"1 Journalize The Adjusting Entry Needed On December 31 2014 For Each Of The Previous Items Affecting Laughter Landscaping" Essays and Research Papers

  • 1 Journalize The Adjusting Entry Needed On December 31 2014 For Each Of The Previous Items Affecting Laughter Landscaping

    Management 120 Assignment 1 Due Date: September 30, 2014 ***To be completed in Excel using Excel formulas and functions for calculations*** QUESTION 1 (50 – 60 min) During the first month of operations, May 2014, New Pane Windows Inc. completed the following transactions: May 2 New Pane received $30,000 cash and issued common shares to shareholders. 3 Purchased supplies, $1,000, and equipment, $2,600 on account. 4 Performed services, received cash, $1,500. 7 Paid cash to acquire land for an office...

    1986, Accounting software, Accounts payable 588  Words | 2  Pages

  • Adjusting Entries - Examples

    Adjusting Entries – Examples Let’s work with some examples. We are working with a one year accounting period that ends on 12/31/X2. Let’s use a three step process. Step 1 – Analyze the transaction. Step 2 – Record in the journal. Step 3 – Post to the ledger. Example 1: On 12/31/X2 (before the adjusting process), Supplies, an asset, has a balance of $2,500. Employees take a physical account of the supplies on hand. That physical count reveals that $1,200 of supplies remains. Step 1 ‐‐ The balance...

    Accounts receivable, Asset, Balance sheet 1561  Words | 4  Pages

  • Adjusting Entries

    QUIZ CHAPTER 3 ACTG 500 BE 161 Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $500 of office supplies during the period. At the end of the period $80 of supplies were on hand. 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $600 was unexpired. Solution 161 |1 |Depreciation Expense ...

    Deferral, Depreciation, Expense 624  Words | 5  Pages

  • Case 4-1 Pc Depot

    102:' Part 1 Rnancial Accounting Problem 4-4; The account balances in the ledger of the Dindorf Company on January 3 1 (the end of its fiscal year), before adjustments, were as follows: Debit Balances Cash and equivalents $ 119,115 Accounts receivable 162,500 Merchandise inventory 700,680 Store equipment 21 5,000 15,475 Supplies inventory 38,250 Prepaid insurance Selling expense 24,900 105,750 Sales salaries Miscellaneous general expenses 31,000 6,220 Sales discounts Interest expense 9,300 Social...

    Accounts receivable, Balance sheet, Bookkeeping 704  Words | 3  Pages

  • Assignment - Preparing Entries and Statements

    Assignment: Preparing Entries and Statements ACC225/Financial Accounting Assignment: Preparing Entries and Statements QS 4-5A The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner’s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. [pic] Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted...

    1919, Accounts receivable, Balance sheet 618  Words | 3  Pages

  • Adjusting Accounting Entries

    Accounting 1 American InterContinental University I have been asked by my supervisor to mentor a new accounting clerk in my department, I am hoping that when I’m done mentoring this person that they will understand accounting better. I am also hoping that my supervisor will be proud of me, and continue asking me to mentor new people, and hopefully give me a raise or a promotion. To better understand accounting we need to know why adjusting entries are so important to a business. Adjusting journal...

    Accounting software, Accounts receivable, Accrual 849  Words | 3  Pages

  • E9-1 E9-12 E10-5 E10-12

    E9-1 | | | | (Lower of Cost or Market) The inventory of Oheto Company on December 31, 2011, consists of the following items.   | Part No. | Quantity | Cost per Unit | Cost to Replace per Unit |   | 110 |   | 600 |   | $95 |   | $100 |   |   | 111 |   | 1,000 |   | 60 |   | 52 |   |   | 112 |   | 500 |   | 80 |   | 76 |   |   | 113 |   | 200 |   | 170 |   | 180 |   |   | 120 |   | 400 |   | 205 |   | 208 |   | | a121 |   | 1,600 |   | 16 |   | 14 |   |   | 122 |   | 300...

