1. Minutess for Mehta Company for the month of May are presented below. Prepare journal entries for each of these minutess. 2. On July 1. 2012. Crowe Co. pays $ 19. 628 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have financial old ages stoping December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. 3. Dresser Company’s hebdomadal paysheet. paid on Fridays. sums $ 6. 600. Employees work a 5-day hebdomad. Prepare Dresser’s seting entry on Wednesday. December 31. and the journal entry to enter the $ 6. 600 hard currency payment on Friday. January 2. 4. Side Kicks has year-end history balances of Gross saless $ 890. 660 ; Interest Revenue $ 16. 870 ; Cost of Goods Sold $ 557. 320 ; Operating Expenses $ 207. 440 ; Income Tax Expense $ 36. 370 ; and Dividends $ 20. 744. Fix the year-end shutting entries. 5. Fiscal information exhibits the feature of consistence when

6. What is the relationship between the Securities and Exchange Commission and accounting standard scene in the United States?

7. Starr Co. had gross revenues gross of $ 632. 600 in 2012. Other points recorded during the twelvemonth were: Fix a single-step income statement for Allen for 2012. Allen has 100. 000 portions of stock outstanding. 8. Portman Corporation has retained net incomes of $ 752. 650 at January 1. 2012. Net income during 2012 was $ 1. 751. 960. and hard currency dividends declared and paid during 2012 totaled $ 78. 100. Fix a maintained net incomes statement for the twelvemonth ended December 31. 2012. Assume an mistake was discovered: land bing $ 87. 490 ( cyberspace of revenue enhancement ) was charged to mend disbursal in 2009. 9. On January 1. 2012. Richards Inc. had hard currency and common stock of $ 63. 790. At that day of the month the company had no other plus. liability or equity balances.

On January 2. 2012. it purchased for hard currency $ 24. 120 of equity securities that it classified as available-for-sale. It received hard currency dividends of $ 4. 560 cyberspace of revenue enhancement during the twelvemonth on these securities. In add-on. it has an unfulfilled keeping addition on these securities of $ 5. 380 cyberspace of revenue enhancement. Determine the undermentioned sums for 2012: ( a ) net income ; ( B ) comprehensive income ; ( degree Celsius ) other comprehensive income ; and ( vitamin D ) accumulated other comprehensive income ( terminal of 2012 ) .

10. Armstrong Corporation reported the following for 2012: net gross revenues $ 1. 227. 100 ; cost of goods sold $ 762. 000 ; merchandising and administrative disbursals $ 324. 800 ; and an unfulfilled keeping addition on available-for-sale securities $ 23. 800. Fix a statement of comprehensive income. utilizing the two-income statement format. Ignore income revenue enhancements and net incomes per portion. 11. Guillen. Inc. began work on a $ 7. 160. 800 contract in 2012 to build an office edifice. Guillen uses the completed-contract method. At December 31. 2012. the balances in certain histories were building in procedure $ 1. 751. 500 ; histories receivable $ 245. 100 ; and Billingss on building in procedure $ 1. 077. 500. Bespeak how these histories would be reported in Guillen’s December 31. 2012. balance sheet. 12. Lazaro. Inc. sells goods on the installment footing and uses the installment-sales method.

Due to a client default. Lazaro repossessed ware that was originally sold for $ 980. ensuing in a gross net income rate of 40 % . At the clip of repossession. the ungathered balance is $ 680. and the just value of the repossessed ware is $ 288. Prepare Lazaro’s entry to enter the repossession. 13. Harding Corporation has the undermentioned histories included in its December 31. 2012. test balance: Histories Receivable $ 116. 120 ; Inventories $ 295. 100 ; Allowance for Doubtful Accounts $ 8. 680 ; Patents $ 78. 220 ; Prepaid Insurance $ 9. 870 ; Histories Collectible $ 77. 710 ; Cash $ 36. 400. Fix the current assets subdivision of the balance sheet naming the histories in proper sequence. 14. Patrick Corporation’s adjusted test balance contained the undermentioned plus histories at December 31. 2012: Prepaid Rent $ 20. 000 ;

