E2-11 Assume Down-com was organized on May 1-2010 to compete with Desp.docx
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E2-11 Assume Down.com was organized on May 1,2010 to compete with Despair.com-a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.coms operations. a. Received $60,000 cash from the investors who organized Down.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered computer equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received and paid for the computer equipment ordered in (c). Paid for half of it, and put the rest on account. Prepare a balance sheet. Solution Equity & Liabilities Amount Assets Amount Capital 60000 Cash 70000 Loan 20000 Computer Equipment 16000 Payable for Computer Equipment 8000 Equipment 9000 Payable for Equipment 7000 Total 95000 Total 95000 .
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Acc2051 5
The document provides a tutorial with solutions for ACC 205 Week 1-5 assignments on financial ratios. It includes 16 pages of tutorial solutions and 10 practice problems covering basic accounting concepts like identifying assets, liabilities, revenues and expenses; preparing basic financial statements; journal entries; adjusting entries; and bank reconciliations. The high-level tasks involve preparing basic financial statements, journal entries, adjusting entries and a bank reconciliation based on sample business transactions provided.
Accounting Equation
The document discusses the accounting equation of assets equaling liabilities plus owners' equity. It provides examples of common transactions that occur for a business and their dual effects on the accounting equation. These transactions are to be used to prepare a tabular summary, income statement, owners' equity statement, and balance sheet for a computer programming business called Softbyte for the month of September 2010.
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.
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?
( ...
Basic Accounting Equations1. Recognition of normal balance.docx
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.
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..
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? ...
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Acc2051 5
The document provides a tutorial with solutions for ACC 205 Week 1-5 assignments on financial ratios. It includes 16 pages of tutorial solutions and 10 practice problems covering basic accounting concepts like identifying assets, liabilities, revenues and expenses; preparing basic financial statements; journal entries; adjusting entries; and bank reconciliations. The high-level tasks involve preparing basic financial statements, journal entries, adjusting entries and a bank reconciliation based on sample business transactions provided.
Accounting Equation
The document discusses the accounting equation of assets equaling liabilities plus owners' equity. It provides examples of common transactions that occur for a business and their dual effects on the accounting equation. These transactions are to be used to prepare a tabular summary, income statement, owners' equity statement, and balance sheet for a computer programming business called Softbyte for the month of September 2010.
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.
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?
( ...
Basic Accounting Equations1. Recognition of normal balance.docx
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.
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..
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? ...
ICMAB question april 2013 All level All Questions
This document contains information about the CMA April 2013 examination for the Foundation Level subject "Principles of Accounting". It provides instructions for the exam and includes 5 questions. Question 1 has 3 parts asking students to (a) show accounting transactions in an equation, (b) identify accounting principles/assumptions, and (c) determine when revenue should be recognized. Question 2 has parts about accounting for fixed assets and journalizing transactions. Question 3 covers notes receivable, adjusting entries, and revenue recognition. Questions 4 and 5 contain additional accounting problems and scenarios. The document spans 3 pages and tests students' knowledge of basic accounting concepts.
. 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.
Recording Transactions, Preparing Journal Entries, Posting to T-Accou.pdf
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing a
Statement of Financial Position, and Evaluating the Current Ratio (P2-5) BCE Inc., Canadn's
largest communications company, provides a comprehensive and innovative suite of broadband
communications and content services to consumer, residential, business, and governme
customers in Canada. The following is BCE's (simplified) statement of financial position from a
recent year:
Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021
(ended on December 31, 2021): a. Issued additional shares for $200 in cash. b. Borrowed $6,300
from creditors; due in 10 years. Long Term 300 c. Purchased additional investments for $1,500
cash; one-fifth were long-term and the rest were short-term. 1200 d. Purchased property, plant,
and equipment; paid $4,650 in cash and $850 with additional long-term bank loans. e. Lent $250
to associated companies that signed a six-month note. f. Sold short-term investments costing
$200 for $200 cash. Required: 1. Prepare a journal entry for each transaction. 2. Create a T-
account for each item on the statement of financial position and include the December 31 , 2020
balances. Post each journal entry to the appropriate T-account. 3. Prepare a trial balance as at
December 31, 2021. 4. Prepare a statement of financial position for BCE based on the T-account
ending balances at December 31, 2021. 5. Compute BCE's current ratio for fiscal year 2021.
