This document provides instructions for homework assignments from ACC 557 that are due in Week 2. It includes exercises involving the preparation of journal entries, T-accounts, trial balances, and financial statements from accounting transactions. It also includes problems requiring analysis of accounting information and preparation of adjusting entries.
Aztec Company sells its product for $170 per unit. Its actual and projected sales follow.
Units Dollars
April (actual) 5,500 $935,000
May (actual) 3,600 612,000
June (budgeted) 7,500 1,275,000
July (budgeted) 5,500 935,000
August (budgeted)3,900 663,000
All sales are on credit. Recent experience shows that 22% of credit sales is collected in the month of the sale, 48% in the month after the sale, 25% in the second month after the sale, and 5% proves to be uncollectible. The product’s purchase price is $110 per unit. All purchases are payable within 12 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 19% of the next month’s unit sales plus a safety stock of 60 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,860,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $130,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $130,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 14% interest rate. On May 31, the loan balance is $35,500, and the company’s cash balance is $130,000. (Round final answers to the nearest whole dollar.)
Aztec Company sells its product for $170 per unit. Its actual and projected sales follow.
Units Dollars
April (actual) 5,500 $935,000
May (actual) 3,600 612,000
June (budgeted) 7,500 1,275,000
July (budgeted) 5,500 935,000
August (budgeted)3,900 663,000
All sales are on credit. Recent experience shows that 22% of credit sales is collected in the month of the sale, 48% in the month after the sale, 25% in the second month after the sale, and 5% proves to be uncollectible. The product’s purchase price is $110 per unit. All purchases are payable within 12 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 19% of the next month’s unit sales plus a safety stock of 60 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,860,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $130,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $130,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 14% interest rate. On May 31, the loan balance is $35,500, and the company’s cash balance is $130,000. (Round final answers to the nearest whole dollar.)
Directions Answer the following questions in a separate Mic.docxtenoelrx
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recognized revenue of $7,300, of which $2,500 is collected in cash and the
balance
is .
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ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
This project will give you an opportunity to apply your knowledge of.pdfanasmukerji
This project will give you an opportunity to apply your knowledge of accounting principles and
procedures by handling all the accounting work of Wells’ Consulting Services for the month of
January 2015.
Assume that you are the chief accountant for Wells’ Consulting Services. During January, the
business will use the same types of records and procedures that you learned about in Chapters 2
– 6. The chart of accounts for Wells’ Consulting Services has been expanded to include a few
new accounts. Follow all the instructions to complete the accounting records for the month of
January 2015.
Well\'s Consulting Services
Chart of Accounts
ASSETS (100-199)
REVENUE (400-499)
101
Cash
401
Service Fee Income
111
Accounts Receivable
121
Supplies
EXPENSES (500-599)
134
Prepaid Insurance
137
Prepaid Rent
511
Salaries Expense
141
Equipment
514
Utilities Expense
142
Accumulated Depreciation, Equipment
517
Supplies Expense
520
Rent Expense
LIABILITIES (200-299)
523
Depreciation Expense, Equipment
526
Advertising Expense
202
Accounts Payable
529
Maintenance Expense
532
Telephone Expense
OWNER\'S EQUITY (300-399)
535
Insurance Expense
301
Carolyn Wells, Capital
302
Carolyn Wells, Drawing
309
Income Summary
Instructions continued:
Set-up a General Ledger Account for each account listed in the Chart of Accounts. Copy in
“opening balance” figures for January 1, 2015 into the proper General Ledger. (Hint: the
necessary figures are from the Post-closing Trial Balance prepared on December 31, 2014, which
appears below. (Only include an opening balance figure for the accounts listed with a balance,
otherwise, there is no opening balance).
Analyze each business transaction, which appear on the next page and then journalize the
transactions into the General Journal. Number the General Journal as “Page 1” to begin
journalizing the January 2015 transactions into the General Journal.
Post the transactions into the General Ledger accounts.(check figures for Cash & A/R are on
page 4)
Prepare the “Unadjusted” Trial Balance Section of the Worksheet (AF-12A & 12B).
Prepare the “Adjustments” Section of the Worksheet (AF-12A & 12B). Number the General
Journal as “Page 4” to record the adjustments in the General Journal and post the adjustments to
the General Ledger accounts.
