The document contains information about subsidiary ledgers, special journals, and control accounts. It provides answers to questions about these topics. Key points:
- Subsidiary ledgers group accounts with common characteristics to free the general ledger from individual account details. This permits tracking of specific balances and division of labor.
- Control accounts in the general ledger summarize subsidiary ledger data. Postings are made monthly to control accounts but daily to subsidiary ledgers.
- Special journals like the sales journal reduce recording time and separate responsibilities by only posting totals monthly to the general ledger.
Date Customer Sales Accounts Receivable
Jan. 5 Jones $1,500 $1,500
Jan.
A bank reconciliation statement reconciles the balance in a bank account according to the cash book with the balance according to the bank statement. It is prepared using the bank statement and bank column of the cash book. Differences between the balances arise due to items like outstanding deposits and unpaid checks, which the bank reconciliation statement reconciles by listing all adjustments needed to agree the two balances.
This document discusses accounting for receivables. It covers identifying different types of receivables like accounts receivable and notes receivable. It also covers recognizing accounts receivable when sales are made on credit and how to value accounts receivable using methods like the direct write-off and allowance methods. The allowance method estimates uncollectible amounts and establishes an allowance for doubtful accounts balance. The document also discusses disposing of accounts receivable through write-offs or recoveries.
1) An account is used to record increases and decreases in assets, liabilities, equity, revenue, and expenses. Accounts help in the recording process by tracking changes to specific items.
2) The double-entry system requires every transaction to affect at least two accounts to keep the accounting equation in balance. Transactions are recorded by debiting at least one account and crediting another account.
3) The basic steps in the recording process are to analyze each transaction, enter the transaction in a journal, and then transfer the journal information to individual ledger accounts.
1. Current liabilities are obligations due within one year that will be paid using current assets. Examples include accounts payable, notes payable, unearned rent, taxes payable, wages payable, and the current portion of long-term debt.
2. Contingent liabilities are potential future obligations whose occurrence or amount are uncertain. If the liability is probable and reasonably estimable, a liability is recorded. Otherwise, the contingency is disclosed in notes to the financial statements.
3. Product warranties are an example of a contingent liability. If a warranty is provided with a product sale, an estimated expense for future repairs is recorded as a liability based on past repair experience.
The document is a practice test for a mid-term exam in financial accounting. It consists of 25 multiple choice questions covering various concepts in financial accounting including the accounting equation, adjusting entries, trial balances, income measurement, and more. Students are instructed to answer all questions by marking their responses on a scantron sheet within the 1 hour and 15 minute time limit.
This document provides instructions and questions for a mid-term practice test in financial accounting for the National University of Singapore NUS Business School. It consists of 25 multiple choice questions covering topics like the accounting equation, adjusting entries, preparing financial statements, and calculating accounts receivable turnover rates. Students have 1 hour and 15 minutes to complete the test and are instructed to shade their answers on a scantron sheet using their name and student ID number for identification.
This document provides examples and solutions for accounting problems involving the calculation of earnings per share, gross profit margin, operating profit, and the proper ordering and formatting of income statement items and full income statements. It includes sample income statements for Frantic Fast Foods, Bettis Bus Company, Hillary Swank Clothiers, A-Rod Fishing Supplies, Dental Drilling Company, and Jonas Brothers Cough Drops using financial information provided.
- The document appears to be a journal for a company with various transactions in August 2014, including the purchase of office supplies, payment of rent, collection of fees, and payment of expenses like advertising and salaries.
- The general ledger accounts show debits and credits for cash, accounts receivable, prepaid insurance, accounts payable, and other expense and revenue accounts.
- The trial balance at the end of the period lists account balances and totals debits and credits.
A bank reconciliation statement reconciles the balance in a bank account according to the cash book with the balance according to the bank statement. It is prepared using the bank statement and bank column of the cash book. Differences between the balances arise due to items like outstanding deposits and unpaid checks, which the bank reconciliation statement reconciles by listing all adjustments needed to agree the two balances.
This document discusses accounting for receivables. It covers identifying different types of receivables like accounts receivable and notes receivable. It also covers recognizing accounts receivable when sales are made on credit and how to value accounts receivable using methods like the direct write-off and allowance methods. The allowance method estimates uncollectible amounts and establishes an allowance for doubtful accounts balance. The document also discusses disposing of accounts receivable through write-offs or recoveries.