What does this suggest about the company?.
Devry acct 216 week 2 homework
The document provides instructions for an accounting homework assignment for DeVry ACCT 216 Week 2. It asks the student to write a 4-6 sentence paragraph describing the 4 basic financial statements and their relationship. It also lists 12 transactions from the first month of operations for Jerry Enterprises and requires the student to prepare journal entries for each transaction.
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.
AC1220 Lab 5.3IntroductionJake’s Computer Sales and Repair a.docx
AC1220 Lab 5.3
Introduction
Jake’s Computer Sales and Repair acquired land, land improvements, and a building in exchange for a $180,000 note payable. The building was renovated at a cost of $15,000 before being placed into use. The cost of the renovation work was capitalized, and Jake’s Computer Sale and Repair signed a note payable for the full amount.
Notes payable are dated June 1, 20x1, totaling $195,000. The notes are payable over 10 years at an annual interest rate of 6 percent. The principal is to be repaid in equal annual installments of $19,500 each. Interest and principal payments are scheduled for June 1 each year, from 20x1 to 2x11.
Requirement 1
a. Journalize the issuance of the long-term note payable.
Date
Account and Explanation
Debit
Credit
6/1/x1
To record long-term note payable
b. Compute the interest accrued on the long-term notes payable at December 31, 20x1.
b. Journalize the accrual of interest at December 31, 20x1.
Date
Account and Explanation
Debit
Credit
12/31/x1
To accrue interest on long-term note payable
c. Make the entry necessary at December 31, 20x1, to reclassify the first principal installment on the note payable as the current portion of the long-term notes payable.
Date
Account and Explanation
Debit
Credit
12/31/x1
To accrue interest on long-term note payable
AC1220 ACCOUNTING I Lab 5.3
1
d. Enter the correct amounts into the shaded cells of the following partial balance sheet dated December 31, 20x1:
In the Income Statement for the Year Ended
Dec. 31, 20x1
In the Balance Sheet at Dec. 31, 20x1
Expenses
Current Liabilities
Interest Expense
Current Portion of Long-Term Notes Payable
Long-Term Liabilities
Long-Term Notes Payable
Requirement 2
Jake is considering raising additional cash by issuing $100,000 in bonds with a stated interest rate of 6 percent and a maturity of 10 years.
a. Compute the annual interest payment on the bonds payable.
b. Compute the present value of the bonds if the market interest rate is 8 percent. To compute the present value of the bonds, you can use the present value tables in Appendices B-1 and B-2 of your textbook, or you can set up the following formulas using Microsoft Excel:
c. Would these bonds be issued at a discount or at a premium? Explain.
d. Compute the bond discount or premium.
e. Journalize the issue of the bonds.
Date
Account and Explanation
Debit
Credit
6/1/x1
To accrue interest on long-term note payable
f. Compute the amount by which the discount or premium would be amortized in each period, assuming straight-line amortization.
AC1220 Lab 5.2
Introduction
On July 25, 20x1, Jake’s Computer Sales and Repair enters into an agreement with Inner-Tech, a local computer software development firm. Inner-Tech pays Jake’s Computer Sales and Repair $45,000 in advance for ongoing computer repair services. At year-end, Jake determines that $38,500 of this amount has been e.
Poa0114
The document provides instructions for a Principles of Accounts exam, including details about the exam format, number of items, time allotted, and how to record answers. It instructs students to choose the best answer among four options for each item and shade that answer on their answer sheet. A sample item is provided to demonstrate. The instructions emphasize working quickly and carefully and skipping items that are unknown to return to later. Use of calculators is permitted.
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 ...
Acc 205 week 4 exercise assignment liability new
Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.
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.
