Basic Accounting Equations1. Recognition of normal balance.docx
•Download as DOCX, PDF•
0 likes•6 views
Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building $40,000 Accounts receivable $24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing . On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? (2) Did the company h.
Report
Share
Report
Share
Recommended
BWeek One Exercise AssignmentBasic Accounting Equations1.docx
BWeek One Exercise Assignment
Basic Accounting Equations
1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
( ...
1. Recognition of normal balances The following items appeared i.docx
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b..
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
Week One Exercise Assignment
Basic Accounting Equations
1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.
a. The inventory of boating supplies owned by the company.
b. Monthly rental charges paid for store space.
c. A loan owed to Citizens Bank.
d. New computer equipment purchased to handle daily record keeping.
e. Daily sales made to customers.
f. Amounts due from customers.
g. Land owned by the company to be used as a future store site.
h. Weekly salaries paid to salespeople.
2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
Accounts Payable $3,200 Interest Expense $2,500
Accounts Receivable 14,800 Land 18,000
Auto Expense 1,900 Loan Payable 40,000
Building 30,000 Tax Expense 3,300
Cash 7,400 Utilities Expense 4,100
Fee Revenue 56,900 Wage Expense 37,500
a. Determine Rossi’s total assets as of December 31.
b. Determine the company’s total liabilities as of December 31.
c. Compute 20X3 net income or loss.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Owners Equity 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5. Transaction analysis and statement.
. Basic transaction processing. On November 1 of the current.docx
.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
AWeek One Exercise Assignment
Basic Accounting Equations
1.Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.
2.Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
Apr. 1
Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business.
Apr.5
Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr.9
Paid $250 of salaries to an employee.
Apr.14
Acquired a new computer for $3,200, on account.
Apr.20
Collected $800 from Jason Ratchford for services provided on April 5.
Apr.24
Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business for $19,000 in common stock.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Recommended
BWeek One Exercise AssignmentBasic Accounting Equations1.docx
BWeek One Exercise Assignment
Basic Accounting Equations
1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
( ...
1. Recognition of normal balances The following items appeared i.docx
1.
Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. Amounts paid to a mall for rent.
b. Amounts to be paid in 10 days to suppliers.
c. A new fax machine purchased for office use.
d. Land held as an investment.
e. Amounts due from customers.
f. Daily sales of merchandise sold.
g. Promotional costs to publicize a concert.
h. A long-term loan owed to Citizens Bank.
i. The albums, tapes, and CDs held for sale to customers.
2.
Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
May 1
Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5
Provided $1,000 of services to Jason Ratchford, a client, on account.
9
Paid $1,250 of salaries to an employee.
14
Acquired a new computer for $4,200, on account.
20
Collected $800 from Jason Ratchford for services provided on May 5.
24
Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3.
Balance sheet preparation.
The following data relate to Preston Company as of December 31,
20XX:
Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4.
Basic transaction processing
. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b..
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
Week One Exercise Assignment
Basic Accounting Equations
1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.
a. The inventory of boating supplies owned by the company.
b. Monthly rental charges paid for store space.
c. A loan owed to Citizens Bank.
d. New computer equipment purchased to handle daily record keeping.
e. Daily sales made to customers.
f. Amounts due from customers.
g. Land owned by the company to be used as a future store site.
h. Weekly salaries paid to salespeople.
2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
Accounts Payable $3,200 Interest Expense $2,500
Accounts Receivable 14,800 Land 18,000
Auto Expense 1,900 Loan Payable 40,000
Building 30,000 Tax Expense 3,300
Cash 7,400 Utilities Expense 4,100
Fee Revenue 56,900 Wage Expense 37,500
a. Determine Rossi’s total assets as of December 31.
b. Determine the company’s total liabilities as of December 31.
c. Compute 20X3 net income or loss.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Owners Equity 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheet as of December 31, 19XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5. Transaction analysis and statement.
. Basic transaction processing. On November 1 of the current.docx
.
Basic transaction processing
.
On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:
1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash,
Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
AWeek One Exercise Assignment
Basic Accounting Equations
1.Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.
2.Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
Apr. 1
Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business.
Apr.5
Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr.9
Paid $250 of salaries to an employee.
Apr.14
Acquired a new computer for $3,200, on account.
Apr.20
Collected $800 from Jason Ratchford for services provided on April 5.
Apr.24
Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business for $19,000 in common stock.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Acc 205 week 4 exercise assignment liability new
http://finishedexams.com/homework_text.php?cat=1777
Immediate access to solutions for ENTIRE COURSES, FINAL EXAMS and HOMEWORKS “RATED A+" - Without Registration!
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
The following selected account balances were taken from the .docx
The following selected account balances were taken from the general ledger of Vance Corporation as of
December 31, 20X7. Examine this information and prepare the property, plant, and equipment section of
the company's balance sheet. All accounts listed carry a normal balance.
Land $ 500,000
Buildings 1,650,000
Equipment 2,860,000
Accumulated depreciation: Buildings 472,000
Accumulated depreciation: Equipment 1,333,400
Depreciation expense: Buildings 125,000
Depreciation expense: Equipment 278,111
Evaluate the following costs and decide if each is a "capital expenditure" or not. Then, if a capital expenditure,
decide which account the cost should be recorded in: Land, Land Improvement, Building, or Equipment. The
first item is done as an example.
Balance sheet presentation of property, plant, and equipment B-10.01
Identification of capital expenditures B-10.03
Mike
Highlight
Mike
Highlight
Capital Category
Yes No Land
Land
Improvement
Building Equipment
Delivery cost
of new
furniture
Wages paid
to guard at
office building
Fees for title
insurance on land
purchase
Cost of periodic
repainting of
parking lot
Cost of
building new
sidewalks
Interest costs
on loan to buy
equipment
Computer training class
on general commercial
software package
Interest cost on loan
during construction period
for new building
Architects
fees for
new building
Installation and
setup costs on
new machinery
Repair of damage
to device broken
during initial installation
Safety violation
fines at
construction site
Tap fees for connecting
new building to
city water system
On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional
$50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it
is expected that the device will be disposed of for a $100,000 salvage value.
Perkins uses the straight-line depreciation method.
(a) Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related
calculations for each year.
(b) Show how the asset and related accumulated depreciation would appear on a balance sheet at
December 31, 20X5.
B-10.06 Straight-line depreciation
Mike
Highlight
Robinson Corporation recently requested a contractor to prepare a proposal to refurbish the exterior of its
office building. Robinson wanted to give its building a "face lift." The contractor provided the following bid
document:
ROBINSON CORPORATION BID
Add extension to front porch approach $20,000
Install shrubs and trees 2,500
Replace rotting exterior siding material 7,500
Replace burned out exterior light bulbs 500
Total for all work: $30,500
Assume that Robinson Corporation agreed to the bid, and authorized the work. What journal entry would
be appropriate for each of the above expenditures?