1) An account is used to record increases and decreases in assets, liabilities, equity, revenue, and expenses. Accounts help in the recording process by tracking changes to specific items.
2) The double-entry system requires every transaction to affect at least two accounts to keep the accounting equation in balance. Transactions are recorded by debiting at least one account and crediting another account.
3) The basic steps in the recording process are to analyze each transaction, enter the transaction in a journal, and then transfer the journal information to individual ledger accounts.
1. Current liabilities are obligations due within one year that will be paid using current assets. Examples include accounts payable, notes payable, unearned rent, taxes payable, wages payable, and the current portion of long-term debt.
2. Contingent liabilities are potential future obligations whose occurrence or amount are uncertain. If the liability is probable and reasonably estimable, a liability is recorded. Otherwise, the contingency is disclosed in notes to the financial statements.
3. Product warranties are an example of a contingent liability. If a warranty is provided with a product sale, an estimated expense for future repairs is recorded as a liability based on past repair experience.
The document is a practice test for a mid-term exam in financial accounting. It consists of 25 multiple choice questions covering various concepts in financial accounting including the accounting equation, adjusting entries, trial balances, income measurement, and more. Students are instructed to answer all questions by marking their responses on a scantron sheet within the 1 hour and 15 minute time limit.
This document provides instructions and questions for a mid-term practice test in financial accounting for the National University of Singapore NUS Business School. It consists of 25 multiple choice questions covering topics like the accounting equation, adjusting entries, preparing financial statements, and calculating accounts receivable turnover rates. Students have 1 hour and 15 minutes to complete the test and are instructed to shade their answers on a scantron sheet using their name and student ID number for identification.
This document provides examples and solutions for accounting problems involving the calculation of earnings per share, gross profit margin, operating profit, and the proper ordering and formatting of income statement items and full income statements. It includes sample income statements for Frantic Fast Foods, Bettis Bus Company, Hillary Swank Clothiers, A-Rod Fishing Supplies, Dental Drilling Company, and Jonas Brothers Cough Drops using financial information provided.
- The document appears to be a journal for a company with various transactions in August 2014, including the purchase of office supplies, payment of rent, collection of fees, and payment of expenses like advertising and salaries.
- The general ledger accounts show debits and credits for cash, accounts receivable, prepaid insurance, accounts payable, and other expense and revenue accounts.
- The trial balance at the end of the period lists account balances and totals debits and credits.
This document contains multiple choice questions related to accounting topics such as the balance sheet, income statement, statement of cash flows, and financial statement analysis. Specifically:
- Questions ask about items that make up stockholders' equity and assets on the balance sheet, how revenues and expenses are reported on the income statement, and activities that are classified as operating, investing and financing on the statement of cash flows.
- Additional questions cover calculation of financial ratios like earnings per share, return on equity, profit margin and cash ratio that are used to analyze the financial performance and position of a company.
- The document tests understanding of key accounting concepts like the matching principle, revenue recognition, and treatment of various business transactions.
Acc 280 final exam , university of phoenix final exams study guide accountant...Sarah Nickson
This document provides a full practice exam for ACC 280 with 69 multiple choice questions covering topics like the accounting cycle, financial statements, GAAP, and financial statement analysis. It reviews concepts like identifying accounting events, journalizing and posting transactions, preparing adjustments, and analyzing ratios. The practice exam is intended to help students prepare for the ACC 280 final.
This document provides a sample accounting competency exam with 47 multiple choice questions covering various accounting concepts and calculations. Some of the key topics covered in the exam include: the accounting process, financial statements, accounting equation, adjusting entries, inventory methods, depreciation methods, dividends, bonds, financial ratios, and more. The exam tests fundamental accounting knowledge and skills.
Acc 290 final exam mcq`s correct answers 100%Austing_3
This document provides the answers to a 30 question multiple choice exam on accounting concepts. It covers topics like financial statements, debits and credits, adjusting entries, inventory accounting methods, and internal controls. The questions are randomly selected from a large test bank, so studying this document is not guaranteed to cover everything on the actual exam. It encourages leaving positive feedback if it is helpful and wishes the reader good luck on the exam.
This document provides definitions and explanations of key accounting concepts and terms:
1. It defines the accounting equation as Assets = Liabilities + Owner's Equity and explains T accounts.
2. It lists the three main financial statements - the income statement, balance sheet, and statement of cash flows - and provides brief descriptions of each.
