...underlines where required. Question 1: 40% points: 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...
Words: 2009 - Pages: 9
... . . . . . . . . . . . . . . . . . . 1,800 Deposit in transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450 Interest earned (on bank account) . . . . . . . . . . . . . . . . . . 52 Bank service charges (miscellaneous expense) . . . . . . . . 15 Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) b. An examination of customers’ accounts shows that accounts totaling $679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $700. c. A truck is purchased and placed in service on January 1, 2011. Its cost is being depreciated with the straight-line method using the following facts and estimates. Original cost . . . . . . . . . . . . . . . . $32,000 Expected salvage value . . . . . . . . . . 8,000 Useful life (years) . . . . . . . . . . . . . . . . . 4 d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2009. They are being depreciated with the straight-line method using these facts and...
Words: 1534 - Pages: 7
...Appendix B Use Table FA–1 (in Exhibit B-2) and Table FA–2 (in Exhibit B-4) | a. | To determine the future amount of $20,000 is invested for 10 years, at 6 percent interest, compounded annually. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) | Future value | $ | b. | To determine the future amount of $100,000 is to be received five years from today, at 10 percent annual interest. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) | Future value | $ | c. | To determine the future amount of $10,000 is invested in a fund at the end of each of the next 10 years, at 8 percent interest, compounded annually. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) | Future value | $ | d. | To determine the future amount of $50,000 is invested initially, plus $5,000 is invested annually at the end of each of the next three years, at 12 percent interest, compounded annually. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) | Future value | $ | Explanation: a. | $20,000 × 1.791 (from Table FA-1) = $35,820 future value | b. | $100,000 (An amount to be received in the future is already at future value.) | c. | 10...
Words: 2881 - Pages: 12
...OM-II Group 1 Section-A Chetna Sharma-21 Dhaval Thakkar-26 Shalabh Dhankar-46 Sumedha Sobti-54 Subin Sudhir-FPM/04 Vinay Prabhu-59 Vishal Shitut-60 Kerala Transport Company ------------------------------------------------- Contents 1) Introduction of company 1.1 Industry Introduction 1.2 Infrastructure 1.3 Present Situation and competition 2) Description of Operating System 2.1 Input-Output Transformation 2.2 Stakeholder Analysis 2.3.1 Stakeholder Map 2.3.2 Specific Stakeholders and stakes 2.3.3 Power Vs Stakeholder Matrix 2.3 Processes Involved in Transportation 2.4 Service Blue-print 2.5 Behaviour over Time diagrams 3) Analysis of Operating System 3.1 Observations made after talking to various employees 3.2 Cause and Effect Analysis(Fishbone Diagram) 4) Improving the Operating System 4.1 Modelling the system(causal loop diagrams) 4.2 Competitive Benchmarking 4.2.1 Performance Measures 4.2.2 Comparison 4.2.3 Process Enablers needed 1. ------------------------------------------------- Introduction The company (operating system) we have chosen is Kerala Transport Company(KTC).It is a part of the KTC Group which also owns Matrubhumi Newspaper, Hotels, Auto-mobile Dealerships etc. The company was formed in 1958 and is head-quartered at Calicut. It is a family owned business. 1.1 INDUSTRY INTRODUCTION KTC is a part of huge...
Words: 2394 - Pages: 10
...Mobile Food Truck Pilot Project PILOT PROJECT OVERVIEW EFFECTIVE UNTIL JUNE 30, 2014 The City of Champaign Mobile Food Truck Pilot Project allows vendors to operate at select locations in Downtown and Campustown on City right-of-way. The goal of the pilot project is to enhance the vibrancy and appeal of Downtown and Campustown by allowing mobile food vending opportunities. The Mobile Food Truck Pilot Project identi es seven locations where trucks are permitted. Each location identi ed has a four hour, per sales activity, limit of stay; and some locations have time of day restrictions. Below are the requirements of the pilot project and attached are the maps identifying where mobile food vending will be permitted. Mobile Food Truck de ned: A mobile food truck is a self-contained food service operation, located in a readily movable motorized wheeled or towed vehicle, used to store, prepare, display or serve food intended for individual portion service. PROGRAM PROVISIONS Mobile food truck operators are encouraged to participate in the pilot project. Below are the provisions and requirements of the program: The Mobile Food Truck Pilot Project is now e ective from June 1, 2013 to June 30, 2014 The program is only available for mobile food trucks as de ned above. Push carts, food stands and other methods for selling food without use of a motorized wheeled, or a towed vehicle are not eligible. Vendors must obtain a peddlers license from the City of Champaign Clerk. Once...
