Posted: June 17th, 2023

BMGT ACCT 220 Final Exam

Acct 220:Final ExamStudentName:Omit all general journal entry explanations. Be sure to include correct dollar signs, commas,underlines, and double-underlines where required.Question 1 (40 points)XYZ Company's December 31, 2015, trial balance is as follows:XYZ CompanyTrial BalanceDecember 31, 2015AccountCashAccounts ReceivableAllowance for Doubtful AccountsNotes ReceivableMerchandise InventoryLandBuildingAccumulated Depreciation, BuildingEquipmentAccumulated Depreciation, EquipmentGoodwillAccounts PayableLong-Term Notes PayableCommon Stock, $10 par, 2,000 shares authorized and outstandingRetained EarningsSales RevenueSalaries ExpenseUtilities ExpenseCost of Goods SoldAdministrative ExpensesSales ExpensesTotalsDebit$ 43,50053,5001,50030,00055,00020,000150,000Credit$ 15,00050,00021,00026,00025,00075,00020,000147,000700,000150,0003,500350,00055,00015,000 _______$1,003,00 $1,003,0000XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar)year end. Correcting and adjusting entries have not been recorded.Additional Information:a. Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.b. Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015.Interest is payable annually.:Acct 220:Final Examc.StudentName:Building is depreciated at 3% per year. There is no salvage value.d. Equipment is depreciated at 15% per year. There is no salvage value.e. XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in thegeneral journal and general ledger that day's $1,500 cash sales as a debit to AccountsReceivable and a credit to Sales Revenue.f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Anydifference in value will not be considered theft or loss.g. Salaries for the last half of December, payable in January, amount to $5,500.h. XYZ estimates that of the Accounts Receivable, 5% will not be collectable.Required:a. Prepare in journal form, any required correcting entries.b. Prepare in journal form, all end-of-the-period adjusting entries.c.Prepare a December adjusted trial balance.d. Prepare a classified balance sheet for the year ended December 31, 2015.e. Prepare in journal form, the closing entries for the year ended December 31, 2015.Question 1 options:Skip Toolbars for .More Insert actions.Show All ComponentsSaveQuestion 2 (8 points)XYZ Company uses the period method and had the following inventory events during January:DateJan. 1Jan. 5Jan.10UnitsPurchased150225100UnitDateCost$7.00Jan. 27.20Jan. 7Jan.7.5012UnitsSold100125Unit SalesPrice$10.0010.007512.00:Acct 220:Final ExamStudentName:Jan.15Jan.20Jan.25Jan.30150200Jan.17Jan.7.95247.801508.00758.2020012.5015015.00Note: The January 1 amounts were the beginning inventory and unit value.(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)Required:a. Calculate the cost of goods available for sale.b. Calculate the dollar value of sales.c.Calculate the value of Ending Inventory and Cost of Goods Sold under the followingindependent assumptions:(1) LIFO method(2) FIFO method(3) Average-cost methodQuestion 2 options:SaveQuestion 3 (7 points)Required: Prepare Acme Supply Company's general journal entries for the followingtransactions:Jan. 1Jan.15Jan.Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding$15,000 account receivable for goods sold last year.Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note.Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note.:Acct 220:Final Exam15Jan.31Apr.15May1Oct.15StudentName:Prepared accrual adjusting entry for any interest revenue.Received payment in full from Warner Co. for outstanding note and interest.Received payment in full from RunTimeCo for outstanding note and interest.Paid XYZ in full.Question 3 options:SaveQuestion 4 (9 points)XYZ Company purchased a refrigerated delivery truck for $65,000 on January 1, 2015. The planis to use the truck for 5 years and then replace it. At the end of its useful life, the truck is expectedto have a salvage value of $10,000. The fiscal year ends December 31.a. Prepare the depreciation table for XYZ's truck, assuming that the company uses thestraight-line method for depreciation.b. Prepare the depreciation table for XYZ's truck, assuming that the company uses thedouble-declining-balance depreciation method.c.Compute the depreciation expense for 2015 for XYZ's truck, assuming the truck has anexpected life of 200,000 miles and during 2015 the truck was driven 24,540miles. Round your depreciation expense per mile to three decimal places.Question 4 options::Acct 220:Final ExamStudentName:SaveQuestion 5 (7 points)Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject toFICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal incometax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) andSUTA (5.4%) taxes. (Round all calculations to the nearest penny.)Required:a. Prepare the general journal entry to record the employer's payroll liability.b. Prepare the general journal entry to record the employer's payroll-tax liability.c.Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b)on January 22.Question 5 options:SaveQuestion 6 (4 points)At the end of the fiscal 2015 year, Acme Company has the following information: Credit Sales,$2,500,000; Sales Returns and Allowances, $25,000; Accounts Receivable, $200,000; andAllowance for Doubtful Accounts with a Debit, $1,500.Required::Acct 220:Final ExamStudentName:a. Prepare the general journal entry to record the end-of-the-year adjusting entry if Acmeuses 0.5% of Net Credit Sales as the basis for determining Bad-Debt Expense.b. Prepare the general journal entry to record the end-of-the-year adjusting entry if Acmeuses 5% of Accounts Receivable as the basis for determining Bad-Debt Expense.ACCT 220 Final Exam Answer SheetQuestion 1 (40points)a. General Journal Entries:DateAccountDebitCreditAccountDebitCreditb. Adjusting Entries:Date:Acct 220:Final ExamStudentName:c. Adjusted Trial Balance:Adjusted Trial BalanceAccount TitlesDebitCredit:Acct 220:Final ExamStudentName::Acct 220:Final ExamStudentName:d. Classified Balance Sheet::Acct 220:Final ExamStudentName:e. Closing Entries:DateAccountDebitCreditQuestion 2 (8points)a. Cost of Goods Available for Saleb. Salesc. Value of:(1) LIFO method(2) FIFO method(3) Average-cost methodEnding InventoryCOGS:Acct 220:Final ExamStudentName:Question 3 (7points)DateAccountDebitCredit:Acct 220:Final ExamStudentName:Question 4: (9points)a. Answer:YearDepreciation ExpenseTotal AccumulatedEnd-of-YearDepreciationBook ValueTotal AccumulatedEnd-of-YearDepreciationBook Valueb. Answer:YearDepreciation Expensec.AnswerQuestion 5 (7points)DateAccountDebitCredit:Acct 220:Final ExamStudentName:Question 6 (4points)DateAccountDebitCredit

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