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Second Task Essay

1160 words - 5 pages

(this task is for the course
Introduction to Financial Accounting (11th Edition) by Charles T. Horngren (Author), Gary L. Sundem (Author))

Write your answer in the space provided or on a separate sheet of paper.

QUESTION 1
Designate how each transaction would be reported on the statement of cash flows using OP for operating activities, IN for investing activities, FI for financing activities, I for an inflow of cash and O for an outflow of cash. If the transaction is included only in a supplemental schedule, denote this as SS.
Section Inflow or Outflow
1. Paid cash dividends ________ ________
2. Purchased 6 months of insurance in advance ________ ________
3. Sold inventory ...view middle of the document...

Omit supporting schedules.

QUESTION 3
In 2012, Jaycox Custom Bikes had net income of $575,000. Jaycox also recorded $215,000 in depreciation. The company also had the following changes in its balance sheet accounts.
Accounts Receivable $26,000 increase
Inventories 11,000 decrease
Accounts Payable 19,000 decrease

Compute the net cash provided by operating activities using the indirect method.

QUESTION 4
Our House is a manufacturer of furniture. On June 16, 20X9, Our House received an order from Old Fashioned, Inc., for 15 living room sets at $1,500 per set. The furniture was delivered by Our House to Old Fashioned, Inc., on June 30, 20X9, at which time Our House billed Old Fashioned under the terms 2/30, n/60. Old Fashioned, Inc., paid Our House on July 25. Assume Our House uses a periodic inventory system.
Prepare the appropriate journal entries for Our House as of the following dates:
a. June 16
b. June 30
c. July 25

QUESTION 5
Corbin Catering prepares monthly bank reconciliations of its checking account balance. The bank statement received by Corbin Catering for February 20X9 follows:

Corbin Catering First Fifth Bank
54 Windsong Drive PO Box 22

BANK STATEMENT DATE OF STATEMENT: February 28, 20X9

Credit Debit
Balance, February 1, 20X9 $ 29,500
Interest earned $100
Service charge $40
Account collected on behalf of Corbin 1,600
Checks:
#310 120
#312 260
#313 180
#314 215
#316 80
#317 110
Deposits:
February 15, 20X9 5,000

Ending Balance $ 35,195
------------------------------------------------------------------------------
Corbin Catering's books disclosed the following additional information:
------------------------------------------------------------------------------
Checking account balance, February 1, 20X9 $ 29,500
Checks written:
#310 $120
#311 40
#312 260
#313 180
#314 215
#315 200
#316 80
#317 110
Deposits:
February 15, 20X9 $5,000
February 28, 20X9 2,500

Ending balance $35,795
-------------------------------------------------------------------------------
Required:
Prepare a bank reconciliation for Corbin Catering at February 28, 20X9.

QUESTION 6
For each of the following items, identify whether they are a tangible or intangible asset. In addition, if the asset is long-lived, identify whether it is depreciated, amortized, or depleted. If the asset is not a long-lived asset, identify it as a current asset.

Tangible/ Depreciated/
Intangible /Current Amortized/Depleted
1) Natural gas reserves __________________ __________________
2) Warehouse forklift __________________ __________________
3) Computers held for resale __________________ __________________
4) Copyrights __________________ __________________
5) Land __________________ __________________
6) Delivery truck ...

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