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Alpha Corporation started the 2017 fiscal year with 100,000 shares common stock outstanding. On April 1 an additional 30,000 shares were issued.

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Alpha Corporation started the 2017 fiscal year with 100,000 shares common stock outstanding. On April 1 an

additional 30,000 shares were issued. On July 1 Alpha reacquired 10,000 shares. Use this information to determine the number of weighted-average shares of common stock outstanding for the 2017 fiscal year?

 
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Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: Date Activity

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Alpha Company uses the periodic inventory system and had the following inventory

& sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$15

5/25

Purchase

150

$16

Sales were 545 units at $25.  Using the FIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

 
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Bus System is accounted for in an enterprise fund. Delight City Bus System had the following transactions for 2015. 1. Delight City Bus System issued $10,000,000 is 8 percent revenue bonds.

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Bus System is accounted for in an enterprise fund. Delight City Bus System had the following transactions for 2015.

  1. Delight City Bus System issued $10,000,000 is 8 percent revenue bonds. The bonds were issued at par.
    1. Delight City Bus System used the proceeds from the bond issue to acquire new buses.
    1. Delight City Bus System accrued nine month’s interest ($600,000) at year end.
    1. Delight City Bus System incurred $50,000 of repair costs paying for them with cash.

Required:

a.  Prepare appropriate journal entries.

b.  Which financial statements would be required for Delight City Bus System for the year end June 30, 2015? State the titles and show the general format of the classifications that would be reported in each of the required financial statement.

Part A answer

  1. Cash                                                          10,000,000

Bonds Payable                                                                        10,000,000

                Bonds issued at Par and acquirement of new buses

  • Interest Expense                                             600,000

Accrued Interest Payable                                                   600,000

            Accrued nine months’ interest

  • Repair Expense                                               50,000

Restricted Assets                                                                  

 
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Edgerton William County has a duplication service center that it accounts for in an internal service fund. During 2015 Edgerton County duplication service center had the following transactions:

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Edgerton William County has a duplication service center that it accounts for in an internal service fund. During 2015 Edgerton County duplication service center had the following transactions:

1.  The general fund made an initial cash contribution of $35,000 to the internal service fund.               

2. The Edgerton County duplication service center purchased copiers that were accounted for as Equipment and paid cash in the amount of $70,000.

3.  The Edgerton County duplication service center borrowed $270,000 from a local bank to finance the purchase of additional equipment and renovation of its facilities.  It issued a three-year note.

4.  The Edgerton County duplication service center purchased the equipment for $160,000 and paid contractors $100,000 for improvements to its facilities – cash was paid.

5.  The Edgerton County duplication service center billed the county clerk’s office $5,000 for printing services; the duplication service center then received $2,500 cash from the county clerk’s office.

6.  The Edgerton County duplication service center incurred and paid in cash operating expenses for $9,000.                                             

7. The Edgerton County duplication service center recognized depreciation in the amount of $1,500 on its equipment and recognized depreciation in the amount of $900 on the   improvements to its facilities.

Required:

a. Prepare journal entries in the internal service fund.

b. Which financial statements would be required for Edgerton County duplication service center for the year ended July 31, 2015?  State the titles and show the general format of the classifications that would be reported in each of the required financial statement.

Account/Description Debit Credit
Cash 35,000  
Non Reciprocal Transfer in   35,000
To record initial cash conrtibution    
Equipment 70,000  
Non-Reciprocal Transfer in   70,000
To record the transfer of photocopiers    
Cash 270,000  
Notes Payable   270,000
To record loan from bank    
Equipment 160,000  
Improvement to Facilities 100,000  
Cash   260,000
To record purchase of equipment and improvement on facilities    
Cash 2,500  
Dues from Funds 2,500  
Revenue from billing   5,000
To record print billing    
Operating Expenses 9,000  
Cash   9,000
To record operating expenses    
Depreciation 2,400  
Accumulated Depreciation on Equipment   1,500
Accumulated Depreciation on Improvements   900
To record depreciation    
 
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