    Building, Building code, Civil engineering 756  Words | 5  Pages

  • Workshop 1

    1. Why would the owners of Lakeside as well as the company’s banks require that an independent CPA firm perform the annual audit? The reason that there needs to be an independent auditor is so that they can remain unbiased. It could potentially make them less independent if they are auditing both Lakeside and the bank in which Lakeside is taking loans from. The auditing firm needs to stay independent in mind and appearance and this may be an issue when auditing both. 2. This case implies that...

    Audit, Auditing, Auditor's report 1133  Words | 4  Pages

  • Exam 1 Review

    ACC 301 Review Sheet Exam #1 – Spring 2012 Problem #1 Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report. GERDES PSYCHOLOGICAL SERVICES, INC. Income Statement For the Year Ended December 31, 2007 Revenue: Counseling revenue……………………………. | | $225,000 | Expenses: | | | Advertising expense…………………………... | $ 1,800 | | Salaries expense………………………………...

    Accounts receivable, Adjusting entries, Balance sheet 759  Words | 5  Pages

  • Financial Reporting Problem Part 1

    Financial Reporting Problem Part 1 XACC/290 Kathleen Downey Brittany Baker Amazon became a publically traded company in October 1995. In 1996, it was reincorporated in Delaware. Amazon issued its initial public offering of stock on May 15, 1997, trading under the NASDAQ stock exchange symbol AMZN, at a price of $18.00 per share in the U.S. ($1.50 after three stock splits in the late 1990s Wikipedia). Amazon's initial business proposal was different they it did not expect to make...

    Annual report, Asset, Balance sheet 726  Words | 3  Pages

  • Accounting. THE BASICS OF ADJUSTING ENTRIES

    BASICS OF ADJUSTING ENTRIES Study Objectives—after studying the chapter, you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain why adjusting entries are needed. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals (prepayments). 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance. 8. Prepare adjusting entries for the...

    Accrual, Balance sheet, Deferral 5278  Words | 18  Pages

  • Adjusting Entries - Essay

    Adjusting Entries Yvenie Desire ACCT205-1203A-11 June 9, 2012 Adjusting Entries Welcome to the company and as an accounting clerk for the department you will be working a lot with the accounting department and with me. I will be mentoring you on certain aspect of accounting and what needs to be done. First we’ll get started with why adjusting entries are necessary. “Adjusting entries ensures that the correct amount of revenues and expenses are recorded in a specified time period.” (Editorial...

    Accrual, Adjusting entries, Balance sheet 1210  Words | 4  Pages

  • Accounting: Journal Entries and Financial Statements

    Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service...

    Asset, Balance sheet, Bond 735  Words | 5  Pages

  • Accounting Test 1

    QUESTION 1 1. Annie's Attic has the following account balances for the dates given:   Cash, Sept 1 $40,000 Cash, Sept 30 60,000 Accounts receivable, Sept 1 10,000 Accounts receivable, Sept 30 14,000 Owner's equity, Sept 1 ? Owner's equity, Sept 30 ? Supplies, Sept 1 30,000 Supplies Sept 30 24,000 Accounts payable, Sept 1 6,000 Accounts payable, Sept 30 ? Net income for September 20,000   What would owner's equity be on September 1? 5 points    QUESTION 2 1. Annie's Attic has the following account...

    1970, 1981, 1985 504  Words | 4  Pages

  • Mos 3360 Ch 3 review

    this chapter, you should be able to: Understand basic accounting terminology. Explain double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and...

    Accounting equation, Balance sheet, Double-entry bookkeeping system 1292  Words | 7  Pages

  • Assigment # 1

    Chapter #1: Introduction to Financial Statements Brief Exercises BE 1-1 Match each of the following forms of business organization with a set of characteristics: sole proprietorships (SP), partnership (P), corporation (C). _P__ Shared control, tax advantages, increased skills and resources. _SP_ Simple to set up and maintains control with owner. _C__ Easier to transfer ownership and rise funds, no personal liability. BE 1-2 Match each of the following types of evaluation with one of...

    Accounts receivable, Asset, Balance sheet 776  Words | 3  Pages

  • Accounting 1-4 Chapter

    chapter 1 INTRODUCTION TO FINANCIAL STATEMENTS ● the navigator ● ● ● ● ✓ Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 5 p. 11 p. 18 p. 20 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 23 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 42 study objectives After studying this chapter, you should be able to: 1 Describe the primary...

