see attached
Question 1 (12 points) Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 20,000 Equipment 30,000 Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.) 1. Land 2. Building 3. Equipment Question 1 options: Question 2 (12 points) On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.) 1. the 2017 depreciation expense 2. the accumulated depreciation after the fiscal year 2017 adjusting entry 3. the book value of the machine after the fiscal year 2017 adjusting entry Question 2 options: Question 3 (12 points) Bravo Company purchased equipment on October 1, 2016. Bravo paid $60,000 for equipment and paid an additional $500 for shipping and $200 to place the equipment in service. The equipment is expected to have a $6,000 residual value and a 8-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.) 1. the 2018 depreciation expense 2. the accumulated depreciation after the fiscal year 2018 adjusting entry 3. the book value of the machine after the fiscal year 2018 adjusting entry Question 3 options: Question 4 (10 points) On July 1, 2016, Alpha Company negotiated the purchase of a new piece of equipment with the seller Zulu Company. The equipment was list for $200,000. Smooth talking Alpha was able to negotiate the purchase price and acquired the equipment at $175,000. Alpha Company completed the purchase transaction on July 1. Additionally, Alpha was entitled to a 1% discount if it paid for the equipment within 10 days. After completing the purchase, Bravo Company, third party, offered Alpha, $185,000 for this equipment. What amount should Alpha Company record the equipment purchase at if payment is made by July 11? Question 4 options: Question 5 (12 points) On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2018. Round numbers to whole dollars. General Journal: Date Accounts Debit Credit Question 6 (12 points) On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,000 that had accumulated depreciation of $600 after all June adjusting entries had been processed. The exchange was for a new computer having a fair value of $500. The transaction has commercial substance. Using this information, how much should be recorded on July 1 for the following accounts: 1. Accumulated Depreciation, Equipment 2. Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets) 3. Equipment - New Question 6 options: Question 7 (12 points) Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,000 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts: 1. Accumulated Depletion 2. Inventory 3. Cost of Goods Sold Question 7 options: Question 8 (9 points) On January 2, 2016, Alpha Company purchased a patent for $38,500 plus $2,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Alpha Company expects to use the patent for six years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write "No Entry Required." General Journal: Date Accounts Debit Credit Question 9 (9 points) Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item Amount Cash $75,000 Inventory $275,000 Property, Plant & Equipment (net) $750,000 Accounts Payable $350,000 Using this information, how much should be recorded as Goodwill for this transaction? Question 9 options: Question 10 (8 points) Given below are account balances for Charlie Company: Gross sales, $108,000 Sales returns and allowances, $8,000 Selling expenses, $12,000 Cost of goods sold, $56,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) Your Answer: Answer Question 11 (8 points) Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to: Question 2 options: Accounts Receivable for $2,000 Cash for $1,960 Accounts Receivable for $1,960 Sales Discounts for $40 Question 12 (8 points) Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Question 3 options: Debit Accounts Payable, and Credit Purchase Discounts. Debit Accounts Payable, and Credit Purchase Returns and Allowances. Debit Accounts Payable, and Credit Inventory. Debit Accounts Payable, and Credit Purchases. Question 13 (9 points) Alpha Company provided the following data concerning its income statement: sales, $950,000; purchases, $401,000; beginning inventory, $215,000; ending inventory, $302,000; operating expenses, $117,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $83,000; and purchases returns & allowances, $38,000. The data are complete and provide the basis for preparation of an income statement. How much is net income? Your Answer: Answer Question 14 (8 points) 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 merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company. > Bravo Company returned, to Alpha Company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450 Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required." General Journal: Date Accounts Debit Credit May 2 May 3 Question 15 (8 points) Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a: Question 6 options: debit to Cash Short for $2 credit to Cash or $180 credit to Cash for $318 credit to Petty Cash for $2 Question 16 (9 points) Annapolis Company's bank statement indicated an ending cash balance of $9,640. Alpha's accountant discovered that outstanding checks amounted to $715 and deposits in transit were $960. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance Your Answer: Answer Question 17 (8 points) 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 $110,000< 30="" days="" old="" 98%="" 70,000="" 30="" to="" 60="" days="" old="" 92%="" 35,000="" 61="" to="" 120="" days="" old="" 78%="" 10,000=""> 120 days old 13% 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. Your Answer: Answer Question 18 (9 points) Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales - $830,000 for 2018 and $912,000 for 2019. Accounts Receivable - $80,000 for 2018 and $99,000 for 2019. Allowance for Doubtful Accounts - $6,000 for 2018 and 7,500 for 2019 Calculate the accounts receivable turnover ratio to one decimal place. Your Answer: Answer Question 19 (9 points) 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 130 $10 5/5 Purchase 240 $12 5/15 Purchase 270 $14 5/25 Purchase 320 $16 Sales were 480 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May. Your Answer: Answer Question 20 (8 points) 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 100 $10 5/5 Purchase 225 $12 5/15 Purchase 210 $14 5/25 Purchase 200 $16 Sales were 570 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May. Answer Question 21 (8 points) Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 9.4. What was the company's Days Outstanding in Inventory. Assume a 365 day year. Round to one decimal place. Your Answer: Answer Question 22: Clarifications on SEC 10k Project For question 22, please use NIKE as company. The PowerPoint and the Paper should compliment each other. The paper should be able to be given to a Board of Directors so they could use it to follow along with the PowerPoint