Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Accounting comprehensive problem 3 answers

11/11/2020 Client: papadok01 Deadline: 24 Hours

Selected transactions completed by Kornett company during its first fiscal year ended December 31, 2014 were as follows:
Jan. 3. Issued a check to establish a petty cash fund of $4,500.
Feb 26. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.
Apr. 14. Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.
May 13. Paid the invoice of April 14 after the discount period had passed.
17. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
June 2. Received a 60-day, 8% note for $180,000 on the Ryanair account.
Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.
24. Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The Allowance method is used)
Sept. 15. Reinstated the Finley account written off on August 24 and received $1400 cash in full payment.
15. Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%.
Oct. 17. Sold office equipment in exchange for $135,000 cash plus receipt of a $1,00,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.
Nov. 30. Journalized the monthly payroll for November, based on the following data:

Salaries Deductions

Salaries Deduction

Sales salaries $135,000 Income tax withheld $39,266

Office salaries $77,250 Social security tax withheld $12,735

Total $212,250 Medicare tax withheld $3,184

Unemployment tax rates

State unemployment 5.4%

Federal unemployment 0.8%

Amount subject to unemployment taxes:

State unemployment $5,000

Federal unemployment 5,000

30. Journalized the employer’s payroll taxes on the payroll.
Dec. 14. Journalized the payment of the September 15 note at maturity.
31. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Instructions
1. Journalize the selected transactions.
2. Based on the following data, prepare a bank reconciliation for December of the current year:
a. Balance according to the bank statement at December 31, $283,000.
b. Balance according to the ledger at December 31, $245,410.
c. Checks outstanding at December 31, $68,540.
d. Deposit in transit, not recorded by bank, $29,500.
e. Bank debit memo for service charges, $750.
f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company.
4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year:
a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).
b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.
c. Prepaid insurance expired during the year, $22,820.
d. Office supplies used during the year, $3,920.
e. Depreciation is computed as follows:

Asset Cost Residual Value Useful life Method

Building $900,000 0 50 Double-declining

Office Equip. $246,000 26,000 5 Straight

Store equip 112,000 12,000 10 Straight

f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.
g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.
h. Vacation pay expense for December, $10,500.
i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December.
j. Interest was accrued on the note receivable received on October 17.
5. Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.
The merchandise inventory is stated at cost by the LIFO method.
The product warranty payable is a current liability.
Vacation pay payable:
Current liability ………. $7,140
Long-term liability …….. 3,360
The unfunded pension liability is a long-term liability.
Notes payable:
Current liability ……. $ 70,000
Long-term liability …. 630,000

Kornett Company

Post-Closing Trial Balance

December 31, 2014

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Custom Coursework Service
Finance Homework Help
Writer Writer Name Offer Chat
Custom Coursework Service

ONLINE

Custom Coursework Service

Hey, Hope you are doing great :) I have read your project description. I am a high qualified writer. I will surely assist you in writing paper in which i will be explaining and analyzing the formulation and implementation of the strategy of Nestle. I will cover all the points which you have mentioned in your project details. I have a clear idea of what you are looking for. The work will be done according to your expectations. I will provide you Turnitin report as well to check the similarity. I am familiar with APA, MLA, Harvard, Chicago and Turabian referencing styles. I have more than 5 years’ experience in technical and academic writing. Please message me to discuss further details. I will be glad to assist you out.

$55 Chat With Writer
Finance Homework Help

ONLINE

Finance Homework Help

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

$55 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

632.1 - Walter lewin lecture notes - Discussion--Rising Savings during the Pandemic - Whale watching batemans bay - Exam md 100 pdf - Intentional Torts - Isbn 978 1 118 34500 9 - The calorie lab - Accounting concepts are known as - Icandy peach adjust angle - Unit 2 Assignment – Leadership in Diverse Organizations - Pantheistic worldview about human nature purpose and flourishing - Keiko meaning in hawaiian - Air canada flight 143 - According to the school of ethical universalism - Masterpiece cakeshop v colorado civil rights commission oyez - 2080 hours worked per year - Hsi talents - Karma kismet new delhi delhi - Create a blog.. final post - Full time apprenticeship hours - Describe conduction convection and radiation - Mod b practice questions - The trial of tempel anneke sparknotes - How to design a coat of arms middle ages - Shadow health cough danny rivera - Clinical significance - 9 10 dihydroanthracene 9 10 α β succinic acid anhydride - Final Retrospective Research Proposal - Angle of elevation and depression worksheet - World Perspectives Essay 2 - Prewriting techniques definition - Occupational therapy ppt - 15 simplify the expression below show your work 7y 12 - Aqa spanish a level grade boundaries - Assignment - Research Methods used rhetoric 400 WORDS POST need it in 12 hours - Company cell phone data usage policy - Pepperfry - 6 Pages: 6 References - What are the advantages and disadvantages of easily obtainable information - Pinkberry case study - Assignment 3: Impact of Economics on Daily Living - Psychology a level grade boundaries - OPERATIONS MANAGEMENT - Sql injection attack lab solution - Managerial Accounting_Discussion5 - Customer benefit package example - Bachelor of biomedical science uts atar - Csu cross institutional study - 3-5 Page Term Paper - Barnet hospital fracture clinic - Disease Control and Education Plan - Waterloo library room booking - Criterion contamination psychology example - Semco brazil managing without managers - Multiracial feminism becky thompson summary - The importance of being earnest prezi - Discussion post - 300 words - Week 3 RAR - Belch and belch 1998 - New paltz central school district - Merlin home transmitter wireless setup - Target market for lemonade - Early literacy skills checklist - Ricon s series lift troubleshooting - International Trade Summary - Iflyswa cin - Looking in the album vern rutsala analysis - Discussion - Quantitative and qualitative paradigms - Adobe acrobat javascript examples - Returns and Bond Ratings assignment - 223 normanby road south melbourne - Death penalty discriminates against black crime victims - What is the completely factored form of xy3 x3y - Criminal law/ discussion - Medical radiation technologist nz - I need two comments for these discussions attached - Monsanto attempts to balance stakeholder interests pdf - Two boats leave a port at the same time - Your response is off by a multiple of ten webassign - Fanuc robot controller manual - Operation of astable multivibrator - Perfectly imperfect song lyrics ryan hiraoka - Jack hartmann hands up for letter sounds - Ask hr la trobe - Ten 4 bruising rule - Of human interaction joseph luft pdf - Mini Paper - Criminology - Psychology final project - Information system capstone project - Solving higher order differential equations - Asp server scripts are surrounded by delimiters which - Words with ai sound - Unit of astronomical distance - Discussion Post ( Context, Meaning, and Value) - Redox titration real life application - Case Study