3. It also explains the accounting cycle, types of adjusting entries, closing entries, special journals, shipping terms, bank reconciliation format, and various ratios and leverage calculations used in accounting.
The document provides sample questions and multiple choice answers for an ACC 290 Final Exam. It includes 19 questions testing concepts like:
1) Which financial statement is used to determine cash generated from operations.
2) The typical order for preparing the four basic financial statements.
3) Normal balances and classifications of transactions for assets.
The questions cover accounting concepts like financial statements, journal entries, adjusting entries, trial balances, closing entries and calculating cost of goods sold.
ACC 300 Final Exam answers 2015 versionemilepfister
This document provides the answers to ACC 300 Final Exam questions. It lists 30 multiple choice questions about accounting concepts and principles along with the corresponding answers. Some of the concepts covered include the components of financial statements, adjusting entries, internal controls, accounting for investments, and consolidated financial statements.
Assumption University Of Thailand ACT1600 PPT 2009 CH09AUHONEY.COM
The entry records a credit sale to Cortland on account.
(b) Jan. 15 Cash .................................................................. 6,500
Accounts Receivable—Cortland................... 6,500
Assumption University Of Thailand ACT1600 PPT 2009 CH11AUHONEY.COM
The document provides information on accounting for liabilities, including current liabilities, notes payable, bonds payable, and long-term notes payable. It includes study objectives, questions, exercises, and problems to help students learn about classifying and accounting for different types of liabilities. The assignment classification table organizes the questions, exercises and problems by difficulty level and estimated time to complete. The answers to questions section provides responses to sample questions related to the study objectives.
Assumption University Of Thailand ACT1600 PPT 2009 CH01AUHONEY.COM
The document presents an assignment classification table that organizes the study objectives, questions, exercises and problems from Chapter 1 of the textbook. It also includes tables that describe the assignment characteristics, correlate the study objectives to levels of Bloom's Taxonomy, and provide answers to sample questions. The tables are designed to help students understand the chapter's concepts and assess their level of learning.
Assumption University Of Thailand ACT1600 PPT 2009 CH02AUHONEY.COM
The trial balance above does not balance. The total debits are $26,801, while the total credits are $29,001. The difference of $2,200 indicates that there is an error in the accounts or in preparing the trial balance.
BRIEF EXERCISE 2-9
The trial balance proves that the total debits equal the total credits after posting. It helps discover errors by showing any differences between the debit and credit totals. It also facilitates the preparation of financial statements by providing account balances.
Some key points about the trial balance are:
- It lists all accounts with their debit or credit balances.
- The total of debit balances must equal the total of credit balances.
The document provides details of transactions recorded in special journals for Cope Company in June and July. It asks questions to determine the balances of accounts receivable and accounts payable control accounts after postings for July, and to identify the accounts that various journal totals are posted to. It also provides instructions for exercises involving posting transactions to control and subsidiary accounts from special journals.
This document provides an assignment classification table for Chapter 3 of Intermediate Accounting. It classifies the chapter's topics, questions, brief exercises, regular exercises, and problems by topic and learning objective. The table also describes the level of difficulty and estimated time to complete for each assignment. It includes 13 topics covered in the chapter and 10 learning objectives. The document provides guidance for instructors on organizing assignments to help students learn the material.
This document contains classification tables that organize the topics, questions, exercises and problems from Chapter 3 of the textbook. The first table classifies the material by topic. The second table classifies the learning objectives. The third table describes the characteristics of the assignment questions such as their level of difficulty and estimated time to complete. The fourth section provides answers to sample questions related to accounting terminology, double-entry accounting, adjusting and closing entries, and international accounting standards.
This document describes accounting information systems and subsidiary ledgers. It provides information on the purpose of accounting information systems to collect, process, and communicate financial transaction data and reports to decision makers. It also describes the components of the accounting cycle and accounting records and statements. Finally, it discusses the nature and purpose of subsidiary ledgers to track individual customer and vendor account balances, and their advantages over sole use of a general ledger.
Accounting information systems collect and process transaction data to communicate financial information to decision makers. This includes all steps in the accounting cycle as well as documents providing evidence of transactions and resulting records, trial balances, worksheets, and financial statements. Subsidiary ledgers are used to track individual account balances, with common examples including accounts receivable and accounts payable ledgers. Subsidiary ledgers offer advantages like showing single customer/creditor transactions, reducing general ledger detail, aiding in error detection, and allowing for division of labor.
