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46) The information below was used to prepare a bank reconciliation for Pumpkin Farm Company. for October 31. Use the information to prepare any necessary journal entries as of October 31. NOTE: It is NOT necessary to prepare a bank reconciliation. •Adjusted bank balance as of October 31 was $8,765. •Outstanding checks totaled $1,433. •A customer's check for $854 was returned for NSF. •March's service charge was $85. •Bank collected $1,600 from a customer of Pumpkin Farm in payment of a note receivable, including interest of $100. •A new bookkeeper had problems posting checks and recording cash receipts: 1.Check # […]

51) The June 30 bank statement of Control Inc. has arrived in the mail. The bank reconciliation was prepared and the adjusted bank balance is $4,065. The following information was used to prepare the bank reconciliation: •The cash ledger account has a balance of $5,500 on June 30. •The bank statement indicates $20 of interest earned on the account. •The company pays rent ($1,000) and utilities ($750) by EFT. •The following checks did not clear the bank statement:  CK 101 $150, CK 102 $75, CK 103 $210 •The bank statement indicates a deposit of $1,250 for a note collected by […]

44) Prepare a bank reconciliation using Fancy Clothing Store's information for August 31. •Two deposits made on August 31 were not on the bank statement, totaling $7,413. •The note. •August 31 balance in Cash was $11,677. •The bookkeeper forgot to record check # 1578 for $843 which was cashed by the bank on August 15th. •The balance on the bank bank collected an EFT payment on a note receivable for $2,750. Of this amount, $150 represented interest on the statement as of August 31 was $8,387. •Bank service charge of $140 was shown on the bank statement. •Checks #1572, 1606, […]

53) On January 2, 2012, Hockey Skates, Inc., acquired equipment for $230,000. The estimated life of the equipment is 5 years. The estimated residual value is $30,000. What is the book value of the equipment on December 31, 2012, if Hockey Skates uses the double-declining-balance method of depreciation? A) $92,000 B) $138,000 C) $150,000 D) $184,000 54) On January 2, 2012, Mummy Corporation acquired equipment for $45,000. The estimated life of the equipment is 4 years. The estimated residual value is $5,000. What is the amount of depreciation expense for 2012, if the company uses the double-declining-balance method of depreciation? […]

3) Calculate Company Y's total asset turnover based on the following information for the current year: Net income $100,000 Assets at the beginning of the year $800,000 Assets at the end of the year $830,000 Net sales $300,000 A) 10.3% B) 12.3% C) 32.8% D) 36.8% 4) The following information was taken from the records of the Acme Company for the current year: Net sales$510,000 Net income$145,000 Average total assets$330,000 Required: Use the DuPont analysis to measure the return on assets. 7.8   Learning Objective 7-8 1) Acquisition of assets will appear on the statement of cash flows as a financing […]