1.  (1 point) Trenton Travel Agency purchased land for $90,000 ca

1.  (1 point) Trenton Travel Agency purchased land for $90,000 cash on December 10, 2014. At December 31, 2014, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s balance sheet at December 31, 2014?       2.  (2 points) Saylor Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000.    a.     Assuming no additional investment or withdrawals during the period, what is the net income for the period?    b.     Assuming an additional investment of $13,000 but no withdrawals during the period, what is the net income for the period?       3.  (4 points) Transactions for the Jo Smith Company for the month of June are presented below.   June 1 4.      Jo Smith invests $5,792 cash in a small welding business of which he is the sole proprietor. 2 5.      Purchases equipment on account for $1,854. 3 6.      $714 cash is paid to landlord for June rent. 12 7.      Sends a bill to M. Rodero for $497 for welding work performed on account.   Journalize the transactions.            4.  (6 points) The following accounts are taken from the ledger of Chloe Company at December 31, 2014.   200   Notes Payable   $21,670   101   Cash   $7,667 301   Owner’s Capital   29,664   126   Supplies   4,333 157   Equipment   81,667   729   Rent Expense   5,667 306   Owner’s Drawings   9,667   212   Salaries and Wages Payable   4,667 726   Salaries and Wages Expense   39,667   201   Accounts Payable   12,667 400   Service Revenue   89,667   112   Accounts Receivable   9,667   Prepare a trial balance in good form.           5.  (5 points) The Green Thumb Lawn Care Company began operations on April 1. At April 30, the trial balance shows the following balances for selected accounts.   Prepaid Insurance   $ 3,700 Equipment   27,800 Notes Payable   21,500 Unearned Service Revenue   4,500 Service Revenue   1,600   Analysis reveals the following additional data.   1.   Prepaid insurance is the cost of a 1-year insurance policy, effective April 1. 2.   Depreciation on the equipment is $500 per month. 3.   The note payable is dated April 1. It is a 6-month, 12% note. 4.   Seven customers paid for the company’s 6-month lawn service package of $410 beginning in April. The company performed services for these customers in April. 5.   Lawn services performed for other customers but not recorded at April 30 totaled $1,600.   Prepare the adjusting entries for the month of April.       6.  (16 points) Natalie owns Cookie Creations.  After journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.   COOKIE CREATIONS Adjusted Trial Balance December 31, 2013     Debit   Credit Cash   $1,180     Accounts Receivable   875     Supplies   350     Prepaid Insurance   1,210     Equipment   1,200     Accumulated Depreciation—Equipment       $40 Accounts Payable       75 Salaries and Wages Payable       56 Interest Payable       15 Unearned Service Revenue       300 Notes Payable       2,000 Owner’s Capital       800 Owner’s Drawings   500     Service Revenue       4,515 Salaries and Wages Expense   1,006     Utilities Expense   125     Advertising Expense   165     Supplies Expense   1,025     Depreciation Expense   40     Insurance Expense   110     Interest Expense   15         $7,801   $7,801   Using the information in the adjusted trial balance, do the following.       Prepare an income statement for the period ended December 31, 2013. Prepare an owner’s equity statement for the period ended December 31, 2013. Natalie has decided that her year-end will be December 31, 2013. Prepare closing entries as of December 31, 2013. Prepare a post-closing trial balance.     