Week7 finansial information
The document provides a 3-year financial plan for a new business and annotations for a cash flow projection. It outlines objectives to invest $20,000 annually in internet servers and hiring a search engine optimizer. The cash flow projection lists sources of cash including a $10,000 personal investment and loans. It estimates $5,000 in initial equipment and supplies and $2,000 in security deposits. A bookkeeper is needed to manage payments from users and advertisers since the business does not directly handle money.
University of Maryland University CollegeFinal Examination.docx
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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.
Acc 557 homework 3 chapters 9 and 10
This document provides instructions for completing ACC 557 Homework 3 on chapters 9 and 10. It includes exercises and problems involving the journalization of transactions related to long-term assets, depletion, bonds payable, notes payable, and intangible assets. Students are asked to journalize transactions, calculate amounts, and prepare related journal entries and balance sheet sections. The homework is due in week 6 and is worth 70 points.
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.
Ch 3 Problem Solving Quiz
This document contains 7 problems related to financial statements, cash flows, and taxes. Problem 1 involves calculating earnings per share and retained earnings for Philagem, Inc. Problem 2 shows the effect of net income on Conrad Air, Inc.'s balance sheet under different dividend payment and investment scenarios. Problem 3 requires preparing a statement of retained earnings for Cooper Industries, Inc. Problem 4 involves constructing an income statement to achieve a target net income given changes to sales and expenses. Problems 5-7 present multiple choice and free cash flow questions.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 10/10
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Problemset c questions
The document provides financial information for several hypothetical companies and instructions to calculate various financial ratios based on the information provided. Specifically:
- It presents income statements, balance sheets, and other financial data for multiple companies including Starbucks, Graham Corporation, Barnette Enterprises, Batman Corporation, Spiderman Corporation, and Howard Company.
- For each company, it provides calculations or financial statement preparation tasks to analyze profitability, liquidity, and solvency based on ratios such as net income, earnings per share, working capital, current ratio, debt-to-assets ratio, and free cash flow.
- It also provides condensed financial information for Janzan Corporation and instructs the calculation and interpretation of liquidity,
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 ...
Devry acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
Devry acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
EIRGP ipv4 to ipv6SolutionAnswer-) Customers can configure Enhanced In.docx
EIRGP ipv4 to ipv6
Solution
Answer:)
Customers can configure Enhanced Interior Gateway Routing Protocol (EIGRP) to route IPv6 prefixes. EIGRP IPv4 runs over an IPv4 transport, communicates only with IPv4 peers, and advertises only IPv4 routes, and EIGRP for IPv6 follows the same model. EIGRP for IPv4 and EIGRP for IPv6 are configured and managed separately. However, the configuration of EIGRP for IPv4 and IPv6 is similar and provides operational familiarity and continuity.
EIGRP has the following four basic components::
1. Neighbor discovery
2. Reliable transport protoco
3. DUAL finite state machine
4. Protocol-dependent modules
.
e) titanium (II) acetate f) vanadium (V) sulfide g) chromium (III) hyd.docx
e) titanium (II) acetate f) vanadium (V) sulfide g) chromium (III) hydroxide h) lithium iodide i) lead (II) nitride j) silver bromide 3. Write the formulas for the following acids: a) Permanganic acid b) Perchloric acid c) Boric acid d) Chlorous acid c) Hypochlorous acid 4. Name the following hydrates: a) BaCl2-2H-0 covalent compound nomirg nonmeta tnon 5. Name the following compounds: mtol a) PCls b) CBr c) Co e) N20 P20 h) SF idlt -ck prnphov.wcpt V HOOX?de Pros
Solution
e)Titaniu(II)acetate - Ti(C2H3O2)2
f) Vanadium (v) sulphide-V2S5
g) Chromium (iii)hydroxide-Cr(OH)3
h) Lithium iodide- LiI
i) lead (iii i)nitride --Pb(NO3)2
Q. 3
a)Permanganic acid- HMnO4
b) Perchloric acid- HClO4
C)Boric acid- H3BO3
d)Chlorous acid- HClO2
e)Hypochlorous acid- HClO
.
