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(Solved) Your Name Here Quiz 2 Name: __________________________ Date:


I need Help with this basic accounting quiz. Please feel the template attached! Thanks


Your Name Here Quiz 2

 

Name: __________________________ Date: _____________

 


 

You must complete answer all questions ? be a very careful

 

reader

 


 

10 Questions: 5 essays; plus 5 Problem

 

Ch 7 8 9; Edwards Ch 8 (cash); plus Fixed Assets; Depreciation

 


 

please try to complete the quiz in one setting

 

Save the exam file as a word document with your name in the file name & Quiz 2

 

such as Lou_Dobbs_Quiz_2

 


 

UMUC ?

 


 

ACCT 301 Due Monday February 22, 2016

 


 

This quiz is to be completed without the assistance of any other person.

 

You may use only the resources provided by your instructor for this class.

 

** this is not an internet research process. Use your own words!

 

** Save this file and include your name in the file name: Lou_Dobbs_Quiz_2

 

You may create an Excel and / or Word File for your work. Please verify that each page prints out

 

formatted with your name and page number on the page. Excel files should show gridlines.

 

Excel ?page format? has options for grid lines (sheet) and headers/footers.

 

At a minimum, use print preview so you can see how the work will print out.

 

I pledge on my honor that I have not given or received any unauthorized assistance on this

 

examination. In addition, I pledge that I will not disclose to, or discuss the contents of this

 

examination with, students who have not taken it.

 

_________________________________________________________________________

 

Signed

 

Good Luck!!! For all questions, assume no other transactions or activities have taken place during the

 

period except as noted. Answer all questions!

 

Prepare and present calculations for partial credits for questions with calculations and presentations.

 

Page 1 of ___

 


 

Your Name Here Quiz 2

 

Q 1 and Q2 30 %

 

On July 1, 2014 Calloway Inc. acquired a new machine at a cost of $40,000 with a residual value of

 

$4,000. The estimated useful life is 6 years and 200,000 units. For the year ending June 30, 2015 the

 

machine produced 35,000 units. For the year ending June 30, 2016, the machine produced 40,000 units.

 

1. Using the three depreciation methods (straight line, units of production, and double decline

 

balancing) calculate the depreciation for the year ending 6/30/15 and present each of the three

 

journal entries in proper form.

 

2. On July 1, 2017 the machine is sold for $20,000. Complete the journal entry in proper form

 

based on your calculations under each of the three depreciation methods (see item 1 in this

 

problem). You will present three separate, independent journal entries.

 


 

Q3 10%

 

Adelphi Company owns equipment with an original cost of $60,000 and an accumulated depreciation

 

value of $25,000. The estimated residual value remains $5,000. Consider each of the independent

 

situations below and present the required journal entry to record the sale or disposal of the truck, using

 

proper format.

 

A. Sold for $30,000

 

B. Sold for $36,000

 

C. Sold for $25,000

 

D. Destroyed in a fire; no scrap value and no insurance (no proceeds will be received)

 


 

Q4 10% Accounts Receivable and Uncollectible Accounts

 

Mosaic Art Company uses the direct write off method. Their customer, Tile Depot, has declared

 

bankruptcy with no assets to pay off creditors. Present the journal entry, in proper format to record the

 

necessary adjustment for the $27,000 remaining in the Accounts Receivable Subsidiary ledger from Tile

 

Depot.

 


 

Q5 10% Accounts Receivable and Uncollectible Accounts

 


 

Page 2 of ___

 


 

Your Name Here Quiz 2

 

Winston Incorporated uses the allowance method for accounts receivable uncollectible accounts.

 

Shoppers Discount Company has closed its business, left no forwarding address, and has not made any

 

payments on account for over two years. Present the journal entry, in proper form, to write off the

 

remaining accounts receivable of $24,000.

 

Q6 10% Accounts Receivable and Uncollectible Accounts

 

Misty Green Designers uses the allowance method for uncollectible accounts. A former customer, EA All

 

Sports, is seeking to return to good standing and begin doing business with the company again. As part

 

of the agreement, on March 31, 2016, EA All Sports paid Misty Green Designers the $54,600 balance

 

due (Misty Green Designers wrote this value off four years ago). Present the required journal entry or

 

entries to record this transaction.

 

Q7 10% Bank Reconciliation

 

As a new business manager you are concerned that the bank reconciliation is not being completed and

 

presented to you on a timely basis. Explain why the bank reconciliation is important, who should

 

complete the actual report, and actions that should occur upon receiving the report.

 

Q8 10% Management of Cash Functions and other issues of Internal Control

 

You are president of your local division, responsible for cash receipts and disbursements. You are

 

working with your local bank to discuss a new system where you invoices will indicate a ?send payments

 

to? address that the bank will manage, providing your company scanned copies of all documents

 

received. Explain, in a bulleted list, or brief paragraph, the pros and cons of this system, as it relates to

 

cash receipts and cash disbursements.

 

Q9 5% Bank Reconciliation

 

The Bank Balance presented on the bank statement totals $12,000 while the general ledger cash balance

 

for this account, on the same date, the last day of the month, displays a value of $15,600.

 

Please explain the issues related to this difference and how they would be resolved. Use you experience

 

in creating a bank reconciliation to assist you in considering the variables.

 

Q10 5% Petty Cash

 

The auditors arrived to check the petty cash balance in your office. The account has a balance of $65

 

and the receipts not yet presented for reimbursement total $52. The Petty Cash Fund was issued several

 

years ago for $100. How would you explain the current situation to the auditor? What might cause the

 

balance to be off?

 


 

Page 3 of ___

 


 

 


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