Preview

Accountancy Assignment

Satisfactory Essays
Open Document
Open Document
114 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accountancy Assignment
ACC 290 Week 3 Individual WileyPLUS Assignment
Exercise BE4-1
Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
(a)
Purchased $100 of supplies for cash.
(b)
Recorded an adjusting entry to record use of $40 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
Purchased equipment for cash, $2,500.
(f)
Recorded depreciation of building for period used, $600.
To purchase this material click below link http://www.assignmentcloud.com/ACC-290/ACC-290-Week-3-Individual-WileyPLUS-Assignment For more classes visit
www.assignmentcloud.com

You May Also Find These Documents Helpful

  • Satisfactory Essays

    accounting week 3 assignment

    • 2128 Words
    • 27 Pages

    1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.…

    • 2128 Words
    • 27 Pages
    Satisfactory Essays
  • Good Essays

    According to the fact of this case, Parent Co. (Parent) wholly owns Poor Son Co. (Poor Son) as a legal subsidiary, and both of them all nonpublic companies. However, in January 2007 Poor Son filed a voluntary bankruptcy under Chapter 11 of the U.S. bankruptcy code because of its inability of meet obligations as they became due. Then, Parent claimed the loss of control of Poor Son and deconsolidated Poor Son from its financial statement. Through the bidding process in May 2009, Poor Son and OtherCo, the winning sponsor, filed a joint plan of reorganization to the bankruptcy court, but the plan was rescinded by OtherCo later due to significant market value shrink of Poor Son. After that, the bankruptcy court reopened the bidding process and recommended Parent’s plan of reorganization in August 2010. Finally, Parent received final confirmation of Poor Son’s plan.…

    • 615 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    BE4-1 Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.…

    • 1151 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Bakerview’s strategy is to develop a core consumer base by segregating themselves from their competitors through industry niches which meet current societal demands and product differentiation. Bakerview has established its own niches in its industry to pursue the solitary of product differentiation. One of its niches is establishing Cowlix Natural Ice Cream which is their own featured brand name product. Crafting your own brand name product creates product differentiation by allowing themselves to articulate a product line to their customers which is segregated from their other products. This generates loyal customers and encourages customers to be exposed to their other goods because they have been satisfied with this certain line of products.…

    • 484 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    errors that tend to happen when calculations are done manually. Ultimately, the goal of the entire…

    • 1203 Words
    • 4 Pages
    Powerful Essays
  • Satisfactory Essays

    Accountancy Questions

    • 149 Words
    • 1 Page

    What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.…

    • 149 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    2. $5000 in equipment is received, with $1000 paid in cash, and $4000 billed through Accounts Payable…

    • 683 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Accountancy Study Guide

    • 2024 Words
    • 9 Pages

    14. The maturity value of a $2,000, 6%, 60-day note receivable dated February 10th is…

    • 2024 Words
    • 9 Pages
    Powerful Essays
  • Powerful Essays

    16. List the amount of cash flows from each of the 3 activities: Operating, Investing, and Financing for the 2 most recent years. What was the increase or decrease in cash for each of these years? –…

    • 1524 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    b. Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account.…

    • 643 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    MULTIPLE CHOICE 1. Cash consists of all of the following except a. deposits in savings accounts. b. money orders from customers. c. compensating balances. d. IOUs from customers.…

    • 5090 Words
    • 33 Pages
    Satisfactory Essays
  • Powerful Essays

    Acc 291 Week 3

    • 2154 Words
    • 9 Pages

    Purchase goods on account from Android Enterprise $18 000; ABC Ltd $15 000 and Peter Smith…

    • 2154 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    4. __C___ On June 1, 2014, Portugal Inc. reported a cash balance of $12,000. During June, Portugal made deposits of $5,000 and made disbursements totalling $14,000. What is the cash balance at the end of June?…

    • 633 Words
    • 8 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Accountancy Questions

    • 111 Words
    • 1 Page

    Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business? How could you improve internal controls over the assets that you own? What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes?…

    • 111 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    The L’Oreal Group is the largest cosmetics and beauty company in the world and it is present in 130 countries. Its office is registered in Paris and its head office in the Paris suburb of Clichy, Hauts-de-Seine, France. L’Oreal has developed activities in the field of cosmetics. Concentrating on make-up, skin care, hair colour, sun protection, hair care and perfumes, the company is active in the tissue engineering, dermatological, and pharmaceutical fields and the company is the top nanotechnology patent-holder in the US.…

    • 2015 Words
    • 9 Pages
    Powerful Essays