Ng's Shrimp Company owns a fishing vessel that originally cost $250 ...
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
Exercises1. Classification of activitiesClassify each of the.docx
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
ICMAB question april 2013 All level All Questions
ICMAB question april 2013
All Questions All levels of ICMAB question april 2013 session
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week Three
Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Running head: INDIVIDUAL ASSIGNMENT WEEK THREE
1
INDIVIDUAL ASSIGNMENT WEEK THREE
6
Individual Assignment Week Three
BE4-1
Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash
Net Income
(a)
Purchased $100 of supplies for cash.
-$100
$ 0
(b)
Recorded an adjusting entry to record use of $30 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
Purchased equipment for cash, $2,500.
(f)
Recorded depreciation of building for period used, $600.
P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Prepaid Insurance
2,640
Supplies
2,000
Office Equipment
15,000
Accounts Payable
$ 4,540
Unearned Service Revenue
5,200
Common Stock
21,750
Service Revenue
8,000
Salaries Expense
4,000
Rent Expense
2,000
$39,490
$39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
$3,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.
(SO 4, 5, 6)
Instructions
(a)
Prepare the adjusting entries for the month of June.
(b)
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Service rev. $15,400
(c)
Prepare an adjusted trial balance at June 30, 2010.
Tot. trial balance $44,670
P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Credit
Cash
$ 2,500
Prepaid Insurance
1,800
Supplies
2,600
Land
15,000
Lodge
70,000
Furniture
16,800
Accounts Payable
$ 4,700
Unearned Rent Reve.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Acc 205 Exceptional Education / snaptutorial.com
For more classes visit
www.snaptutorial.com
Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
ACC 291 GUIDE T Introduction Education--acc291guide.com
is a truly special teacher is very wise and sees tomorrow in every student’s eyes
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
Acc 205 Education Organization / snaptutorial.com
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.
ACC 205 Education Specialist / snaptutorial.com
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
Uop acc-290-week-2-wiley plus-100--correct
eco 372 week 2 knowledge check new,eco 372 week 2 team weekly reflection economic forecasting paper new,eco 372 week 2 individual assignment product purchases and the economy new,eco 372 week 2 assignment the real economy in the long run new,eco 372 week 2 principles of economics and the data of macroeconomics new,uop eco 372,eco 372,uop eco 372 week 2 tutorial,eco 372 week 2 assignment,uop eco 372 week 2 help
Uop acc-290-week-2-wiley plus-100--correct
uop acc 290 week 2 wileyplus 100% correct,uop acc 290 new week 2,acc 290 new week 2,uop acc 290 new,uop acc 290 new week 2 tutorial,uop acc 290 new week 2 assignment,uop acc 290 new week 2 help
Before 1918, approximately 60 of the wolves in the New Mexico a.docx
Before 1918, approximately
60%
of the wolves in the New Mexico and Arizona region were male, and
40%
were female. However, cattle ranchers in this area have made a determined effort to exterminate wolves. From 1918 to the present, approximately
70%
of wolves in the region are male, and
30%
are female. Biologists suspect that male wolves are more likely than females to return to an area where the population has been greatly reduced. (Round your answers to three decimal places.)
What is the probability that
8
or more were female?
.
Bed Bath & Beyond – The Raise and Struggle 1 .docx
Bed Bath & Beyond – The Raise and Struggle 1
Bed Bath & Beyond – The Raise and Struggle
By
John Doe
Mary Joe
Peter Jackson
Ray Jones
Victor Smith
Professor Dr. Harry Omoregie
University of the Cumberlands
Information Governance
10/05/2019
Bed Bath & Beyond – The Raise and Struggle 2
Table of Contents
Company Profiles .......................................................................................................................................... 4
Phoenix
Solution
s Inc ................................................................................................................................ 4
Leadership Profiles ........................................................................................................................................ 5
Chief Executive Officer (CEO) .................................................................................................................... 5
Chief Financial Officer (CFO): .................................................................................................................... 5
Chief Technology Officer (CTO) ................................................................................................................. 5
Chief Marketing Officer (CMO) ................................................................................................................. 5
Chief Risk Officer (CRO) ............................................................................................................................. 6
History of Bed Bath & Beyond ...................................................................................................................... 6
Challenges Faced by Bed Bath & Beyond in the Last Decade ....................................................................... 8
Major Competitors in Global E-Commerce ................................................................................................. 10
Discuss the Opportunities and Challenges of Big Data in Global E-Commerce .......................................... 11
Opportunities Provided by Big Data to the Global E-Commerce Organizations: ................................... 12
Customer analysis. .............................................................................................................................. 12
Personalization. ................................................................................................................................... 13
Customer service. ............................................................................................................................... 13
Flexible pricing policy. ......................................................................................................................... 13
Safer online payments. ........................................................................................................
More Related Content
Similar to Basic Accounting Equations1. Recognition of normal balance.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Acc 205 week 4 exercise assignment liability new
http://finishedexams.com/homework_text.php?cat=1777
Immediate access to solutions for ENTIRE COURSES, FINAL EXAMS and HOMEWORKS “RATED A+" - Without Registration!
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
The following selected account balances were taken from the .docx
The following selected account balances were taken from the general ledger of Vance Corporation as of
December 31, 20X7. Examine this information and prepare the property, plant, and equipment section of
the company's balance sheet. All accounts listed carry a normal balance.
Land $ 500,000
Buildings 1,650,000
Equipment 2,860,000
Accumulated depreciation: Buildings 472,000
Accumulated depreciation: Equipment 1,333,400
Depreciation expense: Buildings 125,000
Depreciation expense: Equipment 278,111
Evaluate the following costs and decide if each is a "capital expenditure" or not. Then, if a capital expenditure,
decide which account the cost should be recorded in: Land, Land Improvement, Building, or Equipment. The
first item is done as an example.
Balance sheet presentation of property, plant, and equipment B-10.01
Identification of capital expenditures B-10.03
Mike
Highlight
Mike
Highlight
Capital Category
Yes No Land
Land
Improvement
Building Equipment
Delivery cost
of new
furniture
Wages paid
to guard at
office building
Fees for title
insurance on land
purchase
Cost of periodic
repainting of
parking lot
Cost of
building new
sidewalks
Interest costs
on loan to buy
equipment
Computer training class
on general commercial
software package
Interest cost on loan
during construction period
for new building
Architects
fees for
new building
Installation and
setup costs on
new machinery
Repair of damage
to device broken
during initial installation
Safety violation
fines at
construction site
Tap fees for connecting
new building to
city water system
On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional
$50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it
is expected that the device will be disposed of for a $100,000 salvage value.
Perkins uses the straight-line depreciation method.
(a) Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related
calculations for each year.
