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ACCT 550 DeVry Final Exam

Balance per books

Balance per books $25,046 Month of April Results Per Bank Per Book Balance April 30 $27,995 $24,355 April deposits 8,864 14,889 April checks 12,200 16,080 April note collected 3,000 -0- (not included in April deposits) April bank service charge 35 -0- April NSF check of a customer 900 -0- returned by the bank (recorded by bank as a charge) Instructions: Calculate the amount of the April 30: (1) Deposits in transit (2). Outstanding checks Show all your work for potential partial credit. (Points : 25) 12. (TCO G) Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X. Units Unit Cost January 1, 2011 (beginning inventory) 1,500 $19.00 Purchases: January 5, 2011 2,600 $20.00 January 25, 2011 2,400 $21.00 February 16, 2011 1,000 $22.00 March 15, 2011 2,300 $24.00 A physical inventory on March 31, 2011, shows 2,800 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods: (a) FIFO (b) LIFO (c) Weighted-average. Show supporting computations in good form. (Points : 40) 13. (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years.

Instructions Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used. (a) Straight-line for 2010 (b) Double-declining balance for 2011 (c) Sum-of-the-years'-digits for 2011 (Points : 40)

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