Compute and record the adjustment for supplies used during the month. An inventory taken on
January 31st showed supplies of $2,000 on hand.
Compute and record the adjustment for expired insurance for the month.
Record the adjustment for expired rent of $4,000 for the month.
Record the monthly depreciation adjustment of $183 on the existing (old) equipment. The
depreciation adjustment on the new equipment purchased in January will not begin until
February.
Complete the Worksheet. Prepare the “Adjusted” Trial Balance Section of the Worksheet as well
as extend the figures to the Income Statement & Balance Sheet Sections of the Worksheet.
Prepare the Income Statement and the Statement of Owner’s Equity for the mon.
MBA 502A—Financial Accounting Accounting Cycle Project (K.docxandreecapon
MBA 502A—Financial Accounting
Accounting Cycle Project (KidKare, Inc. 2012S)
You have been asked to do the bookkeeping for KidKare Inc. for the last few days of December while their regular bookkeeper is ill. KidKare Inc. began operations on July 1, 2011. It provides childcare services Monday through Friday, except for holidays. End of month adjusting entries have been made for July through November. No entries have been made since Friday, December 23rd. KidKare has a December 31st fiscal year end, but prepares monthly interim financial statements. Laken Henry, manager and principle shareholder, provides you with the following:
Trial Balance as of December 23, 2011
Ref. #
Account Title
Debit
Credit
101
Cash
$ 12,094
110
Accounts Receivable
240
112
Allowance for Uncollectible Accounts
$ 122
120
Supplies on Hand
1,025
135
Prepaid Insurance
420
145
Other Prepaids
150
150
Office Equipment
3,120
155
Accumulated Depreciation—Office Equipment
325
160
Play Equipment
9,200
165
Accumulated Depreciation—Play Equipment
375
170
Van
25,000
175
Accumulated Depreciation—Van
1,600
190
KidKare Trademark
210
201
Accounts Payable
280
240
Income Taxes Payable
200
260
Notes Payable, 6% due through 2014
15,687
310
Common Stock, $1 par value (20,000 shares)
20,000
315
Additional Paid-in Capital
10,000
410
Childcare Revenue
60,600
425
Interest Revenue
61
515
Salaries & Wages Expense
42,500
525
Rent Expense
5,400
530
Utilities Expense
940
532
Insurance Expense
300
535
Supplies Expense
5,040
540
Bad Debt Expense
202
550
Depreciation Expense
2,300
560
Miscellaneous Expense
132
570
Interest Expense
427
580
Income Tax Expense
550
Totals
$109,250
$109,250
An examination of the Chart of Accounts revealed the following additional accounts:
140
Prepaid Rent
210
Revenue Received in Advance
215
Utilities Payable
220
Salaries & Wages Payable
235
Interest Payable
245
Dividends Payable
250
Other Short-term Obligations
340
Retained Earnings
380
Dividends
390
Income Summary
430
Miscellaneous Revenue
Information after December 24th:
a. On December 26, KidKare received $2,400 ($40 per day per child for 12 children for 5 days) from parents for child care services for the week of December 26 - 30.
b. On December 27, KidKare ordered 10 folding chairs for $28 each from Seats-Here Company to be delivered and paid for on January 2nd.
c. On December 28, KidKare paid $270 for the purchase of food snacks (supplies) for the children.
d. On December 28, KidKare’s Board of Directors declared a $.05 per share dividend on the 20,000 shares outstanding. The dividend will be paid on January 11, 2012.
e. On December 30, KidKare received a $200 check from the parents of one of the children for care the week of January 2th through 6th.
f. On December 30, KidKare paid $900 rent for the building for the month of January 2012.
g. On December 30, KidKare received the electricity bill of $230 for December. The bill was ...
Exercise 44. Accounting for prepaid expenses and unearned revenu.docxSANSKAR20
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
Accounting for Business Major Assignment SP1 2015 Instructions.docxannetnash8266
Accounting for Business Major Assignment SP1 2015 Instructions
Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal
Groups up to 3 students maximum are permitted.
Assignment must be in word format only.
All calculations and workings must be shown to receive any marks for each question
Do not include the question in your answers!
