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ACC 545 Week 2 Individual Assignment Los
Lobos Ledger Prep.
Click this link to get the tutorial:
http://homeworkfox.com/tutorials/business/10382/acc-545-
week-2-individual-assignment-los-lobos-ledger-prep/
Learning Team Assignment: Los Lobos Ledger Prep

Los Lobos Ledger Preparation

· Review the following information:

12-31

2007

2006

Cash

$ 35,000

$ 32,000

Accounts receivable

33,000

30,000

Allowance for doubtful accounts

(1,300)

(1,100)

Inventory

31,000

47,000
Property, plant, & equipment

100,000

95,000

Accumulated depreciation

(16,500)

(15,000)

Trade accounts payable

(25,000)

(15,500)

Income taxes payable

(21,000)

(29,100)

Deferred income taxes

(5,300)

(4,600)

8% callable bonds payable

(45,000)

(20,000)

Unamortized bond discount

4,500

5,000

Common stock

(50,000)
(40,000)

Additional paid-in capital

(9,100)

(7,500)

Retained earnings

(25,200)

(64,600)

Sales

(558,300)

(778,700)

Cost of goods sold

250,000

380,000

Selling expenses

141,500

172,000

General and administrative expenses

137,000

151,300

Interest expense

4,300

2,600

Income tax expense
20,400

61,200

$ -

$ -

Additional information:

1. Los Lobos purchased $5,000 in equipment during 2007.

2. Los Lobos allocated one-third of its depreciation expense to selling expenses and

the remainder to general and administrative expenses.

3. Bad debt expense for 2007 was $5,000, and write-offs of uncollectible accounts

totaled $4,800.

4. $12, 000 of the debt is current portion.

Cash Sales

$72,600

Collections on Receivables

477,900

Purchases

(219,500)

Purchase of Equipment

(5,000)

Wages

(150,700)

Payments to Suppliers

(126,300)
Tax Payments

(27,800)

Borrowing

30,000

Repayment of Debt

(5,000)

Interest Payments

(3,800)

Sale of Stock

11,600

Dividends

 (51,000)

· Prepare a statement of cash flows using the direct and indirect methods.

· Prepare a classified balance sheet.

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Acc 545 week 2 individual assignment los lobos ledger prep

  • 1. ACC 545 Week 2 Individual Assignment Los Lobos Ledger Prep. Click this link to get the tutorial: http://homeworkfox.com/tutorials/business/10382/acc-545- week-2-individual-assignment-los-lobos-ledger-prep/ Learning Team Assignment: Los Lobos Ledger Prep Los Lobos Ledger Preparation · Review the following information: 12-31 2007 2006 Cash $ 35,000 $ 32,000 Accounts receivable 33,000 30,000 Allowance for doubtful accounts (1,300) (1,100) Inventory 31,000 47,000
  • 2. Property, plant, & equipment 100,000 95,000 Accumulated depreciation (16,500) (15,000) Trade accounts payable (25,000) (15,500) Income taxes payable (21,000) (29,100) Deferred income taxes (5,300) (4,600) 8% callable bonds payable (45,000) (20,000) Unamortized bond discount 4,500 5,000 Common stock (50,000)
  • 3. (40,000) Additional paid-in capital (9,100) (7,500) Retained earnings (25,200) (64,600) Sales (558,300) (778,700) Cost of goods sold 250,000 380,000 Selling expenses 141,500 172,000 General and administrative expenses 137,000 151,300 Interest expense 4,300 2,600 Income tax expense
  • 4. 20,400 61,200 $ - $ - Additional information: 1. Los Lobos purchased $5,000 in equipment during 2007. 2. Los Lobos allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Bad debt expense for 2007 was $5,000, and write-offs of uncollectible accounts totaled $4,800. 4. $12, 000 of the debt is current portion. Cash Sales $72,600 Collections on Receivables 477,900 Purchases (219,500) Purchase of Equipment (5,000) Wages (150,700) Payments to Suppliers (126,300)
  • 5. Tax Payments (27,800) Borrowing 30,000 Repayment of Debt (5,000) Interest Payments (3,800) Sale of Stock 11,600 Dividends (51,000) · Prepare a statement of cash flows using the direct and indirect methods. · Prepare a classified balance sheet.