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A company sells the following items:

1-Sep	beginning balance 18 units @	13
12-Sep	Purchase 30 Units @	14
19-Sep	Sold 24 units @	30
20-Sep	Purchased 24 units @	17
27-Sep	Sold 27 units @	30

What is the ending balance of inventory and the cost of goods sold using FIFO and LIFO?

The company has the following data:

Cash balance per company books	6500
Deposits in transit	1400
Outstanding Checks	750
Bank Charges	75
Collected items directly to bank	1425
NSF Checks	625

Prepare a bank reconciliation and determine what the actual bank balance is (not the adjusted).

A company reported the following balances

Accounts Receivable	$ 375,000
Allowance for Uncollectible Accounts	$ 4,500
Net Sales	$ 850,000
Estimated sales uncollected are	0.4%
Estimated AR uncollectable	2%

Prepare the journal entry for the bad debt expense using the sales uncollected method and the estimated AR uncollected method.

A company purchased a building and land for $1.5M. The state tax assessed value when purchased was $877,500 land and $472,500 building with a 40-year useful life. Also, the following long-term items were purchased.

Assets	cost	Useful Life	Method
Truck	35000	5	units of production
Trailer	15000	5	Double Declining
Office furniture	3500	10	Straight-line
Office equipment	5000	10	Straight-line

Prepare the journal entries for the 5th year of depreciation.

The following data has been provided for the weekly payroll. The hourly workers worked 40 hours. Prepare the payroll entries for this pay period.

Employee	Salary	Hourly	401(k)	Medical	Child support	Federal	State
Mike	45000		15%	250	250	225	135
Bob		37.5	5%	500		150	75
Mary	52000		10%	300		200	100
Lauran		25.5	7.50%	400		100	50
FUTA	6%
SUTA	3%
401(k) match	5%

Prepare the issuance journal entry and the first annual payment using straight-line. All bonds were dated January 1, 2015 and pay annually.

Bond Amount	Sold	Rate	years
1,500,000	103	6%	5
750000	100	5%	5
250000	97	4%	5

Prepare the journal entry to issue the stock below.

	Authorized	Issued	Outstanding
Preferred Stock 8%, $100	1000	1000	1000
Common Stock, $1 Par	100000	75000	75000

April 2015

The company purchased 5000 shares of its own shares for 10 on the open market. Prepare this journal entry.

July 2015

The company declared a 10% stock dividend and the market price was $15.

September 2015

The company sells all its treasury stock for 12.50. Prepare this journal entry.

December 2015

Company declared a 50,000 dividend. Prepare the journal entry. How much per share?

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