Question 1
Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work.
Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers.
To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle.
Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11.
Entries into T Accounts and Trial BalanceLeila Durkin, an archite.docxkhanpaulita
Entries into T Accounts and Trial Balance
Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she completed the following transactions connected with her professional practice:
Transferred cash from a personal bank account to an account to be used for the business, $30,000.
Paid May rent for office and workroom, $3,500.
Purchased used automobile for $25,000, paying $5,000 cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $9,000.
Paid cash for supplies, $1,200.
Paid cash for annual insurance policies, $2,400.
Received cash from client for plans delivered, $8,150.
Paid cash for miscellaneous expenses, $300.
Paid cash to creditors on account, $2,500.
Paid installment due on note payable, $400.
Received invoice for blueprint service, due in June, $1,200.
Recorded fee earned on plans delivered, payment to be received in June, $12,900.
Paid salary of assistant, $1,800.
Paid gas, oil, and repairs on automobile for May, $600.
1. Record the above transactions directly into the T accounts. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
2. Determine the balances of the T accounts.
Hint(s)
Cash
Bal.
Accounts Receivable
Supplies
Prepaid Insurance
Automobiles
Equipment
Notes Payable
Bal.
Accounts Payable
Bal.
Leila Durkin, Capital
Professional Fees
Bal.
Rent Expense
Salary Expense
Blueprint Expense
Automobile Expense
Miscellaneous Expense
Hide Feedback
Partially Correct
Check My Work Feedback
1, 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit (See Exhibit 3). Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification.
Hint(s)
Hide
3. Prepare an unadjusted trial balance for Leila Durkin, Architect, as of May 31, 2012. For those boxes in which no entry is required, leave the box blank.
Leila Durkin, Architect
Unadjusted Trial Balance
May 31, 2012
Debit Balances
Credit Balances
Hide Feedback
.
Directions Answer the following questions in a separate Mic.docxtenoelrx
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recognized revenue of $7,300, of which $2,500 is collected in cash and the
balance
is .
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
This project will give you an opportunity to apply your knowledge of.pdfanasmukerji
This project will give you an opportunity to apply your knowledge of accounting principles and
procedures by handling all the accounting work of Wells’ Consulting Services for the month of
January 2015.
Assume that you are the chief accountant for Wells’ Consulting Services. During January, the
business will use the same types of records and procedures that you learned about in Chapters 2
– 6. The chart of accounts for Wells’ Consulting Services has been expanded to include a few
new accounts. Follow all the instructions to complete the accounting records for the month of
January 2015.
Well\'s Consulting Services
Chart of Accounts
ASSETS (100-199)
REVENUE (400-499)
101
Cash
401
Service Fee Income
111
Accounts Receivable
121
Supplies
EXPENSES (500-599)
134
Prepaid Insurance
137
Prepaid Rent
511
Salaries Expense
141
Equipment
514
Utilities Expense
142
Accumulated Depreciation, Equipment
517
Supplies Expense
520
Rent Expense
LIABILITIES (200-299)
523
Depreciation Expense, Equipment
526
Advertising Expense
202
Accounts Payable
529
Maintenance Expense
532
Telephone Expense
OWNER\'S EQUITY (300-399)
535
Insurance Expense
301
Carolyn Wells, Capital
302
Carolyn Wells, Drawing
309
Income Summary
Instructions continued:
Set-up a General Ledger Account for each account listed in the Chart of Accounts. Copy in
“opening balance” figures for January 1, 2015 into the proper General Ledger. (Hint: the
necessary figures are from the Post-closing Trial Balance prepared on December 31, 2014, which
appears below. (Only include an opening balance figure for the accounts listed with a balance,
otherwise, there is no opening balance).
Analyze each business transaction, which appear on the next page and then journalize the
transactions into the General Journal. Number the General Journal as “Page 1” to begin
journalizing the January 2015 transactions into the General Journal.
Post the transactions into the General Ledger accounts.(check figures for Cash & A/R are on
page 4)
Prepare the “Unadjusted” Trial Balance Section of the Worksheet (AF-12A & 12B).
Prepare the “Adjustments” Section of the Worksheet (AF-12A & 12B). Number the General
Journal as “Page 4” to record the adjustments in the General Journal and post the adjustments to
the General Ledger accounts.
