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Hought Offion Machines, Incits acoourtants assertbled the following selocted data for the year ended December 31,2018 : III (Cick the icon to view the curtent accounts.) It (Cick the icon to view the transacion data.) Requirement 1. Prepare Heught Oflice Machines, Inc's stalement of cash flows using the hdirect methed to report operasing activbes. List noncash investing and finanoing activites on an acoompanying schedule Hought Citice Machines, incis accountants assembled the following solected daa for the year ended December 31,2018. HII (Ciok the ioge lo ved the cumpent accounts) (Click the icon to viow the vamsacton data) Requiremeat 1. Prepare Houpht Ofice Machines, the 's statement of cash fiows using the indirect method to report operating activies. List noncasti investing and fnancing activibes on an accompanying schedule 5 assembled the following selected data for the year ended December 31, 2018: (Click the icon to view the transaction data.) acis statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Data table Data table Stevens Office Machines, Inc's accountants assembled the following selected data for the year ended December 31, 2018: III (Cick the icon bo viow the cartent acoounts) (Cick the icon to view the transaction data) Requirement 1. Prepare Shevens Osce Machines. Inci. stalement of cash flows using the indrect method to report operating activios. List noncesh investing and financing activises on an accompanying schedule. Wement one soction at a fime, beginning with the cash flows trom operating activites. (Use parentheses or a minus sign for numb Data table Data table.
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P4-7P4-7 Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period, December 31, 2014:Account TitlesDebitCredit Cash$ 42,000 Accounts receivable11,600 Supplies900 Prepaid insurance800 Service trucks19,000 Accumulated depreciation$ 9,200 Other assets8,300 Accounts payable3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31)17,000 Common stock (5,000 shares outstanding)400 Additional paid-in capital19,000 Retained earnings6,000 Service revenue61,360 Remaining expenses (not detailed; excludes income tax)33,360 Income tax expense Totals$ 115,960$ 115,960Data not yet recorded at December 31, 2014, included:a.The supplies count on December 31, 2014, reflected $300 remaining supplies on hand to be used in 2015.b.Insurance expired during 2014, $800.c.Depreciation expense for 2014, $3,700.d.Wages earned by employees not yet paid on December 31, 2014, $640.e.Income tax expense, $5,540.Required:1Record the 2014 adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)TransactionGeneral JournalDebitCredita.b.c.d.e.Required:2-a.Prepare an income statement that includes the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.)TUNSTALL, INC.Income StatementFor the Year Ended December 31, 2014Operating revenue:Operating expenses:Total expenses-Earnings per shareRequired:2-b.Prepare a classified balance sheet that includes the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.)TUNSTALL, INC.Balance SheetAt December 31, 2014AssetsLiabilities and Stockholders’ EquityCurrent assets:Current liabilities:Total current assets-Total current liabilities-Total liabilities-Stockholders' equity:Total stockholders' equity-Total assets$ -Total liabilities and stockholders' equity$ -Required:3Record the 2014 closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)TransactionGeneral JournalDebitCredit1
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Cost accounting was developed to overcome the limitations of financial accounting in providing useful cost data to management for planning, decision-making, and control. Financial accounting only provides past overall financial results, rather than current detailed cost information for products, processes, and operations. Cost accounting was developed to ensure optimum resource utilization, achieve overall business efficiency, and ascertain metrics like break-even point that financial accounting cannot provide. It has evolved from primarily tracking direct costs to also incorporating overhead costs, using standard costs, and applying costing principles to all business functions and industries.
RPBS Top Secret Tools
This document provides an overview of cloud-based bookkeeping services. It discusses the key financial reports that a bookkeeper can generate, including the balance sheet, income statement, cash flow statement, and benchmark data. It explains how these reports can help business owners monitor the financial health and performance of their company. The document also covers value marketing techniques like social media marketing and email campaigns. It promotes the benefits of outsourcing bookkeeping to a virtual bookkeeper using cloud-based software like QuickBooks Online or Xero.
Financial accounting (1)
This document provides an overview of financial accounting. It defines accounting and describes its objectives and approaches. There are two main forms of accounting: financial accounting and management accounting. Financial accounting provides summarized information to external users primarily through financial statements, while management accounting provides detailed internal information for decision making. The document also discusses the various users of accounting information, both internal and external, and their different information needs. It provides multiple choice questions to test understanding of these concepts.