More Related Content
Similar to E2-11 Assume Down-com was organized on May 1-2010 to compete with Desp.docx
. 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.
Recording Transactions, Preparing Journal Entries, Posting to T-Accou.pdf
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing a
Statement of Financial Position, and Evaluating the Current Ratio (P2-5) BCE Inc., Canadn's
largest communications company, provides a comprehensive and innovative suite of broadband
communications and content services to consumer, residential, business, and governme
customers in Canada. The following is BCE's (simplified) statement of financial position from a
recent year:
Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021
(ended on December 31, 2021): a. Issued additional shares for $200 in cash. b. Borrowed $6,300
from creditors; due in 10 years. Long Term 300 c. Purchased additional investments for $1,500
cash; one-fifth were long-term and the rest were short-term. 1200 d. Purchased property, plant,
and equipment; paid $4,650 in cash and $850 with additional long-term bank loans. e. Lent $250
to associated companies that signed a six-month note. f. Sold short-term investments costing
$200 for $200 cash. Required: 1. Prepare a journal entry for each transaction. 2. Create a T-
account for each item on the statement of financial position and include the December 31 , 2020
balances. Post each journal entry to the appropriate T-account. 3. Prepare a trial balance as at
December 31, 2021. 4. Prepare a statement of financial position for BCE based on the T-account
ending balances at December 31, 2021. 5. Compute BCE's current ratio for fiscal year 2021.
What does this suggest about the company?.
Devry acct 216 week 2 homework
The document provides instructions for an accounting homework assignment for DeVry ACCT 216 Week 2. It asks the student to write a 4-6 sentence paragraph describing the 4 basic financial statements and their relationship. It also lists 12 transactions from the first month of operations for Jerry Enterprises and requires the student to prepare journal entries for each transaction.
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.
AC1220 Lab 5.3IntroductionJake’s Computer Sales and Repair a.docx
AC1220 Lab 5.3
Introduction
Jake’s Computer Sales and Repair acquired land, land improvements, and a building in exchange for a $180,000 note payable. The building was renovated at a cost of $15,000 before being placed into use. The cost of the renovation work was capitalized, and Jake’s Computer Sale and Repair signed a note payable for the full amount.
Notes payable are dated June 1, 20x1, totaling $195,000. The notes are payable over 10 years at an annual interest rate of 6 percent. The principal is to be repaid in equal annual installments of $19,500 each. Interest and principal payments are scheduled for June 1 each year, from 20x1 to 2x11.
Requirement 1
a. Journalize the issuance of the long-term note payable.
Date
Account and Explanation
Debit
Credit
6/1/x1
To record long-term note payable
b. Compute the interest accrued on the long-term notes payable at December 31, 20x1.
b. Journalize the accrual of interest at December 31, 20x1.
Date
Account and Explanation
Debit
Credit
12/31/x1
To accrue interest on long-term note payable
c. Make the entry necessary at December 31, 20x1, to reclassify the first principal installment on the note payable as the current portion of the long-term notes payable.
Date
Account and Explanation
Debit
Credit
12/31/x1
To accrue interest on long-term note payable
AC1220 ACCOUNTING I Lab 5.3
1
d. Enter the correct amounts into the shaded cells of the following partial balance sheet dated December 31, 20x1:
In the Income Statement for the Year Ended
Dec. 31, 20x1
In the Balance Sheet at Dec. 31, 20x1
Expenses
Current Liabilities
Interest Expense
Current Portion of Long-Term Notes Payable
Long-Term Liabilities
Long-Term Notes Payable
Requirement 2
Jake is considering raising additional cash by issuing $100,000 in bonds with a stated interest rate of 6 percent and a maturity of 10 years.
a. Compute the annual interest payment on the bonds payable.
b. Compute the present value of the bonds if the market interest rate is 8 percent. To compute the present value of the bonds, you can use the present value tables in Appendices B-1 and B-2 of your textbook, or you can set up the following formulas using Microsoft Excel:
c. Would these bonds be issued at a discount or at a premium? Explain.
d. Compute the bond discount or premium.
e. Journalize the issue of the bonds.