    Asset, Balance sheet, Financial statements 100446  Words | 379  Pages

  • Acc 422 E13-1; E13-7; E13-11; E13-13

    E13-1 (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? a) Current Liability b) Current Liability c) Current or long-term liability (dependent on term of warranty) d) Current liability e) Current liability f) Current liability g) Current or noncurrent (dependent on time involved) h) Current liability i) Current liability j) Current liability k) Deduction from face value of note l) Disclose in footnote m) Current...

    Adjusting entries, Asset, Balance sheet 684  Words | 3  Pages

  • Long Term Liabilities MC EXERCISE 1

    Long Term Liabilities – Bonds MULTIPLE CHOICE QUESTIONS EXERCISE 1. From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that a. bond interest is deductible for tax purposes. b. interest must be paid on a periodic basis regardless of earnings. c. income to stockholders may increase as a result of trading on the equity. d. the bondholders do not have voting rights. 2. If a corporation issued $3,000,000 in bonds which pay 5% annual interest...

    1966, 1983, Bond 889  Words | 4  Pages

  • Mr. Michel

    MATCHING I – 7.5 points For each of the items listed below, indicate how it should be treated in the financial statements.  Use the following letter code for your selections: a.   Ordinary or unusual (but not extraordinary) item on the income statement b.   Discontinued operations c.   Extraordinary item on the income statement d.   Prior period adjustment ______     1.     The bad debt rate was increased from 1% to 2%, thus increasing bad debt expense. ______     2.     A loss incurred...

    Accounts receivable, Asset, Balance sheet 949  Words | 7  Pages

  • ACO01 Mock Exam 2015 1

    ACO01 – FINANCIAL ACCOUNTING MOCK EXAM Time: 90 minutes PART 1. MULTIPLE CHOICE QUESTIONS (40 points) This is a multiple choice part containing 20 questions. Each question is followed by THREE suggested answers – only one of which is correct. You will score 2 points for each correct answer. You will not lose any mark for wrong answers. You may attempt as many questions as you wish. 1. Which of the following items would most likely be classified as an operating activity? A. Issuance of debt....

    Balance sheet, Book value, Depreciation 2060  Words | 5  Pages

  • AC210 Fall 2014 Quiz 8 Version A with h

    AC210 Fall 2014 Quiz 8 Version A Score ____ / 80 ____ / 20 Name ______________________________________ CWID _______________ Total ____/ 100 Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. Mark your answer in the blanks provided at the top. 10 points each 1. _____ 2. _____ 3. _____ 4. _____ 5. _____ 6. _____ 7. _____ 8. _____ 1. The entry required to recognize the bad...

    Accounts receivable, Asset, Balance sheet 433  Words | 2  Pages

  • Cash Flow and Journal Entry

    Exercises E14-2, E14-3, E14-5, E14-18 E 14–2: Determine the price of bonds in various situations LO14–2 Determine the price of a $1 million bond issue under each of the following independent assumptions: 1. Interest for 100,000 @ 5.65022 is $565,022 Principle 1M @ 0.32197 is 321,970 PV would be 886,992 2. Interest for 50,000 @ 11.46992 is $573,496 Principle 1M @ 0.31180 is 311,800 PV would be 885,296 3. Interest for 60,000 @ 12.46221 is $747,733 Principle 1M @...

    1944, 1983, 1985 642  Words | 4  Pages

  • Poa Mock Paper 1

    All Questions Question 1 A trader decided to open a Provision for Doubtful Debts Account in 2007. Provision was to be provided at 5% of debtors outstanding at each year end. $ $ Debtors balance at 31 Dec 2008 10 900 Debtors balance at 31 Dec 2009 10 500 Debtors balance at 31 Dec 2010 10 000 The following information has to be taken into account when preparing the provision for doubtful account. 1 The provision account has a balance of $600 on 1 January 2008. 2 A cheque...

    1920, 1944, 1964 755  Words | 5  Pages

  • ACC 291 Week 2 Chapter 09 Practice Quiz 1

    2 Chapter 09 Practice Quiz 1 you can find right answers on the following questions: 1. Erin Danielle Company purchased equipment and incurred the following costs. 2. Depreciation is a process of: 3. Micah Bartlett Company purchased equipment on January 1, 2010, at a total invoice cost of $400,000. The equipment has an estimated salvage value of $10,000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31, 2011, if the straight-line...

