# Principles Of Accounting 2 Graded Project

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Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format.

Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the “Assignment Format “page for specific format requirements. Assignment Details: This assignment will include the three-part graded project described below and 30 multiple choice exam questions covering this lesson, Corporations and Bonds Payable and the next lesson Investments and Cash Flow.

The combined project and exam portions of this Assignment total 100 points. You should complete your work for this project at this time and submit it with the exam questions (available at the Assignments tool) after your next lesson.

Part A (5 points each for a possible total of 10 points)

1. following are post-closing account balances.

Cash 18,000 Inventory 73,000 Other assets 157,000 Accounts Payable 61,000 Abel, Capital 50,000 Barney, Capital 50,000 Cole, Capital 87,000

Noncash assets are sold for \$275,000. Profits and losses are shared equally. After all liabilities are paid, divide the remaining cash amongst the partners.

76 PRINCIPLES OF ACCOUNTING 2

1. losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:

Cash \$10,000 Other Assets 8,000 Liabilities 4,000 Brandon, Capital 7,000 Ryan, Capital 7,000 If the Other Assets are sold for \$10,000, how much will each partner receive before paying liabilities and distributing the remaining assets? If the Other Assets are sold for \$8,000, how much will each partner receive before paying liabilities and distributing remaining assets?

Part B

(10 points each for a possible total of 20 points)

1. redeem the future maturity of its bonds. During the first year, the fund earned \$3,825. At the time of bond redemption, the fund has a balance of \$417,000. Of this, \$400,000 was used to redeem the bonds. Journalize the following entries.
2. b. The first year’s interest c. The redemption of the bonds
3. lenders at the contract rate. Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries.
4. b. Paid first semiannual interest payment c. Retired the bonds at maturity

PRINCIPLES OF ACCOUNTING 2 77

Part C

(10 points each for a possible total of 20 points)

1. Dividends paid during the year 800 Net income for the year 3,000 Correction of prior year error. Purchase of land recorded as rent expense 1,000 2. Curtis Corporation’s balance sheet included the following:

Common Stock, \$5 par value, 5,000 shares issued and outstanding \$25,000 Retained Earnings 20,000 Total Stockholders’ Equity \$45,000 Prepare journal entries for the following transactions. May 3 Issued 500 shares at \$6 per share 9 Reacquired 100 shares at \$4 per share 15 Reissued 50 of the Treasury shares at \$7 per share 17 Reissued 10 of the Treasury shares at \$3 per share

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