Date
Account and Explanation
Debit
Credit
6/1/x1
To accrue interest on long-term note payable
f. Compute the amount by which the discount or premium would be amortized in each period, assuming straight-line amortization.
AC1220 Lab 5.2
Introduction
On July 25, 20x1, Jake’s Computer Sales and Repair enters into an agreement with Inner-Tech, a local computer software development firm. Inner-Tech pays Jake’s Computer Sales and Repair $45,000 in advance for ongoing computer repair services. At year-end, Jake determines that $38,500 of this amount has been e.
Poa0114
The document provides instructions for a Principles of Accounts exam, including details about the exam format, number of items, time allotted, and how to record answers. It instructs students to choose the best answer among four options for each item and shade that answer on their answer sheet. A sample item is provided to demonstrate. The instructions emphasize working quickly and carefully and skipping items that are unknown to return to later. Use of calculators is permitted.
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 ...
Acc 205 week 4 exercise assignment liability new
Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.
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.
Week7 finansial information
The document provides a 3-year financial plan for a new business and annotations for a cash flow projection. It outlines objectives to invest $20,000 annually in internet servers and hiring a search engine optimizer. The cash flow projection lists sources of cash including a $10,000 personal investment and loans. It estimates $5,000 in initial equipment and supplies and $2,000 in security deposits. A bookkeeper is needed to manage payments from users and advertisers since the business does not directly handle money.
University of Maryland University CollegeFinal Examination.docx
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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.
Acc 557 homework 3 chapters 9 and 10
This document provides instructions for completing ACC 557 Homework 3 on chapters 9 and 10. It includes exercises and problems involving the journalization of transactions related to long-term assets, depletion, bonds payable, notes payable, and intangible assets. Students are asked to journalize transactions, calculate amounts, and prepare related journal entries and balance sheet sections. The homework is due in week 6 and is worth 70 points.
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.
Ch 3 Problem Solving Quiz
This document contains 7 problems related to financial statements, cash flows, and taxes. Problem 1 involves calculating earnings per share and retained earnings for Philagem, Inc. Problem 2 shows the effect of net income on Conrad Air, Inc.'s balance sheet under different dividend payment and investment scenarios. Problem 3 requires preparing a statement of retained earnings for Cooper Industries, Inc. Problem 4 involves constructing an income statement to achieve a target net income given changes to sales and expenses. Problems 5-7 present multiple choice and free cash flow questions.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 10/10
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Problemset c questions
The document provides financial information for several hypothetical companies and instructions to calculate various financial ratios based on the information provided. Specifically:
- It presents income statements, balance sheets, and other financial data for multiple companies including Starbucks, Graham Corporation, Barnette Enterprises, Batman Corporation, Spiderman Corporation, and Howard Company.
- For each company, it provides calculations or financial statement preparation tasks to analyze profitability, liquidity, and solvency based on ratios such as net income, earnings per share, working capital, current ratio, debt-to-assets ratio, and free cash flow.
- It also provides condensed financial information for Janzan Corporation and instructs the calculation and interpretation of liquidity,
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 ...
Devry acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
Devry acct 550 final exam
acct 550,devry acct 550,devry acct 550 entire course,devry acct 550entire class,devry acct 550 all dq,devry acct 550 final exam,devry acct 550 midterm 100,devry acct 550 entire course with midterm and final exam,devry acct 550 week 1,devry acct 550 week 2,devry acct 550 week 3,devry acct 550 week 4,devry acct 550 week 5,devry acct 550 week 6,devry acct 550 week 7,devry acct 550 tutorials,devry acct 550assignments,devry acct 550 help
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Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
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University of Maryland University CollegeFinal Examination.docx
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.
er truck carrying Lead (I) hydroxide has crashed and spilled it conten.docx
er truck carrying Lead (I) hydroxide has crashed and spilled it contents. Before the solid Lead (1Il) hydroxide could be cleaned up it starts to rai comes down before the solid can be cleaned up how many miligrams of Lead (II) ion are now in the ground? (Ksp = 1.43 x 10-0) 8. A tanker n. If 2650 L of rain (pH-5.6)
Solution
PH = 5.6
-log [H3O+] = 5.6
[H3O+] = 2.51 * 10^-6 M
2650 L of 2.51 * 10^-6 M H3O+ = 2650 * 2.51 * 10^-6 = 6.656 * 10^-3 mole.
one mole OH- is neutralize by one mole H3O+ ion.