Words: 2173 - Pages: 9
...Merton Trucks Case Note Abstract We discuss Merton Trucks [Dhe90a] as a case to introduce linear programming in the MBA program. This case adapted from Sherman Motor Company case, was used to introduce Linear Programming formulations as well as duality. Refer to the teaching note [Dhe90b]. Our approach differs from the approach suggested by Dhebar [Dhe90b]. First, our audience consists pre-dominantly of engineers with not too much work experience. As a result, handling math and algebra is relatively easy. Explaining the algebraic formulation, graphical approach and using the Excel solver do not consume that much time. Second, because this case is used during the first week of the MBA program, students are still unfamiliar with the case methodology and we spend significant time in understanding case facts. The circular logic used in allocating fixed costs based on the product mix that in turn is used in deciding the product mix takes some time to understand. Third, because of the participant background, they have difficulty in translating the model to the specific business situation and interpreting the trade-offs involved in various what-if analyses that are prompted by the case questions. We return to the case when we teach duality. After explaining duality, we analyze the case to show how some of the questions and what-if analyses can be simplified using duality. This note is based on our experiences with teaching three large batches of students in our MBA programs. 1 1 Without...
Words: 2007 - Pages: 9
...Transaction analysis Problem # 1 Mr. Abul operates premium service, which has the following assets: Cash tk. 40,000, supplies tk. 2,000, delivery van tk. 30,000 and truck tk. 60,000. The business owes tk. 12,000 for supplies previously purchased. The following transactions occur in the month of March 2004: March 01: Paid office rent for 3 month’s advance tk. 6,000. 02: Purchased delivery van for cash tk. 20,000. 04: Purchased supplies on account tk. 2,500. 06: Purchased supplies for cash tk. 1,000. 10: Service rendered to a customer and immediately collected tk. 6,000 12: Service rendered to a customer on account tk. 13,000. 18: Paid utility expense of the month tk. 1,000 cash. 22: Paid for the supplies purchased on March 04. 31: The owner withdrew tk. 1,800 from the business. Instructions: (a) Compute the Opening capital/equity. (b) Prepare a tabular analysis of the transactions using the following account titles: Cash, Accounts receivable, Prepaid rent, Supplies, Delivery van, Truck, Accounts payable, Y’s capital. Problem # 2 On June 01 2004 Mr. Tanim started an accounting consultancy agency. The following transactions took place in the month of June: 01: Invested tk. 20,000 as capital in the business. 04: Hired a personal secretary at a monthly salary of tk. 4,000. 06: Purchased supplies for tk. 200 cash. 09: Paid...
Words: 3112 - Pages: 13
...Road King Trucks Introduction Michael Livingston has recently been hired as the CEO of Road King Trucks, Inc. Previously he had been the marketing manager for a large manufacturing company and had established a reputation for identifying new consumer trends. Road King Trucks Inc. is a California-based truck manufacturing company. The company is well known for manufacturing large, heavy-duty trucks at a reasonable cost. One of its greatest achievements is that its trucks can be easily modified or customized for different applications. Road King Trucks also builds school buses. The company is considering an expansion of its current product line to include transit buses. Mr. Livingston feels that due to high gasoline prices, commuters will be more willing to consider using mass transit instead of using their cars to commute to work. Company Profile Road King Trucks, Inc. was established by the Smith brothers in 1880 as the California Wagon Company. The firm started manufacturing horse-drawn wagons to serve the growing population in California. The brothers quickly realized that the times were changing, so they started looking for the technologies that would keep them at the forefront of their field of business. In 1915, the Smith brothers decided that they needed to make trucks as replacements for the wagons, because trucks were starting to serve the same uses as wagons, and the wagon industry was not going to be viable in the longer term. The company started...
