37.In the journal provided, prepare year-end adjustments for the following situations. Omit explanations.

 

a. Accrued interest on notes receivable is $560.

b. Of the $7,200 received in advance of earning a service, one-third was still unearned by year end.

c. Two years of rent, totaling $24,000, was paid in advance. By year end, four months' worth had expired.

d. Services totaling $685 had been performed, but not yet billed.

e. Depreciation on trucks totaled $1,700 for the year.

f. Supplies available for use during the year amounted to $3,400. However, by year end, only $700 in supplies remained.

g. Payroll for the five-day work week, to be paid on Friday, is $6,000. Year end falls on a Tuesday.

h. Estimated federal income taxes were $2,100.

 

 

 

38.Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume financial statements are prepared quarterly. Omit explanations.

 

Crivelli Financial Services

Unadjusted Trial Balance

September 30, 20x7

Cash

$ 20,000

 

Accounts Receivable

6,400

 

Office Supplies

1,000

 

Prepaid Rent

3,600

 

Office Furniture

9,600

 

Accumulated Depreciation–Office Furniture

 

$     400

Accounts Payable

 

14,800

Unearned Revenue

 

2,000

Common Stock

 

20,400

Consulting Revenue

 

12,000

Salaries Expense

7,400

 

Insurance Expense

    1,600

 

 

$49,600

$49,600

 

a. Of the revenue received in advance, 60 percent remained unearned on September 30.

b. The office furniture has an estimated five-year useful life and zero value at the end of that time. Record depreciation for the quarter.

c. Salaries earned, but unpaid, totaled $1,520.

d. The Prepaid Rent applies to the six months beginning July 1, 20x7.

e. Office supplies on hand totaled $300 at the end of the quarter.

f. Services performed but not yet billed or recorded amount to $1,800.

 

General Journal

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Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Answer the following questions using the information below:

 

The Cold Spring Harbor Corporation currently leases a corporate suite in an office building for a cost of $180,000 a year. Only 70% of the corporate suite is currently being used. A start-up business has proposed a plan that would use the other 30% of the suite and increase the overall costs of maintaining the space by $20,000.

 

6) If the stand-alone method were used, what amount of cost would be allocated to the start-up business?

A) $20,000

B) $54,000

C) $60,000

D) $74,000

 

7) If the incremental method were used, what amount of cost would be allocated to the start-up business?

A) $20,000

B) $54,000

C) $60,000

D) $74,000

8) The stand-alone method of allocating common costs emphasizes fairness and equity among users.

 

9) Under the incremental method, the first incremental user usually receives the highest allocation of the common costs.

 

10) A common cost is a cost of operating a facility or activity that is shared by two or more users.

 

11) Allocating common costs is clear-cut and can best be achieved by using the stand-alone cost-allocation method.

 

12) The stand-alone cost allocation method ranks the individual users of a cost object in order of users most responsible for a common cost and then uses these rankings to allocate the costs among the users.

13) The Shapley value method of allocating common costs considers each party as first the primary party and then the incremental party and computes an average allocation.

 

14) The Maintenance Department has been servicing Gizmo Production for four years. Beginning next year, the company is adding a Scrap-Processing Department to recycle the materials from Gizmo Production. As a result, maintenance costs are expected to increase from $480,000 per year to $500,000 per year. The Scrap-Processing Department will use 25% of the maintenance efforts.

 

Required:

a.Using the stand-alone cost-allocation method, identify the amount of maintenance cost that will be allocated to Gizmo Production and the Scrap-Processing Department next year.

 

b.Using the incremental cost-allocation method, identify the amount of maintenance cost that will be allocated to Gizmo Production and the Scrap-Processing Department next year.

15) The Product Data Center has been servicing the Struble Production Casting Department for five years. Beginning next year, the company is adding a Production Molding Department to compliment the materials produced by the Struble Production Casting Department. As a result, data center costs are expected to increase from $700,000 per year to $800,000 per year. The Production Molding Department will use 20% of the data center efforts.

 

Required:

a.Using the stand-alone cost-allocation method, identify the amount of data center cost that will be allocated to Struble Production Casting and the Production Molding Department next year.

 

b.Using the incremental cost-allocation method, identify the amount of data center cost that will be allocated to Struble Production Casting and the Production Molding Department next year.

 

 

 

 

Answer the following questions using the information below:

 

The Cold Spring Harbor Corporation currently leases a corporate suite in an office building for a cost of $180,000 a year. Only 70% of the corporate suite is currently being used. A start-up business has proposed a plan that would use the other 30% of the suite and increase the overall costs of maintaining the space by $20,000.

 

6) If the stand-alone method were used, what amount of cost would be allocated to the start-up business?

A) $20,000

B) $54,000

C) $60,000

D) $74,000

 

7) If the incremental method were used, what amount of cost would be allocated to the start-up business?

A) $20,000

B) $54,000

C) $60,000

D) $74,000

8) The stand-alone method of allocating common costs emphasizes fairness and equity among users.

 

9) Under the incremental method, the first incremental user usually receives the highest allocation of the common costs.

 

10) A common cost is a cost of operating a facility or activity that is shared by two or more users.

 

11) Allocating common costs is clear-cut and can best be achieved by using the stand-alone cost-allocation method.

 

12) The stand-alone cost allocation method ranks the individual users of a cost object in order of users most responsible for a common cost and then uses these rankings to allocate the costs among the users.

13) The Shapley value method of allocating common costs considers each party as first the primary party and then the incremental party and computes an average allocation.

 

14) The Maintenance Department has been servicing Gizmo Production for four years. Beginning next year, the company is adding a Scrap-Processing Department to recycle the materials from Gizmo Production. As a result, maintenance costs are expected to increase from $480,000 per year to $500,000 per year. The Scrap-Processing Department will use 25% of the maintenance efforts.

 

Required:

a.Using the stand-alone cost-allocation method, identify the amount of maintenance cost that will be allocated to Gizmo Production and the Scrap-Processing Department next year.

 

b.Using the incremental cost-allocation method, identify the amount of maintenance cost that will be allocated to Gizmo Production and the Scrap-Processing Department next year.

15) The Product Data Center has been servicing the Struble Production Casting Department for five years. Beginning next year, the company is adding a Production Molding Department to compliment the materials produced by the Struble Production Casting Department. As a result, data center costs are expected to increase from $700,000 per year to $800,000 per year. The Production Molding Department will use 20% of the data center efforts.

 

Required:

a.Using the stand-alone cost-allocation method, identify the amount of data center cost that will be allocated to Struble Production Casting and the Production Molding Department next year.

 

b.Using the incremental cost-allocation method, identify the amount of data center cost that will be allocated to Struble Production Casting and the Production Molding Department next year.

 

 

 

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