Ms 04 accounting and finance for managers (1)
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Ms 04 accounting and finance for managers (1)
Dear students get fully solved SMU MBA assignments
Send your semester & Specialization name to our mail id :
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Intermediate accounting
This document summarizes an intermediate accounting presentation discussing various accounting concepts and questions. It discusses the impact of corporate form of business on financial reporting and the nine components that comprise the FASB conceptual framework. It also addresses questions about organizing costs, capitalizing costs such as copyrights and franchises, the conceptual framework of financial accounting, and the major objectives and qualitative characteristics of financial reporting as specified by FASB.
Brief Exercise 22-1At the beginning of 2017, Bonita Constructi.docx
Brief Exercise 22-1
At the beginning of 2017, Bonita Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2017, pretax income under the two methods was as follows: percentage-of-completion $110,900, and completed-contract $80,300. The tax rate is 35%.
Prepare Bonita’s 2017 journal entry to record the change in accounting principle. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
Brief Exercise 22-4
Flint Company changed depreciation methods in 2017 from double-declining-balance to straight-line. Depreciation prior to 2017 under double-declining-balance was $87,900, whereas straight-line depreciation prior to 2017 would have been $54,900. Flint’s depreciable assets had a cost of $241,300 with a $43,800 salvage value, and an 8-year remaining useful life at the beginning of 2017.
Prepare the 2017 journal entry related to Flint’s depreciable assets (Equipment). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
Brief Exercise 22-7
At January 1, 2017, Pearl Company reported retained earnings of $2,081,000. In 2017, Pearl discovered that 2016 depreciation expense was understated by $426,000. In 2017, net income was $812,000 and dividends declared were $271,000. The tax rate is 40%.
Prepare a 2017 retained earnings statement for Pearl Company.
PEARL COMPANY
Retained Earnings Statement
$
:
:
:
$
Brief Exercise 22-8
Indicate the effect—Understate, Overstate, No Effect—that each of the following errors has on 2017 net income and 2018 net income.
2017
2018
(a)
Equipment purchased in 2015 was expensed.
(b)
Wages payable were not recorded at 12/31/17.
(c)
Equipment purchased in 2017 was expensed.
(d)
2017 ending inventory was overstated.
(e)
Patent amortization was not recorded in 2018.
Exercise 22-2
Marigold Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015–2017.
Net Income Computed Using
Average-Cost Method
FIFO Method
LIFO Method
2015
$16,150
$18,870
$12,080
2016
17,860
20,890
14,140
2017
19,850
25,100
17,020
(a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I.
Accountants for Morston- Inc have assembled the following data for the.pdf
Accountants for Morston, Inc have assembled the following data for the year ended December
31,2024 (Click the icon to view the current accounts) (Click the icon to view the transaction
data) Prepare Morston's statement of cash flows using the indirect method Include an
accompanying schedule of non-cast investing and financing activities. Complete the statement
one section at a time, beginning with the cash flows from operating activities (Use a minus sign
or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement,
leave the box empty, do not select a label or enter a zero.) Morston, Inc. Statement of Cash
Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net income
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities:
Net Cash Provided by (Used for) Operating Activities Data table Prepare Morston's statement of
cash flows using the indirect method Include an accompanying schedule of non-cash investing
and tinancing activites Data table.
Understanding Financial/Reports Statements
Financial Accounting is the guide-post for the management. The financial score of the firm is kept by the financial accounting system
IGNOU -MCOM - MCO -7 financial management
Here are the journal entries for the transactions under the British approach:
1. Ajit's Capital A/c Dr. To Cash A/c (Capital introduced)
(Personal, Real)
2. Bank A/c Dr. To Cash A/c (Deposit into bank)
(Real, Real)
3. Purchase A/c Dr. To Cash A/c (Goods purchased for cash)
(Nominal, Real)
4. Cash A/c Dr. To Sales A/c (Goods sold for cash)
(Real, Nominal)
5. Furniture A/c Dr. To Bank A/c (Furniture purchased by cheque)
Similar to Hought Offion Machines, Incits acoourtants assertbled the followi.pdf (15)
P4-7P4-7 Recording Adjusting and Closing Entries and Preparing a B.docx
P4-7P4-7 Recording Adjusting and Closing Entries and Preparing a B.docx
Brief Exercise 22-1At the beginning of 2017, Bonita Constructi.docx
Brief Exercise 22-1At the beginning of 2017, Bonita Constructi.docx
Accountants for Morston- Inc have assembled the following data for the.pdf
Accountants for Morston- Inc have assembled the following data for the.pdf
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** In java
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
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His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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