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`Math Work Sheets and Solutions · 1 Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 4Calculating New Account Balances Calculate and record the new balance for each of the following accounts. ACCOUNT Cash ACCOUNT NO. 110_____ BALANCE ______________________ DEBIT ........ 3,900.00 ........ ACCOUNT CREDIT ........... ........... 1,755.00 Supplies DEBIT 1, 200.00 ________ ________ CREDIT ........... ________ ________ACCOUNT NO. 120_____ BALANCE ______________________DEBIT ........ 150.00 ACCOUNTCREDIT ........... ........... Prepaid InsuranceDEBIT 750.00 ________CREDIT ........... ________ACCOUNT NO. 130_____ BALANCE ______________________DEBIT ........ 65.00 ACCOUNTCREDIT ........... ........... Accts. Pay.--Hatch CompanyDEBIT 315.00 ________CREDIT ........... ________ACCOUNT NO. 210_____ BALANCE ______________________DEBIT ........ 600.00 ACCOUNTCREDIT ........... ........... John Robbins, CapitalDEBIT ............ ________CREDIT 900.00 ________ACCOUNT NO. 310_____ BALANCE ______________________DEBIT ........ ........CREDIT ........... 500.00DEBIT ............. ________CREDIT 1,365.00 ________ (continued on next page)© South-Western, Cengage Learning2 · Math Work Sheets and Solutions ACCOUNT Sales ACCOUNT NO. 410_____ BALANCE ______________________ DEBIT ........ ........ ACCOUNT CREDIT 3,400.00 550.00 Utilities Expense DEBIT ________ ________ CREDIT ________ ________ACCOUNT NO. 550_____ BALANCE ______________________DEBIT 30.00 70.00 50.00CREDIT ........... ........... ...........DEBIT ________ ________ ________CREDIT ________ ________ ________© South-Western, Cengage LearningMath Work Sheets and Solutions · 3Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 5PART A Calculating New Balances on a Check Stub Calculate the amounts needed to complete the following check stub information. Write your answers on the lines provided. Check No. 151: -0Bal. Bro't For'd ............... Amt. Deposited ............. 12,000.00 Subtotal ..................... __________ Bank Charges ............... -0Subtotal ..................... __________ Amt. This Check ......... 1,500.00 Bal. Car'd For'd .......... __________ Check No. 153: Bal. Bro't For'd .............. __________ Amt. Deposited ............. 500.00 Subtotal ..................... __________ Bank Charges ............... -0Subtotal ..................... __________ Amt. This Check ......... 350.00 Bal. Car'd For'd .......... __________ Check No. 152: Bal. Bro't For'd ............... Amt. Deposited ............... Subtotal ......................... Bank Charges ................. Subtotal ......................... Amt. This Check .............. Bal. Car'd For'd ............... Check No. 154: Bal. Bro't For'd ............... Amt. Deposited ............... Subtotal ......................... Bank Charges ................. Subtotal ......................... Amt. This Check ............... Bal. Car'd For'd ............... ____________ -0____________ -0____________ 260.00 ____________ ____________ 150.00 ____________ 10.00 ____________ 119.00 ____________(continued on next page)© South-Western, Cengage Learning4 · Math Work Sheets and Solutions PART B Reconciling Bank Statements Reconcile the bank statement received on September 29 of the current year using the following information. Bank Statement Balance ..................... \$7,987.00 10.00 Bank Service Charge .......................... 175.00 Dishonored Check .............................. Outstanding Deposit, August 28, 20-- .... 430.00 Outstanding Checks No. 161, \$375.00 No. 163, \$17.00 Balance on Check Stub No. 165 ........ 8,210.00PART C Calculating Amount of Petty Cash Replenishment Portman Products has a \$200.00 petty cash fund. The following petty cash slip amounts have been paid: \$16.00, \$22.50, \$35.00, \$7.00. Reconcile the petty cash fund. Petty cash on hand ............ Total of petty cash slips ...... Petty cash fund total .......... There is \$119.50 remaining in the petty cash fund. ___________________ ___________________ ___________________© South-Western, Cengage LearningMath Work Sheets and Solutions · 5 Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 6PART A Analyzing Adjustments Calculate the adjustment amounts for the following information. Supplies Account Balance \$4,831.00 \$8,901.00 \$1,099.00 Prepaid Insurance Account Balance \$1,300.00 \$2,600.00 \$ 900.00 Supplies on Hand \$2,204.00 \$7,658.00 \$1,010.00 Value of Prepaid Insurance \$1,000.00 \$ 500.00 \$ 100.00 Adjustment Amount ________________ ________________ ________________ Adjustment Amount ________________ ________________ ________________PART B Converting International Weights and Measures Use the following metric conversion chart and calculate the new weights and measures. Round conversions to the nearest hundredth. To Change 10 meters 12 decimeters 6 centimeters 9 millimeters 5 liters 2 liters To inches inches inches inches quarts (dry) quarts (liquid) Multiply by 39.37 3.94 0.39 0.04 0.908 1.057 Conversion __________ inches __________ inches __________ inches __________ inches __________ quarts __________ quartsPART C Calculating Net Income/Net Loss Calculate the net income or net loss for the following work sheet Income Statement column totals. Put parentheses around net loss amounts. Income Statement Debit Column Total \$3,295.00 \$7,295.00 \$2,126.00 Income Statement Credit Column Total \$4,191.00 \$6,588.00 \$5,090.00 Net Income/(Loss) _______________ _______________ _______________(continued on next page)© South-Western, Cengage Learning6 · Math Work Sheets and Solutions PART D Checking for Typical Arithmetic Errors Find and correct any errors in the following general ledger accounts. ACCOUNT Cash ACCOUNT NO. 110_____ BALANCE ______________________ DEBIT ........ 1,400.00 ........ ACCOUNT CREDIT ........... ........... 2,000.00 Supplies DEBIT ........... ........... ........... CREDIT 3,700.00 5,100.00 7,100.00ACCOUNT NO. 120_____ BALANCE ______________________DEBIT ........ ........ ACCOUNTCREDIT ........... 200.00 Prepaid InsuranceDEBIT 1,100.00 1,300.00CREDIT ........... ...........ACCOUNT NO. 130_____ BALANCE ______________________DEBIT ........ ........ ACCOUNTCREDIT ........... 1,180.00 A/P--Best Supply CompanyDEBIT 2,370.00 2,290.00CREDIT ........... ...........ACCOUNT NO. 210_____ BALANCE ______________________DEBIT ........ ........ ACCOUNTCREDIT ........... 173.00 A/P--Wells CompanyDEBIT ............ ............CREDIT 340.00 413.00ACCOUNT NO. 220_____ BALANCE ______________________DEBIT ........ ........ ........ ACCOUNTCREDIT ........... 56.00 101.00 Bart Nichols, CapitalDEBIT ............ ............ ............CREDIT 130.00 186.00 278.00ACCOUNT NO. 310_____ BALANCE ______________________DEBIT ........ ........ 280.00CREDIT ........... 493.00 ...........DEBIT ............. ............. .............CREDIT 4,117.00 4,510.00 4,330.00© South-Western, Cengage LearningMath Work Sheets and Solutions · 7 Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 7PART A Calculating Net Income Calculate net income for the following information. Total Revenue \$ 5,000.00 \$ 2,793.00 \$11,879.00 Total Expenses \$3,985.00 \$1,532.00 \$8,440.00 Net Income ________________ ________________ ________________PART B Calculating Component Percentages Calculate component percentages for the following information. Round percentage calculations to the nearest 0.1%. Total Sales \$6,291.00 \$6,291.00 \$4,624.00 \$4,395.00 total expenses \$1,896.00 net income \$3,550.00 total expenses Component Percentage ________________ ________________ ________________PART C Calculating Owner's Equity Calculate owner's equity for the following information. Capital Account Balance \$10,000.00 \$15,250.00 \$32,750.00 Net Income \$ 902.00 \$1,045.00 \$9,275.00 Drawing Account Balance \$ 400.00 \$ 600.00 \$1,500.00 Current Owner's Equity _______________ _______________ _______________© South-Western, Cengage Learning8 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 9PART A Calculating Purchases Discounts Calculate the trade discount and invoice amounts for the following five invoice items. List Price \$ 400.00 \$ 450.00 \$ 700.00 \$1,100.00 \$1,500.00 Trade Discount Rate 35% 40% 30% 45% 25% Trade Discount ________________ ________________ ________________ ________________ ________________ Invoice Amount ________________ ________________ ________________ ________________ ________________Calculate the purchase discount and invoice amounts to be paid for the following five invoices. Invoice Amount \$2,400.00 \$1,600.00 \$8,700.00 \$1,500.00 \$2,520.00 Purchases Discount Rate 2% 3% 1% 2% 2% Purchases Discount Amount ________________ ________________ ________________ ________________ ________________ Invoice Amount To Be Paid ________________ ________________ ________________ ________________ ________________PART B Calculating Petty Cash Short and Over For each of the following companies, calculate the amount of petty cash short or petty cash over. Indicate petty cash short by an amount followed by an S. Use an O to designate petty cash over. Beginning Balance \$100.00 \$200.00 \$200.00 \$300.00 Distribution of Payments Advertising Miscellaneous Supplies Expense Expense \$ 27.20 \$ 15.22 \$31.00 \$ 35.00 \$127.00 \$10.80 \$ 72.00 \$ 43.00 \$75.00 \$119.00 \$107.00 \$33.00 Amount of Cash in Cash Box \$24.19 \$31.90 \$12.50 \$37.00 Petty Cash Short or Over __________ __________ __________ __________Co. 1 2 3 4© South-Western, Cengage LearningMath Work Sheets and Solutions · 9 Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 10PART A Calculating Sales Tax For each invoice subtotal, calculate the sales tax and invoice total. Invoice Subtotal \$ 58.00 \$ 399.00 \$17,538.00 \$ 14.83 \$ 58.00 \$ 399.00 \$17,538.00 \$ 14.83 Sales Tax 6% 6% 6% 6% 7% 7% 7% 7% Sales Tax Amount ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ Invoice Total ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________PART B Calculating Sales Discounts Calculate the sales discount for each of the following items. Sales Invoice Amount \$ 289.44 \$1,685.89 \$9,652.50 \$ 47.70 \$ 535.00 \$1,470.00 \$1,053.95 \$ 844.00 Sales Discount Rate 1% 2% 2% 1% 2% 2% 2% 2% Sales Discount Amount ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________PART C Proving an Expanded Journal Prove the equality of debits and credits for the following expanded journal totals. Write the totals under the columns and double rule them. Column No. 1 2 3 4 5 6 7 Column Title General Debit ..................... General Credit .................... Accounts Receivable Credit ... Sales Credit ........................ Sales Tax Payable Credit ...... Sales Discount Debit ............ Cash Debit ......................... Totals ................................ Debit Totals ------\$ 9,623.00 27,615.50 1,732.80 \$ 177.50 38,793.80 ____________ ____________ Credit Totals(continued on next page)© South-Western, Cengage Learning10 · Math Work Sheets and Solutions PART D Proving Cash Cash on hand at beginning of the month ........................... \$ 5,328.90 Total cash received during the month ............................... __________ Total .......................................................................... __________ Total cash paid during the month ..................................... __________ Cash balance on hand at end of month ............................. __________ Checkbook balance on next unused check stub .................. \$10,586.70 PART E Calculating Sales Tax on Sales Returns and Allowances Calculate the sales tax on the returned merchandise and the total amount of the return for each of the following items. Amount of Returned Merchandise \$ 88.00 \$ 108.00 \$2,999.00 \$ 870.00 \$ 248.00 \$ 350.00 \$ 65.00 \$ 413.00 Sales Tax Rate 6.00% 7.50% 5.50% 5.00% 6.00% 6.50% 8.00% 7.00% Sales Tax on the Return _________ _________ _________ _________ _________ _________ _________ _________ Total Amount of Return _________ _________ _________ _________ _________ _________ _________ _________© South-Western, Cengage LearningMath Work Sheets and Solutions · 11 Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 11Calculating International Time Zone Differences Use the following World Time Zone map. Assume you are the accountant for your company and you must contact foreign customers about payment of their invoices. Based on the city in which you are located, what time would you have to call the following cities in order to talk to someone at 10:00 in the morning (their time)? You may need to use an atlas to locate some of the cities.My City ___________________________Time in My City Time in My City____________ ____________ ____________ ____________ ____________London, England, 10:00 A.M. Frankfurt, Germany, 10:00 A.M. Taipei, Taiwan, 10:00 A.M. Mexico City, Mexico, 10:00 A.M. Innsbruck, Austria, 10:00 A.M.