The document provides an overview of key concepts related to the accounting recording process, including:
1) Accounts, debits, credits, journals, ledgers, and the trial balance are used to record business transactions and ensure equality of debits and credits.
2) Transactions are initially recorded in journals, then posted to ledger accounts to update account balances.
3) A trial balance lists account balances and proves the mathematical equality of total debits and credits.
Chapter 2, Fundamentals of Accounting I (2).pptxKalkaye
This document provides an overview of the accounting cycle for service businesses. It discusses key concepts like accounts, debits and credits, journals, ledgers, and the steps in the recording process. The recording process involves analyzing transactions, recording them in a journal, and then posting the journal entries to the appropriate accounts in the general ledger. Adjusting entries, preparing an adjusted trial balance, and closing entries are also part of the full accounting cycle.
The document provides an overview of the accounting recording process. It discusses key concepts like accounts, debits and credits, journals, ledgers, and the steps involved in recording transactions. Specifically, it covers:
- What accounts are and how they are used to record increases and decreases in assets, liabilities, and equity.
- How transactions are initially recorded in journals before being transferred to ledger accounts.
- The purpose of ledgers and how they contain all asset, liability, and equity accounts.
- The basic steps of analyzing transactions, journalizing them, and then posting to ledger accounts.
So in summary, the document outlines the fundamental components and process of recording business transactions in accounting from
This document contains an exam for a Financial Accounting 1 course, including multiple choice questions, adjusting entry problems, and exercises requiring preparation of income and financial position statements. The multiple choice questions cover accounting concepts like objectives of financial reporting, generally accepted accounting principles, and characteristics of general purpose financial statements. The adjusting entries problem involves reconciling cash balances and identifying reconciling items. The statement preparation exercises require assigning accounts to the proper financial statements.
This document contains multiple choice questions related to accounting topics such as the balance sheet, income statement, statement of cash flows, and financial statement analysis. Specifically:
- Questions ask about items that make up stockholders' equity and assets on the balance sheet, how revenues and expenses are reported on the income statement, and activities that are classified as operating, investing and financing on the statement of cash flows.
- Additional questions cover calculation of financial ratios like earnings per share, return on equity, profit margin and cash ratio that are used to analyze the financial performance and position of a company.
- The document tests understanding of key accounting concepts like the matching principle, revenue recognition, and treatment of various business transactions.
Acc 280 final exam , university of phoenix final exams study guide accountant...Sarah Nickson
This document provides a full practice exam for ACC 280 with 69 multiple choice questions covering topics like the accounting cycle, financial statements, GAAP, and financial statement analysis. It reviews concepts like identifying accounting events, journalizing and posting transactions, preparing adjustments, and analyzing ratios. The practice exam is intended to help students prepare for the ACC 280 final.
This document provides a sample accounting competency exam with 47 multiple choice questions covering various accounting concepts and calculations. Some of the key topics covered in the exam include: the accounting process, financial statements, accounting equation, adjusting entries, inventory methods, depreciation methods, dividends, bonds, financial ratios, and more. The exam tests fundamental accounting knowledge and skills.
Acc 290 final exam mcq`s correct answers 100%Austing_3
This document provides the answers to a 30 question multiple choice exam on accounting concepts. It covers topics like financial statements, debits and credits, adjusting entries, inventory accounting methods, and internal controls. The questions are randomly selected from a large test bank, so studying this document is not guaranteed to cover everything on the actual exam. It encourages leaving positive feedback if it is helpful and wishes the reader good luck on the exam.
This document provides definitions and explanations of key accounting concepts and terms:
1. It defines the accounting equation as Assets = Liabilities + Owner's Equity and explains T accounts.
2. It lists the three main financial statements - the income statement, balance sheet, and statement of cash flows - and provides brief descriptions of each.
3. It also explains the accounting cycle, types of adjusting entries, closing entries, special journals, shipping terms, bank reconciliation format, and various ratios and leverage calculations used in accounting.
The document provides sample questions and multiple choice answers for an ACC 290 Final Exam. It includes 19 questions testing concepts like:
1) Which financial statement is used to determine cash generated from operations.
2) The typical order for preparing the four basic financial statements.
3) Normal balances and classifications of transactions for assets.
