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Sheet1 Problem #1Please put your answers here and send back as an Excel document. Bobby Wino & Company reported the following December 2020 transactions Name pertaining to a 62oz bottle of Retro Cream, one of the company's many inventory items: 12657 UnitsUnit Cost22758 Beginning inventory Jan 18$ 23.0032859 5-JanPurchase20$ 25.0042960 7-JanSale1853061 10-JanPurchase22$ 25.5063162 15-JanSale673263 20-JanPurchase10$ 27.0083364 25-JanSale1393465 1035 Use the above information to calculate the following:1136 1Cost of goods available for sale if the periodic system is used1237 2Ending Inventory Value using FIFO periodic1338 3Cost of goods sold using FIFO periodic1439 4Ending Inventory Value using LIFO periodic1540 5Cost of goods sold using LIFO periodic1641 6Ending Inventory Value using Average Cost periodic1742 7Cost of goods sold using Average Cost periodic1843 8Cost of goods available for sale if the perpetual system is used1944 9Ending Inventory Value using FIFO PERPETUAL2045 10Cost of goods sold using FIFO PERPETUAL2146 11Ending Inventory Value using LIFO PERPETUAL2247 12Cost of goods sold using LIFO PERPETUAL2348 13Gross Profit if all bottles of Retro Cream are sold at $45 per bottle and LIFO 2449 and LIFO PERPETUAL is used.2550 51 52 INDICATE THE:53 54 55 14Account (if any) credited at COST when a sale occurs and the 56 Perpetual Inventory System is used. 15Account (if any) credited at COST when a sale occurs and the Periodic Inventory System is used. 16Account debited when merchandise is acquired and the Perpetual Inventory System is used. 17Account debited when merchandise is acquired and the Periodic Inventory System is used. Problem # 2 Bob "Big Bobby" Weinstein Ltd. experienced complete melt-down of all inventory due to a very suspicious fire. The company's updated general ledger revealed the following balances at September 13th, the date of the casualty loss: Sales.....................5,470,000 Sales Returns............13,400 Sales discounts ……..3,510 Inventory Jan 1st........512,636 Purchases..................$ 4,120,000 Purchase returns.........25,000 Purchase discounts…….1,844 Historically the company's gross profit had been 25.00% Calculate the: 18Cost of Goods Available for Sale 19 Estimated Gross Profit as of September 13th 20 Estimated Cost of Goods Sold as of September 13th 21 Estimated cost of destroyed Inventory as of September 13th Problem #3 Alicia's Acini de Pepi Ltd., reported the following information for the month of December 2020: CostRetail Inventory, December 1, 2020$ 412,000$ 1,009,400 Net purchases, December 2020 $ 354,000$ 731,509 Net Sales, December 2020 $ 802,439 Calculate the: 22 Cost of Goods Available for Sale @ RETAIL 23 Cost/Retail percentage 24 The ending inventory at Retail 25 The ending inventory at Cost Problem #4 The following information relates to Jennifer's Gemelli, Inc. for the month ended December 31, 2020: Dec. 1st balance in "Allowance for Doubtful Accounts"$165,000 Write-offs for the month$15,000 Reinstatements for the month$1,000 Credit Sales for the month$ 1,800,000 Estimated % credit sales deemed uncollectible0.75% Estimated amount of accounts deemed uncollectible, calculated using an aging of Dec. 31st accounts receivable$163,000 Dec. 31st balance in "Accounts Receivable"$2,100,000 26 The account DEBITED for the write-off entries during 2020 is 27 The account DEBITED for reinstatement entries occurring during December 2020 is 28 The balance (indicate amount AND Dr. or Cr.) in the allowance account prior to adjustment on December 31, 2020 is Questions 29 through32 Assume the company uses the "aging or analysis of accounts receivable" to account for bad debts. 29 The account DEBITED for the December 31, 2020 adjusting entry is 30 The amount of the December 31, 2020 adjusting entry is 31 The balance in the "allowance for doubtful accounts" after adjustment is 32 The expected realizable value at December 31, 2020 is Questions 33 through36 Assume the company uses the "% of credit sales method" to account for bad debts: 33 The account CREDITED for the December 31, 2020 adjusting entry is 34 The amount of the December 31, 2020 adjusting entry is 35 The balance in the "allowance for doubtful accounts" after adjustment is 36 The expected realizable value at December 31, 2020 is Problem #5 On January 5, 2018 Bobby Wino, Inc. purchased a mondo laserized pizza oven for which the following information is available: Original cost..................