____________ ____________ ____________ ____________ ____________Helsinki, Finland, 10:00 A.M. Athens, Greece, 10:00 A.M. Canberra, Australia, 10:00 A.M. Cape Town, S. Africa, 10:00 A.M. Tokyo, Japan, 10:00 A.M.© South-Western, Cengage Learning12 · Math Work Sheets and Solutions Name ___________________________________ Date __________________ Class _________________________MATH WORK SHEET CHAPTER 12PART A Calculating Employee Hours Worked Use the following time card information for two employees. Calculate the hours worked each day, the total hours worked during the week, and the number of overtime hours. Overtime hours are hours over 40 hours in one week. Employee No. 1 Monday IN ---OUT ---IN ---OUT ---Total Total Hours Overtime Hours Employee No. 2 Monday IN 11:30AM OUT 03:30PM IN 04:00PM OUT 07:00PM Total Total Hours Overtime Hours Tuesday 05:30AM 09:30AM 10:15AM 02:15PM _______ _______ _______ Tuesday 11:00AM 03:30PM 04:00PM 09:30PM _______ _______ _______ Wednesday 05:30AM 09:45AM 10:15AM 02:30PM _______ Thursday 05:00AM 10:00AM 10:30AM 02:30PM _______ Friday 05:15AM 09:45AM 10:30AM 02:30PM _______ Saturday 06:00AM 10:00AM 10:30AM 03:00PM _______Wednesday 11:00AM 03:00PM 03:30PM 07:30PM _______Thursday 11:30AM 03:15PM 03:45PM 07:30PM _______Friday 11:00AM 03:30PM ------_______Saturday 06:00PM 11:30PM ------_______PART B Calculating Employee Total Earnings Use the overtime salary rate for each of the following employees, using 1.5 times the regular rate. Then calculate regular, overtime, and total earnings for each employee. Empl. No. Regular 1 40 2 40 3 40 4 40 5 40 Hours Overtime 6 12 2 3.5 9 Total 46 52 42 43.5 49 Regular \$ 8.40 \$11.00 \$ 7.90 \$10.25 \$ 9.00 Rate Overtime ________ ________ ________ ________ ________ Regular _______ _______ _______ _______ _______ Earnings Overtime _______ _______ _______ _______ _______ Total _______ _______ _______ _______ _______(continued on next page)© South-Western, Cengage LearningMath Work Sheets and Solutions · 13 PART C Calculating Social Security and Medicare Taxes Calculate the social security and Medicare taxes to be withheld from each of the following earnings. Use a 6.5% social security tax rate and a 1.5% Medicare tax rate. Earnings \$ 510.00 \$ 616.00 \$ 552.00 \$ 492.00 \$ 780.00 \$1,102.00 Social Security Tax Deduction ____________ ____________ ____________ ____________ ____________ ____________ Medicare Tax Deduction ____________ ____________ ____________ ____________ ____________ ____________PART D Calculating Deductions in a Payroll Register Use the following payroll register information to calculate total deductions. Federal Income Tax 211.54 169.23 83.65 50.48 76.15 113.08 Social Medicare Sec. Tax Tax 62.50 14.42 50.00 11.54 36.25 8.37 21.87 5.05 27.50 6.35 35.00 8.08 Health Insurance 22.50 45.00 68.00 22.50 22.50 68.00 Dental Insurance 3.90 12.00 12.00 0. 00 3.90 12.00 United Way 25.00 0.00 20.00 0.00 15.00 5.00 Other 0.00 0.00 50.00 10.00 0.00 0.00 Total Deductions __________ __________ __________ __________ __________ __________PART E Calculating Accumulated Earnings Calculate the accumulated earnings on June 10. Accumulated Earnings June 3 10,023.00 9,922.00 14,256.00 17,666.00 12,936.00 21,274.00 Total Earnings for Pay Period 456.00 451.00 648.00 803.00 588.00 967.00 Accumulated Earnings Ending June 10 _____________ _____________ _____________ _____________ _____________ _____________PART F Calculating Net Pay in a Payroll Register Use the following payroll register information to calculate net pay. Total Earnings 336.54 961.54 538.46 423.08 778.85 557.69 Total Deductions 111.23 356.58 259.56 148.64 297.85 202.45 Net Pay ___________ ___________ ___________ ___________ ___________ ___________© South-Western, Cengage Learning14 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 