Question 1: Alpha Company provided the following data concerning its income statement: sales, $870,000; purchases, $365,000; beginning inventory, $215,000; ending inventory, $227,000; operating expenses, $99,000; freight-in, $5,000; sales discounts, $17,000; purchases discounts, $15,000; sales returns & allowances, $128,000; and purchases returns & allowances, $41,000. How much is net income?
Question 2: Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by Alpha Company.
Bravo Company returned, to Alpha Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400.
Use this information to prepare Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."
Question 3: Annapolis Company's bank statement indicated an ending cash balance of $8,740. Alpha's accountant discovered that outstanding checks amounted to $765 and deposits in transit were $720. Additionally, the bank statement showed service charges of $35. What is the correct adjusted ending cash balance?
Question 4: Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:
Dollar Value
Age of Account
Estimated Collectible
$170,000< 30 days old 99%
60,000 30 to 60 days old 93%
25,000 61 to 120 days old 76%
12,000 > 120 days old 14%
The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.
Question 5: Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales - $905,000 for 2018 and $922,000 for 2019.
Accounts Receivable - $88,000 for 2018 and $115,000 for 2019.
Allowance for Doubtful Accounts - $6,000 for 2018 and 6,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
Question 6: Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 120 $10
5/5 Purchase 250 $12
5/15 Purchase 340 $14
5/25 Purchase 310 $16
Sales were 450 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
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