Words: 1663 - Pages: 7
...Prob. 2–3A 1. JOURNAL Page 1 Post. Date Description Ref. Debit Credit 2012 April 1 Cash 11 17,000 Kathleen Alvarez, Capital 31 17,000 2 Rent Expense 53 3,400 Cash 11 3,400 6 Equipment 16 10,000 Accounts Payable 22 10,000 8 Truck 18 21,000 Cash 11 2,000 Notes Payable 21 9,000 10 Supplies 13 1,800 Cash 11 1,800 12 Cash 11 13,000 Fees Earned 41 13,000 15 Prepaid Insurance 14 1,800 Cash 11 1,800 JOURNAL Page 2 Post. Date Description Ref. Debit Credit 2012 April 23 Accounts Receivable 12 9,000 Fees Earned 41 9,000 24 Truck Expense 55 1,000 Accounts Payable 22 1,000 29 Utilities Expense 54 1,500 Cash 11 1,500 29 Miscellaneous Expense 59 750 Cash 11 750 Prob. 2–3B (Continued) JOURNAL Page 2 Post. Date Description Ref. Debit Credit 30 Cash 11 7,800 Accounts Receivable 12 7,800 30 Wages Expense 51 4,000 Cash 11 4,000 30 Accounts Payable 22 2,500 Cash 11 2,500 30 Kathleen Alvarez, Drawing 32 2,000 Cash 11 2,000 2. GENERAL LEDGER Cash 11 Post. Balance Date Item Ref. Dr. Cr. Dr. Cr. 2012 April 1 1 17,000 17,000 2 1 3,400 13,600 8 1 2,000 11,600 10 1 1,800 9,800 12 1 13,000 22,800 15 1 1,800 21,000 29 2 1,500 19,500 29 2 750 18,750 30 2 7,800 26,550 30 2 4,000 22,550 30...
Words: 589 - Pages: 3
... $22,000 (h) $250,000 (i) $9,000 (j) $4,000 (k) $11,000 (l) $(5,000) (m) $13,000 (n) $19,000 (o) $14,000 (p) $3,000 E E 10-3 (Acquisition Costs of Trucks). 1. Truck # 1………………………………$13,900 Cash……………………………………………$13,900 2. Truck # 2………………………………$14,727.27 Discount on Notes Payable……………$1,272.73 Cash…………………………………………..$2,000 Notes Payable…………………………………$14,000 Truck # 2 = 2,000 + 12,727.27 = 14,727.27 N=1 I/Y=10% PMT=0 FV=14,000 PV=-12,727.2727 Discount on Notes Payable = 16,000 – 14,727.27 = 1,272.73 3. Truck # 3………………………….. $15,200 Cost of goods sold…………………$12,000 Inventory Account…………………………. $12,000 Sales………………………………………...$15,200 4. Truck # 4 (1,000 x $13)……………………... $13,000 Common Stock (1,000 x $10)…………………………………$10,000 Paid-In capital in excess of par-common stock………………..$3,000 E 10-7 (Capitalization of Interest) a) Weighted-average Accumulated expenditures x...
Words: 627 - Pages: 3
... |100.00 | |Handling Charges |Less than 200Kgs Minimum |200.00 Minimum | |Handling Charges |500 -1000Kgs |0.25/Kg Minimum | | |+1001 -5000Kgs |0.20/Kg | |Total Freight Charges | | ROAD TRANSPORT FOR REGULAR AND REFRIGERTAED TRUCKS (REEFERS) |Truck Size |Destination |Rate in USD | |REGULAR TRUCKS WITH TRACKERS...
Words: 371 - Pages: 2
...of the operator and logging it, disarm alarms in both Warehouse and Administration, (either set of two panels is all that is necessary). Turn all lights on as instructed, commence internal and patrol, unlock side gates and open, unlock manual lock on front sliding doors to reception. (Await Duty Manager to arrive.) When above is completed re-open main gates, (one needs to be secured open with small chain) meet and greet staff (from approximately 0400hrs on) and commence logging trucks, Toll Fast vehicles and couriers etc. Log all casual, contractor and staff, who need access cards in register, remember to issue correct card, ie: warehouse/casual card – admin/staff card/Contractors. All staff, visitor and contractor vehicles are to be searched on leaving the site ie. Boot and wheel well, glove box, consol and behind front seats. Note: This applies to all staff. Random ID checks at least once a week if possible. Bag searches when possible of outgoing staff. NOTE: DEFINATELY NO DELIVERY TRUCKS BEFORE 0700hrs ARE PERMITTED PAST SIDE GATES, THIS DOES NOT INCLUDE TOLL FAST VEHICLES THAT ARE DOING OUR RUN’S AND CANTEEN DELIVERIES. ANY PERSON GOING TO RECEIVING OR DISPATCH MUST HAVE A SAFETY VEST. USE COMMON SENSE AT ALL TIMES. REGARDLESS OF HOW MANY TIMES A DELIVERY VEHICLE COMES ON SITE THEY ARE TO BE STOPPED AND NOT TO BE WAVED...
Words: 1350 - Pages: 6
...Legal fees receivable Interest receivable Rent receivable Notes receivable Merchandise inventory __________ inventory __________ inventory Office supplies Store supplies _______ supplies Prepaid insurance Prepaid interest Prepaid rent Raw materials inventory Goods in process inventory, _______ Goods in process inventory, _______ Finished goods inventory 166 Accumulated depreciation — Store equipment 167 _______ equipment 168 Accumulated depreciation — _______ equipment 169 Machinery 170 Accumulated depreciation — Machinery 173 Building _______ 174 Accumulated depreciation — Building _______ 175 Building _______ 176 Accumulated depreciation — Building _______ 179 Land improvements _______ 180 Accumulated depreciation — Land improvements _______ 181 Land improvements _______ 182 Accumulated depreciation — Land improvements _______ 183 Land 222 223 224 225 226 Employee retirement program payable Employee union dues payable Federal unemployment taxes payable FICA taxes payable Estimated vacation pay liability Unearned Revenues 230 231 232 233 234 235 236 238 Unearned consulting fees Unearned legal fees Unearned property management fees Unearned _______ fees Unearned _______ fees Unearned janitorial revenue Unearned _______ revenue Unearned rent Natural Resources 185 Mineral deposit 186 Accumulated depletion — Mineral deposit Notes Payable 240 241 245 251 252 Short-term notes payable Discount on short-term notes...
Words: 1183 - Pages: 5
...debt or obligation of the entity as a result of a past transaction, which will be paid with assets or services. (d) A current liability is a liability that will be paid in cash (or other current assets) or satisfied by providing service within the coming year. (e) Contributed capital is the financing provided to the business by owners; usually owners provide cash and sometimes other assets such as equipment and buildings. (f) Retained earnings are the cumulative earnings of a company that are not distributed to the owners and are reinvested in the business. 3. (a) The separate-entity assumption requires that business transactions are separate from the transactions of the owners. For example, the purchase of a truck by the owner for personal use is not recorded as an asset of the business. (b) The unit-of-measure assumption requires information to be reported in the national monetary unit. That means that each business will account for and report its...
Words: 2322 - Pages: 10
...TM TM BED LINER KIT BED LINER APPLICATION INSTRUCTIONS HERCULINER Brush-on Bed Liner is a polyurethane-based product that is designed to be easily applied to any truck bed with great results. It is important that you follow the application instructions as closely as possible. Any deviation or deletion from these application instructions may have a negative effect on the end results. Be sure to read all instructions and warnings completely before beginning. If you have any questions regarding these procedures or safety issues about HERCULINER, please call our customer service line at (800) 477-5847 between the hours of 8AM and 5PM CST. CAUTION: BEFORE YOU START! It is very important that this product be applied in a well ventilated area and that chemical resistant gloves are worn during application. Important: This kit contains one (1) gallon of HERCULINER, which is sufficient to cover one (1) six-foot truck bed. Eight-foot truck beds will require an additional quart of HERCULINER. Other items you will need to complete the job: • One quart of Xylene (Xylol), Acetone or MEK Solution for surface preparation only • 2" wide masking tape • Paint roller pan • Rubber gloves • Clean up rags • Stir stick or paint mixing drill attachment CAUTION: HERCULINER bonds to skin, clothing and metal surfaces quickly and is very difficult to remove once it dries. Be careful to avoid getting any residue on your skin, painted surfaces and clothing. Use Xylene (Xylol) or Acetone immediately...
Words: 1353 - Pages: 6