    Asset, Balance sheet, Book value 590  Words | 3  Pages

  • acct 3001 exam 1 practice

    PRACTICE – Ch1 through Ch6 Chapter 1 1. What is the objective of financial reporting? a. Provide information that is useful to management in making decisions. b. Provide information that clearly portray nonfinancial transactions. c. Provide information about the reporting entity that is useful to present and potential equity investors lenders, and other creditors. d. Provide information that excludes claims to the resources. 2. When making decisions, investors are interested in assessing...

    Balance sheet, Expense, Financial statements 1212  Words | 5  Pages

  • Generally Accepted Accounting Principles and Year-end Adjusting Entries

    The review will be held SUNDAY, September 29th from 3 to 6 PM in Woodruff Auditorium of the Kansas Union. Complete this packet prior to attending the review!!! Short Answer 1. State the fundamental accounting equation. 2. What are the two components of stockholder’s equity? 3. What is the formula for current ratio, quick ratio, debt ratio, and working capital? 4. What is the group that presently creates accounting standards? 5. What gives...

    1966, 1980, 1981 1060  Words | 9  Pages

  • Accounting Problems

    Problem 1 On January 1, 2008, Arlo Company purchased the following two machines for use in its production process: Machine A: The cash price of this machine was $55,000. Related expenditures included: sales tax $2,750, shipping costs $100, insurance during shipping $75, installation and testing costs $75, and $90 of oil and lubricants to be used with the machinery during its first year of operation. Arlo estimates that the useful life of the machine is 4 years with a $5,000 salvage value...

    1966, 1967, 1971 891  Words | 4  Pages

  • Accounting Project

    Depreciation-Store Equipment 31,060 210 Accounts Payable 3,286 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 30,000 ($6,000 to be paid in 2013) 310 Randiddle, Capital (January 1, 2012) 46,288 311 Randiddle, Withdrawals 60,000 312 Income Summary 0 410 Sales 296,130 411 Sales Returns and Allowances 10,020 412 Sales Discounts 7,200 510 Cost of Goods Sold 30...

    Accounts payable, Accounts receivable, Balance sheet 995  Words | 5  Pages

  • ACCCH3HW

    Concepts 1. Assumes expenses should be assigned to the accounting period in which they are used to produce revenues Answer: (C) Accrual Accounting 2. Assumes a business will last indefinitely Answer: (B) Continuity 3. Assumes revenues are earned at a point in time Answer: (D) Revenue Recognition 4. Assumes net income that is measured for a short period of time, such as one quarter Answer: (A) Periodicity E1A. Applications of Accounting Concepts Related to Accrual Accounting 1. Recognizes...

    Depreciation, Double-entry bookkeeping system, Expense 508  Words | 6  Pages

  • Workshop

    Workshop for topic #1 – Cash & Receivables Not for grading Exercise 1 Trade and cash discounts; the gross method and the net method compared ( LO3 DEC Corporation, a manufacturer of furnaces, sold 200 units to a customer on April 6, 2013. The units have a list price of $800 each, but the customer was given a 20% trade discount. The terms of the sale were 1/10, n30. Required: 1a. Prepare the journal entries to record the sale on April 6 (ignore cost of goods) and payment on April...

    Accounts receivable, American films, Balance sheet 1273  Words | 6  Pages

  • Adjusting Entries

    ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 493–524 American Accounting Association DOI: 10.2308/iace-50124 How Adjusting Entries Affect the Quality of Financial Reporting: The Case of Frosty Co. Jason C. Porter ABSTRACT: Recent accounting scandals have emphasized the need to think beyond debits and credits. Accounting students must understand the effects of transactions on a company’s financial position, as well as the pressures and incentives they will someday face to misrepresent...

    Accountancy, Accounting software, Balance sheet 14044  Words | 42  Pages

  • Accounting Cycle Project Fall 2014 Student 3

    ______________________________ On October 1, 2013, Adrian Lopez launched a computer services company, Success Systems, which is organized as a corporation and provides consulting services, computer system installations, and custom program development. Lopez adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2013. A list of business transactions for the months of October to December: Oct. 1   Adrian Lopez invested $55,000 cash...

