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Assignment 7 - Rosal

This document contains the problems, answers, and financial statements from an intermediate accounting class. It includes multiple income statements and statements of financial position for different companies (Camry Company, Complex Company) with calculations of sales, expenses, assets, liabilities, equity, net income, and retained earnings. The problems address the accounting entries for dividends, contributions, withdrawals, errors and other adjustments to equity accounts.

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Ginie Lyn Rosal
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430 views4 pages

Assignment 7 - Rosal

This document contains the problems, answers, and financial statements from an intermediate accounting class. It includes multiple income statements and statements of financial position for different companies (Camry Company, Complex Company) with calculations of sales, expenses, assets, liabilities, equity, net income, and retained earnings. The problems address the accounting entries for dividends, contributions, withdrawals, errors and other adjustments to equity accounts.

Uploaded by

Ginie Lyn Rosal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Name: Ginie Lyn Rosal

INTERMEDIATE ACCOUNTING

PROBLEM 15 -1 ANSWER: C
Assets end 7 500 000
Liabilities end 3 200 000
Equity 4 300 000
Contributed Capital (2 800 000)
Retained Earnings Beg. 1 500 000
Dividends paid 250 000
Retained Earnings End (1 000 000)
NET INCOME 750 000

PROBLEM 15-2 ANSWER: A


Retained Earnings End 4 500 000
Add:
Cash Dividend 1 000 000
Share Dividend 1 250 000 2 250 000
Retained Earnings Beg (3 500 000)
NET INCOME 3 250 000

PROBLEM 15-4 ANSWER: A


Shareholder's Equity End 5 000 000
Share Capital (3 000 000)
Gain on sale of TS (300 000)
Retained Earnings End 1 700 000
Net Income (800 000)
Adjustments of error (100 000)
Dividend declared 600 000
Retained Earnings Beg 1 400 000

PROBLEM 15-5 ANSWER: C


Assets 8 900 000
Liabilities (2 700 000)
Equity 6 200 000
Dividend paid 1 300 000
Contributed Capital (6 600 000)
NET INCOME 900 000

PROBLEM 15-6 ANSWER: A


Net assets 1 650 000
Net Liabilities- decrease 100 000
Cash dividend 1 500 000
Error Correction (250 000)
Contributed Capital (1 000 000)
NET INCOME 2 000 000

PROBLEM 15-9 ANSWER: C


Net Assets 10 900 000
Net Liabilities 1 200 000
Loan Payable 3 000 000
Interest Payable 300 000 (4 500 000)
Total Equity 6 400 000
Cash Dividend 4 500 000
Contributed Capital 3 000 000
Donated Capital 2 000 000 (5 000 000)
NET INCOME 5 900 000
PROBLEM 15-10 ANSWER: D
Net Assets 370 000
Net Liabilities (110 000)
Total Equity 260 000
Investment (500 000)
Withdrawal 100 000
NET LOSS 140 000

PROBLEM 15-13
1. ANSWER: B
Payment to creditors 2 000 000
Accounts Payable End 750 000
Total Purchase 2 750 000

2. ANSWER: B
Total Purchase 2 750 000
Merchandise Inventory End 700 000
Total Sales 2 050 000

3. ANSWER: A
Investment in cash 2 000 000
Sales 2 050 000
Accounts Receivable End 600 000 1 450 000
Total Cash 3 450 000
Expenses 100 000
Payment to creditors 2 000 000 2 100 000
Cash Balance 1 350 000

4. ANSWER: B
Net Loss 350 000
Expenses 100 000
Purchases 2 750 000 3 200 000

Sales (2 050 000)


Merchandise Inventory unadjusted (700 000) (2 750 000)
Merchandise Inventory End 450 000

PROBLEM 15-16
Camry Company
Income Statement
Year Ended December 31, 20XX
3 990 000
Sales 2 260 000
COGS 1 730 000
Gross Profit
Operating Expenses
Salaries 405 000
Supplies 95 000
Taxes 45 000
Bank Charges 10 000
Miscellaneous Expense 35 000
Depreciation 35 000
Doubtful Accounts 60 000
Other OE 245 000 930 000
NET INCOME 800 000
Camry Company
Statement of Financial Position
Year ended December 31, 20xx

ASSETS
Current Assets
Cash 760 000
Accounts Receivable 400 000
Inventory 650 000
Supplies 20 000
Total Churrent Assets 1 830 00

Non Current assets


Equipment 215 000
TOTAL ASSETS 2 045 000

LIABILITIES AND OWNER'S EQUITY


Current Liabilities
Accounts Payable 260 000
Notes Payable 80 000
Accrued Expense 15 000
Total Liabilities 355 000

Equity
Owner's Capital Beg 1 130 000
Net Income 800 000
Withdrawals (240 000)
Owner's Capital End 1 690 000
Total Liabilities and Owner's Equity 2 045 000

PROBLEM 15-17
Complex Company
Income Statement
Year ended December 31, 2020

Sales 4 000 000


COGS 2 300 000
Gross Profit 1 700 000

Expenses
Utilities 100 000
Supplies 175 000
Salaries 100 000
Tax 25 000
Doubtful Accounts 50 000
Interest 70 000
Depreciation 380 000 900 000
NET INCOME 800 000

Complex Company
Statement of Financial Position
Year Ended December 31, 2020
ASSETS
Current Assets
Cash 325 000
Accounts Receivable 850 000
Inventory 755 000
Total CA 1 930 000

Non-Current Assets
PPE 6 020 000
TOTAL ASSETS 7 950 000

LIABILITIES AND OWNER'S EQUITY


Current Liabilities
Accounts Payable 350 000
Notes Payable 375 000
Advances to customers 75 000
Total CL 800 000

Equity
Share Capital 6 500 000
Retained Earnings 650 000 7 150 000
Total Liabilities and Owner's Equity 7 950 000

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