The document discusses accounting principles related to completing the accounting cycle. It includes objectives, a review of worksheets and closing books, exercises on adjusting entries, and sample adjusted trial balances. The exercises guide the preparation of adjusting entries, income statements, and owner's equity statements from accounting information.
Pengenaan Pajak Penghasilan atas Jasa Konstruksi mengalami dispute dan dinamika tersendiri. Dalam Undang-Undang Pajak Penghasilan (UU PPh), jasa konstruksi disebutkan dalam dua pasal yang berbeda. Selain di kenakan PPh final pasal 4 Ayat (2) huruf d dan jasa konstruksi juga dapat dikenakan pemotongan PPh tidak final, PPh pasal 23.
Dalam Pasal 4 ayat (2) huruf d UU PPh frase kata yang digunakan adalah “usaha jasa konstruksi”. Sementara dalam Pasal 23 ayat (1) huruf c angka 2 UU PPh, frase yang digunakan hanya “jasa konstruksi” tanpa didahului kata ‘usaha’ seperti di Pasal 4 ayat (2).
Perbedaan kedua frase kata dalam kedua pasal tersebut mengindikasikan bahwa subjek pajak yang dimaksud kedua pasal itu juga berbeda. Perbedaan tersebut ada pada ada atau tidak nya Sertifikasi Badan Usaha pada Wajib pajak meskipun jasa yang dimaksudkan nyaris sama, yaitu jasa konstruksi.
Pengenaan Pajak Penghasilan atas Jasa Konstruksi mengalami dispute dan dinamika tersendiri. Dalam Undang-Undang Pajak Penghasilan (UU PPh), jasa konstruksi disebutkan dalam dua pasal yang berbeda. Selain di kenakan PPh final pasal 4 Ayat (2) huruf d dan jasa konstruksi juga dapat dikenakan pemotongan PPh tidak final, PPh pasal 23.
Dalam Pasal 4 ayat (2) huruf d UU PPh frase kata yang digunakan adalah “usaha jasa konstruksi”. Sementara dalam Pasal 23 ayat (1) huruf c angka 2 UU PPh, frase yang digunakan hanya “jasa konstruksi” tanpa didahului kata ‘usaha’ seperti di Pasal 4 ayat (2).
Perbedaan kedua frase kata dalam kedua pasal tersebut mengindikasikan bahwa subjek pajak yang dimaksud kedua pasal itu juga berbeda. Perbedaan tersebut ada pada ada atau tidak nya Sertifikasi Badan Usaha pada Wajib pajak meskipun jasa yang dimaksudkan nyaris sama, yaitu jasa konstruksi.
Cash is the most liquid of assets.
Offers both liquidity and flexibility.
Both the beginning and the end of a company’s operating cycle.
Contrast: Accrual accounting and Cash basis accounting.
Net cash flow as the end measure of profitability.
Cash flow analysis helps in assessing liquidity, solvency, and financial flexibility.
Cash is the most liquid of assets.
Offers both liquidity and flexibility.
Both the beginning and the end of a company’s operating cycle.
Contrast: Accrual accounting and Cash basis accounting.
Net cash flow as the end measure of profitability.
Cash flow analysis helps in assessing liquidity, solvency, and financial flexibility.
Sample of a Comparable Balance Sheet Spence Resources In.docxWilheminaRossi174
Sample of a Comparable Balance Sheet
Spence Resources Inc.
Balance Sheet
December 31
2020 2019 2018
Assets
Current assets
Cash ..................................................... $ 72,520 $ 98,434 $ 103,040
Accounts receivable, net .................... 261,520 176,316 137,760
Inventory .............................................. 312,200 231,000 148,400
Prepaid expenses ................................ 27,160 26,520 11,200
Total current assets ............................ 673,400 532,270 400,400
Plant assets, net ..................................... 777,000 714,000 642,600
Total assets .............................................. $1,450,400 $1,246,270 $1,043,000
Liabilities
Accounts payable ................................... $ 360,920 $ 210,700 $ 137,900
Long-term notes payable ....................... 273,000 287,000 231,000
Total liabilities ........................................ 633,920 $ 497,700 $ 368,900
Equity
Common shares
45,500 shares issued and outstanding
455,000
455,000
455,000
Retained earnings .................................. 361,480 293,570 219,100
Total equity ............................................. 816,480 748,570 674,100
Total liabilities and equity ........................ $1,450,400 $1,246,270 $1,043,000
2020
2019
Favourable or
Unfavourable
a. Return on common shareholders’ equity1 .... 12.2% 12.4% Unfavourable
b. Price-earnings2 ............................................... 14.35 14.43 Unfavourable
c. Dividend yield3 ................................................ 2.0% 1.07% Favourable
Calculations:
1. Return on common shareholders’ equity:
2020: $95,210* × 100 = 12.2%
($816,480 + $748,570)/2
2019: $88,120** × 100 = 12.4%
($748,570 + $674,100)/2
*calculated as follows: 361,480 – 293,570 = 67,910 change in retained earnings from
2019 to 2020 plus dividends declared (45,500 X 0.60 = 27,300) equals profit of $95,210.