(b) Show how the asset and related accumulated depreciation would appear on a balance sheet at
December 31, 20X5.
B-10.06 Straight-line depreciation
Mike
Highlight
Robinson Corporation recently requested a contractor to prepare a proposal to refurbish the exterior of its
office building. Robinson wanted to give its building a "face lift." The contractor provided the following bid
document:
ROBINSON CORPORATION BID
Add extension to front porch approach $20,000
Install shrubs and trees 2,500
Replace rotting exterior siding material 7,500
Replace burned out exterior light bulbs 500
Total for all work: $30,500
Assume that Robinson Corporation agreed to the bid, and authorized the work. What journal entry would
be appropriate for each of the above expenditures?
Ng's Shrimp Company owns a fishing vessel that originally cost $250 ...
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
Exercises1. Classification of activitiesClassify each of the.docx
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
ICMAB question april 2013 All level All Questions
ICMAB question april 2013
All Questions All levels of ICMAB question april 2013 session
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week Three
Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Running head: INDIVIDUAL ASSIGNMENT WEEK THREE
1
INDIVIDUAL ASSIGNMENT WEEK THREE
6
Individual Assignment Week Three
BE4-1
Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash
Net Income
(a)
Purchased $100 of supplies for cash.
-$100
$ 0
(b)
Recorded an adjusting entry to record use of $30 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
Purchased equipment for cash, $2,500.
(f)
Recorded depreciation of building for period used, $600.
P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Prepaid Insurance
2,640
Supplies
2,000
Office Equipment
15,000
Accounts Payable
$ 4,540
Unearned Service Revenue
5,200
Common Stock
21,750
Service Revenue
8,000
Salaries Expense
4,000
Rent Expense
2,000
$39,490
$39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
$3,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.
(SO 4, 5, 6)
Instructions
(a)
Prepare the adjusting entries for the month of June.
(b)
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Service rev. $15,400
(c)
Prepare an adjusted trial balance at June 30, 2010.
Tot. trial balance $44,670
P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Credit
Cash
$ 2,500
Prepaid Insurance
1,800
Supplies
2,600
Land
15,000
Lodge
70,000
Furniture
16,800
Accounts Payable
$ 4,700
Unearned Rent Reve.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Acc 205 Exceptional Education / snaptutorial.com
For more classes visit
www.snaptutorial.com
Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
ACC 291 GUIDE T Introduction Education--acc291guide.com
is a truly special teacher is very wise and sees tomorrow in every student’s eyes
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
Acc 205 Education Organization / snaptutorial.com
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.
ACC 205 Education Specialist / snaptutorial.com
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
Uop acc-290-week-2-wiley plus-100--correct
eco 372 week 2 knowledge check new,eco 372 week 2 team weekly reflection economic forecasting paper new,eco 372 week 2 individual assignment product purchases and the economy new,eco 372 week 2 assignment the real economy in the long run new,eco 372 week 2 principles of economics and the data of macroeconomics new,uop eco 372,eco 372,uop eco 372 week 2 tutorial,eco 372 week 2 assignment,uop eco 372 week 2 help
Uop acc-290-week-2-wiley plus-100--correct
uop acc 290 week 2 wileyplus 100% correct,uop acc 290 new week 2,acc 290 new week 2,uop acc 290 new,uop acc 290 new week 2 tutorial,uop acc 290 new week 2 assignment,uop acc 290 new week 2 help
Similar to Basic Accounting Equations1. Recognition of normal balance.docx (20)
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
The following selected account balances were taken from the .docx
The following selected account balances were taken from the .docx
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Exercises1. Classification of activitiesClassify each of the.docx
Exercises1. Classification of activitiesClassify each of the.docx
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
ACC 291 GUIDE T Introduction Education--acc291guide.com
ACC 291 GUIDE T Introduction Education--acc291guide.com
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I Final Exam Booklet Replacement.docx
More from garnerangelika
Before 1918, approximately 60 of the wolves in the New Mexico a.docx
Before 1918, approximately
60%
of the wolves in the New Mexico and Arizona region were male, and
40%
were female. However, cattle ranchers in this area have made a determined effort to exterminate wolves. From 1918 to the present, approximately
70%
of wolves in the region are male, and
30%
are female. Biologists suspect that male wolves are more likely than females to return to an area where the population has been greatly reduced. (Round your answers to three decimal places.)
What is the probability that
8
or more were female?
.
Bed Bath & Beyond – The Raise and Struggle 1 .docx
Bed Bath & Beyond – The Raise and Struggle 1
Bed Bath & Beyond – The Raise and Struggle
By
John Doe
Mary Joe
Peter Jackson
Ray Jones
Victor Smith
Professor Dr. Harry Omoregie
University of the Cumberlands
Information Governance
10/05/2019
Bed Bath & Beyond – The Raise and Struggle 2
Table of Contents
Company Profiles .......................................................................................................................................... 4
Phoenix
Solution
s Inc ................................................................................................................................ 4
Leadership Profiles ........................................................................................................................................ 5
Chief Executive Officer (CEO) .................................................................................................................... 5
Chief Financial Officer (CFO): .................................................................................................................... 5
Chief Technology Officer (CTO) ................................................................................................................. 5
Chief Marketing Officer (CMO) ................................................................................................................. 5
Chief Risk Officer (CRO) ............................................................................................................................. 6
History of Bed Bath & Beyond ...................................................................................................................... 6
Challenges Faced by Bed Bath & Beyond in the Last Decade ....................................................................... 8
Major Competitors in Global E-Commerce ................................................................................................. 10
Discuss the Opportunities and Challenges of Big Data in Global E-Commerce .......................................... 11
Opportunities Provided by Big Data to the Global E-Commerce Organizations: ................................... 12
Customer analysis. .............................................................................................................................. 12
Personalization. ................................................................................................................................... 13
Customer service. ............................................................................................................................... 13
Flexible pricing policy. ......................................................................................................................... 13
Safer online payments. ........................................................................................................
Beethoven; Art and Protest in the 1800s Please respond to the foll.docx
"Beethoven; Art and Protest in the 1800s" Please respond to the following. You can use resources under the
Explore
heading to shape your response!
1) Listen to one (1) composition (i.e., for a symphony) by Beethoven. Identify the composition that you listened to, and determine whether you would characterize the chosen composition as either the Classical or Romantic style of music. Explain the features that lead you to your conclusion.
2) What were the Romantics all about? If you had only one example to use to explain Romanticism to someone who had never heard of it or read your book, which work of visual art or literary art from your text would you choose, why? What did the Romantics think about the technological and scientific innovations of their age? Do you think they would feel similarly today, why or why not?
3) Please give one example of how either black slaves or white abolitionists used literature or the visual arts as a form of protest against slavery. How do you think the work you selected impacted its audience? What about the work enabled it to change minds?
.
