Exa Final ACCO500 5 6 8 10 13 Jun 2020

UNIVERSIDAD ANA G.
MÉNDEZ SANTA ISABEL

DEPARTAMENTO DE ADMINISTRACIÓN Y EMPRESARISMO
TÉRMINO JUNIO 2020
NOMBRE: Marisel Rodriguez De Jesus FECHA: 21/06/2020
ACCO 500 Contabilidad Financiera Sección: ___________________
Dr. Herminio Rodríguez Príncipe, CPA Examen Final Parte I = 70%
Problem I Prepare the necessary journal entries to record the following transactions, assuming Roprin, Inc. uses a
perpetual inventory system.
(a) Purchased $30,000 of merchandise on account, terms 2/10, n/30.

(b) Returned $700 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.
GENERAL JOURNAL
DATE ACCOUNT DESCRIPTION DEDIT CREDIT
(a) Inventory $30,000
Accounts Payable $30,000
(b) Accounts Payable $700

Inventory $700
(c) Accounts Payable $29,300

Cash $28,714
Purchase Discount $586
Problem II Prepare the necessary journal entries to record the following transactions, assuming Rokary, Inc. uses a perpetual
inventory system.
(a) Rokary sells $50,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000.
(b) The customer in (a) returned $4,000 of merchandise to Rokary. The merchandise returned cost $2,400.
(c) Rokary received the balance due within the discount period.
GENERAL JOURNAL
DATE ACCOUNT DESCRIPTION DEDIT CREDIT
(a) Accounts Receivable $50,000
Revenue $50,000
Cost of Sold Goods $30,000
Inventory $30,000
(b) Sale Return & Allowance $4,000

Account Receivable $4,000
Inventory $2,400
Cost of Sold Goods $2,400
(c) Cash $45,540

Sales Discount $460
Accounts Receivable $46,000
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ACCO 500 Contabilidad Financiera – Examen Final
Dr. Herminio Rodríguez Principe, CPA
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Problem III
Presented below is information for Vero Company for the month of March 2019.
Cost of goods sold $235,000 Rent expense $ 30,000

Freight-out 7,000 Sales discounts 8,000
Insurance expense 5,000 Sales returns and allowances 11,000
Salary expense 63,000 Sales 410,000
Instructions
(a) Prepare a multiple -step income statement.
Solution Problem III

(a) Multiple Step Income Statement
Income Statements
Revenues
Sales $410,000
Less:
Sales Discounts $8,000
Sales Returns & Allowances $11,000
Net Sales 391,000
Cost of Goods Sold $235,000
Gross Profit $156,000
Operating Expenses:
Rent expense $30,000
Insurance expense $5,000
Salary expense $63,000
Freight-Out $7,000
Total Operating Expenses $105,000
Net Income $51,000
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Problem V (Ex. 192)

Lucas Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $4 $ 400
1/20 Purchase 400 $6 2,400
7/25 Purchase 200 $7 1,400
10/20 Purchase 300 $8 2,400
Total Merchandise Available 1,000 $6,600
A physical count of inventory on December 31 revealed that there were 400 units on hand.
Instructions
Compute the Cost of Goods Sold and End Inventory using the FIFO, LIFO and Weighted Average methods.
FIFO
Date Description Unit Unit Cost Amount
Cost of Goods Sold
1/1 Beginning Inventory 100 $4 $400
1/20 Purchase 400 $6 $2,400
7/25 Purchase 100 $7 $700
Total Cost of Goods Sold 600 $3,500
Inventory
7/25 Purchase 100 $7 $700
10/20 Purchase 300 $8 $2,400
Total Inventory 400 $3,100
Total Merchandise Available 400 $3,100
LIFO
Date Description Unit Unit Cost Amount
Cost of Goods Sold
10/20 Purchase 300 $8 $2,400
7/25 Purchase 200 $7 $1,400
1/20 Purchase 100 $6 $600
Total Cost of Goods Sold 600 $4,400
Inventory
1/20 Purchase 300 $6 $1,800
1/1 Beginning Inventory 100 $4 $400
Total Inventory 400 $2,200
Total Merchandise Available 400 $2,200
Weighted Average
Cost per unit Computation Description Units Units Cost Amount
(100×4+400×6+200×7+300×8) Cost of Goods Sold 600 6.6 $3,960
/ (100+400+200+300) = 6.6 Inventory 1,000 6.6 $6,600
Total Available Merchandise 400 6.6 $2,640
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Problem VI
 The bank statement for LOLUAL Company indicates a balance of $1,730 on June 30, 2019.
 The cash balance per books had a balance of $799 on this date.
 The following information pertains to the bank transactions for the company.
1. Deposit of $160, representing cash receipts of June 30, 2019, did not appear on the bank statement.
2. Outstanding checks totaled $340.
3. Bank service charges for June 2019 amounted to $25
4. The bank collected a note receivable for the company for $800 plus $56 interest revenue.
5. A NSF check for $80 from a customer was returned with the statement.
Instructions:
a. Prepare bank reconciliation for June 30, 2019.
Solution to Problem VI
(a)
Bank Reconciliation
Balance per Bank statement $1,730

