Acc 421 Week 3 Individual Assignment P1,p2,p3 And P4

Individual Assignments Week 3 This assignment is worth a total of 75 points distributed evenly among the four problems. It will be graded based upon both the accuracy of your solutions (2/3) and effort (1/3). Points for effort will be impacted by poor formatting, poor organization, clear lack of effort, and careless errors. Any simple arithmetic errors, unbalanced journal entries, or unbalanced schedules will result in a significant point reduction for that problem. Show your work and double check your math and entries Problem 1 Grading This problem is worth a total of 18.75 points. There are 23 grading elements each worth 18.75 x 2/3 / 23 0.5435 points. There are 18.75 x 1/3 6.25 points available for effort. The following are general ledger balances of the RTQ Company as of December 31, 2013 Cost of goods sold585,000 Fair Market Value appreciation on land above cost42,000 Cash dividends declared and paid32,000 Rental revenue32,000 Administrative salaries86,000 Sales salaries92,000 Sales supplies expense22,000 Interest expense on notes payable50,000 Depreciation expense on sales related assets34,000 Depreciation expense on administrative related assets46,000 Other administrative expense22,000 Net sales1,078,000 Income tax42,000 The company had 49,000 shares of common stock issued and outstanding during the entire year. The