Accounting information systems collect and process transaction data to communicate financial information to decision makers. This includes all steps in the accounting cycle as well as documents providing evidence of transactions and resulting records, trial balances, worksheets, and financial statements. Subsidiary ledgers are used to track individual account balances, with common examples including accounts receivable and accounts payable ledgers. Subsidiary ledgers offer advantages like showing single customer/creditor transactions, reducing general ledger detail, aiding in error detection, and allowing for division of labor.
Rick Hall owns a card shop Halls Cards The following cash.pdfadaacollections
Rick Hall owns a card shop. Hall's Cards. The following cash information is avallable for the month
of August Year 1 : As of August 31, the bank statement shows a balance of $14,140. The August
31 unadjusted balance in the Cash account of Hall's Cards is $9,564. A review of the bank
statement revealed the following information: 1. A deposit of $1,010 on August 31, Year 1, does
not appear on the August bank statement. 2. It was discovered that a check to pay for baseball
cards was correctly written and paid by the bank for $1,720 but was recorded on the books as $2,
620. 3. When checks written during the month were compared with those paid by the bank, three
checks amounting to $4.765 were found to be outstanding. 4. A debit memo for $79 was included
in the bank statement for the purchase of a new supply of checks. Required: Prepare a bank
reconcillation at the end of August showing the true cash balance. Note: Negative amounts should
be indicated with minus sign.Austin Company established a petty cash fund by issuing a check for
$300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following
petty cash payments during the month; There was $21 of currency in the petty cash box at the
time it was replenished. The four distinct accounting events affecting the petty cash fund for the
period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition
of expenses (Note. all expenses are recorded in total as miscellaneous expense). and (4)
replenishment of the fund. Assume the Company uses the traditional approach to petty cash
expense recognition and replenishment. Required: a. Show each of the four events in a horizontal
statements model. c. Identify the events depicted in Requirement a as asset source (AS), asset
use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your
answers in the tabs below.Complete this question by entering your answers in the tabs below.
Show each of the four events in a horizontal statements model. Note: Enter amy decreases to
account balances whth a minus sign. For changes on the 5 tatement of Cash Flows, indicate
whether the item is an operating activity (OA), investing (IA), finanoing activity (FA), or leave the
cell blank if there is no effect.Complete this question by entering your answers in the tabs below.
Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset
exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect..
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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
For more classes visit
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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.
For more classes visit
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
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.
c. Compute 20X3 net income or loss.
Rick Hall owns a card shop Halls Cards The following cash.pdfadaacollections
Rick Hall owns a card shop. Hall's Cards. The following cash information is avallable for the month
of August Year 1 : As of August 31, the bank statement shows a balance of $14,140. The August
31 unadjusted balance in the Cash account of Hall's Cards is $9,564. A review of the bank
statement revealed the following information: 1. A deposit of $1,010 on August 31, Year 1, does
not appear on the August bank statement. 2. It was discovered that a check to pay for baseball
cards was correctly written and paid by the bank for $1,720 but was recorded on the books as $2,
620. 3. When checks written during the month were compared with those paid by the bank, three
checks amounting to $4.765 were found to be outstanding. 4. A debit memo for $79 was included
in the bank statement for the purchase of a new supply of checks. Required: Prepare a bank
reconcillation at the end of August showing the true cash balance. Note: Negative amounts should
be indicated with minus sign.Austin Company established a petty cash fund by issuing a check for
$300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following
petty cash payments during the month; There was $21 of currency in the petty cash box at the
time it was replenished. The four distinct accounting events affecting the petty cash fund for the
period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition
of expenses (Note. all expenses are recorded in total as miscellaneous expense). and (4)
replenishment of the fund. Assume the Company uses the traditional approach to petty cash
expense recognition and replenishment. Required: a. Show each of the four events in a horizontal
statements model. c. Identify the events depicted in Requirement a as asset source (AS), asset
use (AU), asset exchange (AE), or claims exchange (CE). Complete this question by entering your
answers in the tabs below.Complete this question by entering your answers in the tabs below.