13PART A Calculating Unemployment Taxes For each payroll amount, calculate the unemployment taxable earnings for federal and state unemployment tax for the April 1 payroll. Then calculate the federal and state unemployment taxes on those taxable earnings. Use a tax base of \$7,000.00 accumulated earnings, 0.8% federal unemployment tax rate, and 5.4% state unemployment tax rate. Accumulated Earnings March 25 2,100.00 4,560.00 5,520.00 7,020.00 6,300.00 8,160.00 Total Earnings for Pay Period Ending April 1 1,050.00 380.00 460.00 780.00 525.00 680.00 Unemployment Taxable Earnings _____________ _____________ _____________ _____________ _____________ _____________ Federal Unemployment Tax _____________ _____________ _____________ _____________ _____________ _____________ State Unemployment Tax _____________ _____________ _____________ _____________ _____________ _____________PART B Calculating Employer Tax Liabilities Information about a payroll includes the following: Total earnings ................................................. \$19,933.30 Federal income tax withheld from employees ......... 990.00 No employee has accumulated earnings over \$7,000.00. Tax rates are: social security, 6.5%; Medicare, 1.5%; federal unemployment tax, 0.8%; state unemployment tax, 5.4%. Complete the calculations necessary to answer the following questions: 1. How much was withheld from employees for social security tax? __________ 2. How much was withheld from employees for Medicare tax? ___________ 3. What is the amount of social security tax the employer must pay as the employer's payroll tax? _____________ 4. What is the amount of Medicare tax the employer must pay as the employer's payroll tax? _____________ 5. What is the employer's liability for federal unemployment tax? ___________ 6. What is the employer's liability for state unemployment tax? ____________ 7. What is the debit to Payroll Taxes Expense for this payroll? ____________© South-Western, Cengage LearningMath Work Sheets and Solutions · 15 Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 14PART A Calculating Estimated Uncollectible Accounts Expense Calculate estimated uncollectible accounts expense using a percentage of total sales on account for each of the following items. Total Percentage of Sales on Total Sales Account on Account \$ 502,800.00 1.00% \$ 42,570.00 1.00% \$7,054,130.00 1.00% \$ 71,988.00 2.00% \$ 621,110.00 2.00% \$ 3,346.00 2.00% \$ 1,025.00 1.50% \$ 70,500.00 1.25% Estimated Uncollectible Accounts Expense ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________PART B Calculating Book Value of Accounts Receivable Calculate the book value of accounts receivable for each of the following items. Balance of Allowance for Uncollectible Accounts \$ 1,599.00 \$ 50,196.30 \$ 510.84 \$ 8,680.23 \$ 9,621.20 \$ 35,236.33 \$105,828.91 \$ 10,143.05 Book Value of Accounts Receivable __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________Accounts Receivable \$ 13,325.00 \$334,642.00 \$ 4,257.00 \$ 70,571.00 \$ 71,800.00 \$280,098.00 \$629,934.00 \$ 75,413.00PART C Calculating Net Income Before Federal Income Tax Expense Calculate net income before federal income tax for the following three companies. Sales ................................................. Cost of merchandise sold ...................... Total expenses .................................... Net income before federal income tax ....... Company 1 \$354,080 228,420 108,230 _________ Company 2 \$57,280 38,950 15,240 _________ Company 3 \$951,750 654,320 245,980 _________(continued on next page)© South-Western, Cengage Learning16 · Math Work Sheets and Solutions PART D Calculating the Adjustment for Federal Income Tax Expense Calculate the adjustment for federal income tax expense for the following information. Total Tax Paid \$ 59,500.00 \$ 60,000.00 \$159,700.00 \$296,600.00 \$629,300.00 Actual Tax for the Year \$ 60,331.01 \$ 64,279.38 \$160,994.08 \$298,156.00 \$632,199.47 Adjustment __________ __________ __________ __________ __________PART E Calculating Net Income Calculate the net income or net loss for the following work sheet Income Statement column totals. Put parentheses