    Accounts receivable, Asset, Balance sheet 1717  Words | 20  Pages

  • accounting

    method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's $1,400 balance is uncollectible. Date Account/Description Debit Credit Dec. 31 Show Answer Correct. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable...

    1966, 1985, 1986 774  Words | 7  Pages

  • Research: Income Statement and Laser Recording Systems

    (Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 3.) CCC4 Cookie Creations is gearing up for the winter holiday season. During the month of December 2011, the following transactions occur. Continuing Cookie Chronicle 219 Dec. 1 5 8 9 15 16 19 23 23 23 28 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties.
Natalie teaches the class that was booked on November 25. The balance out- standing is received. ...

    Balance sheet, Depreciation, Financial statements 1437  Words | 4  Pages

  • Exam Chapters 1-5

    COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) Problem A-I — Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue, net income, and current assets. b. It understates net income, stockholders’ equity, and current liabilities. c. It overstates revenue, stockholders’ equity, and current liabilities. ...

    Accounts receivable, Asset, Balance sheet 3272  Words | 15  Pages

  • Acc512 Unit2 Assign Case 4 1

    International Accounting CASE 4-1 Bessrawl Corporation Reconciliation from U.S. GAAP to IFRS 2014 Income under US GAAP $1,000,000 Adjustments:   Reversal of write-down of inventory to replacement cost 10,000 Additional depreciation on revaluation of equipment (25,000) Impairment loss on intangible asset (5,000) Recognition of deferred development costs 80,000 Reversal of amortization of deferred gain on sale and leaseback  (30,000) Income under IFRS $1,030,000   2014 Stockholders’ equity under...

    Asset, Balance sheet, Book value 833  Words | 3  Pages

  • A Comprehensive Accounting Cycle Problem

    A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM On December 1, 2009, John and Patty Driver formed a corporation called JP Equipment Rentals Co. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts: |Cash |Income Taxes Payable ...

    1971, 1985, 1986 881  Words | 4  Pages

  • ACC 291 Week 4 Chapter 14 Practice Quiz 1

    this file ACC 291 Week 4 Chapter 14 Practice Quiz 1 you can find right answers on the following questions: Comparisons of data within a company are an example of the following comparative basis: In horizontal analysis, each item is expressed as a percentage of the: In vertical analysis, the base amount for depreciation expense is generally: The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets. The...

    Balance sheet, Dividend, Finance 685  Words | 4  Pages

  • Problem Set II

    Set PE – 2 Instructions 1. Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T account form.) 2. Prepare the adjusting entry at December 31, 2012, to report the investments at fair value. All securities are considered to be trading securities. December 31, 212 Unrealized Loss Income 7,500 Market Adjustment Trading 7,500 3. Show the balance sheet presentation of investment securities at December 31, 2012. Current Assets Short...

    Accounts receivable, Adjusting entries, Balance sheet 402  Words | 6  Pages

  • Intro to Financial Accounting 1

    of Financial Accounting Principles (Part I) 1. Accounting in Action What is accounting? * Accounting consists of three basic activities: it identifies, records, and communicates the economic events of an organization to interested users. Q. Business (economic) vs. Accounting Events?=> whether affects the accounting equation. That is, an event which affects the accounting equation is an accounting event. Generally, an accounting system only journalizes accounting events. * GAAPs and IFRS: SEC indicated...

    Accounts receivable, Asset, Balance sheet 2062  Words | 9  Pages

  • Basic Accounting Principles And Guidelines

    the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. 1. Economic Entity Assumption The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner's personal transactions. For legal purposes, a sole proprietorship and its owner are considered to be one entity...

    Balance sheet, Deferral, Depreciation 1365  Words | 4  Pages

  • Depreciation and Fair Value Adjustment

    ACCT332 Quiz 1 Last Name___________________ First Name ________________ Section#____________________ 1. Diversified Industries sells electronic products in reusable containers. Customers pay a deposit for each container. The deposit is equal to the container's cost. Customers receive a refund when the container is returned. During 2012, deposits collected on containers shipped were $350,000. Deposits are forfeited if containers are not returned in 18 months. During 2012, $250,000 was refunded...