Compute and record the adjustment for supplies used during the month. An inventory taken on
January 31st showed supplies of $2,000 on hand.
Compute and record the adjustment for expired insurance for the month.
Record the adjustment for expired rent of $4,000 for the month.
Record the monthly depreciation adjustment of $183 on the existing (old) equipment. The
depreciation adjustment on the new equipment purchased in January will not begin until
February.
Complete the Worksheet. Prepare the “Adjusted” Trial Balance Section of the Worksheet as well
as extend the figures to the Income Statement & Balance Sheet Sections of the Worksheet.
Prepare the Income Statement and the Statement of Owner’s Equity for the mon.
MBA 502A—Financial Accounting Accounting Cycle Project (K.docxandreecapon
MBA 502A—Financial Accounting
Accounting Cycle Project (KidKare, Inc. 2012S)
You have been asked to do the bookkeeping for KidKare Inc. for the last few days of December while their regular bookkeeper is ill. KidKare Inc. began operations on July 1, 2011. It provides childcare services Monday through Friday, except for holidays. End of month adjusting entries have been made for July through November. No entries have been made since Friday, December 23rd. KidKare has a December 31st fiscal year end, but prepares monthly interim financial statements. Laken Henry, manager and principle shareholder, provides you with the following:
Trial Balance as of December 23, 2011
Ref. #
Account Title
Debit
Credit
101
Cash
$ 12,094
110
Accounts Receivable
240
112
Allowance for Uncollectible Accounts
$ 122
120
Supplies on Hand
1,025
135
Prepaid Insurance
420
145
Other Prepaids
150
150
Office Equipment
3,120
155
Accumulated Depreciation—Office Equipment
325
160
Play Equipment
9,200
165
Accumulated Depreciation—Play Equipment
375
170
Van
25,000
175
Accumulated Depreciation—Van
1,600
190
KidKare Trademark
210
201
Accounts Payable
280
240
Income Taxes Payable
200
260
Notes Payable, 6% due through 2014
15,687
310
Common Stock, $1 par value (20,000 shares)
20,000
315
Additional Paid-in Capital
10,000
410
Childcare Revenue
60,600
425
Interest Revenue
61
515
Salaries & Wages Expense
42,500
525
Rent Expense
5,400
530
Utilities Expense
940
532
Insurance Expense
300
535
Supplies Expense
5,040
540
Bad Debt Expense
202
550
Depreciation Expense
2,300
560
Miscellaneous Expense
132
570
Interest Expense
427
580
Income Tax Expense
550
Totals
$109,250
$109,250
An examination of the Chart of Accounts revealed the following additional accounts:
140
Prepaid Rent
210
Revenue Received in Advance
215
Utilities Payable
220
Salaries & Wages Payable
235
Interest Payable
245
Dividends Payable
250
Other Short-term Obligations
340
Retained Earnings
380
Dividends
390
Income Summary
430
Miscellaneous Revenue
Information after December 24th:
a. On December 26, KidKare received $2,400 ($40 per day per child for 12 children for 5 days) from parents for child care services for the week of December 26 - 30.
b. On December 27, KidKare ordered 10 folding chairs for $28 each from Seats-Here Company to be delivered and paid for on January 2nd.
c. On December 28, KidKare paid $270 for the purchase of food snacks (supplies) for the children.
d. On December 28, KidKare’s Board of Directors declared a $.05 per share dividend on the 20,000 shares outstanding. The dividend will be paid on January 11, 2012.
e. On December 30, KidKare received a $200 check from the parents of one of the children for care the week of January 2th through 6th.
f. On December 30, KidKare paid $900 rent for the building for the month of January 2012.
g. On December 30, KidKare received the electricity bill of $230 for December. The bill was ...
Exercise 44. Accounting for prepaid expenses and unearned revenu.docxSANSKAR20
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
Accounting for Business Major Assignment SP1 2015 Instructions.docxannetnash8266
Accounting for Business Major Assignment SP1 2015 Instructions
Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal
Groups up to 3 students maximum are permitted.
Assignment must be in word format only.
All calculations and workings must be shown to receive any marks for each question
Do not include the question in your answers!