Show each of the four events in a horizontal statements model. Note: Enter amy decreases to
account balances whth a minus sign. For changes on the 5 tatement of Cash Flows, indicate
whether the item is an operating activity (OA), investing (IA), finanoing activity (FA), or leave the
cell blank if there is no effect.Complete this question by entering your answers in the tabs below.
Identify the events depicted in Requirement a as asset source (AS), asset use (AU), asset
exchange (AE), or claims exchange (CE). Note: Select "NE" if there is no effect..
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
For more classes visit
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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.
For more classes visit
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
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.
c. Compute 20X3 net income or loss.
ACC 205 Effective Communication / snaptutorial.comBaileyz
For more classes visit
www.snaptutorial.com
Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December 31.
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
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 ...
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
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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
Question 2The Trial Balance of the Hope, Faith and Cha.docxwraythallchan
Question 2
The Trial Balance of the Hope, Faith and Charity Company had accounts with the following normal balances: Cash $5,000, Service Revenue $85,000, Salaries and Wages Payable$4,000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Owner’s Capital $42,000, Owner’s Drawings (Withdraws or Dividends) $15,000, Equipment $61,000. The total in the Trial Balance debit column should be:
$131,000.
$216,000.
$91,000.
$116,000.
Question 3
Webber earned $600 for the last week of September. He will be paid on October 2. The adjusting entry for Webber’s employer is:
A. No entry is required.
B. Debit Salary and Wages Expense; Credit Salaries and Wages Payable.
C. Debit Salaries and Wages Expense; Credit Cash.
D. Debit Salaries and Wages Payable; Credit Cash.
Question 4
In the unadjusted trial balance of its worksheet for the year ended December 31, 2016, Gellatin Corporation reported equipment of $120,000. The year-end adjusting entries require an adjustment of $12,000 for depreciation expense for the equipment. After the adjustment, the following adjusted amount should be reported.
A. A debit of $12,000 for Equipment in the balance sheet column.
B. A credit of $12,000 for Deprecation Expense-Equipment for the Income Statement Column.
C. A debit of $120,000 for Equipment in the balance sheet column.
D. A debit of $12,000 for Accumulated Depreciation-Equipment in the Balance Sheet Column.
Question 5
When Wild Bill Hickock Company purchased supplies worth $500, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:
A. Cash is overstated and Supplies is overstated.
B. Cash is understated and Supplies is understated.
C. Cash is understated and Supplies is overstated.
D. Cash is overstated and Supplies is understated.
Question 8
The Dividends account
A. must show transactions every accounting period.
B. is increased with debits and decreased with credits.
C. is not a proper subdivision of retained earnings.
D. appears on the income statement along with the expenses of the business.
Question 23
Accrued revenues are
A earned and recorded as liabilities before they are received.
B earned but not yet received or recorded.
C received and recorded as liabilities before they are earned.
D earned and already received and recorded.
Problem #1
Prepare a trial balance.
The accounts in the ledger of Talbot Delivery Service contain the following balances on July 31, 2014.
Accounts Receivable
$10,642
Prepaid Insurance
$ 1,968
Accounts Payable
8,396
Maintenance and Repairs Expense
961
Cash
?
Service Revenue
10,610
Equipment
49,360
Dividends
700
Gasoline Expense
758
Common Stock
40,000
Utilities Expense
523
Salaries and Wages Expense
4,428
Notes Payable
26,450
Salaries and Wages Payable
815
Retained Earnings
4,636
Instructions
Prepare ...
Exercise 8-6 Petty cash fund accounting L.O. P2[The following info.docxrhetttrevannion
Exercise 8-6 Petty cash fund accounting L.O. P2
[The following information applies to the questions displayed below.]
NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory.
references
1.
value:
2.00 points
Exercise 8-6 Part 1
(1)
Prepare journal entry to establish the fund on January 1.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 1
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
2.
value:
2.00 points
Exercise 8-6 Part 2
(2)
Prepare journal entry to reimburse it on January 8.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
3.
value:
2.00 points
Exercise 8-6 Part 3
(3)
Prepare journal entries to both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
4.
value:
6.00 points
Exercise 8-7 Bank reconciliation and adjusting entries L.O. P3
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or deducted from the book or bank balance, or whether it should not appear on the reconciliation.
