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1) Clic, Inc., provides the following data for the next four months:
Desired Ending Inventory:
Raw Materials = 30% of next month's production needs
Finished Goods = 20% of next month's sales
Pounds of raw material required for each finished Unit = 5 lbs.
Required: Calculate the amount of purchases of raw materials in pounds for April and
May.
2) The BlueFin Partnership agrees to dissolve. The cash balance after selling all assets
and paying all liabilities is $60,000. The final capital account balances are: Smith,
$35,000; Nagy, $29,000; and Russ, ($4,000). Russ is unable to pay the capital
deficiency. Prepare the journal entries to record the transactions required to dissolve this
partnership.
3) ______________________ is the recording of financial transactions and events,
either manually or electronically.
4) If a partner withdraws from a partnership and the recorded value of his or her equity
is overstated, then a bonus goes to ________________________; if the recorded value
of the withdrawing partner's equity is understated, then a bonus goes to
____________________.
5) A company is authorized to issue 750,000 shares of $5 par value common stock.
Prepare journal entries to record the following selected transactions that occurred
during the company's first year of operations:
