Financial ACCOUNTING 2023 Business Finance

2023 1 JackJoe Inc sells toy mice to high end toy stores Following are facts you need to prepare JackJoe s

1. JackJoe, Inc. sells toy mice to high end toy stores. Following are facts you need to prepare JackJoe’s May bank reconciliation (10 points) and related journal entries (10 points):Balance per company General Ledger 5/31$ 40,000Bank service charge for the month50Bounced (NSF) check returned with bank statement1,950Note collected by the bank during the month50,000Outstanding checks at month end17,000Interest on note collected during the month10,000Balance per bank at end of month105,000Deposit in transit at month end$ 10,000 

2. JackJoe, Inc. sells toy mice to upscale pet stores. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and updates its allowance for uncollectible accounts. The company’s accounting assumption is that XX.X% (select a collectible % from between 92% and 99%)of the end of year Accounts receivable balance will be collectible. Write-offs against the allowance account are made throughout the year when individual accounts are deemed to be uncollectible. Following are relevant facts for the current year:January 1, x1 balance in accounts receivable is $2,000,000 and Allowance for doubtful accounts is $100,000. JackJoe sold $10,000,000 of toy mice during the year on credit and collected $9,900,000 of cash. During X1, $100,000 of uncollectible accounts were written off against the allowance.(a)Create an account analysis for both Accounts receivable and Allowance for doubtful accounts. (5 points)(b)Prepare the yearend adjusting journal entry. (5 points)(c)How will the accounts receivable and allowance appear on the Dec 31, X1 Balance sheet? (5 points) 

3. Prepare the origination, accrual and settlement journal entries for JackJoe, Inc (5 points) and Lizzie Inc. (5 points), 6 entries in total, assuming the note is paid on time:On November 1, 20X5, JackJoe, Inc. received an X% (select an interest rate between 1% and 12%), 90 day, note receivable from Lizzie, Inc. This note was issued in payment for a $100,000 outstanding account receivable. 

4. JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe uses a periodic inventory system and uses LIFO to value ending inventory.Following is JackJoe’s inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Select a variable (X) for the January 28th sale, a number between 10 and 75.DatePurchasesSalesUnits on Hand1-Jan505-Jan150 units @ $2 each20016-Jan150 units @ $100 each5023-Jan50 units @ $3 each10028-JanX units @ $100 each?(a)Prepare the inventory analysis for January and write the adjusting journal entry for inventory. (10 points) How much is gross profit for January? (5 points)(b)If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why? (5 points) 

5. On January 1, 20X1, JackJoe, Inc. purchased equipment for $1,150,000. It cost an additional $50,000 to deliver, install, and calibrate the equipment. While it was being installed, the machine was dropped and it required $300,000 in repairs. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $X salvage value. Choose a salvage value, a number between $10,000 and $200,000.JackJoe uses the straight-line depreciation method.(a)Calculate the annual depreciation expense, accumulated depreciation, and related calculations for X1. (5 points)(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X1. (10 points)(c)Prepare journal entries to record the asset’s acquisition, annual depreciation for each year, and the asset’s eventual sale for $99,000 on Jan 1, X6. (5 points) 

6. YanYu Zheng is employed by JackJoe, Inc.. During the month of January, YanYu earned her monthly salary of $100,000.YanYu is single, and had $20,000 of federal income tax withheld from her pay. YanYu works in a state without an income tax.YanYu’s pay is subject to Social Security taxes at a 6.2% rate and Medicare at a 1.45% rate. The annual base for social security taxes is $140,000.JackJoe’s payroll is subject to federal and state unemployment taxes at a rate of 6% on each employee’s gross pay, up to $7,000 per year.(a)Complete YanYu’s paycheck and the remittance advice (i.e., “paycheck stub”). (5 points)(b)Prepare journal entries for YanYu’s pay and the related payroll expenses. (2 journal entries) (5 points)(c)What is JackJoe’s (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year? (5 points) 

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