(Select the answers in the appropriate cells and Leave no cells blank be certain to select "NA" in fields which are not applicable.)
Bank Balance
Book Balance
Shown/Not Shown
1.
Bank service charge for September.
2.
Checks written and mailed to payees on October 2.
3.
Checks written by another depositor but charged against this company’s account.
4.
Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company.
5.
Special bank charge for collection of note in part 4 on this company's behalf.
6.
Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper.
7.
Interest earned on the September cash balance in the bank.
8.
Night deposit made on September 30 after the bank closed.
9.
Checks outstanding on August 31 that cleared the bank in September.
10.
NSF check from customer is returned on September 25 but not yet recorded by this company.
11.
Checks written by the company and mailed to payees on September 30.
12.
Deposit made on September 5 and processed by the bank on September 6.
5.
value:
6.00 points
Problem 8-2A Establish, reimburse, and adjust petty cash L.O. P2
Shawnee Co. .
Directions Answer the following questions on a separate Micro.docxtenoelrx
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
Prepare closing entries at June 30, 2015.
Prepare a post-closing trial balance.
E4-13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4
.
On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
Prepare separate entries for each transaction on the books of Tuzun Company.
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
Prepare the adjusting entry necessary as a result of the physical count.
Prepare closing entries.
E6-1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.
ACC 291 GENIUS NEW Knowledge Specialist--acc291genius.comchrysanthemu76
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the
Financial Accounting PrinciplesAssessment 3 Internal Control ChereCheek752
Financial Accounting Principles
Assessment 3: Internal Control and Accounting for Assets Worksheet
Use this worksheet to complete the following three exercises for Assessment 3. Refer to the instructions in the course for submitting your assessment.Exercise 3-1
The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation.
Section of the October 31 Bank Statement
Previous Balance
Total Checks & Deposits
Total Deposits & Credits
Current Balance
16,345.50
9,695.55
11,146.85
17,796.80
Checks and Debits
Deposits and Credits
Daily Balance
Date
No.
Amount
Date
Amount
Date
Amount
10/02
6798
1,135.50
10/04
1,214.50
09/30
16,345.50
10/05
7002
815.00
10/11
2,054.55
10/02
15,210.00
10/09
7001
1,788.50
10/20
3,990.25
10/04
16,424.50
10/15
605.75
NSF
10/23
2,436.80
10/05
15,609.50
10/19
7004
954.00
10/29
20.75
IN
10/09
13,821.00
10/22
7003
405.35
10/29
1,430.00
CM
10/11
15,875.55
10/25
7005
1,985.95
10/15
15,269.80
10/26
7007
310.35
10/19
14,315.80
10/30
7009
1,695.15
10/20
18,306.05
10/22
17,900.70
10/23
20,337.50
10/25
18,351.55
10/26
18,041.20
10/29
19,491.95
10/30
17,796.80
From Scheiffer’s Accounting Records
Cash Receipts Deposited
Date
Cash Debit
Oct
4
1,214.50
11
2,054.55
20
3,990.25
23
2,436.80
9,696.10
Cash Disbursements
Check No.
Cash Credit
7001
1,788.50
7002
815.00
7003
405.35
7004
954.00
7005
1,955.95
7006
880.50
7007
310.35
7008
325.10
7009
1,695.15
9,129.90
Cash
Account #101
Date
Explanation
PR
Debit
Credit
Balance
Sep
30
Balance
14,686.00
Oct
31
Total receipts
R12
9,696.10
24,382.10
31
Total disbursements
D23
9,129.90
15,252.20
Check #7005 was drawn correctly for $1985.95 to pay for office equipment. The recordkeeper recorded it as a debit for Office Equipment and a credit to Cash for $1955.95, but misread the amount of the check, which was $1985.95. The non-sufficient funds check for a $605.75 account payment was received from a customer, A. B. Fransen. The company has not yet recorded the returned check. The credit memo is the bank’s collection on a $1450.00 note and shows the deduction of a $20.00 collection fee. The company has not recorded the collection or the fee.
Based on the information provided, complete the following tasks:
Prepare an October 31, 2012, bank reconciliation for the Scheiffer Company.
SCHEIFFER COMPANY
Bank Reconciliation
October 31, 2012
[Create the bank reconciliation here.]
Make the necessary journal entries to adjust the book balance of cash to the reconciled balance.
[Create the journal entries here.]
For distinguished performance, provide three possible reasons why some of the numbered checks in the sequence are missing from the bank statement.Exerci ...
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
ACC 205 Effective Communication / snaptutorial.comBaileyz
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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.
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
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 ...
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
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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
Question 2The Trial Balance of the Hope, Faith and Cha.docxwraythallchan
Question 2
The Trial Balance of the Hope, Faith and Charity Company had accounts with the following normal balances: Cash $5,000, Service Revenue $85,000, Salaries and Wages Payable$4,000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Owner’s Capital $42,000, Owner’s Drawings (Withdraws or Dividends) $15,000, Equipment $61,000. The total in the Trial Balance debit column should be:
$131,000.
$216,000.
$91,000.
$116,000.
Question 3
Webber earned $600 for the last week of September. He will be paid on October 2. The adjusting entry for Webber’s employer is:
A. No entry is required.
B. Debit Salary and Wages Expense; Credit Salaries and Wages Payable.
C. Debit Salaries and Wages Expense; Credit Cash.
D. Debit Salaries and Wages Payable; Credit Cash.
Question 4
In the unadjusted trial balance of its worksheet for the year ended December 31, 2016, Gellatin Corporation reported equipment of $120,000. The year-end adjusting entries require an adjustment of $12,000 for depreciation expense for the equipment. After the adjustment, the following adjusted amount should be reported.
A. A debit of $12,000 for Equipment in the balance sheet column.
B. A credit of $12,000 for Deprecation Expense-Equipment for the Income Statement Column.
C. A debit of $120,000 for Equipment in the balance sheet column.
D. A debit of $12,000 for Accumulated Depreciation-Equipment in the Balance Sheet Column.
Question 5
When Wild Bill Hickock Company purchased supplies worth $500, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:
A. Cash is overstated and Supplies is overstated.
B. Cash is understated and Supplies is understated.
C. Cash is understated and Supplies is overstated.
D. Cash is overstated and Supplies is understated.
Question 8
The Dividends account
A. must show transactions every accounting period.
B. is increased with debits and decreased with credits.
C. is not a proper subdivision of retained earnings.
D. appears on the income statement along with the expenses of the business.
Question 23
Accrued revenues are
A earned and recorded as liabilities before they are received.
B earned but not yet received or recorded.
C received and recorded as liabilities before they are earned.
D earned and already received and recorded.
Problem #1
Prepare a trial balance.
The accounts in the ledger of Talbot Delivery Service contain the following balances on July 31, 2014.
Accounts Receivable
$10,642
Prepaid Insurance
$ 1,968
Accounts Payable
8,396
Maintenance and Repairs Expense
961
Cash
?
Service Revenue
10,610
Equipment
49,360
Dividends
700
Gasoline Expense
758
Common Stock
40,000
Utilities Expense
523
Salaries and Wages Expense
4,428
Notes Payable
26,450
Salaries and Wages Payable
815
Retained Earnings
4,636
Instructions
Prepare ...
Exercise 8-6 Petty cash fund accounting L.O. P2[The following info.docxrhetttrevannion
Exercise 8-6 Petty cash fund accounting L.O. P2
[The following information applies to the questions displayed below.]
NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory.
references
1.
value:
2.00 points
Exercise 8-6 Part 1
(1)
Prepare journal entry to establish the fund on January 1.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 1
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
2.
value:
2.00 points
Exercise 8-6 Part 2
(2)
Prepare journal entry to reimburse it on January 8.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
3.
value:
2.00 points
Exercise 8-6 Part 3
(3)
Prepare journal entries to both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
4.
value:
6.00 points
Exercise 8-7 Bank reconciliation and adjusting entries L.O. P3
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or deducted from the book or bank balance, or whether it should not appear on the reconciliation.
(Select the answers in the appropriate cells and Leave no cells blank be certain to select "NA" in fields which are not applicable.)
Bank Balance
Book Balance
Shown/Not Shown
1.
Bank service charge for September.
2.
Checks written and mailed to payees on October 2.
3.
Checks written by another depositor but charged against this company’s account.
4.
Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company.
5.
Special bank charge for collection of note in part 4 on this company's behalf.
6.
Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper.
7.
Interest earned on the September cash balance in the bank.
8.
Night deposit made on September 30 after the bank closed.
9.
Checks outstanding on August 31 that cleared the bank in September.
10.
NSF check from customer is returned on September 25 but not yet recorded by this company.
11.
Checks written by the company and mailed to payees on September 30.
12.
Deposit made on September 5 and processed by the bank on September 6.
5.
value:
6.00 points
Problem 8-2A Establish, reimburse, and adjust petty cash L.O. P2
Shawnee Co. .
Directions Answer the following questions on a separate Micro.docxtenoelrx
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
Prepare closing entries at June 30, 2015.
Prepare a post-closing trial balance.
E4-13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4
.
On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
Prepare separate entries for each transaction on the books of Tuzun Company.
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
Prepare the adjusting entry necessary as a result of the physical count.
Prepare closing entries.
E6-1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.
ACC 291 GENIUS NEW Knowledge Specialist--acc291genius.comchrysanthemu76
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the
Financial Accounting PrinciplesAssessment 3 Internal Control ChereCheek752
Financial Accounting Principles
Assessment 3: Internal Control and Accounting for Assets Worksheet
Use this worksheet to complete the following three exercises for Assessment 3. Refer to the instructions in the course for submitting your assessment.Exercise 3-1
The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation.
Section of the October 31 Bank Statement
Previous Balance
Total Checks & Deposits
Total Deposits & Credits
Current Balance
16,345.50
9,695.55
11,146.85
17,796.80
Checks and Debits
Deposits and Credits
Daily Balance
Date
No.
Amount
Date
Amount
Date
Amount
10/02
6798
1,135.50
10/04
1,214.50
09/30
16,345.50
10/05
7002
815.00
10/11
2,054.55
10/02
15,210.00
10/09
7001
1,788.50
10/20
3,990.25
10/04
16,424.50
10/15
605.75
NSF
10/23
2,436.80
10/05
15,609.50
10/19
7004
954.00
10/29
20.75
IN
10/09
13,821.00
10/22
7003
405.35
10/29
1,430.00
CM
10/11
15,875.55
10/25
7005
1,985.95
10/15
15,269.80
10/26
7007
310.35
10/19
14,315.80
10/30
7009
1,695.15
10/20
18,306.05
10/22
17,900.70
10/23
20,337.50
10/25
18,351.55
10/26
18,041.20
10/29
19,491.95
10/30
17,796.80
From Scheiffer’s Accounting Records
Cash Receipts Deposited
Date
Cash Debit
Oct
4
1,214.50
11
2,054.55
20
3,990.25
23
2,436.80
9,696.10
Cash Disbursements
Check No.
Cash Credit
7001
1,788.50
7002
815.00
7003
405.35
7004
954.00
7005
1,955.95
7006
880.50
7007
310.35
7008
325.10
7009
1,695.15
9,129.90
Cash
Account #101
Date
Explanation
PR
Debit
Credit
Balance
Sep
30
Balance
14,686.00
Oct
31
Total receipts
R12
9,696.10
24,382.10
31
Total disbursements
D23
9,129.90
15,252.20
Check #7005 was drawn correctly for $1985.95 to pay for office equipment. The recordkeeper recorded it as a debit for Office Equipment and a credit to Cash for $1955.95, but misread the amount of the check, which was $1985.95. The non-sufficient funds check for a $605.75 account payment was received from a customer, A. B. Fransen. The company has not yet recorded the returned check. The credit memo is the bank’s collection on a $1450.00 note and shows the deduction of a $20.00 collection fee. The company has not recorded the collection or the fee.
Based on the information provided, complete the following tasks:
Prepare an October 31, 2012, bank reconciliation for the Scheiffer Company.
SCHEIFFER COMPANY
Bank Reconciliation
October 31, 2012
[Create the bank reconciliation here.]
Make the necessary journal entries to adjust the book balance of cash to the reconciled balance.
[Create the journal entries here.]
For distinguished performance, provide three possible reasons why some of the numbered checks in the sequence are missing from the bank statement.Exerci ...
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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chapter 7 part 1.docx
1. Accounting Information Systems
Collects and processes transaction data and communicates financial information to
decision makers.
Includes:
• All steps in the accounting cycle
• Documents that provide evidence of transactions and the records,
trial balances, worksheets, and financial statements that result
• Manual or computerized accounting system
Describe the nature and purpose of a subsidiary ledger
Used to keep track of individual balances.
Two common subsidiary ledgers are:
1. Accounts receivable (customers’)
2. Accounts payable (creditors’)
Advantages of Subsidiary Ledgers
1. Show in a single account transactions affecting one customer or one creditor.
2. Free the general ledger of excessive details.
3. Help locate errors in individual accounts.
4. Make possible a division of labor.
Ex. 111
After Shaw Company had completed all posting for the month of December, the sum of
the balances in the following accounts payable subsidiary ledger did not agree with the
balance of the control account in the general ledger.
Name Austin's
——————————————————————————————————————————
Date Item Post. Ref. Debit Credit Balance
——————————————————————————————————————————
Dec. 2 P25 2,400 2,400
Name Beeman Company
——————————————————————————————————————————
Date Item Post. Ref. Debit Credit Balance
——————————————————————————————————————————
Dec. 1 Balance 7,600
10 CP23 7,600 —
20 P32 3,300 3,300
29 J15 500 3,800
Name Fryar Company
——————————————————————————————————————————
Date Item Post. Ref. Debit Credit Balance
——————————————————————————————————————————
Dec. 1 Balance 9,900
2. 18 CP28 9,900 —
29 P34 10,600 700
Name Maria Lopez
——————————————————————————————————————————
Date Item Post. Ref. Debit Credit Balance
——————————————————————————————————————————
—
Dec. 8 P27 6,000 6,000
27 P33 8,000 14,000
Name Reed Supplies
——————————————————————————————————————————
Date Item Post. Ref. Debit Credit Balance
——————————————————————————————————————————
Dec. 1 Balance 8,200
7 P26 5,600 13,800
12 J11 420 12,380
20 CP29 6,000 18,380
The balance in the Accounts Payable control account of $37,180 has been verified as
correct. Also assume that the journals references in the Post Ref. columns of the accounts
payable subsidiary ledger have been verified as correct.
Instructions
Determine the errors in the preceding accounts payable subsidiary accounts and prepare
a corrected schedule of accounts payable.
Ex. 112
On December 1, the accounts receivable control account balance in the general ledger of the Titus
Company was $9,000. The accounts receivable subsidiary ledger contained the following detailed
customer balances: Abel $1,500, Dole $2,100, Fabb $2,600, and Hall $2,800. The following information is
available from the company's special journals for the month of December:
Cash Receipts Journal: Cash received from Fabb $1,900, from Abel $1,600, from Reese $1,700, and from
Dole $1,800.
Sales Journal: Sales to Reese $4,300, to Fabb $1,700, to Abel $2,300, and to Hall $2,400.
Additionally, Fabb returned defective merchandise for credit for $900. Abel returned defective
merchandise for $600 which he had purchased for cash.
Instructions
(a) Using T-accounts for Accounts Receivable Control and the detail customer accounts, post the
activity for the month of December.
(b) Reconcile the accounts receivable control account with the subsidiary ledger by preparing a detail
list of customer balances at December 31.