$750,000 Estimated residual value.......$30,000 Useful life in years...........8years Useful life expressed in operating hours24,000hours Calculate the following 37The depreciable base. 38The annual depreciation using the straight line method. 39The accumulated depreciation at December 31, 2019 (end of second year) if straight line (S/L) depreciation is used. 40The book value of the equip. on Dec. 31, 2019 if S/L deprec. is used 41The depreciation for year 2020 assuming the equipment is sold on May 31, 2020 and the straight line method is used. 42The book value of the equip. on May 31, 2020 if S/L deprec. is used 43The amount of the gain or loss (INDICATE GAIN or LOSS and AMOUNT) resulting if the equipment is sold for -->432,500 on May 31, 2020 and S/L depreciation is used. 44The SECOND year (2019) depreciation if double declining balance is used. 45The accumulated depreciation at December 31, 2019 (end of second year) if double declining balance (DDB) is used. 46The book value of the equipment on December 31, 2019 assuming double declining balance is employed. 47The depreciation for year 2020 assuming the equipment is sold on September 30, 2020 and double declining balance is used. 48The gain or loss (INDICATE WHICH) which would result if the equip. is sold for $ 382,773on September 30, 2020 and DDB is used. 49The SECOND year (2019) depreciation if sum of the years digits is used 50The accumulated depreciation at December 31, 2019 (end of second year) if sum of the years digits is used 51The book value of the equipment on December 31, 2019 assuming sum of the years digits is used. 52The first year depreciation if units of output is used and the equip. is operated for 2900 hours in 2018. 53The accumulated depreciation at December 31, 2019 (end of second year) units of output is used and the equipment was operated for another 2700 hours in 2019. 54The book value of the equip. on December 31, 2019 if units of output is used. (Equipment operated 2900 hrs in 2018, 2700 hrs in 2019) 55The depreciation for year 2020 assuming the equipment is sold on September 30, 2020 and is operated for 2,300 hours in 2020. (assuming the units of output method is used) 56The book value of the equipment assuming the facts in #55 Problem #6 Two Books Accounting Services has three employees who, in 2020, are paid weekly as follows: Gross pay Philo Kvetch4,650.00 M. Bezzle2,550.00 Dicky Debit600.00 The company is responsible for the following payroll taxes: RateCeiling Social security6.20%$ 137,700Gross pay Medicare1.45%none Federal Unemployment0.60%$ 7,000Gross pay State unemployment4.00%$ 11,600Gross pay Family leave0.270%$ 196.72Tax per year Assuming there are FOUR payrolls in January calculate: 57The company's social security expense for the month of January 58The company's medicare expense for the month of January 59The company's federal unemployment expense for the month of January 60The company's state unemployment expense for the month of January Weekly withholdings to be used for questions 61 - 63 Philo KvetchM. BezzleDicky Debit Federal withholding837.00280.5030.00 State withholding335.00112.2012.00 Disability0.600.600.60 61Assuming the withholdings listed above along with other mandatory withholdings calculate the net pay for M. Bezzlefor week #1 62Assuming the withholdings listed above along with other mandatory withholdings calculate the net pay for Philo Kvetchfor week #1 63Assuming the withholdings listed above along with other mandatory withholdings calculate the net pay for Philo Kvetchfor week #52 64Calculate the total amount of social security tax withheld from M. Bezzlefor the entire year (52 paychecks). 65Calculate the total amount of social security tax withheld from Philo Kvetchfor the entire year (52 paychecks).