    Accounts receivable, Asset, Deposit account 414  Words | 3  Pages

  • Ac504 Case Study 1

    Requirement #1: During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions. March 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. March 1 Paid the current month's rent, $4,500. March 1 Paid the premium on a 1-year insurance...

    1933, 1947, 1975 323  Words | 3  Pages

  • Problem 2-1

    1. Explain the events that probably gave rise to journal entries 1 through 8 of exhibit 1. a. Entry 1: Miss barbarra Thompson opened the company investing USD 65,000.00 cash and USD 100,000.00 from Bank Borrowings. b. Entry 2: The company paid its Rent amounting to USD 1,485.00 c. The company bought inventory items worth USD 137,500.00 on credit. d. The company bought Furnitures and Fixtures (10 years useable life) for cash amounting to USD 15,500.00 e. The company...

    Accounts receivable, Balance sheet, Depreciation 1058  Words | 6  Pages

  • Case Study#1 - Financial Statements

    CASE STUDY 1—THE COMPLETE ACCOUNTING CYCLE Name: ______________ The entire Case Study is due Sunday at midnight mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCOs D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 sheets in the Workbook including this one. All of the Information you need for the project is located in this Workbook. Requirements ...

    Asset, Balance sheet, Depreciation 2410  Words | 24  Pages

  • acct 201 test 1

     On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts.                    Cash $ 11,360   Cash dividends $ 2,000     Accounts receivable   14,000   Consulting fees earned   14,000     Office supplies   3,250   Rent expense   3,550     Land   46,000   Salaries expense   7,000     Office equipment   18,000   Telephone expense   760     Accounts payable  ...

    Accounts payable, Accounts receivable, Balance sheet 2707  Words | 14  Pages

  • comm 450 assignment 1

    COMMERCE 450 ASSIGNMENT 1 FALL 2013 DUE: September 25 All questions should be answered to the nearest full dollar except that earnings per share questions are to be answered to the nearest cent. You should assume, unless it is stated otherwise, that all companies are Canadian public companies which must comply with the International Financial Reporting Standards and that all companies have December 31 year-ends. Question 1 (16 marks) a) Manaus Manufacturing provides...

    1966, 1979, 1980 907  Words | 4  Pages

  • ACCT 3511 OBBA Accounting Cycle Project Spring 2015

    on January 1, 2015. During the year, the firm had the following transactions: 1. January 2: The owners invested $200,000 into the business and acquired 25,000 shares of capital stock in return. 2. January 15: Herman and Sons’ took out a note for $80,000 from the bank to finance the purchase of an office building. 3. January 15: Herman and Sons’ bought an office building in the amount of $80,000. 4. February 12: Herman and Sons’ billed clients for $90,000 of services performed. 5. March 1: Herman and...

    Accounting software, Accounts receivable, Balance sheet 725  Words | 4  Pages

  • Week 3 Quiz 1

    practice quiz #1  Accumulated depreciation will be the sum of two years of depreciation expense. Annual depreciation for this asset is ($400,000 - $10,000)/5 = $78,000. The sum of two years depreciation is $156,000 ($78,000 + $78,000). |   |   | Micah Bartlett Company purchased equipment on January 1, 2010, at a total invoice cost of $400,000. The equipment has an estimated salvage value of $10,000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31, 2011,...

    Asset, Balance sheet, Book value 1430  Words | 6  Pages

  • Exercise 1

    Exercise 1 XXXXX XACC/290 August XX, 2014 XXXXXX E3-4 Describe each transaction. 1. The company issued shares of stock to stockholders’ equity increased for the month. 2. The company purchased equipment for $1,000 cash and $4,000 on account. 3. The company purchased supplies for $750 cash. 4. The company receives $4,100 in cash revenue and $5,400 in accounts receivable. 5. The company paid $1,500 cash for accounts payable. 6. The company paid a $2,000 dividend...