Pb(OH)2.............> Pb2+ + 2 OH-
moles of Pb2+ ion = 6.656 * 10^-3 / 2 = 3.33 * 10^-3 mole = 3.33 * 10^-3 * 270.2 = 0.689.6 gm = 689.6 mg lead (II) ion.
miligrams of lead (II) ion = 689.6 mg.
.
Environmental engineering class (Hw10-q1) A sound power level reading.docx
Environmental engineering class
(Hw10/q1)
A sound power level reading of 127 dB was taken near a construction site where chippers were being used. When all but one of the chippers stopped working, the sound power level reading was 120 dB. Estimate the number of chippers in operation when the reading of 127 was obtained. You may assume that the sources may be treated as ideal point sources located at the same point.
Solution
Change in sound power level= 127-120=7 dB
Change in sound power level= L= 10 Log 10 (I/I 0 )
7 = 10*Log 10 (I/I 0 )
Log 10 (I/I 0 ) = 0.7
(I/I 0 ) = 10^0.7 = 5.0
As only chippers contributed to the noise level, the initial level of intensity was 5 times the level of sound pressure level produced by one chipper.
Hence, there were 5 chippers working initially
.
Enderle Ch 3 Problems 3-15 Describe how the hereditary information con.docx
Enderle Ch 3 Problems
3.15 Describe how the hereditary information contained in genes within the cell
Solution
1)Genes i would assume. But it could also be chromosomes, or DNA.
genes direct the production of proteins?
Most genes contain the information needed to make functional molecules called proteins. (A few genes produce other molecules that help the cell assemble proteins.) The journey from gene to protein is complex and tightly controlled within each cell. It consists of two major steps: transcription and translation. Together, transcription and translation are known as gene expression.
During the process of transcription, the information stored in a gene
.
Encapsulation protects data in transit till it reaches its destination.docx
Encapsulation protects data in transit till it reaches its destination.
What is encapsulation?
Why is encapsulation necessary for communication between processes operating at the same layer but on different hosts, routers, or switches?
Solution
During the process of sending a message, the message will take a form of packet.using different protocols(osi,upd) Here osi (open system interconnection) model layer adds a header to packet.the packet is then covered with some information directing it towards to destination such as address of next node,protocol information,type of data, source and destination address.
Encapsulaion is necessary to send data in secured and the transamission happening across same layers on different hosts or protocol.
the different layers in osi model are
Encapsulation refers to the process of taking data from one protocol and translating it into another protocol
using different protocols.
.
Elizabeth Corporation owns 2-450 shares of Matthews Corporation- Matth.docx
Elizabeth Corporation owns 2,450 shares of Matthews Corporation. Matthews Corporation has 51,225 shares of stock outstanding. Matthews paid $5 per share in cash dividends to its stockholders. The entry to record the receipt of these dividends, includes a credit in the dollar amount of?
Solution
Holding of Elizabeth Corporation in Mathews Corporation = (2450/51225)/100=4.73%
Since holding is less than 20%, Equity method is not followed
.
Electromagnetic waves or EM waves are waves that are created as a resu.docx
Electromagnetic waves or EM waves are waves that are created as a result of vibrations between an electric field and a magnetic field. What causes the electric and the mgnetic field in the air?
Solution
Let see how we can truly understand what EMwaves are.