The questions cover accounting concepts like financial statements, journal entries, adjusting entries, trial balances, closing entries and calculating cost of goods sold.
ACC 300 Final Exam answers 2015 versionemilepfister
This document provides the answers to ACC 300 Final Exam questions. It lists 30 multiple choice questions about accounting concepts and principles along with the corresponding answers. Some of the concepts covered include the components of financial statements, adjusting entries, internal controls, accounting for investments, and consolidated financial statements.
Assumption University Of Thailand ACT1600 PPT 2009 CH09AUHONEY.COM
The entry records a credit sale to Cortland on account.
(b) Jan. 15 Cash .................................................................. 6,500
Accounts Receivable—Cortland................... 6,500
Assumption University Of Thailand ACT1600 PPT 2009 CH11AUHONEY.COM
The document provides information on accounting for liabilities, including current liabilities, notes payable, bonds payable, and long-term notes payable. It includes study objectives, questions, exercises, and problems to help students learn about classifying and accounting for different types of liabilities. The assignment classification table organizes the questions, exercises and problems by difficulty level and estimated time to complete. The answers to questions section provides responses to sample questions related to the study objectives.
Assumption University Of Thailand ACT1600 PPT 2009 CH01AUHONEY.COM
The document presents an assignment classification table that organizes the study objectives, questions, exercises and problems from Chapter 1 of the textbook. It also includes tables that describe the assignment characteristics, correlate the study objectives to levels of Bloom's Taxonomy, and provide answers to sample questions. The tables are designed to help students understand the chapter's concepts and assess their level of learning.
Assumption University Of Thailand ACT1600 PPT 2009 CH02AUHONEY.COM
The trial balance above does not balance. The total debits are $26,801, while the total credits are $29,001. The difference of $2,200 indicates that there is an error in the accounts or in preparing the trial balance.
BRIEF EXERCISE 2-9
The trial balance proves that the total debits equal the total credits after posting. It helps discover errors by showing any differences between the debit and credit totals. It also facilitates the preparation of financial statements by providing account balances.
Some key points about the trial balance are:
- It lists all accounts with their debit or credit balances.
- The total of debit balances must equal the total of credit balances.
The document provides details of transactions recorded in special journals for Cope Company in June and July. It asks questions to determine the balances of accounts receivable and accounts payable control accounts after postings for July, and to identify the accounts that various journal totals are posted to. It also provides instructions for exercises involving posting transactions to control and subsidiary accounts from special journals.
This document provides an assignment classification table for Chapter 3 of Intermediate Accounting. It classifies the chapter's topics, questions, brief exercises, regular exercises, and problems by topic and learning objective. The table also describes the level of difficulty and estimated time to complete for each assignment. It includes 13 topics covered in the chapter and 10 learning objectives. The document provides guidance for instructors on organizing assignments to help students learn the material.
This document contains classification tables that organize the topics, questions, exercises and problems from Chapter 3 of the textbook. The first table classifies the material by topic. The second table classifies the learning objectives. The third table describes the characteristics of the assignment questions such as their level of difficulty and estimated time to complete. The fourth section provides answers to sample questions related to accounting terminology, double-entry accounting, adjusting and closing entries, and international accounting standards.
This document describes accounting information systems and subsidiary ledgers. It provides information on the purpose of accounting information systems to collect, process, and communicate financial transaction data and reports to decision makers. It also describes the components of the accounting cycle and accounting records and statements. Finally, it discusses the nature and purpose of subsidiary ledgers to track individual customer and vendor account balances, and their advantages over sole use of a general ledger.
Accounting information systems collect and process transaction data to communicate financial information to decision makers. This includes all steps in the accounting cycle as well as documents providing evidence of transactions and resulting records, trial balances, worksheets, and financial statements. Subsidiary ledgers are used to track individual account balances, with common examples including accounts receivable and accounts payable ledgers. Subsidiary ledgers offer advantages like showing single customer/creditor transactions, reducing general ledger detail, aiding in error detection, and allowing for division of labor.
The document provides an overview of key concepts related to the accounting recording process, including:
1) Accounts, debits, credits, journals, ledgers, and the trial balance are used to record business transactions and ensure equality of debits and credits.
2) Transactions are initially recorded in journals, then posted to ledger accounts to update account balances.
3) A trial balance lists account balances and proves the mathematical equality of total debits and credits.
