The Anchor Down Company Accounting Assingment Help With Solution
The Anchor Down Company sells boat anchors. Currently they are only offering one model: the VU123. Anchor Down’s trial balance at December 31,2014, is presented below. All2014transactions for the year have been recorded, except for the items marked with dashes and those described
Anchor Down uses the FIFO inventory method in accounting for its inventory. All sales and all purchases of inventory areon account. The inventory of anchors consists of the following price layers at January 1, 2014:
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Unrecorded transactions related to sales and inventory (use inventory worksheet as a guide):
- Recorded sales for first quarter 2014, 200 units at $225 per unit. (The company uses a FIFO inventory system.) Also you will record cost of goods sold in Transaction m. below.
- Purchased85VU123s at a cost of $110 per unit in April 2014.
- Paid accounts payable, $16,900.
- Recorded sales for second quarter 2014, 170 units at $250 per unit.
- Purchased350VU123s at a cost of $115 per unit in July 2014.
- Recorded sales for third quarter 2014, 130 units at $275 per unit.
- Received notice that a retail customer owing Anchor Down $2,630 had filed bankruptcy and would be unable to pay. After exhausting all collection efforts, Anchor Down decided to write this customer’s account off.
- Purchased115VU123sat a cost of $120 per unit in October 2014.
- Recorded sales for fourth quarter 2014, 200 units at $300 per unit.
- Purchased 140 VU123s at a cost of $125 per unit in December 2014.
- Paid accounts payable, $90,000.
- Collected $200,000 from customers on account for the year 2014.
- Record cost of goods sold based on FIFO inventory method for the whole year.
Note: The inventory worksheet (whichever one you chose to use) should be turned in as support. No need to do both worksheets.
All other unrecorded transactions:
- On April 1, 2014, Anchor Down purchased equipment for $21,000cash and will be depreciated using the straight-line method over 5 years, with a salvage value of $1,000.Record purchase and depreciation (1a and 1b).
- The equipment owned prior to this year(excluding transaction #1 above) is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost.
- On July 1, 2014, Anchor Down sold for $5,000 equipment which originally cost $20,000.Accumulated depreciation on this equipment at January 1, 2014, was $6,000; 2014depreciation (Jan – June),prior to the sale of the equipment, was $1,800 and this depreciation expense has already been recorded in transaction #2 above.
- The balance in prepaid insurance represents the payment of a $4,000 8-month premiumpaid on October 1,2014.
- The building is being depreciated using the straight-line method over 25 years. Thesalvage value is $15,000.
- The patent was acquired on January 1, 2014, and has a useful life of 10years from thatdate.
- Unpaid salaries and wages at December 31, 2014, total $6,000.
- Both the short-term and long-term notes payable are dated January 1, 2014, and carrya 4.75% interest rate. All interest is payable in the next 12 months.
- The company uses the aging method (percent of receivables)in estimating its allowance for doubtful accounts and bad debts expense. Anchor Down estimates that 5% of the ending receivables balance is deemed to be uncollectible.
- Income tax rate is 35% for 2014. It will be paid on March 15, 2015.
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