Becoming Deviant Please respond to the followingIn your.docx
"Becoming Deviant"
Please respond to the following:
In your readings, you have explored the topics of social controls and the underlying causes of deviance. Examine the types of social controls and analyze one social control which you believe is more compelling in regard to the sanctioning of behaviors. Then explore the underlying cause of biology and inherited behavior and determine whether either of these underlying causes can be treated and corrected to allow an individual to align his or her thinking with the majority. Provide support for your response.
150-200 words
.
Becoming a ManagerElaine has worked in the IMCU of a communi.docx
Becoming a Manager
Elaine has worked in the IMCU of a community hospital for 11 years. She is one of the best nurses, and serves as a preceptor and a resource for other nurses on the unit. Elaine has made numerous contributions to the unit. She has presented training classes, in-services, and booklets. Elaine has been the day shift charge nurse for 5 years.
In January, the unit manager decided to retire. The IMCU manager position was posted. A very unpopular nurse from another unit bid on the position, as well as a nurse from another hospital. The staff has approached Elaine, imploring her to bid for the job. They tell her she will be a terrific manager, and they all love her. Elaine is very happy with her job, but she knows that things will change with a new manager.
After serious deliberation, Elaine bids on the position. Her qualifications are undisputable, and she is offered the position. She is warned, however, that her relationship with her co-workers will not be the same. She has long been a leader, but she must now see herself as a manager. Try to imagine that you are Elaine:
What steps will you take to initiate this change?
How will you establish your new position with the staff?
What type of management/leadership style would you employ?
How do the “Cores of Credibility” apply to your new role?
Your response should consist of complete sentences and should be at least one complete paragraph, but it should be no more than three paragraphs in length.
Post your individual responses by the end of the day on Friday of Module 2.
Read the postings of other students, and thoughtfully respond to at least two other student postings by end of the day on Sunday of Module 2.
Please click the Grading Information button, then the View Rubric button to the right of the discussion board window for grading criteria.
.
BECG017 IBS Center for Management Research .docx
BECG/017
IBS Center for Management Research
The McDonald’s ‘Beef Fries’ Controversy
This case was written by A.Mukund, IBS Center for Management Research. It was compiled from published sources, and is
intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of a
management situation.
Claire Latham
14609 Uplands Drive
Lake Oswego, OR 97034
United States
Licensed to print 10 copies, 21 November, 2016.
License valid upto 20 February, 2017.
2002, IBS Center for Management Research. All rights reserved.
To order copies, call +91-9640901313 or write to IBS Center for Management Research (ICMR), IFHE Campus, Donthanapally,
Sankarapally Road, Hyderabad 501 203, Telangana, India or email: [email protected]
www.icmrindia.org
1
BECG/017
The McDonald’s ‘Beef Fries’ Controversy
“Hindus and vegetarians all over the world feel shocked and betrayed by McDonald's deception
and ultimate greed.”
- Attorney Harish Bharti, on filing the lawsuit against McDonald’s, in May 2001.
“These are the ways the fries are made in the US, and we don’t have any plans to change.”
- Walt Riker, McDonald’s spokesperson, in May 2001.
A CONTROVERSY ERUPTS
In May 2001, a class action lawsuit
1
was filed against the world‘s largest fast-food chain
McDonald‘s, in Seattle, US. The lawsuit alleged that the company had, for over a decade, duped
vegetarian customers into eating French fries
2
that contained beef extracts. The lawsuit followed a
spate of media reports detailing how the French fries served at McDonald‘s were falsely promoted
as being ‗100% vegetarian.‘
Although McDonald‘s initially declined to comment on the issue, the company issued a
‗conditional apology,‘ admitting to using beef flavoring in the fries. The furore over the matter
seemed to be settling down, when to McDonald‘s horror, some of its restaurants in India were
vandalized. Activists of Hindu fundamentalist groups – the Shiv Sena, the Vishwa Hindu Parishad
(VHP) and the Bajrang Dal, staged a demonstration in front of the McDonald‘s head office in
Delhi protesting the alleged use of beef flavouring. They submitted a memorandum to the Prime
Minister, demanding the closure of all McDonald‘s outlets in the country.
Activists also staged protests in front of McDonald‘s restaurants in south Mumbai and Thane.
Mobs ransacked the outlet at Thane, broke the glass panes and smeared the McDonald‘s mascot
Ronald with cow dung. About 30 people were arrested and later let off on bail. Company officials
estimated the loss to the outlet at Rs 2 million.
Officials at McDonald‘s India quickly announced that the vegetarian products served in India did
not have any non-vegetarian content (Refer Exhibit I for details). However, despite this
reassurance, the anti-McDonald‘s wave refused to die down.
Meanwhile, more cases were being filed against McDonald‘s – t.
Because this is an interdisciplinary humanities course, so far this .docx
Because this is an interdisciplinary humanities course, so far this quarter we have analyzed literary texts intended for a child audience alongside historical documents, journalistic writing about current events, a documentary film, and even a music video. Choose one literary text that we have read so far (by Hesse, Muñoz Ryan, or Taylor) and explain how reading it in tandem with one of these other textual or audio-visual sources (the Winsor article, the 1959 Declaration,
Fear and Learning at Hoover Elementary
, the McFadden article, or the music video for “Formation”) helped to enhance your learning experience. What connections did you draw between the two sources? Why was it important for you to examine the non-literary source alongside the literary one? How did this help you to further develop your understanding of American childhood? Please write at least one long, detailed paragraph, observing standard conventions of strong academic writing.
.
Because of the difficulties that expatriates face, some firms have b.docx
Because of the difficulties that expatriates face, some firms have begun a policy of “inpatriation” (a concept discussed further in the Debate section of chapter 13), whereby they relocate foreigners to the host country, with the expectation that after a period of time, they will replace expatriates. While this provides the MNE with a source of workers who do not face cultural obstacles, some significant problems remain. First, inpatriates, who are paid the going rate in the MNE’s home country, are often disappointed or upset when they go to the host country, where salaries are much lower. Second, many inpatriates are ineffective because of their ambiguous position. While the headquarters views inpatriates as “us” because of their time in the home country, other HCNs also view them as “us” because of their common ethnicity.
1.Given the pros and cons of expatriation and inpatriation, which do you feel is more effective for MNEs? Would certain situation call for one strategy over another? What could an MNE do to alleviate some of the difficulties of inpatriation?
2.
MNEs operate in multiple locations, negotiating through a complicated web of formal and informal institutions that are different from country to country. An MNE is successful, in part, because of its ability to work within a complex network of laws and values to create a global, cross-cultural entity. The question is could labor unions do the same? While union presence is strong in some countries, it is nearly absent in others, so that workers in those countries have relative little protection from potentially unfair actions. What is the feasibility of establishing a global (or semiglobal) labor union to cover these countries? How would they overcome institutional obstacles presented by governments and by MNEs? What would be the pros and cons of such a movement?
.
Because Eileen Dover, the CEO of Good For You! Bakery, began her.docx
Because Eileen Dover, the CEO of Good For You! Bakery, began her business with limited background in data architecture, some historical data that was saved in legacy systems is in bad shape. For example, sales date information was entered haphazardly, in different formats; sometimes sales amounts included a dollar sign and cents to the right of the decimal, and sometimes they didn’t; and the alphanumeric code she initially used to designate products is confusing to her new managers.
Ms. Dover wants to ensure that she can move data from her legacy system to SAS®. She had one of her new IT people produce a pipe-delimited data file in .txt format. He was not able to do much data validation/cleaning on his end, and Ms. Dover wants to know if this crucial step can be completed in SAS®. She wants you to do the following:
Import the legacy data file (
Week 4 Assignment Data
) into SAS®. (Note that if you look at the .txt file using a text editing program such as Notepad, you can see anomalies in the data; for example, dates and dollar amounts are represented in different formats.)
Create a report that:
Lists sales, by month, with subtotals and a grand total
Interprets all dates correctly and displays them in the same format
Interprets all dollar values correctly and displays them in the format $99
Add comments to the SAS® code to explain what each section of the code does, so that your team can apply similar to logic to cleaning/validating other data files.
Follow
the instructions in the
Week 4 Assignment Instructions
document to complete this assignment. You will be using the
Week 4 Assignment Data
file to complete this assignment.
Submit
your SAS® program.
.
Be typed, double spaced, using Times New Roman font (size 12), with .docx
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA Style format..
info can be of
Édouard Manet and Realist painting
Émile Zola and the Naturalist novel
Revolutions of 1848 in Europe
French painting: Idealism and Realism
Early Romanticism
Romantic music: Beethoven
any questions email me please
.
Beauty, Effort, and Misrepresentation HowBeauty Work Affect.docx
Beauty, Effort, and Misrepresentation: How
Beauty Work Affects Judgments of Moral
Character and Consumer Preferences
ADRIANA SAMPER
LINYUN W. YANG
MICHELLE E. DANIELS
Women engage in a variety of beauty practices, or “beauty work,” to enhance their
physical appearance, such as applying cosmetics, tanning, or exercising. Although
the rewards of physical attractiveness are well documented, perceptions of both the
women who engage in efforts to enhance their appearance and the high-effort
beauty products marketed to them are not well understood. Across seven studies,
we demonstrate that consumers judge women who engage in certain types of ex-
tensive beauty work as possessing poorer moral character. These judgments occur
only for effortful beauty work perceived as transformative (significantly altering ap-
pearance) and transient (lasting a relatively short time), such that they emerge
within cosmetics and tanning, yet not skincare or exercise. This effect is mediated
by the perception that putting high effort into one’s appearance signals a willingness
to misrepresent one’s true self, and translates into lower purchase intentions for
higher-effort cosmetics. We identify several boundary conditions, including the at-
tractiveness of the woman performing the beauty work and whether the effort is at-
tributed to external norms or causes. In examining how beauty work elicits moral
judgments, we also shed light on why effortful cosmetic use is viewed negatively,
yet effortful products continue to be commercially successful.
Keywords: aesthetics, beauty, beauty work, effort, cosmetics, moral judgments,
true self, innate self
T hroughout history, women have gone to great lengthsto enhance their physical appearance. Queen Elizabeth I inspired a generation of women to coat theirfaces with lead to achieve the perfect pale complexion, and
Victorian ladies removed their ribs to whittle down their
waists (Corson 1972/2003). While modern beauty rituals
may be less extreme, we continue to see consumers engage
in extensive “beauty work,” defined as the beauty practices
people perform on themselves to elicit certain benefits
within a social hierarchy (Kwan and Trautner 2009). These
practices are often effortful, such as popular multistep
Korean skincare regimens (Chang 2011) or trends in con-
touring and strobing, where layers of make-up are carefully
applied to highlight facial features (Cardellino 2015). Even
mundane routines such as styling hair or applying cosmet-
ics often require significant time and care. Interestingly,
while research acknowledges that physical attractiveness
can be enhanced through beauty work (Etcoff et al. 2011;
Kwan and Trautner 2009), it has not examined how the
Adriana Samper ([email protected]) is assistant professor of marketing
at the W. P. Carey School of Business, Arizona State University, Tempe,
AZ 85287. Linyun W. Yang ([email protected]) is assistant profes-
sor of marketing at the Darla Moore School of Business, Univ.
Beau Nelson posted Apr 6, 2020 1010 AM1. What positionpositi.docx
Beau Nelson posted Apr 6, 2020 10:10 AM
1. What position/positions in your organization are accountable for workplace relations in your organization? What impact do they have? What programs are in place to impact relations at work? Provide specific examples.
My organization is unique. As a member of the IG, I am tasked with inspecting other organizations for compliance, readiness, resource management, and training. Most military organizations have a commander who is responsible for workplace relations in the organizations. The commander ‘s responsibilities include executing the mission, leading people, managing resources, and improving the unit (Air Force Instruction 1-2, 2014).
The commander is responsible for the organization but is not alone. The First Sergeant is responsible for ensuring the force understands the commander’s goals, objectives, and policies. The first Sergeant must communicate with other leaders in the unit and be familiar with personnel programs, professional military education, financial needs, family matters to include housing (Air Force Instruction 36-2113, 2014).
There are many other personnel responsible for workplace relations in the organization. Supervisors at all levels, Equal Opportunity, the Sexual Assault Prevention and Response office, the Inspector General, and the legal office. All these key organizations play a role in the organizations under their span of control.
2. If you were an HR manager in a private-sector organization, what key programs would you implement to improve employee-employer relations? Why?
The first program I would implement is streamlined communication. If assigned to a large organization I would look at developing a smart phone application to help with the follow of communication. Employees want to know where they fit in the organization and what they are working toward (Smith, 2017).
Another program I would ensure was developed was a recognition program. Gallup recently completed a survey showing fifty-three percent of employees are not engaged, another survey showed workers who give their management a lower rating is more likely to apply or interview for other positions (Duran, 2020).
Finally, a program I believe is essential today is a career development program. In a survey in 2018, forty-two percent of millennials said their current employer provide learning, development, and training opportunities (Witkin, 2018). Eighty six percent of millennials say they would stay at their current job if the company offered development training opportunities (Duran, 2020).
3. How would you determine the added value of your programs?
As with most programs a Return on Investment (ROI) Benefit Cost Ratio (BCR) should be performed. A BCR greater than one shows the program has worth and is not losing the organization money (Kaminski, & Lopes, 2009). ROI was deemed impossible to calculate for human resources, but that is no longer the case (SHRM, 2016).
R.
Beach Vacation WorksheetGLG220 v5Page 2 of 2Beach Vacatio.docx
Beach Vacation Worksheet
GLG/220 v5
Page 2 of 2
Beach Vacation WorksheetPart 1
Imagine you are on a beach vacation. The first morning, you head down to the beach to watch the sunrise. You visit the same spot along the shoreline each of the five mornings of your vacation.
· Describe in no more than 350 words the coastal landforms you might see.
· Summarize in no more than 350 words the changes you may notice along the shoreline from one visit to the next.
Part 2
The diagram below shows the beach and shore environment that was present on your vacation. Place arrows on the diagram by using Shapes on the Insert tab, showing the direction of longshore current and sand transport. Be sure to label each of the sets of arrows.
Part 3
Geological evidence indicates that the atmosphere of early Earth was free of oxygen. Explain in 350 to 525 words what constraints an oxygen-free atmosphere might have had on early life, both along the beach and throughout the rest of the world.
Copyright© 2019 by University of Phoenix. All rights reserved.
HLTH 698
(
RESOURCES
) (
OUTPUTS
) (
OUTCOMES-IMPACT
) (
PROBLEM
)Logic Model
(
Participation
) (
Long-Term
) (
Interim
) (
Short-Term
) (
Activities
)
(
The financial resources available include that available for establishing an infection control department, payment of the employees and purchasing of supplies.
The materials
are
antiseptics,
alcohol based hand rubs,
sterile gloves and caps for the employees and preventive masks. For catheter patients antimicrobial and antiseptic impregnated catheters.
The personnel required include a trained infection control
physician, infection control nurse, and clinical care staff
) (
Infections are common in the hospitals especially when the right sterilization is not used. Nosocomial infections are most common because they occur within 48 hours upon admission into a hospital. They can also occur in three days of discharge or 30 days of an operation. They affect one in every 10 patients admitted in a hospital.
)
(
Improved awareness on infection control
Improved safety measures to control infections
Reduced cases of infections per ward
Increased use of hand washing and antiseptics
) (
Adop
tion of policies on infection control in the hospital
Designing of an infection control model
Preparation of infection control training manual for the health facility
Improved record keeping in matters of infection.
) (
Reduction or elimination of infection cases in the health facility.
Reduced infection-related mortality
Improved handling of infections in the hospital as well as documentation
) (
This program intends to reach out to the patients to enhance their knowledge on proper hygiene. It will incorporate the hospital staff on matters such as
hand washing and sanitization.
The patient families will be included to educate them on how to avoid infecting the patients
) (
To increase awareness on infection control, activities such as workshops to train the staff on infection c.
BE6-5 In its first month of operation, Moraine Company purchased 100.docx
BE6-5 In its first month of operation, Moraine Company purchased 100 units of inventory
for $6, then 200 units for $7, and finally 140 units for $8. At the end of the month,
180 units remained. Compute the amount of phantom profit that would result if the company
used FIFO rather than LIFO. Explain why this amount is referred to as phantom
profit. The company uses the periodic method.
.
Bear in mind what you learned about Imagism as you answer one of.docx
Bear in mind what you learned about Imagism as you answer one of the following questions geared towards showcasing what you've learned about this aspect of the Modernist movement. NO OUTSIDE SOURCES may be used for this and other discussion posts.
1) Pound’s definition of the image was “that which presents an intellectual and emotional complex in an instant of time." How does "In a Station at the Metro" fall in line with this definition? What is the intellectual and emotional complex being presented here?
2) If Imagist poetry deals with fleeting associations, what role is Helen as a figure playing in this poem? What revisions are being made to the myth in terms of how Helen is represented?
3) William Carlos Williams is famous for turning ordinary objects into poetic subjects with meaning. How does he accomplish this in “The Red Wheelbarrow”? What overall tone or feeling are you left with at the end of this? How does “The Red Wheelbarrow” work within the scope of Imagism?
.
Be the Chair of the Federal Reserve BankGo to the following si.docx
Be the Chair of the Federal Reserve Bank
Go to the following site and play the Fed Chairman game.
http://sffed-education.org/chairman/
Then, answer the following questions
1. How did you do?
2. Did you get reappointed? Why, or why not? Explain.
3. Were you dismissed? Why, or why not? Explain.
4. What did you learn from this exercise? Explain
.
Be sure to support with reference to the week’s Learning Resources.docx
Be sure to support with reference to the week’s Learning Resources and other scholarly evidence in APA Style.
Continuous Variable
The continuous variable I selected is “Problems w/Public Health Clinics”. The means for this data is 7.43, the median is 7.4335 and the mode is 0. For the variable, the mean is the best measure it incorporates every value of this variable making it more representative of the variable (Frankfort-Nachmias, Leon-Guerrero, & Davis, 2020). The standard deviation is 5.11961, this number represents the difference of the data points from the mean. This number means that the scores regarding problems with health clinics differed from the mean by 5.11961. The variance is 26.210 describes the degree to which the data points are spread. I would describe this variable as having a lot of variability and extreme. Those that had no problems with public clinics more than double the amount of those that had a median amount of problems and triple those that had lots of problems.
Categorical Variable
Categorical variables are nominal or ordinal and cannot be described with mean or median. The best central tendency for these variables are mode, which is the score that shows up most frequently (Frankfort-Nachmias, Leon-Guerrero, & Davis, 2020). The categorical variable I selected is “country’s present economic condition compared to 12 months ago”, is mode is a tie for same and better all with the frequency of 2872 and a percent of 27.8%. This variable has low variability. Most of the participants believe there has been a small change or no change in economic conditions over the past 12 months.
References
Frankfort-Nachmias, C., Leon-Guerrero, A., & Davis, G. (2020). Social statistics for a diverse society (9th ed.). Thousand Oaks, CA: Sage Publications.
Wagner, III, W. E. (2020).
Using IBM® SPSS® statistics for research methods and social science statistics
(7th ed.). Thousand Oaks, CA: Sage Publications.
Chapter 4, “Organization and Presentation of Information”
Chapter 11, “Editing Output”
.
Be sure to read Making Arguments I before completing this discus.docx
Be sure to read Making Arguments I before completing this discussion and watch the documentary, The Age of Consequences, at the address below; do set of viewing questions. Click here (The Age of Consequences, Viewing Set) to download a set of those questions. Remember: Conclusions must be typed in blue font and appear at the very END of your argument all semester long (two sentence length or less only)!
Your discussion forum response is a reply to the question below. Do NOT post your responses to the viewing set questions here.
Documentary, The Age of Consequences (Links to an external site.)
The consensus of the American security experts interviewed for the documentary is that climate changes are occurring and that a certain amount of change is already built in and will continue to occur over the course of our lifetimes.
Many places in the documentary describe large-scale displacements of people due to changing climate factors where millions and tens of millions of people have been forced to re-locate to secure food and water. The experts unanimously point out the de-stabilizing effects of these mass migrations for the countries who receive them.
Do we have an ethical obligation to assist people caught up in these large-scale movements of people to help them secure the basic necessities of food, water, and a secure way of life. Why or why not?
Click on and read Making Arguments, Conclusions before completing this week's discussion assignment.
Your assignment will be graded according to the grading rubric.
Week 1 begins with 100:
Composition:
Do the postings show consistent attention to rules of grammar, spelling and proper citation?
Argument (reply to forum question):
Did the main argument give reasons that were connected to one another and then did these reasons have a connection to the conclusion? Did the main argument show good development?
Conclusion:
Was the conclusion written according to week 1 directions with font made blue and restricted to two sentences or less?
The Age of Consequences, Viewing Set
“We must contemplate some extremely unpleasant possibilities simply because we want to avoid them.”
Conflict
1. What climate factor and what crop created local support for the Taliban in Afghanistan?
2. What climate factor frames the civil war in Syria? When did the climate event begin? How
many people were displaced by it? How much did Syrian cities grow in that period? Was the
drought in the region due to climate change?
3. What did ISIS promise to those who were displaced in the Syrian region? What resource fear
drives ISIS strategy?
Instability
4. What climate factors caused the conflict in Somalia in the early 90s?
5. Around 2000 who began to recognize the connection between climate change and national
security? What was the name of the 2003 Pentagon study that announced the policy change?
6. What group composed of Generals from all five services has changed the go.
Be sure to mark your cale.docx
Be sure to mark your calendars with your day.
Points:
Outline: 20 points
Leading Prayer: 10 points
Overview
Theme:
In keeping with the topic of the class this semester and the year’s theme of love your neighbor, the theme of the prayer assignment this semester calls you to explore a world religion. Part of exploring world religions and loving your neighbor includes broadening your knowledge of spirituality, both of religious and humanist traditions. For your prayer/reflection assignment, you may choose from a world religion or a humanist tradition. For example, if the Church of Jesus Christ of Latter Day Saints (LDS) has interest to you, your prayer plan may include a traditional LDS prayer. If you are an atheist, then you may wish to research humanist traditions or share a piece of literature, music, or art that expresses your spirituality or foundational belief.
Format:
Similar to your freshman and sophomore year, your prayer outline is to be formatted as follows. (A sample prayer follows these instructions.)
1. Upper right corner of page one (1): Name, Block, Teacher’s name, Date of Prayer
2. Broken into the following sections: Opening; Brief explanation of the religion, group, or your world view; Prayer or Text; Reflection; Intentions; Closing.
3. Bold and underlined section headings.
Section Details:
Opening
Explain how you will open the prayer or reflection time. For example, will you ring the prayer bowl, invite everyone to do the sign of the cross, or invite them to a moment of silence?
Summary
In one or two paragraphs summarize the religion, group, or what has contributed to your world view. Either during or after your summary, be sure to cite the two resources you consulted or that have contributed to your world view.
Your summary or your personal story will include a visual or audio resource, such as a video clip, drawing, photograph, or song. You need only have one visual or audio resource during your prayer/reflection presentation, so decide if it will be in the summary or the reflection/prayer.
Prayer/Reflection
This can be a prayer from the religion, a text from the group, or text that has meaning for you. (A text can be a piece of art, video, song, piece of poetry or literature, or personal writing).
Your summary or your prayer will include a visual or audio resource, such as a video clip, drawing, photograph, or song. You need only have one visual or audio resource, choose if it will be in the summary or the prayer.
Intentions
Two intentions related to events occurring in the world that are in need of social justice (loving your neighbor). These events do not need to be related to your person or topic. With prior notification, these events may be changed due to current events at the time you lead prayer/reflection.
Intentions may be followed with “We pray to the Lord,” or a moment of silence. If you have an idea for another way to close them, please share it with the teacher.
Please note: .
Be sure to include insights on these three perspectives· Wh.docx
Be sure to include insights on these three perspectives:
· What did you learn from other presentations?
· How the business processes in those presentations compare with yours?
· What additional recommendations that are not included in the presentation would you provide to this other organization?
.
More from garnerangelika (20)
Before 1918, approximately 60 of the wolves in the New Mexico a.docx
Before 1918, approximately 60 of the wolves in the New Mexico a.docx
Bed Bath & Beyond – The Raise and Struggle 1 .docx
Bed Bath & Beyond – The Raise and Struggle 1 .docx
Beethoven; Art and Protest in the 1800s Please respond to the foll.docx
Beethoven; Art and Protest in the 1800s Please respond to the foll.docx
Becoming Deviant Please respond to the followingIn your.docx
Becoming Deviant Please respond to the followingIn your.docx
Becoming a ManagerElaine has worked in the IMCU of a communi.docx
Becoming a ManagerElaine has worked in the IMCU of a communi.docx
Because this is an interdisciplinary humanities course, so far this .docx
Because this is an interdisciplinary humanities course, so far this .docx
Because of the difficulties that expatriates face, some firms have b.docx
Because of the difficulties that expatriates face, some firms have b.docx
Because Eileen Dover, the CEO of Good For You! Bakery, began her.docx
Because Eileen Dover, the CEO of Good For You! Bakery, began her.docx
Be typed, double spaced, using Times New Roman font (size 12), with .docx
Be typed, double spaced, using Times New Roman font (size 12), with .docx
Beauty, Effort, and Misrepresentation HowBeauty Work Affect.docx
Beauty, Effort, and Misrepresentation HowBeauty Work Affect.docx
Beau Nelson posted Apr 6, 2020 1010 AM1. What positionpositi.docx
Beau Nelson posted Apr 6, 2020 1010 AM1. What positionpositi.docx
Beach Vacation WorksheetGLG220 v5Page 2 of 2Beach Vacatio.docx
Beach Vacation WorksheetGLG220 v5Page 2 of 2Beach Vacatio.docx
BE6-5 In its first month of operation, Moraine Company purchased 100.docx
BE6-5 In its first month of operation, Moraine Company purchased 100.docx
Bear in mind what you learned about Imagism as you answer one of.docx
Bear in mind what you learned about Imagism as you answer one of.docx
Be the Chair of the Federal Reserve BankGo to the following si.docx
Be the Chair of the Federal Reserve BankGo to the following si.docx
Be sure to support with reference to the week’s Learning Resources.docx
Be sure to support with reference to the week’s Learning Resources.docx
Be sure to read Making Arguments I before completing this discus.docx
Be sure to read Making Arguments I before completing this discus.docx
Be sure to include insights on these three perspectives· Wh.docx
Be sure to include insights on these three perspectives· Wh.docx
Recently uploaded
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
Let us know about Maruti Suzuki, a successful Joint venture in India.