7. (15 points)  Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is the sale of fine European mixers. The owner of Kzinski Supply Co. has approached Natalie to become the exclusive distributor of these fine mixers in her state. The current cost of a mixer is approximately $575, and Natalie would sell each one for $1,150. Natalie comes to you for advice on how to account for these mixers. Each appliance has a serial number and can be easily identified. The trial balance for cookie creations as on December 31, 2011 is as follows:   COOKIE CREATIONS Trial Balance December 31, 2011   Account   Debit Credit   Cash   $1,180     Accounts Receivable   875     Supplies   350     Prepaid Insurance   1,210     Equipment   1,200     Accumulated Depreciation, Equipment     $40   Accounts Payable     75   Salaries and Wages Payable     56   Unearned Service Revenue     300   Interest Payable     15   Notes Payable     2,000   Owner’s Capital     2,329       $4,815 $4,815   In the end, Natalie decides to use the perpetual inventory system. The following transactions happen during the month of January. Jan. 4   Bought five deluxe mixers on account from Kzinski Supply Co. for $2,875, FOB shipping point, terms n/30. 6   Paid $100 freight on the January 4 purchase. 7   Returned one of the mixers to Kzinski because it was damaged during shipping. Kzinski issues Cookie Creations credit for the cost of mixer plus $20 for the cost of freight that was paid on January 6 for one mixer. 8   Collected $375 of the accounts receivable from December 2011. 12   Three deluxe mixers are sold on account for $3,450, FOB destination, terns n/30. (Cost of goods sold is $595 per mixer.) 14   Paid the $75 of delivery charges for the three mixers that were sold on January 12. 14   Bought four deluxe mixers on account from Kzinski Supply Co. for $2,300, FOB shipping point, terms n/30. 17   Natalie is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $1,000 cash in Cookie Creations. 18   Paid $80 freight on the January 14 purchase. 20   Sold two deluxe mixers for $2,300 cash. (Cost of goods sold is $595 per mixer.) 28   Natalie issued a check to her assistant for all the help the assistant has given her during the month. Her assistant worked 20 hours in January and is also paid the $56 owed at December 31, 2011. (Natalie’s assistant earns $8 an hour.) 28   Collected the amounts due from customers for the January 12 transaction. 30   Paid a $145 cellphone bill ($75 for the December 2011 account payable and $70 for the month of January). (Recall that the cellphone is used only for business purposes.) 31   Paid Kzinski all amounts due. 31   Natalie withdrew $750 cash for personal use.                       Prepare the January transactions.   8.  (21 points)  Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week. The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.  Inventory as on January 31, 2014 represents three deluxe mixer purchased at a unit cost of $545. The following transactions occur in February to May 2014.   Feb. 2   Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,200 ($600 each), FOB destination, terms n/30. 16   She sells one deluxe mixer for $1,150 cash. 25   She pays the amount owed to Kzinski. Mar. 2   She buys one deluxe mixer on account from Kzinski Supply Co. for $618, FOB destination, terms n/30. 30   Natalie sells two deluxe mixers for a total of $2,300 cash. 31   She pays the amount owed to Kzinski. Apr. 1   She buys two deluxe mixers on account from Kzinski Supply Co. for $1,224 ($612 each), FOB destination, terms n/30. 13   She sells three deluxe mixers for a total of $3,450 cash. 30   Natalie pays the amounts owed to Kzinski. May 4   She buys three deluxe mixers on account from Kzinski Supply Co. for $1,875 ($625 each), FOB destination, terms n/30. 27   She sells one deluxe mixer for $1,150 cash.       Determine the cost of goods available for sale       Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods: LIFO, FIFO, and average cost. (Round unit cost calculation in average cost method to 3 decimal places, e.g. 2.225. Round gross profit rate to 2 decimal places, e.g. 25.22%. Round all other answers to 0 decimal places, e.g. 2,525.)

Don't use plagiarized sources. Get Your Custom Essay on
1.  (1 point) Trenton Travel Agency purchased land for $90,000 ca
From $10/Page
Order Essay
MyCourseWriter
Order NOW For A 35% Discount!
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Homework Writing

Do you need to ace your test? We have qualified writers to assist you in writing 100% quality homework writing. Mycoursewriter offers students unique and personalized custom papers that help them in getting good grades. Our academic experts will assist you with your dissertation papers, thesis writing, research papers, term papers, and case study homework help. Our writers are experienced and have perfected the art of crafting the best essay writing papers regardless of your academic level. Order now and get our superb homework writing services.

Expert Academic Writers

A student needs professional assistance outside class time. Before hiring our writers, they undergo thorough tests and strict educational backgrounds. After passing a test, our writers undergo training to ensure they deliver expert professional papers to our customers. We ensure they meet the timely delivery of papers and follow our customers' provided instructions. Every writer is an ENL writer and is from the USA, Canada, UK, or Australia. Our experts approach papers effectively depending on their area of specialization.

Affordable Price Guarantees

Is the deal too good to be true? Mycoursewriter is the most affordable assignment help website on the market. We consider students' daily needs for academic help. Our paper costs are reasonably priced to approximately 90% of students around the globe. Our main aim is to ensure students achieve academic excellence, and we believe inconsiderable prices should not hinder students from getting quality homework writing help. In case of any dissatisfaction, we offer unlimited revisions and rewrites without extra charges.

Timely delivery of papers

Tight deadline? Is your paper due in the next few hours? Worry no more. Our writers are here for your rescue. Many college students find it hard to balance their social and academic life and get caught up with academic deadlines. Drafting your paper at the last minute does not allow you to conduct extensive research and craft the correct answers. We have expert writers ready to work on your assignment writing. Urgent writing services are the ultimate solutions you need. We guarantee you timely delivery of papers at your convenience and specified time delivery of the customer.

100% Original Tasks

The ultimate deal-breaker in achieving good grades is submitting imitative papers. Plagiarism is a breach of examination standards and has serious consequences. Students need to deliver papers written in their understanding by paraphrasing their research findings and relevant citations. Our expert's primary consideration is providing free plagiarized papers that meet the lecturers' requirements. Our editors will proofread your paper before delivery ad ensure your papers will not be substandard. We guarantee extreme originality, and in case of any customer concerns, we offer a plagiarism report.

All Round the clock Customer Support

Our website is user-friendly and super useful! Mycoursewriter is the most trusted online writing website always available to provide you with assignment writing services that you need. Our primary concern is meeting customer need specifications by our friendly customer support team that Is available all the time. Our website usability is self-learnable but in case of any problem, feel free to contact us directly through our website email: support@mycourserwiter.com. We have diligently satisfied thousands of students, and you can witness this on our sites' review page.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Advantages of Using Our Assignment writing Services

Mycoursewriter welcomes you for superb essay writing services. We are a legit site offering help with your most challenging homework writing assignments at affordable prices. Your essay paper will be assigned to a professional writer who will craft the paper from scratch according to your provided instructions.

Essays

Essay Writing and Proofreading Services

Essay writing is a common assignment writing for most college students. It takes a lot of time to craft a complete perfect essay. Mycourserwiter offers the best essay writing and proofreading services for most college students. Your paper is assigned to an expert writer who does thorough research on fresh ideas and personalizes your essay paper according to your assignment writing guidelines. Our essays are entirely exceptional and undergo a strict procedure that includes papers free from plagiarism and thorough proofreading.

Admissions

Admission and Business Papers

Writing an admission paper is not every student's desire, and this should not hinder any student from earning an admission. Writing a perfect personal statement to earn a position in a dream school or job can be stressful. Personal statements should display a high level of confidence and uniqueness. Admission essays require you to have a vast knowledge of the current happenings in the world and knowhow of the business world. We have qualified writers with skills who will write your admission paper through comprehensive research. All you have to do is provide us with little details about yourself, instructions and our writers will craft a perfect paper for you.

Editing

Editing and Proofreading

Mycoursewriter offers you assignment writing services free from grammatical and formatting mistakes. An error-free paper is significant in scoring the desired maximum grades. We have a team of editors who will go through your paper after our expert writers have delivered their fully crafted papers. Our writers will cover all the aspects of your paper instructions, such as fonts, spacing, and educational formats. Our team of editors will check through your paper to make sure it meets the formatting style provided in the paper instructions. Under no circumstances will a poorly formatted paper will be forwarded to you as our team of editors will ensure careful proofreading.

Coursework

Technical Papers

Assignment writing is part of a learning process, and one may not have the knowledge to answer all questions correctly. This should not be a stress to you as we have qualified essay writing experts to help you. Our qualified writers are holders of PhDs, Degrees, and Masters in different areas of study and can handle any papers regardless of the complexity. Multiple assignments may be challenging to finish on time. Our skilled professional writers are here to assist you in crafting all the correct answers for your assignment. Stop stressing about your homework writing and place an order with us, and our expert writers will provide you with the best assignment help.