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in-class-assignments

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lOMoARcPSD|32413227

In-class-assignments

Financial Accounting (Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí
Minh)

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IN – CLASS ASSIGNMENT

CHAP 6
P6 – 3A:
Sekhon Company had a beginning inventory on January 1 of 160 units of
Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases
were made.
Mar. 15 400 units at $23 Sept. 4 330 units at $26
July 20 250 units at $24 Dec. 2 100 units at $29
1,000 units were sold. Sekhon Company uses a periodic inventory system.
a) Determine the cost of goods available for sale.
b) Determine the ending inventory, and the cost of goods sold under each of FIFO,
LIFO, and Average-cost.

CHAP 9
P9 – 3A:
Presented below is an aging schedule for Halleran Company:

At December 31, 2017, the unadjusted balance in Allowance for Doubtful


Accounts is a credit of $12,000.

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Instructions
(a) Journalize and post the adjusting entry for bad debts at December 31, 2017.
(b) Journalize and post to the allowance account the following events and
transactions in the year 2018.
(1) On March 31, a $1,000 customer balance originating in 2017 is judged
uncollectible.
(2) On May 31, a check for $1,000 is received from the customer whose account
was written off as uncollectible on March 31.
(c) Journalize the adjusting entry for bad debts on December 31, 2018, assuming
that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $800
and the aging schedule indicates that total estimated bad debts will be $31,600.

CHAP 10
E10 – 6:
Rottino Company purchased a new machine on October 1, 2017, at a cost of
$150,000. The company estimated that the machine will have a salvage value of
$12,000.
The machine is expected to be used for 10,000 working hours during 5-year life.

Instructions
Compute the depreciation expense under the following methods for the year
indicated.
(a) Straight-line for 2017.
(b) Units-of-activity for 2017, assuming machine usage was 1,700 hours.
(c) Declining-balance using double the straight-line rate for 2017 and 2018.

CHAP 18
P18 – 2:
The comparative statements of Painter Tool Company are presented below and
on page 824.

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All sales were on account.

Instructions
Compute the following ratios for 2017. (Weighted-average common shares in
2017 were 57,000)

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(a) Earnings per share.


(b) Return on common stockholders’ equity.
(c) Return on assets.
(d) Current ratio. (i) Asset turnover.
(e) Acid-test ratio.
(f) Accounts receivable turnover.
(g) Inventory turnover.
(h) Times interest earned.
(j) Debt to assets ratio.

P18 – 5:
Selected financial data of Target Corporation and Wal-Mart Stores, Inc. for a
recent year are presented here (in millions).

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Instructions
(a) For each company, compute the following ratios.
(1) Current.
(2) Receivables turnover.
(3) Average collection period.
(4) Inventory turnover.
(5) Days in inventory.
(6) Profit margin.
(7) Asset turnover.
(8) Return on assets.
(9) Return on common stockholders' equity.
(10) Debt to total assets.
(11) Times interest earned.
(b) Compare the liquidity, profitability, and solvency of the two companies.

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