Overview on Edible Vaccine: Pros & Cons with Mechanism
This ppt include the description of the edible vaccine i.e. a new concept over the traditional vaccine administered by injection.
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Event Link:-
https://meetups.mulesoft.com/events/details/mulesoft-mysore-presents-exploring-gemini-ai-and-integration-with-mulesoft/
Agenda
● Java 17 Upgrade Overview
● Why and by when do customers need to upgrade to Java 17?
● Is there any immediate impact to upgrading to Mule Runtime 4.6 and beyond?
● Which MuleSoft products are in scope?
For Upcoming Meetups Join Mysore Meetup Group - https://meetups.mulesoft.com/mysore/
YouTube:- youtube.com/@mulesoftmysore
Mysore WhatsApp group:- https://chat.whatsapp.com/EhqtHtCC75vCAX7gaO842N
Speaker:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Priya Shaw - https://www.linkedin.com/in/priya-shaw
Organizers:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Giridhar Meka - https://www.linkedin.com/in/giridharmeka
Priya Shaw - https://www.linkedin.com/in/priya-shaw
Shyam Raj Prasad-
https://www.linkedin.com/in/shyam-raj-prasad/
How to Make a Field invisible in Odoo 17
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Chapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptxMohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
This slide is prepared for master's students (MIFB & MIBS) UUM. May it be useful to all.Sectors of the Indian Economy - Class 10 Study Notes pdf
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Polish students' mobility in the Czech Republic
Polish students mobility to the Czech Republic within eTwinning project "Medieval adventures with Marco Polo"
Unit 2- Research Aptitude (UGC NET Paper I).pdf
This slide describes the research aptitude of unit 2 in the UGC NET paper I.
Introduction to Quality Improvement Essentials
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Break the cycle of negative Thoughts
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The Roman Empire A Historical Colossus.pdf
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Home assignment II on Spectroscopy 2024 Answers.pdf
Answers to Home assignment on UV-Visible spectroscopy: Calculation of wavelength of UV-Visible absorption
Supporting (UKRI) OA monographs at Salford.pptx
How libraries can support authors with open access requirements for UKRI funded books
Wednesday 22 May 2024, 14:00-15:00.
How to Create Map Views in the Odoo 17 ERP
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Template Jadual Bertugas Kelas (Boleh Edit)
Jadual Bertugas kelas dalam bentuk softcopy PowerPoint. Cikgu boleh download >> edit >> print >> laminate. Semoga bermanfaat.
2024.06.01 Introducing a competency framework for languag learning materials ...
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Operation Blue Star - Saka Neela Tara
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
1.4 modern child centered education - mahatma gandhi-2.pptx
Child centred education is an educational approach that priorities the interest, needs and abilities of the child in the learning process.
Recently uploaded (20)
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
Overview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with Mechanism
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Chapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptx
Sectors of the Indian Economy - Class 10 Study Notes pdf
Sectors of the Indian Economy - Class 10 Study Notes pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...
1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx
Basic Accounting Equations1. Recognition of normal balance.docx
- 1. Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g.
- 2. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jenni-fer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation.
- 3. The following data relate to Preston Company as of December 31, 20XX: Building $40,000 Accounts receivable $24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit
- 4. 1.1 and 1.4) 4. Basic transaction processing . On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the account-ing equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
- 5. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month- end? On which financial statement(s) would this information be found? (2) Did the company have a “good” month from an accounting viewpoint? Briefly explain. 5. Transaction analysis and statement preparation . The transactions that follow relate to Burton Enterprises for March 20X1, the company’s first month of activity. 3/1 Joanne Burton, the owner, invested $20,000 cash into the business. 3/4 Performed $2,400 of services on account. 3/7 Acquired a small parcel of land by paying $6,000 cash 3/12 Received $500 from a client who was billed previously on March 4. 3/15 Paid $200 to the Journal Herald for advertising expense. 3/18 Acquired 9,000 of equipment from Park Central Outfitters by Paying $7,000 down and agreeing to remit the balance owed within two weeks (A/P). 3/22 Received $300 cash from clients for services. 3/24 Paid $1,500 on account to Park Central Outfitters in partial
- 6. settlement of the balance due from the transaction on March 18. 3/28 Rented a car from United Car Rental for use on March 28. Total charges amounted to $125, with United billing Burton for the amount due. 3/31 Paid $600 for March wages 3/31 Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton Instructions a. Determine the impact of each of the preceding transactions on Burton’s assets, liabilities, and owner’s equity. See exhibit 1.5. Use the following format: Assets = Liabilities + Owner’s Equity Cash, Accounts Receivable, Land, Equipment Accounts Payable (+)Common Stock (+) Revenues
- 7. (-) Dividends (-) Expenses a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded. b. Prepare an income statement, a statement of retained earnings, and a balance sheet, (See Exhibit 1.2, 1.3 and 1.4) 6. Entry and trial balance preparation . Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31. Account number Account name Debit Credit 110 Cash $ 2,700 120 Accounts Receivable 12,100 130 Equipment and Supplies 2,800 140
- 8. Studio 45,000 210 Accounts Payable $2,600 310 Lee Adkins, Capital 57,400 320 Lee Adkins, Drawing 30,000 410 Professional Fee Revenue 39,000 510 Advertising Expense 2,300 520 Salaries Expense 2,100 540 Utilities Expense 2,000 $99,000 $99,000
- 9. The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June: 6/2 Collected $3,000 on account from customers 6/7 Sold 25% of the equipment and supplies to a young artist for $700 cash 6/10 Received a $300 invoice from the accountant for preparing last quarter's financial Statements. 6/15 Paid $1,900 to creditors on account. 6/27 Adkins withdrew $2,000 cash for personal use. 6/30 Billed a customer $3,000 for a portrait painted this month.
- 10. a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6) b. Open running balance ledger “T” accounts by entering account titles, account num-bers, and May 31 balances. (See exhibit 2.3 and 2.4) c. Post the journal entries to the “T” accounts. d. Prepare a trial balance as of June 30. (See exhibit 2.9) 7. Journal entry preparation. On January 1 of the current year, Peter Houston invested $80,000 cash into his company MuniServ. The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company ac-quired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15. During January, the company had additional cash outlays for the follow-ing items: Purchases of store equipment $4,600 Note payment 500 Salaries expense 2,300 Advertising expense 700
- 11. The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400. All customers have been billed; by month end, $3,700 had been received in settlement of account balances. Instructions a. Present journal entries that reflect MuniServ's January transactions, including the $80,000 raised from the owner investment and loan. (See exhibit 2.6) b. Compute the total debits, total credits, and ending balance that would be found in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4) c. Determine the amount that would be shown on the January 31 trial balance for Accounts Payable. Is the balance a debit or a credit?