Beamer Company’s unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory ……………………………………………….. $ 34,800 Joy Beamer, capital …………………………………………………… 115,300 Joy Beamer, withdrawals ………………………………………………… 4,000 Sales …………………………………………………………………… 157,200 Sales discounts …………………………………………………………… 1,700 Sales returns and allowances ……………………………………………. 3,500 Cost of goods sold ……………………………………………………. 102,000 Depreciation expense ……………………………………………………. 7,300 Salaries expense ………………………………………………………… 29,500 Miscellaneous expenses …………………………………………………. 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit. View Solution:
Beamer Company s unadjusted ledger on July 31 the end of

Generational Differences

Base on the PPT:

For DT7, let’s look at a topic that impacts all of us and touches Chapter 7 (Weiss). Let’s consider generational values. I thought about taking a look at the ethical and stakeholder issues of globalization and balance of trade—these seem to pop up in the media when the pundits aren’t preoccupied otherwise. A fairly recent article talked about a factory worker shortage in China with the expectation that, with a mandate for wages to increase in China (supply and demand and to bolster consumer spending), jobs would be moving to Pakistan, Vietnam, Cambodia, etc., where labor would be cheaper. This move would be done as a means to help the US and EU countries maintain the flow of inexpensive goods. I wonder what Sam Walton would say?!? But, ‘generational values’ offers some fun and is something that I’m stuck on here lately.

No surprise, I’m a Boomer. Boomers cover a wide span of years, yet led the US population growth curve and grew up with the ‘Great Depression Era’ values of our parents; believing that dedication, hard work, and long hours were the trilogy for success. Granted, this belief may have gotten tested as Boomers contemplate retirement during these stressed economic times. Boomers had (and have) power through sheer numbers and the aging of Boomers will continue to present unique challenges. Other generations have different values and wield different clout. Which of the generations (GI, Silent, Boomer, X, Y, or Millennials) are represented by the majority of the workforce in your business or profession; what intra- and inter-generational issues have you or your company (no company names please) had to address; and, in your opinion, have these issues been addressed successfully? For a good summary of generation values, review the Weiss material at 344-345.

Answer preview……………..

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Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment $ 6,240 920 5,720 (1,540) $ 4,280 1.790 5.200 (1.270) $ 11,340 $10,000 $ $ 1,200 750 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings 680 480 1,000 5,200 3,380 500 5.200 2.350 $11.340 $10,000 Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense $37,000 35.400 270 1.200 Net Income 1.030 Additional Data Bought new hockey equipment for cash. 5620 b. Borrowed 51.100 cash from the bank during the year Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liabilty accounts relating to income tax assume that this expense was fully paid in cash Required: 1. Prepare the statement of cash flows for the current year ended December 31 Amounts to be deducted should be indicated with a minus sign) in the rest method HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activitas U. DUTTUWET, TUUEST TO TEATRO Car. C. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. (Amounts to be deducted should be indicated with a minus sign.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities:

Heads Up Company was started several years ago by two hockey instructors. The company’s comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,180 $ 4,140 Accounts Receivable 910 1,770 Equipment 5,620 5,100 Accumulated Depreciation—Equipment (1,510 ) (1,260 ) Total Assets $ 11,200 $ 9,750 Accounts Payable $ 590 $ 1,100 Salaries and Wages Payable 490 750 Note Payable (long-term) 1,500 500 Common Stock 5,100 5,100 Retained Earnings 3,520 2,300 Total Liabilities and Stockholders’ Equity $ 11,200 $ 9,750 Income Statement Service Revenue $ 37,700 Salaries and Wages Expense 35,200 Depreciation Expense 510 Loss on Disposal of Equipment 560 Income Tax Expense 210 Net Income $ 1,220

Additional Data: Bought new equipment for $1,850 cash and sold existing equipment for $510 cash. The equipment that was sold had cost $1,330 and had Accumulated Depreciation of $260 at the time of sale. Borrowed $1,000 cash from the bank during the year. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash.

Required:

1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)