Electromagnetic waves are a form through which energy is transmitted. These waves are made up of electric and magnetic fields. They can travel through a medium (such as air) as well as through vacuum. Thus, we can imagine EM waves as packets of energy. Light is an EM wave. Light is made up of oscillating electric and magnetic fields. However, light itself also acts as a particle (wave-particle duality). Thus there is no other particle or medium required to cause the fields.
Thus, no component of air causes the electric and magnetic fields in EM waves. Rather EM themselves are particles (so to say) causing the oscillating electric and magnetic fields, irrespective of medium.
.
Drag the a telow ts SolutionRevesible - Solid melting infinitsimally s.docx
Drag the a telow ts
Solution
Revesible :
Solid melting infinitsimally slowly above its melting point.
Liquid vaporizing infinitsimally slowly at its boiling point.
Gas condensing infinitisimally slowly at its condensing point.
Liquid freeing infinitisimally slowly at its freezing point.
A single swing of a real pendulum.
Irreversible :
Gas condensing below its condensation point
Liquid freezing below its freezing point
Liquid vaporizing above its boiling point.
A single swing of a frictionless pendulum
.
Electromagnetic Radiation What types of processes occur in atoms or mo.docx
Electromagnetic Radiation What types of processes occur in atoms or molecules for each type of radiation? Hold and drag to reorder Gamma-rays -Nuclear energy transitions X-rays Valence electron -transitions Ultraviolet Valence electron transitions Visible Molecular rotationsand Electron spin transitions Molecular vibrations Nuclear spin transitions Inner-shell electron Infrared Microwaves ? Radiofrequency transitions
Solution
Radio waves : Nuclear Spin Transitions
Micro waves : Molecular Rotation and electronic spin transitions
IR : Molecular Vibrations
UV and Visible : Valence Electronic Transitions
X-rays : Inner Shell Electronic Transition
Gamma rays : Nuclear Energy Transitions
.
consider the following oxides- how many are expected to form basic sol.docx
consider the following oxides: how many are expected to form basic solutions in water? SO2, Y2O3, Cl2O, and N2O5. write their reactions with water
consider the following oxides: how many are expected to form basic solutions in water? SO2, Y2O3, Cl2O, and N2O5. write their reactions with water
Solution
The oxides which react with water to give base is : Y2O3
The reaction is given as :
Y2O3 + H2O = 2YO(OH)
Rest all other oxides when react with water form acid , so the solutions are acidic in nature.
.
Consider sound intensities for two sound waves- Denote the angular fre.docx
Consider sound intensities for two sound waves. Denote the angular frequency, the amplitude and the intensity of the first sound wave by ?1, A1, and I1 and of the second by ?2, A2, and I2, respectively. If ?2 = 2 ?1 and A2 = A1, find ?2 ? ?1 to the nearest integer.
Solution
we know one of the relations of the sound intentisy is
Intensity is I = (0.5)B*w*k*A^2
here B, k, a are same
so the intensity depends on W only
we have the decibel scale
?  = 10 log(I/I0)
?2 ? ?1 = log(w1/w2)
given w2=2w1
?2 ? ?1 = log(w1/2w1)
?2 ? ?1 = log(1/2) = -0.3010
?2 ? ?1 =-0.3010 dB = 1 dB
.
Controls should work in a layered approach- Review the following diagr.docx
Controls should work in a layered approach. Review the following diagram; in which order does the diagram most closely represent?
Figure PE2-1. Layered defense.
A. (1) Physical/preventative, (2) administrative/preventative, (3)technical/deterrent control layered approach
B. (1) Physical/preventative/deterrent, (2)technical /preventative/detective/, (3)administrative/preventative layered approach
C. (1)Deterrent/preventative, (2) administrative/ detective (3) preventative training
D. (1) Physical/preventative/deterrent, (2)hardware/software preventative (3)administrative/preventative layered approach
(1.) 8 foot fence and no trespassing sign (2.) DES, MD5, and NAC (3.) Policy on PIl with awareness training Data center, asset
Solution
B. (1) Physical/preventative/deterrent, (2)technical /preventative/detective/, (3)administrative/preventative layered approach
Defense in depth can be presented in many ways.
.
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