around net loss amounts. Income Statement Debit Column Total \$ 443,055.00 74,350.00 51,816,520.00 40,794.00 62,552.00 Income Statement Credit Column Total \$ 560,875.00 93,200.00 70,500,300.00 55,237.00 57,919.00 Net Income/(Loss) ________________ ________________ ________________ ________________ ________________© South-Western, Cengage LearningMath Work Sheets and Solutions · 17 Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 15PART A Calculating Cost of Merchandise Sold Calculate merchandise available for sale and the cost of merchandise sold for the following four companies. Beg. merchandise inventory, Jan. 1 ............ Purchases ............................................. Merchandise available for sale .................. Ending merchandise inventory, Dec. 31 ...... Cost of merchandise sold ......................... Company 1 Company 2 \$56,280 \$ 7,982 48,000 15,357 _______ ______ 3,981 18,672 _______ ______ Company 3 \$852,963 741,852 _________ 896,541 _________ Company 4 \$ 458,258 1,582,693 _________ 543,287 _________PART B Calculating Component Percentages for an Income Statement Calculate component percentages for the following information. Round percentage calculations to the nearest 0.1%. Total Sales \$775,290.00 \$775,290.00 \$775,290.00 \$775,290.00 \$385,670.00 cost of merchandise sold \$400,850.00 gross profit on sales \$152,870.00 net income \$240,530.00 total expenses Component Percentage _____________ _____________ _____________ _____________PART C Calculating Retained Earnings Calculate the ending balance of retained earnings for the following three companies. Retained earnings, January 1, 20-Net income after federal income tax Dividends declared during 20-Retained earnings, December 31, 20-Company 1 \$230,890 108,900 100,000 ________ Company 2 \$458,790 380,560 250,000 ________ Company 3 \$ 56,875 120,530 75,000 ________© South-Western, Cengage Learning18 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 18PART A Calculating Property Tax Calculate the annual property tax for each of the following items. Assessed Value \$ 10,000.00 \$ 125,000.00 \$ 350,000.00 \$ 675,000.00 \$28,000,000.00 Tax Rate 2.00% 2.25% 1.25% 3.91% 1.25% Annual Property Tax ____________ ____________ ____________ ____________ ____________PART B Calculating Straight-Line Depreciation for a Year Calculate total depreciation expense and annual depreciation expense for each of the following assets using the straight-line method. Asset No. 1 2 3 4 5 Date Bought 3/1/-4/1/-6/1/-8/1/-9/1/-Original Cost \$ 3,500.00 \$58,000.00 \$ 385.00 \$ 2,000.00 \$ 700.00 Salvage Value \$ 800.00 \$8,500.00 \$ 100.00 \$ 250.00 \$ 100.00 Years of Useful Life 5 4 3 5 12 Total Depreciation \$__________ \$__________ \$__________ \$__________ \$__________ Annual Depreciation \$__________ \$__________ \$__________ \$__________ \$__________PART C Calculating Straight-Line Depreciation for Part of a Year For the same assets used in Part B, calculate the number of months each asset is used in the first year and calculate the straight-line depreciation for that partial year. Asset No. 1 2 3 4 5 Date Bought 3/1/-4/1/-6/1/-8/1/-9/1/-Original Cost \$ 3,500.00 \$58,000.00 \$ 385.00 \$ 2,000.00 \$ 700.00 Salvage Value \$ 800.00 \$8,500.00 \$ 100.00 \$ 250.00 \$ 100.00 Years of Useful Life 5 4 3 5 12 Months Used in First Year ___________ ___________ ___________ ___________ ___________ Partial Year Depreciation \$__________ \$__________ \$__________ \$__________ \$__________(continued on next page)© South-Western, Cengage LearningMath Work Sheets and Solutions · 19 PART D Calculating Accumulated Depreciation and Book Value of Plant Assets Calculate the accumulated depreciation and book value of the following assets. Asset No. 1 2 3 4 5 Original Cost \$10,000.00 \$ 7,500.00 \$ 1,200.00 \$ 800.00 \$12,800.00 Dec. 31, 20X1 Accumulated Depreciation \$4,500.00 \$2,800.00 \$ 400.00 \$ 75.00 \$1,440.00 20X2 Depreciation Expense \$2,250.00 \$ 700.00 \$ 200.00 \$ 150.00 \$ 960.00 20X3 Depreciation Expense \$2,250.00 \$ 700.00 \$ 200.00 \$ 150.00 \$ 960.00 Accumulated Depreciation \$__________ \$__________ \$__________ \$__________ \$__________ Book Value \$__________ \$__________ \$__________ \$__________ \$__________PART E Calculating Gain or Loss on a Plant Asset Calculate the gain or loss on disposal of each of the following plant assets. Cash Received \$ 125.00 \$25,000.00 \$ 2,025.00 Original Cost \$ 1,485.00 \$78,000.00 \$ 5,600.00 Accumulated Depreciation \$ 1,375.00 \$49,580.00 \$ 4,500.00 Gain on Sale _______ _______ _______ Loss on Sale _______ _______ _______PART F Calculating Depreciation Expense Using the Double Declining-Balance Method Calculate the declining-balance rate for the following items using two times the straight-line rate. Total Depreciation Expense 100% 100% 100% 100% Years of Useful Life 5 4 8 10 Straight-Line Rate ______________ ______________ ______________ ______________ Declining-Balance Rate ______________ ______________ ______________ ______________Complete the following depreciation schedule for an asset bought on January 1 of the current year for \$10,000.00. Its estimated salvage value is \$1,000.00 and its estimated useful life is 5 years. Use the declining-balance method and twice the straight-line rate. Year 1 2 3 4 5 Beginning Book Value ___________ ___________ ___________ ___________ ___________ Annual Depreciation ___________ ___________ ___________ ___________ ___________ Ending Book Value ___________ ___________ ___________ ___________ ___________© South-Western, Cengage Learning20 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 19Use the following data for Parts A, B, and C of this worksheet. Model No. A20 B40 C15 D11 Beginning Inventory January 1 [email protected]\$12.00 [email protected]\$10.00 [email protected]\$22.00 [email protected]\$52.00 First Purchase [email protected]\$12.00 [email protected]\$11.00 [email protected]\$22.50 [email protected]\$53.00 Second Purchase [email protected]\$13.00 [email protected]\$11.50 [email protected]\$23.00 [email protected]\$55.00 Third Purchase [email protected]\$13.50 [email protected]\$12.50 [email protected]\$24.00 [email protected]\$55.50 Periodic Inventory Count December 31 27 15 34 17PART A Calculating Inventory Using the First-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the fifo method. Model No. of Units No. on Hand A20 27 B40 C15 D11 15 34 17 Unit Price ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ Cost of Ending Inventory _____________ _____________ _____________ _____________ _____________Total Fifo CostPART B Calculating Inventory Using the Last-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the lifo method. Model No. of Units No. on Hand A20 27 B40 C15 D11 15 34 17 Unit Price ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ Cost of Ending Inventory _____________ _____________ _____________ _____________ _____________ (continued on next page)Total Lifo Cost© South-Western, Cengage LearningMath Work Sheets and Solutions · 21 PART C Calculating Inventory Using the Weighted-Average Inventory Costing Method Calculate the total cost of ending inventory using the weighted-average method. Model No. of Units No. on Hand A20 27 Unit Price ________ ________ ________ B40 15 ________ ________ ________ C15 34 ________ ________ ________ D11 17 ________ ________ ________ Total Weighted-Average Cost Cost of Ending Inventory _____________ _____________ _____________ _____________ _____________PART D Estimating Inventory Using the Gross Profit Method Estimate ending inventory using the gross profit method. Use the following information. Beginning inventory, January 1 ..................... \$ 42,800.00 Net purchases, first quarter .......................... 95,000.00 Net sales, first quarter ................................. 127,000.00 Previous year's gross profit percentage .......... 28.00% Beginning inventory, January 1 ............................... Net purchases, January 1 to March 31 ..................... Cost of merchandise available for sale ..................... Net sales, January 1 to March 31 ............................ Previous gross profit percentage ............................. Estimated gross profit on operations ........................ Net sales, January 1 to March 31 ............................ Estimated gross profit on operations ........................ Estimated cost of merchandise sold ......................... Cost of merchandise available for sale ...................... Estimated cost of merchandise sold ......................... Estimated ending merchandise inventory, March 31 .... __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________© South-Western, Cengage Learning22 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 20PART A Calculating Interest for a Year Calculate the interest for one year for the following amounts. Principal \$ 2,400.00 \$ 26,000.00 \$ 5,000.00 \$ 6,750.00 \$280,000.00 Interest Rate 3.500% 7.125% 10.250% 8.375% 10.250% Interest ___________ ___________ ___________ ___________ ___________PART B Calculating Interest for a Fraction of a Year Calculate the interest for the fractions of the years shown below. Use a 360-day year in your calculations. Principal \$ 2,400.00 \$ 26,000.00 \$ 5,000.00 \$ 6,750.00 \$280,000.00 Interest Rate 3.500% 7.125% 10.250% 8.375% 10.250% Time 30 days 90 days 30 days 180 days 60 days Interest ___________ ___________ ___________ ___________ ___________PART C Calculating the Maturity Date of a Note Calculate the maturity date for each of the following items. Assume that February has 28 days regardless of the year. 1. 2. 3. 4. 5. 30-day note dated January 25 90-day note dated January 25 90-day note dated February 1 30-day note dated December 1 One-year note dated January 25 Maturity Date _______________ _______________ _______________ _______________ _______________PART D Calculating the Maturity Value of a Note Calculate the maturity value for the following notes. Principal \$ 3,500.00 \$85,000.00 \$13,500.00 \$12,400.00 \$12,500.00 Interest Rate 6.0% 4.5% 8.0% 6.0% 5.0% Time 30 days 90 days 1 year 30 days 30 days Maturity Value ____________ ____________ ____________ ____________ ____________© South-Western, Cengage LearningMath Work Sheets and Solutions · 23 Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 21PART A Calculating Accrued Interest Income Calculate the accrued interest income on the following notes on December 31. Principal \$4,700.00 \$2,200.00 \$5,000.00 \$3,500.00 \$1,500.00 Interest Rate 9.0% 12.0% 10.0% 8.0% 6.0% Date of Note Aug. 1 Nov. 1 Oct. 1 Sept. 1 Dec. 1 Time of Note 180 days 120 days 180 days 240 days 90 days No. of Days to Dec. 31 __________ __________ __________ __________ __________ Accrued Interest Income _____________ _____________ _____________ _____________ _____________PART B Calculating Maturity Value of a Note Calculate the maturity value of the following notes. Principal \$4,700.00 \$2,200.00 \$5,000.00 \$3,500.00 \$1,500.00 Interest Rate 9.0% 12.0% 10.0% 8.0% 6.0% Date of Note Aug. 1 Nov. 1 Oct. 1 Sept. 1 Dec. 1 Time of Note 180 days 120 days 180 days 240 days 90 days Maturity Value __________ __________ __________ __________ __________PART C Calculating Accrued Interest Expense Calculate the accrued interest expense on the following notes on December 31. Principal \$4,700.00 \$2,200.00 \$5,000.00 \$3,500.00 \$1,500.00 Interest Rate 8.0% 11.0% 9.0% 7.0% 8.0% Date of Note Aug. 1 Nov. 1 Oct. 1 Sept. 1 Dec. 1 Time of Note 180 days 120 days 180 days 240 days 90 days No. of Days to Dec. 31 __________ __________ __________ __________ __________ Accrued Interest Expense _____________ _____________ _____________ _____________ _____________© South-Western, Cengage Learning24 · Math Work Sheets and Solutions Name _______________________________________ Date __________________ Class _____________________MATH WORK SHEET CHAPTER 22Calculating Working Capital and the Current Ratio Calculate working capital and the current ratio for each of the following. Round the current ratio to the nearest tenth. Total Current Assets \$5,260,452.12 \$ 650,087.78 \$1,339,152.45 \$ 828,631.23 \$ 630,918.19 Total Current Liabilities \$3,854,697.56 \$ 263,452.45 \$ 733,335.88 \$ 301,227.69 \$ 384,555.48 Working Capital ______________ ______________ ______________ ______________ ______________ Current Ratio ____________ ____________ ____________ ____________ ____________© South-Western, Cengage Learning`

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