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Question 9: (1 point)
Word Problem 16-18
In the December 2006 edition of Chicago magazine, sales figures were presented for the past 5 years on merchandise sold at Chicago department and discount stores ($million) Sales in 2005 were $3,888; in 2004 $3,482; in 2003 $3,260; in 2002 $3,135 and in 2001 $3,125. Using 2001 as the base year, complete a trend analysis. (Round your answers to the nearest whole percent. Omit the “%” sign in your response.)
2005
2004
2003
2002
2001
Sales
$
3,888
$
3,482
$
3,260
$
3,135
$
3,125
Sales (in percent)
%
%
%
%
100%
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Question 10: (1 point)
Word Problem 16-19
Don Williams received a memo requesting that he complete a trend analysis of the following numbers using 2009 as the base year. Could you help Don with the request? (Round your answers to the nearest whole number. Omit the “%” sign in your response.)
2012 2011 2010 2009
Sales $324,000 $388,000 $404,000 $512,000
Gross profit 172,000 234,000 338,000 411,000
Net income 75,000 88,500 42,800 54,900
2012 2011 2010 2009
Sales % % % %
Gross profit % % % %
Net income % % % %
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Question 1: (1 point)
Drill Problem 16-1
As the accountant for Vic’s Grooming, prepare a December 31, 2010, balance sheet like that for The Card Shop (LU 16–1) from the following: cash, $26,700; accounts payable, $21,500; merchandise inventory, $8,200; Vic Sullivan, capital, $32,900; and equipment, $19,500. (Omit the “$” sign in your response.)
(Click for List) Assets VIC’S GROOMING Balance Sheet December 31, 2010 Liabilities Owner’s Equity
(Click for List) Balance Sheet VIC’S GROOMING Owner’s Equity December 31, 2010 Assets Liabilities
(Click for List) Owner’s Equity Liabilities VIC’S GROOMING Balance Sheet December 31, 2010 Assets
(Click for List) Assets Liabilities Owner’s Equity VIC’S GROOMING Balance Sheet December 31, 2010 (Click for List) Assets Balance Sheet VIC’S GROOMING Liabilities December 31, 2010 Owner’s Equity
Cash $ Accounts payable $
Merchandise inventory (Click for List) Assets Liabilities Balance Sheet December 31, 2010 Owner’s Equity VIC’S GROOMING
Equipment Pete Reese, capital
Total assets $ Total liabilities and owner’s equity $
Question 2: (1 point)
Drill Problem 16-2
From the following, prepare a classified balance sheet for Lowell Company as of December 31, 2010. (Omit the “$” sign in your response.)
Cash $1,975 Accounts payable $1,025
Prepaid rent 1,150 Salaries payable 1,475
Prepaid insurance 2,000 Note payable (long term) 1,900
Office equipment (net) 2,950 J. Lowell, capital* 6,925
Ending merchandise inventory $3,250
*What the owner supplies to the business. Replaces common stock and retained earnings section.
LOWELL COMPANY
Balance Sheet
December 31, 2010
Assets Liabilities
(Click for List) Plant and equipment Total liabilities Total assets Long-term liabilities Current assets Current liabilities Total current liabilities: (Click for List) Total liabilities and owner’s equity Current liabilities Total current liabilities Long-term liabilities Total liabilities:
(Click for List) Office equipment (net) Cash Merchandise inventory Prepaid insurance $ (Click for List) Notes payable J. Lowell, capital Salaries payable Accounts payable $
(Click for List) Office equipment (net) Merchandise inventory Prepaid insurance Prepaid rent Cash (Click for List) Notes payable J. Lowell, capital Accounts payable Salaries payable
(Click for List) Accounts Payable Merchandise inventory Prepaid insurance Office equipment (net) Cash (Click for List) Total liabilities and owner’s equity Total current liabilities Total liabilities Long-term liabilities $
(Click for List) Merchandise inventory Office equipment (net) Cash Prepaid rent Prepaid insurance (Click for List) Long-term liabilities Total liabilities and owner’s equity Total current liabilities Total liabilities:
(Click for List) Total assets Long-term liabilities Total liabilities Plant and equipment Current assets Current liabilities Total current assets Total current liabilities $ (Click for List) Total current liabilities Total liabilities and owner’s equity Total liabilities Notes payable J. Lowell, capital
(Click for List) Long-term liabilities Total liabilities Current liabilities Total assets Plant and equipment Total current liabilities: (Click for List) J. Lowell, capital Notes payable Total liabilities Total liabilities and owner’s equity $
Owner’s Equity
(Click for List) Cash Merchandise inventory Office equipment (net) Prepaid rent Prepaid insurance (Click for List) Total liabilities Total current liabilities J. Lowell, capital Accounts payable Total liabilities and owner’s equity
(Click for List) Long-term liabilities Total current liabilities Total assets Total liabilities and owner’s equity Total liabilities Current liabilities $ (Click for List) J. Lowell, capital Total liabilities and owner’s equity Accounts payable Total liabilities $
Question 3: (1 point)
Drill Problem 16-4
Prepare an income statement for Munroe Sauce for the year ended December 31, 2010. Beginning inventory was $1,246. Ending inventory was $1,611. (Omit the “$” sign in your response.)
Sales $34,100
Sales returns and allowances 1,096
Sales discount 1,175
Purchases 10,850
Purchase discounts 540
Depreciation expense 107
Salary expense 5,275
Insurance expense 2,350
Utilities expense 249
Plumbing expense 248
Rent expense 180
(Click for List) MUNROE SAUCE Income Statement For Year Ended December 31, 2010 Comparative Income Statement
(Click for List) Income Statement For Year Ended December 31, 2010 Comparative Income Statement MUNROE SAUCE
(Click for List) For Year Ended December 31, 2010 Comparative Income Statement Income Statement MUNROE SAUCE
(Click for List) Net sales Net income Gross profit from sales Cost of merchandise (goods) sold $
(Click for List) Cost of merchandise (goods) sold Net sales Net income Gross profit from sales
(Click for List) Gross profit from sales Net sales Net income Cost of merchandise (goods) sold $
(Click for List) Operating expenses Cost of merchandise (goods) sold Net sales Net income Gross profit from sales :
Depreciation $
Salary
Insurance
Utilities
Plumbing
Rent
(Click for List) Total operating expenses Operating expenses Cost of merchandise (goods) sold Net sales Net income
(Click for List) Net income Operating expenses Cost of merchandise (goods) sold Net sales $