clean-up person. She had a bar‚ 15 barstools‚ 4 tables‚ 40 chairs‚ 4 television sets‚ and one satellite dish. She had an oven‚ stove‚ grill‚ refrigerator‚ sinks‚ dishes‚ and glassware. Carry started this business with $50‚000 of her own money‚ and she borrowed $150‚000 from the bank. From this description‚ list each of the scarce resources that are used in Carry Yoki’s Lounge. Entrepreneurial resource: Carry Yoki. Labor resources: 2 bartenders‚ 3 servers‚ 2 assistant servers‚ 2 cooks‚ 1
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rendered and‚ therefore‚ revenues are not earned until shipment arrival. Based on this case‚ the company should recognize revenue via FOB shipping point as “The agreement between Biovail and the Distributer provided that title to‚ and risk of loss with respect to‚ the product would not have passed to the Distributer until the product was delivered to the Distributer’s facility. In this scenario‚ using generally accepted accounting principles (GAAP) requirements‚ revenue cannot be recognized as the seller
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ACC 509 Case 5-2 Response Justin Tammany Grennell Farm Income Statement (Sales/Delivery Method) ------------------------------------------------- Year Ending December 31‚ 2009 Sales Revenue $522‚000 Less Expenses Cost of Sales 92‚340 Wages 72‚500 Insurance 4‚500 Taxes 32‚500 Depreciation 28‚500 Other 45‚000 Total Expenses 275‚340 ------------------------------------------------- Net Income $246‚660 Grennell Farm Balance
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pledges totaled $91‚000. 6. Salaries were paid in the amount of $47‚000. Included in this amount is the accrued wages payable at the end of 2011. (The portion of wages expense attributable to administrative expense is $15‚000 and fund-raising expense is $2‚000. The remainder is for animal care.) 7. Jefferson Animal Rescue entered an agreement with KDAC‚ Channel 7 News‚ to find more homes for shelter pets. This special adoption program highlights a shelter animal in need of a home on the evening
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Corporation reports sales revenue of $81‚000. The related balance sheet accounts for the beginning and end of the year were | Jan. 1‚ 2013 | Dec. 31‚ 2013 | Unearned Sales Revenue | 0 | $29‚250 | Accounts Receivable | 6‚750 | 2‚250 | Based on this information‚ the amount of cash collected during 2013 from Razorri ’s customers was a. | $81‚000 | b. | $119‚250 | c. | $114‚750 | d. | $99‚000 | 3. Nona Corporation‚ a calendar-year company‚ had the following transactions during 2012:
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(Components of internal control) The chapter identified five components of internal control. Listed below are specific control policies and procedures prescribed by Suntron Company. 1. Management gives careful consideration to the requisite knowledge and skills personnel need at all levels of the organization. Control environment. Planning‚ executing‚ controlling‚ and monitoring and entity’s activity is what is used to develop an overall framework for an entity to meet its objectives. 2
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| | Final Project ACC-101 | | Comprehensive Problem 2 Guitar Universe‚ Inc. P388 GUITAR UNIVERSER‚ INC. | Trial Balance | December 31‚2009 | Cash | $45‚000 | | Marketable securities | $25‚000 | | Accounts receivable | $125‚000 | | Allowance for doubtful accounts | | $5‚000 | Merchandise inventory | $250‚000 | | Office Supplies | $1‚200 | | Prepaid insurance | $6‚600 | | Building and fixtures | $1‚791‚000 | | Accumulated depreciation |
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ASSIGNMENT 4 WEEK 3 SAMUEL GEORGE Financial Accounting / CHAPTER 4 | | | | | P4-1A | Thomas Magnum began operations as a private investigator on =anuary 1‚ 2008. The trial balance columns of the worksheet for THOMAS =AGNUM‚ P.I.‚ INC. at March 31 are as follows. | THOMAS MAGNUM‚ P.I.‚ =NC. | Worksheet | For the Quarter Ended March 31‚ =008 | | Trial Balance | | | | Account Titles | Dr. | Cr. | Cash | 11‚400 | | Accounts Receivable | 5‚620 | |
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More Practice for the Final Exam Adjusting Entries Key _____ 1. Accruals occur when cash flows: A) Occur before expense recognition. B) Occur after revenue or expense recognition. C) Are uncertain. D) May be substituted for goods or services. Answer: B _____ 2. An example of a contra account is: A) Depreciation expense. B) Accounts receivable. C)
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GAAP‚ there would be no need for adjusting entries at the end of the period. T165. Every adjusting entry must change both an income statement account and a balance sheet account. F166. When the reduction in prepaid expenses is not properly recorded‚ this causes the asset accounts and expense accounts to be understated. T167. Accumulated depreciation may be referred to as a contra-asset account. T168. The adjustment to record depreciation of property and equipment consists of a debit to depreciation
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