Question 1
Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work.
Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers.
To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle.
Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11.
Entries into T Accounts and Trial BalanceLeila Durkin, an archite.docxkhanpaulita
Entries into T Accounts and Trial Balance
Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she completed the following transactions connected with her professional practice:
Transferred cash from a personal bank account to an account to be used for the business, $30,000.
Paid May rent for office and workroom, $3,500.
Purchased used automobile for $25,000, paying $5,000 cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $9,000.
Paid cash for supplies, $1,200.
Paid cash for annual insurance policies, $2,400.
Received cash from client for plans delivered, $8,150.
Paid cash for miscellaneous expenses, $300.
Paid cash to creditors on account, $2,500.
Paid installment due on note payable, $400.
Received invoice for blueprint service, due in June, $1,200.
Recorded fee earned on plans delivered, payment to be received in June, $12,900.
Paid salary of assistant, $1,800.
Paid gas, oil, and repairs on automobile for May, $600.
1. Record the above transactions directly into the T accounts. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
2. Determine the balances of the T accounts.
Hint(s)
Cash
Bal.
Accounts Receivable
Supplies
Prepaid Insurance
Automobiles
Equipment
Notes Payable
Bal.
Accounts Payable
Bal.
Leila Durkin, Capital
Professional Fees
Bal.
Rent Expense
Salary Expense
Blueprint Expense
Automobile Expense
Miscellaneous Expense
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Partially Correct
Check My Work Feedback
1, 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit (See Exhibit 3). Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification.
Hint(s)
Hide
3. Prepare an unadjusted trial balance for Leila Durkin, Architect, as of May 31, 2012. For those boxes in which no entry is required, leave the box blank.
Leila Durkin, Architect
Unadjusted Trial Balance
May 31, 2012
Debit Balances
Credit Balances
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.
The John Marshall Company Inc which provides consulting s.pdf15921
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
The John Marshall Company Inc which provides consulting s.pdfinfo964273
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
Portfolio Project Option 1 Student Template
Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account Names
Debit
Credit
1-Mar
2-Mar
3-Mar
6-Mar
9-Mar
12-Mar
19-Mar
22-Mar
25-Mar
29-Mar
30-Mar
30-Apr
$221,000
$221,000
PART 2A
Power and Demolition Co, Adjustment April 30, 2015
Adjust #
Account Names
Debit
Credit
1
2
3
4
5
6
7
8
PART 2B
Power and Demolition Co, Adjustment April 30, 2015
Continued
UTB
ADJUSTMENT
Acct #
Account Names
Debit
Credit
Debit
Credit
Debit
101
Cash
$7,000
$7,000
126
Supplies
$16,000
128
Pre-paid insurance
$12,600
167
Equipment
$200,000
Accumulated. Depreciation
$14,000
201
Account payable
$6,800
Utilities payable
Wages payable
Rent Payable
PropertyTxPayable
Interest payable
251
Long-term notes payable
$30,000
301
Bonn, Equity
$86,900
302
Bonn, Withdrawals
$12,000
401
Demolition fees earned
$187,000
623
Wage expense
$41,400
633
Interest expense
$3,300
640
Rent expense
$13,200
683
Property tax expense
$9,700
684
Repairs expense
$4,700
690
Utilities expense
$4,800
Supply expense
Insurance expense
Depreciation expense
TOTALS
$324,700
$324,700
PART 3
Warnerwood Company
Column->
A
B
C
D
E
F
G
Date
Activities
# Units Buy
Cost/unit
#Units Sold
Price/unit
Cost GAS
Sales
1-Mar
BI
5-Mar
TI
9-Mar
TO
18-Mar
TI
25-Mar
TI
29-Mar
TO
TOTAL
Q1. Units in Available for Sales is BI + TI (Column B)=
Units (BI + TI) =
Q2. BI + TI - TO = EI=
820
minus
580
equals
240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4
Sales
COGS/Method
Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg
Portfolio
Project Option 1 Student Template
Option #1
:
Venture Consultants, Power and Demolition Company, and Warnerwood
Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account
Names
Debit
Credit
1
-
Mar
2
-
Mar
3
-
Mar
6
-
Mar
9
-
Mar
12
-
Mar
19
-
Mar
22
-
Mar
25
-
Mar
29
-
Mar
30
-
Mar
.
