Retail Division

$460,000*

Selling and Administrative Expenses

5,500,000

Dividends Declared on Common Stock

$230,000

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Sure thing! We’ll whip up a clear outline to map out your paper’s flow—key points, structure, all of it—so you can sign off before we dive in. It’s a handy way to keep everything aligned with your vision from the start.

Write-Off of Goodwill

$520,000

Dividends Declared on Preferred Stock

$80,000

Federal Income Tax on Operations for 2008

1,600,000

*net of tax

Lilley Corporation decided to discontinue its retail operations and to retain
its manufacturing operations. On August 15, Lilley sold the retail operations
to Schoen Company. During 2008, there were 250,000 shares of common stock
outstanding all year.

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Directions(20 Points): Prepare a multiple-step income statement for the
year 2008 on a separate Excel spreadsheet as directed in the Problem Set 1
directions.

Problem 4

December 31

2009

2008

Cash

$90,000

$27,000

Accounts Receivable

$92,000

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$80,000

Allowance for Doubtful Accounts

($4,500)

($3,100)

Inventory

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$155,000

$175,000

Prepaid Expenses

$7,500

$6,800

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Land

$90,000

$60,000

Buildings

I received some comments from my teacher. Can you help me with them?

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$287,000

$244,000

Accumulated Depreciation

($32,000)

($13,000)

Patents

$20,000

$35,000

$705,000

$611,700

Accounts Payable

$90,000

$84,000

Accrued Liabilities

$54,000

$63,000

Bonds Payable

$125,000

$60,000

Common Stock

$100,000

$100,000

Retained Earnings - Appropriated

$80,000

$10,000

Retained Earnings - Unappropriated

$271,000

$302,700

Treasury Stock, At Cost

($15,000)

($8,000)

$705,000

$611,700

For 2009 Year

Net Income

$58,300

Depreciation Expense

$19,000

Amortization of Patents

$5,000

Cash Dividends Declared and Paid

$20,000

Gain Or Loss On Sale of Patents

None

Directions (20 Points):
Given the above information, prepare a statement of cash flows for Doug Corporation
for the year 2009 on a separate Excel spreadsheet as directed on the Problem
Set 1 directions.

Problem 5
The net changes
in the balance sheet accounts of Lenon, Inc. for the year 2008 are shown below:
Account Debit Credit
Cash $ 125,600
Accounts
receivable $ 64,000
Allowance for
doubtful accounts 14,000
Inventory 217,200
Prepaid expenses 20,000
Long-term
investments 144,000
Land 300,000
Buildings 600,000
Machinery 100,000
Office equipment 28,000
Accumulated
depreciation:
Buildings 24,000
Machinery 20,000
Office equipment 12,000
Accounts payable 183,200
Accrued
liabilities 72,000
Dividends payable 128,000
Premium on bonds 32,000
Bonds payable 800,000
Preferred stock
($50 par) 60,000
Common stock ($10
par) 156,000
Additional paid-in
capital—common 223,200
Retained earnings 87,200
$1,705,200 $1,705,200
Additional information:
1. Net
income for the year was $140,000.
2. Cash
dividends of $128,000 were declared December 15, 2008, payable January 15,
2009. A 5% stock dividend was issued
March 31, 2008, when the market value was $22 per share.
3. The
long-term investments were sold for $140,000.
4. A
building and land which cost $480,000 and had a book value of $300,000 were
sold for $400,000. The cost of the land,
included in the cost and book value above, was $20,000.
5. The
following entry was made to record an exchange of an old machine for a new one:
Machinery ............................................................................................. 160,000
Accumulated
Depreciation—Machinery...................................... 40,000
.............................................................................................. Machinery
60,000
......................................................................................................... Cash
140,000
6. A
fully depreciated copier machine which cost $28,000 was written off.
7. Preferred
stock of $60,000 par value was redeemed for $80,000.
8. The
company sold 12,000 shares of its common stock ($10 par) on June 15, 2008 for
$25 a share. There were 87,600 shares
outstanding on December 31, 2008.
9. Bonds
were sold at 104 on December 31, 2008.

Directions (20 points) Prepare a statement of cash flows. Ignore tax
effects.

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