Chapter 2, Fundamentals of Accounting I (2).pptxKalkaye
This document provides an overview of the accounting cycle for service businesses. It discusses key concepts like accounts, debits and credits, journals, ledgers, and the steps in the recording process. The recording process involves analyzing transactions, recording them in a journal, and then posting the journal entries to the appropriate accounts in the general ledger. Adjusting entries, preparing an adjusted trial balance, and closing entries are also part of the full accounting cycle.
The document provides an overview of the accounting recording process. It discusses key concepts like accounts, debits and credits, journals, ledgers, and the steps involved in recording transactions. Specifically, it covers:
- What accounts are and how they are used to record increases and decreases in assets, liabilities, and equity.
- How transactions are initially recorded in journals before being transferred to ledger accounts.
- The purpose of ledgers and how they contain all asset, liability, and equity accounts.
- The basic steps of analyzing transactions, journalizing them, and then posting to ledger accounts.
So in summary, the document outlines the fundamental components and process of recording business transactions in accounting from
This document contains an exam for a Financial Accounting 1 course, including multiple choice questions, adjusting entry problems, and exercises requiring preparation of income and financial position statements. The multiple choice questions cover accounting concepts like objectives of financial reporting, generally accepted accounting principles, and characteristics of general purpose financial statements. The adjusting entries problem involves reconciling cash balances and identifying reconciling items. The statement preparation exercises require assigning accounts to the proper financial statements.
This document contains an exam for a financial accounting course, including multiple choice questions, problems requiring adjusting journal entries, and problems requiring preparation of financial statements. The multiple choice questions cover topics like financial reporting objectives, accounting principles, conceptual framework, and accounting assumptions and concepts. The adjusting entry problems provide account balances and transactions to record. The financial statements problem provides ending account balances and requires preparation of a statement of comprehensive income and statement of financial position.
ACC 205 Effective Communication / snaptutorial.comBaileyz
For more classes visit
www.snaptutorial.com
Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December 31.
The document discusses various accounting concepts like journal, ledger, trial balance and subsidiary books. It provides definitions and explanations of these concepts along with examples. The key points are:
1. A journal records transactions with debit and credit entries. The ledger organizes journal entries into individual accounts to track balances.
2. A trial balance lists account balances to check the equality of total debits and credits, assisting with error detection and financial statement preparation.
3. Subsidiary books record specific transaction types like purchases, sales, returns to track details, while the journal and ledger summarize activity.
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
For more classes visit
www.snaptutorial.com
Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December
The document provides examples of journal entries and explains the accounting process. It discusses how transactions are first recorded in journals before being posted to individual accounts. Debits are listed before credits in journal entries and credits are indented. Accounts record the effects of transactions by showing increases or decreases to asset, liability, equity, expense and revenue accounts.
Here are the key points from the information provided:
- Fixed assets have decreased due to depreciation exceeding additions
- Investments have increased
- Stock, debtors and bank have all increased significantly indicating higher activity levels
- Creditors have increased in line with higher activity
- Net current assets have increased substantially
- Retained earnings have increased substantially, indicating good profitability
- Share capital and share premium have increased due to a rights issue
So in summary, the company appears to be growing its operations and investments, experiencing higher activity levels and improving profitability based on the increase in retained earnings. The rights issue also indicates they are financing this growth internally for now. Overall the financial position of the company appears stronger based
1. Thackley Ltd's current assets and net current assets have significantly increased from 2005 to 2006, while fixed assets have decreased slightly.
2. Retained earnings have nearly tripled from 2005 to 2006, indicating strong profitability.
3. Ordinary share capital and share premium have increased to help finance the growth in assets and retained earnings.
4. Creditors due after one year (debentures) have decreased slightly from 2005 to 2006.
To analyze the changes, calculate key ratios such as current ratio, acid test ratio, gearing, return on capital employed and earnings per share for 2005 and 2006. This will
The document discusses cash and liquidity management. It covers motives for holding cash, cash budgeting, long-term cash forecasting, reports for controlling cash, optimal cash balances, investing surplus funds, and cash management models. Cash budgeting involves forecasting receipts and payments over a period. The cash budget aims to ensure sufficient cash is available to meet needs while maintaining an optimal level of cash balances.
Similar to Assumption University Of Thailand ACT1600 PPT 2009 Weyg_Finl_AppE_SM_Final (20)
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.