Goodwill $ 58. 610 ; Franchise Fees Receivable $ 4. 340 ; Franchises $ 43. 080 ; Patents $ 36. 100 ; Trademarks $ 11. 620. Fix the intangible assets subdivision of the balance sheet. 15. Hawthorn Corporation’s adjusted test balance contained the undermentioned histories at December 31. 2012: Retained Net incomes $ 126. 560 ; Common Stock $ 707. 140 ; Bonds Payable $ 101. 750 ; Additional Paid-in Capital $ 203. 770 ; Goodwill $ 58. 010 ; Accumulated Other Comprehensive Loss $ 153. 850. Fix the stockholders’ equity subdivision of the balance sheet. 16. Keyser Beverage Company reported the undermentioned points in the most recent twelvemonth. 17. Linden Corporation is fixing its December 31. 2012. fiscal statements. Two events that occurred between December 31. 2012. and March 10. 2013. when the statements were issued. are described below. 1. A liability. estimated at $ 157. 050 at December 31. 2012. was settled on February 26. 2013. at $ 175. 160. 2. A flood loss of $ 78. 580 occurred on March 1. 2013.

What consequence do these subsequent events have on 2012 net income?

18. Roder Corporation has seven industry sections with entire grosss as follows. Based merely on the entire grosss trial. which industry sections are reportable? Enter 1 if the section is reportable. Enter 0 if the section is non reportable.

19. Operating net incomes and losingss for the seven industry sections of Roder Corporation are: Based merely on the operating net income ( loss ) trial. which industry sections are reportable? Enter 1 if the section is reportable. Enter 0 if the section is non reportable.

21. Heartland Company’s budgeted gross revenues and budgeted cost of goods sold for the approaching twelvemonth are $ 143. 870. 000 and $ 31. 464. 000 severally. Short-run involvement rates are expected to average 10 % . If Heartland can increase stock list turnover from its present degree of 9 times a twelvemonth to a degree of 12 times per twelvemonth. calculate its expected cost nest eggs for the approaching twelvemonth.

23. Ames Company reported 2012 net income of $ 153. 850. During 2012. histories receivable increased by $ 13. 740 and histories collectible increased by $ 9. 970. Depreciation disbursal was $ 40. 990. Fix the hard currency flows from runing activities subdivision of the statement of hard currency flows. 24. Martinez Corporation engaged in the undermentioned hard currency minutess during 2012. Calculate the net hard currency provided ( used ) by puting activities. 25: Martinez Corporation engaged in the undermentioned hard currency minutess during 2012. Determine Martinez’s free hard currency flow. presuming that it reported net hard currency provided by runing activities of $ 401. 270. 26 ( Preparation of a Statement of Cash Flows )

( a ) comparative balance sheet for Orozco Corporation is presented below. ( B ) . Determine Orozco Corporation’s current hard currency debt coverage ratio. hard currency debt coverage ratio. and free hard currency flow

27. Chris Spear invested $ 11. 798 today in a fund that earns 12 % compounded yearly. To what sum will the investing grow in 3 old ages? To what sum would the investing grow in 3 old ages if the fund earns 12 % one-year involvement compounded biyearly? 28. Amy Monroe wants to make a fund today that will enable her to retreat $ 25. 780 per twelvemonth for 8 old ages. with the first backdown to take topographic point 5 old ages from today. If the fund earns 10 % involvement. how much must Amy put today? 29. Zach Taylor is settling a $ 25. 000 loan due today by doing 6 equal one-year payments of $ 5. 909. 41. What payments must Zach Taylor do to settle the loan at the involvement rate of 11 % . but with the 6 payments get downing on the twenty-four hours the loan is signed? 30. ( Simple and Compound Interest Computations )

Lyle O ‘Keefe invests $ 25. 900 at 8 % one-year involvement. go forthing the money invested without retreating any of the involvement for 8 old ages. At the terminal of the 8 old ages. Lyle withdrew the accrued sum of money. a ) . Calculate the sum Lyle would retreat presuming the investing earns simple involvement. B ) . Calculate the sum Lyle would retreat presuming the investing earns involvement compounded yearly. ( Round to 2 denary topographic points. e. g. 25. 250. 25. Hint: Use tabular arraies in text. ) c. Compute the sum Lyle would retreat presuming the investing earns involvement compounded biyearly. ( Round to 2 denary topographic points. e. g. 25. 250. 25. Hint: Use tabular arraies in text. )