EXERCISES AND PROBLEMS ch 1 Carry Yoki’s Lounge consists of the following. Carry‚ the owner believed that people would come to hear a band play on Friday‚ Saturday‚ and Sunday evening. During the remainder of the week‚ she believed her customers would watch sporting events on several television sets located throughout the lounge. Carry employed two bartenders‚ three servers‚ two assistant servers‚ two cooks‚ one dishwasher and a clean-up person. She had a bar‚ 15 barstools‚ 4 tables‚ 40 chairs
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to the cost allocation methods used in the company’s accounting system and described in the Help section for the Operations Report for any of the four geographic regions‚ your company’s administrative expenses are None of the above accurately describe the manner in which the company’s administrative expenses are allocated. allocated to each of the four geographic regions based on each region’s percentage contribution to total companywide revenues. allocated to each of the four geographic
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University of Dubuque School of Business BAC 241: Principles of Financial Accounting Homework Chapter 4: Completing Accounting Cycle Name: Due Thursday‚ October 04‚ 2012 in class 1. During 2013‚ Rumbo Corporation had cash and credit sales of $21‚760 and $15‚225‚ respectively. The company also collected accounts receivable of $9‚765 and incurred operating expenses of $27‚700‚ 80 percent of which were paid during the year. In addition‚ Rumbo paid $4‚500 for an 18-month advertising
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F151. Assets become liabilities when they expire. F152. Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs‚ the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the
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Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals‚ chiefly dogs and cats. At the end of 2011‚ the organization had the following account balances: [pic] .:. The following took place during 2012: 1. Additional supplies were purchased on account in the amount of $15‚000. 2. Unconditional (and unrestricted) pledges of support were received totaling $95‚000. In light of a declining economy‚ 5 percent is expected to be uncollectible. The remainder
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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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1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received
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f’;fa;d’a;f’‚af;ag’;sdagl.;gdlal‚g;adl‚g‚gal;am‚dblv .cv z‚vz mld;‚ag‚a;es’g.;’gad;a’;ldg;gd;sal;‚ger’fa‚s.a;l‚gdlag‚dla‚g;ewlwetp;lq4pewql‚e;et‚q;g‚al‚gal;g‚dla;ew‚tqleg‚algm‚eksgtmaq;‚;’.E’S.AFD;Af?D/A>;T’‚;L‚EL;On January 1‚ 2010‚ Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31‚ 2012‚ the carrying value of the building was $30 million and its tax basis was $20 million
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Case 2-1 Maynard Company (A) 2013 1 Diane Maynard made the following request of a friend: My bookkeeper has quit‚ and I need to see the balance sheets of my company. He has left behind a book with the numbers already entered in it. Would you be willing to prepare balance sheets for me? Also‚ any comments you care to make about the numbers would be appreciated. The Cash account is healthy‚ which is a good sign‚ and he told me that the Net income for the month of June was $19‚635. The book
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Problem set C PROBLEM 3-1C For each of the following entries‚ enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To record receipt of unearned revenue. B. To record this period’s earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue G. To record this period’s
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