Flip Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016 (A+ Guaranteed)

Flip Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016.  The plan is to use the truck for 4 years and then replace it.  At the end of it’s useful life the truck is expected to have a salvage value of $10,000.

a. Prepare the depreciation table for Flip’s truck assuming that the company uses the straight-line method for depreciation.

b. Prepare the depreciation table for Flip’s truck assuming that the truck was purchased on January 1, 2016 and the company uses the double-declining-balance depreciation method.

c. Compute the depreciation expense for 2016 for Flip’s truck assuming the truck has an expected life of 200,000 miles and during 2016 the truck was driven 24,540 miles.  Round your depreciation expense per mile to three decimal places.

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Prepare Flip’s Supply Co. general journal entries for the following transactions (A+ Guaranteed)

Prepare Flip’s Supply Co. general journal entries for the following transactions:
Jan. 1    Accepted Flop’s 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last year
Jan. 15    Purchased $10,000 Equipment from Floozy, signing a 9 month, 12% note
Jan. 25    Loaned Flam Co. $30,000 cash, accepting a 90 days, 10% note
Jan. 31    Prepared accrual adjusting entry for any interest revenue
Apr. 25    Received payment in full from Flam Co. for outstanding note & interest
May 1    Received payment in full from Flop Co. for outstanding note & interest
Oct. 15    Paid Floozy in full

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Flip uses the period method and had the following inventory events during January (A+ Guaranteed)

Flip uses the period method and had the following inventory events during January:
Date    Units Purchased    Unit Cost    Date    Units Sold    Unit Sales Price
Jan. 1    150    $7.00    Jan. 2    100    $10.00
Jan. 5    225    7.25    Jan. 7    125    10.00
Jan. 10    100    7.50    Jan. 12    75    12.00
Jan. 15    150    7.50    Jan. 17    200    12.00
Jan. 20    200    7.75    Jan. 24    150    15.00
Jan. 25    150    8.00
Jan. 30    75    8.25
Note: January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)

Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:
1) LIFO method
2) FIFO method
3)     Average-cost method

Here’s the SOLUTION

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Flip Company’s December 31, 2014 trial balance is as follows (A+ Guaranteed)

Flip Company’s December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account    Debit    Credit
Cash    $43,500
Accounts Receivable    54,500
Allowance for Doubtful Accounts    500
Notes Receivable    30,000
Merchandise Inventory    55,000
Land    20,000
Building    150,000
Accumulated Depreciation, Building         $15,000
Equipment    50,000
Accumulated Depreciation, Equipment         21,000
Goodwill    26,000
Accounts Payable         25,000
Long Term Notes Payable         75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding         20,000
Retained Earnings        147,000
Sales Revenue         700,000
Salaries Expense    150,000
Utilities Expense    3,500
Cost of Goods Sold    350,000
Administrative Expenses    55,000
Sales Expenses    15,000    _______
Totals    $1,003,000    $1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.

Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Flip discovered, on December 30th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day’s $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $6,500.
h. Flip estimates that of the Accounts Receivable 5% will not be collectable.

Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014

Here’s the SOLUTION

 

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CJA 484 Week 3 Team Assignment Discussion Question QA Policing (UOP Course)

CJA 484 Week 3 Team Assignment Discussion Question QA Policing (UOP Course)

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CJA 484 Week 2 Team Assignment Managerial Practices Executive Summary (UOP Course)

CJA 484 Week 2 Team Assignment Managerial Practices Executive Summary (UOP Course)

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CJA 484 Week 3 DQ 2 (UOP Course)

CJA 484 Week 3 DQ 2 (UOP Course)

What are the constitutional safeguards that are associated with criminal juvenile proceedings? How do these safeguards differ/relate to the safeguards and foundations which were established for adult criminal law procedures? What would happen if adult and juvenile procedures were the same? Explain.

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CJA 484 Week 3 DQ 1 (UOP Course)

CJA 484 Week 3 DQ 1 (UOP Course)

Who are the various personnel who participate in the courtroom? How does each role affect and impact shaping procedural law(s)? How does each role affect and impact shaping substantive law(s)? What changes would you recommend to improve the role of the various personnel who have a direct affect in shaping laws relating to the criminal justice system?

Who are the various personnel who participate in the courtroom?
How does each role affect and impact shaping procedural law(s)?

How does each role affect and impact shaping substantive law(s)?

What changes would you recommend to improve the role of the various personnel who have a direct affect in shaping laws relating to the criminal justice system?

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CJA 484 Week 2 Individual Assignment Ethics Justice Administration Analysis 1

CJA 484 Week 2 Individual Assignment Ethics Justice Administration Analysis 1

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CJA 484 Week 2 Individual Assignment Ethics Justice Administration Analysis (UOP Course)

CJA 484 Week 2 Individual Assignment Ethics Justice Administration Analysis (UOP Course)

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