    Accounting software, Accounts payable, Accounts receivable 442  Words | 5  Pages

  • Final Exam Accounting 1 Review

    Accounting 1 Semester 1 Final Exam Review Practice True/False Indicate whether the sentence or statement is true or false. ____ ____ ____ ____ ____ ____ ____ ____ ____ 1. Accounting is the language of business. 2. The relationship among assets, liabilities, and owner's equity can be written as an equation. 3. The accounting equation does not have to be in balance to be correct. 4. A business that performs an activity for a fee is a service business. 5. The amount in an account is an account balance...

    Accounting equation, Accounts receivable, Asset 2163  Words | 7  Pages

  • Assignment 1 send 29 09 2014

      Assignment-1 Cost Concept-29-09-2014 Question 1: Cost drivers and functions: The list of representative cost drivers in the right column below are randomized with respect to the list of functions in the left column. That is, they do not match. Function Representative Cost Driver 1. 2. 3. 4. A. Number of invoices sent B. Number of purchase orders C. Number of Research scientists D. Hours of computer processing unit (CPU) E. Number of new hires F. Number of transaction processed Accounting Personnel...

    Accounts receivable, Balance sheet, Costs 876  Words | 3  Pages

  • Laughter

    English 110 College Writing 01 October 2014 Laughter is the Solution The greatest of thinkers throughout history, philosophers like Aristotle have tackled this little problem, which had always seemed to allude, slip away, escape only to reappear insisting upon the greatest of philosophers. They attempt to observe, understand, the comic spirit without as Henri Bergson says "we shall not aim to imprison the comic spirit within a definition"(Bergson 1). Comedy is something we all know it...

    Henri Bergson, Humour, Joke 1203  Words | 2  Pages

  • ACC 421 Final Exam Wiley Plus

    http://www.finalexamguide.com/ACC-421-WileyPlus-Final-Exam-102.htm 1. Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. 2. On July 1, 2012, Crowe Co. pays $19,628 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. 3. Dresser Company's weekly payroll, paid on Fridays, totals $6...

    Accounts receivable, Balance sheet, Cash flow 1095  Words | 4  Pages

  • Accounting 3 4 Exercise Set 1

    Accounting 3 & 4 Exercises Set # 1 Lee E. 1. Fred has owned and operated a sole proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm Sears and Roebucks. Fred’s investment in the partnership consists of P12,000 in cash, and the following assets of the proprietorship: accounts receivable P14,000 less allowance for doubtful accounts of P2,000, and equipment P20,000 less accumulated depreciation of P4,000. It is agreed that the allowance...

    Accounts receivable, Asset, Balance sheet 677  Words | 2  Pages

  • 2007 04 06 163146 Chapter 7 1

    E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. 1.Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. $ 2,325,000 Cash balance of $925,000. Only the checking account balance should be reported as cash. The certificates of deposit should be reported as a...

    Accounts receivable, Bad debt, Cheque 972  Words | 6  Pages

  • Case #1 Lakeside

     Case #1 [Type the document subtitle] 2/16/2014 Review Comments Summary Discussion Questions – 2 Hours Exercise – 1.5 Hours Table of Contents Title Page……………………………………………………………..………………………….. Review Comments…….……………………………………………………………………........1 Team Summary …………………………………………………………………………………..2 Table of Contents……………………………………………………………………………..….3 Discussion Questions……………………………………………………………………………...4 Question #1………………………………………………………………………………...

    Audit, Auditing, Auditor's report 1552  Words | 10  Pages

  • ACC291 Week6 E11-15, E12-1, E12-2, P11-6A

    E11-15 On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the components...

    Corporate finance, Finance, Generally Accepted Accounting Principles 729  Words | 5  Pages

  • Acct 101 - Practice Questions

    adjustments and post them to the General Ledger The third Objective is to enable them prepare accurate Income Statements and Balance Sheets. INSTRUCTIONS: Each group is required to 1. Journalize the transactions 2. Post the transactions from journal to ledgers. 3. Prepare a trial balance 4. Journalize the adjusting entries and post them to the General Ledger 5. Prepare post adjustments trial balance 6. Prepare a worksheet and complete it. (Using Microsofts Excel) 7. Prepare...

    1920, 2009, Accounts receivable 711  Words | 4  Pages

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