Similar to Acc 557 homework 1 chapters 1, 2, and 3 (20)
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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Acc 557 homework 1 chapters 1, 2, and 3
1. ACC 557 Homework 1- Chapters 1, 2, and 3
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Directions: Answer the following questions in a separate Microsoft Word or Excel document.
Explain how you reached the answer or show your work if a mathematical calculation is needed,
or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E1-11.Two items are omitted from each of the following summaries of balance sheet and income
statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Instructions
Determine the missing amounts.
E2-9.Selected transactions from the journal of Kati Tillman, investment broker, are presented
below.
2. Instructions
1. Post the transactions to T-accounts.
2. Prepare a trial balance at August 31, 2015.
E2-11.Presented below is the ledger for Higgs Co.
Instructions
1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20,
and provide explanations for each.
2. Determine the October 31 balance for each of the accounts above, and prepare a trial
balance at October 31, 2015.
E3-7.The ledger of Perez Rental Agency on March 31 of the current year includes the selected
accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1. The equipment depreciates $400 per month.
2. One-third of the unearned rent revenue was earned during the quarter.
3. Interest totaling $500 is accrued on the notes payable for the quarter.
4. Supplies on hand total $900.
5. Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and
Supplies Expense.
3. E3-11.A partial adjusted trial balance of Gehring Company at January 31, 2015, shows the
following.
Instructions
Answer the following questions, assuming the year begins January 1.
1. If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of
supplies was purchased in January, what was the balance in Supplies on January 1?
2. If the amount in Insurance Expense is the January 31 adjusting entry, and the original
insurance premium was for one year, what was the total premium and when was the
policy purchased?
3. If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages
Payable at December 31, 2014?
Problems
P1-2A.On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000,
Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600,
Common Stock $13,000, and Retained Earnings $700. During September, the following
transactions occurred.
1. Paid $2,900 cash for accounts payable due.
2. Collected $1,300 of accounts receivable.
3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on
account.
4. Recognized revenue of $7,300, of which $2,500 is collected in cash and the balance is
due in October.
5. Declared and paid a $400 cash dividend.
6. Paid salaries $1,700, rent for September $900, and advertising expense $200.
7. Incurred utilities expense for month on account $170.
8. Received $10,000 from Capital Bank on a 6-month note payable.
Instructions
4. 1. Prepare a tabular analysis of the September transactions beginning with August 31
balances. The column headings should be as follows: Cash + Accounts Receivable +
Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained
Earnings + Revenues – Expenses – Dividends.
2. Prepare an income statement for September, a retained earnings statement for September,
and a balance sheet at September 30.
P2-2A.Julia Dumars is a licensed CPA. During the first month of operations of her business,
Julia Dumars, Inc., the following events and transactions occurred.
May 1 Stockholders invested $20,000 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $1,500 of supplies on account from Vincent Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,800 for services performed.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services performed for Orville Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Vincent Supply Company.
Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126
Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311Common
Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent
Expense.
Instructions
1. Journalize the transactions.
2. Post to the ledger accounts.
3. Prepare a trial balance on May 31, 2015.
5. P3-1A.Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2015.
The trial balance at May 31 is as follows.
In addition to those accounts listed on the trial balance, the chart of accounts for Nardelli
Consulting also contains the following accounts and account numbers: No. 150 Accumulated
Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No.
717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.
Other data:
1. $900 of supplies have been used during the month.
2. Utilities expense incurred but not paid on May 31, 2015, $250.
3. The insurance policy is for 2 years.
4. $400 of the balance in the unearned service revenue account remains unearned at the end
of the month.
5. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two
employees, who are paid $900 each for a 5-day work week.
6. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per
month for 60 months.
7. Invoices representing $1,700 of services performed during the month have not been
recorded as of May 31.
Instructions
1. Prepare the adjusting entries for the month of May. Use J4 as the page number for your
journal.
2. Enter the totals from the trial balance as beginning account balances and place a check
mark in the posting reference column. Post the adjusting entries to the ledger accounts.
3. Prepare an adjusted trial balance at May 31, 2015.