Add: $160
Subtotal $1,890
Deduct: Outstanding checks $340
Adjusted Bank Balance $1,550
Balance per Book (General Ledger-Cash Account) $799

Add: bank collected a note receivable $856
Subtotal $1,655
Deduct: NSF check $80
service charges $25 $105
Adjusted Book Balance $1,550
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Problem VII (Ex. 237)

ROKARY Company purchased equipment on January 1, 2019 for $70,000. The equipment will have an
estimated salvage value of $5,000 at the end of its 5-year useful life. The equipment also will produce an
estimated of 100,000 units over its 5-year life.
Instructions: Answer the following independent questions.
1. Compute the amount of depreciation expense for the year ended December 31, 2019 , using the straight-line
method of depreciation.
1.$70,000 - $5,000= $65,000 / 5 = $13,000

La depreciacion es de $13,000. El equipo tendra un valor de $57,000
2. If 16,000 units of product are produced in 2019 and 24,000 units are produced in 2020, what is the book
value of the equipment at December 31, 2020? The company uses the units-of-activity depreciation method.
Cómputo Depreciación 2019

70,000 – 5,000 = 65,000 /100,000 = 0.65 * 16,000 = 10,400 70,000 – 10,400 = $59,600

24,000 * 0.65 = 15,600 59,600 – 15,600 = $44,000
Año Units Unit Cost Depreciation Expense Accumulated Depreciation Book Value
2019 16,000 $0.65 $10,400 $10,400 $59,600
2020 24,000 $0.65 $15,600 $26,000 $44,000
3. If the company uses the double-declining-balance method of depreciation, what is the balance of the
Accumulated Depreciation—Equipment account at December 31, 2021.
70,000/5= 14,000/70,000 = 0.2 * 2= 40% $70,000* 0.4 = $28,000 La depreciación es de
$28,000 y el valor del equipo al final del año es de $42,000

$42,000 * 0.4 = $16,800 La depreciación es de $16,800 y el valor del equipo al final del año es
de $25,200

$25,200 * 0.2 = $10,080 La depreciacion es de $10,080 y el valor del equipo al final del año es
de $15,120
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Book Value Declining Balance Accumulated Book Value

Año Beginning of Year Rate Depreciation Expense Depreciation
End of Year
2019 $70,000 40% $28,000 $28,000 $42,000
2020 $42,000 40% $16,800 $44,800 $25,200
2021 $25,200 40% $10,080 $54,880 $15,120
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Problema VIII
Veronic Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2019, its first year of
operation, the company has the following stock transactions.
Jan. 1 Paid the state $5,000 for incorporation fees.
Jan.15 Issued 500,000 shares of stock at $6 per share.
Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered
in helping the company incorporate. The legal services are estimated to have a value of $7,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently
selling on a national exchange at $8 per share.
Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share.
Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share.
Instructions
Journalize the transactions for Veronic Corporation.
GENERAL JOURNAL Pag. 1

DATE ACCOUNT DESCRIPTION REF DEDIT CREDIT
Jan. 1 Cash $5,000,000
Common Stock 1,000,000 $5,000,000
Jan. 1 Organization Expense $5,000

Cash $5,000
Jan. 15 Cash $3,000,000
Common Stock 500,000 * 5 $2,500,000
Credit Paid in Capital in Excess of Par- $500,000
Common Stock
Jan. 30 Organization Expense $7,000
Common Stock 500 * 5 $2,500
Common Stock
July 2 Land $800,000
Common Stock 100,000 * 5 $500,000
Common Stock
Sept. 30 Treasury Stock $135,000
Cash $135,000
Dec. 6 Cash $121,000
Treasury Stock $99,000
Credit Paid in Treasury Stock $22,000
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UNIVERSIDAD ANA G.

MÉNDEZ SANTA ISABEL

(a) Purchased $30,000 of merchandise on account, terms 2/10, n/30.

(b) Accounts Payable $700

(c) Accounts Payable $29,300

(b) Sale Return & Allowance $4,000

(c) Cash $45,540

Cost of goods sold $235,000 Rent expense $ 30,000

Solution Problem III

Problem V (Ex. 192)

Balance per Bank statement $1,730

Balance per Book (General Ledger-Cash Account) $799

Problem VII (Ex. 237)

1.$70,000 - $5,000= $65,000 / 5 = $13,000

Cómputo Depreciación 2019

Cómputo Depreciación 2020

Cómputo Depreciación 2020

Cómputo Depreciación 2021

Book Value Declining Balance Accumulated Book Value

GENERAL JOURNAL Pag. 1

Jan. 1 Organization Expense $5,000

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