3. Solution 112(15 min.)
(a) Control Account: Accounts Receivable
9,000 (CR) 7,000
(SJ) 10,700 (G) 900
Bal. 11,800
Subsidiary Accounts:
Abel Dole
1,500 (CR) 1,600 2,100 (CR) 1,800
(S) 2,300 Bal. 300
Bal. 2,200
Fabb Hall
2,600 (CR) 1,900 2,800
(S) 1,700 (G) 900 (S) 2,400
Bal. 1,500 Bal. 5,200
Reese
(S) 4,300 (CR) 1,700
Bal. 2,600
(b) Listing of accounts receivable at end of the month:
Abel $ 2,200
Dole 300
Fabb 1,500
Hall 5,200
Reese 2,600
Total $11,800 Accounts receivable balance
BE 106
Indicate whether each of the following accounts would be shown in the general ledger or subsidiary ledger.
1. Cash ____________________
2. Accounts Receivable—Jones ____________________
3. Equipment ____________________
4. Accounts Payable—Smith ____________________
5. Common Stock ____________________
6. Sales ____________________
4. Solution 106 (3 min.)
1. General ledger 4. Subsidiary ledger
2. Subsidiary ledger 5. General ledger
3. General ledger 6. General ledger
E7-1B Cope Company uses both special journals and a general journal as described in this chapter. On
June 30, after all monthly postings had been completed, the Accounts Receivable control account in the
general ledger had a debit balance of $200,000; the Accounts Payable control account had a credit
balance of $120,000. The July transactions recorded in the special journals are summarized below. No
entries affecting accounts receivable and accounts payable were recorded in the general journal for July.
Sales journal
Purchases journal
Cash receipts journal
Cash payments journal
Total sales $252,000
Total purchases $151,000
Accounts receivable column total $211,000
Accounts payable column total $152,000
Instructions
(a) What is the balance of the Accounts Receivable control account after the monthly postings on July
31?
(b) What is the balance of the Accounts Payable control account after the monthly postings on July 31?
E7-3B OnSeptember 1 the balance of the Accounts Receivable control account in the general ledger of
Bridges Company was $12,960. The customers’ subsidiary ledger contained
account balances as follows: Gedeno $1,940, Verduzco $3,140, Fernetti $2,560, Fanestil $5,320. At the
end of September the various journals contained the following information.
Sales journal: Sales to Fernetti $900; to Gedeno $1,400; to Miranda $1,500; to Fanestil $1,200.
Cash receipts journal: Cash received from Fernetti $1,610; from Fanestil $2,600; from Miranda $580;
from Verduzco $2,100; from Gedeno $1,540.
General journal: An allowance is granted to Fanestil $325.
Instructions
(a) Set up control and subsidiary accounts and enter the beginning balances. Do not construct the
journals.
(b) Post the various journals. Post the items as individual items or as totals.
(c) Prepare a list of customers and prove the agreement of the controlling account with the subsidiary
ledger at September 30, 2017.
E7-4B Zelli Company has a balance in its Accounts Receivable control account of $15,000 on January 1,
2017. The subsidiary ledger contains three accounts: Kline Company, balance $6,000; Black Company,
balance $3,700; and Finney Company. During January, the following receivable-related transactions
occurred.
Credit Sales
$16,000
11,000
Collections
$12,000
4,000
Returns
$ -0-
4,500
Kline Company
Black Company
13,000 14,000 0 Finney Company
Instructions
(a) What is the January 1 balance in the Finney Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.
E7-5B Magathan Company has a balance in its Accounts Payable control account of $11,600 on January
1, 2017. The subsidiary ledger contains three accounts: Smythe Company, balance $4,200; Edds
Company, balance $2,600; and Willhite Company. During January, the following receivable-related
transactions occurred.
Purchases
$9,500
7,350
Payments
$8,400
2,600
Returns
$ -0-
3,100
Smythe Company
Edds Company
5. 8,900 9,500 0 Willhite Company
Instructions
(a) What is the January 1 balance in the Willhite Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.