** calculated as follows: 293,570 – 219,100 = 74,470 change in retained earnings from
2018 to 2019 plus dividends declared (45,500 X 0.30 = 13,650) equals profit of $88,120.
2. Price earnings ratio, December 31:
2020: $30/$2.09* = 14.35
2019: $28/$1.94** = 14.43
*$95,210/45,500 shares = $2.09 EPS
**$88,120/45,500 shares = $1.94 EPS
3. Dividend yield:
2020: ($.60/$30) x 100 = 2.0%
2019: ($.30/$28) x 100 = 1.07%
Yemp Yoga Western Sports
Current ratio 4.09 4.75
Debt ratio 20.36% 18.06%
Gross profit ratio 67.24% 54.74%
- Western Sport Clothing has a superior current ratio indicating that it is better able
to meet its short-term obligations than Hemp Yoga Clothing.
-
- Hemp has a lower Current ratio, so not as good as Western, but certainly over the .
Cambridge International Advanced Level
Accounting (9706)
A Level - Paper 3
Financial Accounting
Consignment Accounts
Consignor , Consignee/Agent, Commission
Del Credere Commission
All the theories with steps
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ACCT 221 Final Exam Sum13 1 Final Examination Princ.docxannetnash8266
ACCT 221 Final Exam Sum13 1
Final Examination
Principles of Accounting lI
ACCT 221
Summer 2013
Administrative Notes:
You may use a calculator, your textbook, WileyPLUS resources, and
anything posted in our WebTycho classroom.
The exam must be completed and submitted within 4 hours of the time you
open the private message that contains your exam.
Type all answers on the Answer Sheet, which is also attached to
the Private Message.
Attach your completed Answer Sheet in your assignment folder in
WebTycho.
Late submissions will be penalized 10% per hour and any portion of an hour.
ACCT 221 Final Exam Sum13 2
Multiple Choice: 2 points each
1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds
at 103. Interest is payable semiannually on January 1 and July 1. The journal
entry to record this transaction on January 1, 2013 is
a. Cash ............................................................................ 5,000,000
Bonds Payable ..................................................... 5,000,000
b. Cash ............................................................................ 5,150,000
Bonds Payable ..................................................... 5,150,000
c. Premium on Bonds Payable ........................................ 150,000
Cash ............................................................................ 5,000,000
Bonds Payable ..................................................... 5,150,000
d. Cash ............................................................................ 5,150,000
Bonds Payable ..................................................... 5,000,000
Premium on Bonds Payable ................................ 150,000
2. Levin Company issued 500 shares of no-par common stock for $5,500. Which of
the following journal entries would be made if the stock has a stated value of
$2 per share?
a. Cash 5,500
Common Stock 5,500
b. Cash 5,500
Common Stock 1,000
Paid-in Capital in Excess of Par 4,500
c. Cash 5,500
Common Stock 1,000
Paid-in Capital in Excess of Stated Value 4,500
d. Common Stock 5,500
Cash 5,500
ACCT 221 Final Exam Sum13 3
3. Motes industries owns 45% of Newton Company. For the current year, Newton
reports net income of $250,000 and declares and pays a $60,000 cash
dividend. Which of the following correctly presents the journal entries to
record Motes’ equity in Newton’s net income and the receipt of dividends
from Newton?
a. Dec. 31 Stock Investments .......................... 112,500
Revenue from Stock Investments 112,500
Dec. 31 Cash ................................................ 27,000
Stock Investments .................... 27,000
b. Dec. 31 Stock Investments ........................... 112,500
Revenue from Stock In.
Genmo CorporationOn the night of February 27, 2012, certain recor.pdfsolimankellymattwe60
Genmo Corporation*
On the night of February 27, 2012, certain records of the Genmo Corporation were accidentally
destroyed by fire. Two days after that the principal owner had an appointment with an investor to
discuss the possible sale of the company. The owner needed as much information as could be
gathered for this purpose, recognizing that over a longer period of time a more complete
reconstruction would be possible.
On the morning of February 28, the following were available: (1) A balance sheet as of
December 31, 2010, and an income statement for 2010 (Exhibit 1) and (2) certain fragmentary
data and ratios that had been calculated from the current financial statements (Exhibit 2). The
statements themselves had been destroyed in the fire. (In ratios involving balance sheet amounts,
Genmo used yearend amounts rather than an average.) And (3) the following data (in thousands):
2011 revenues.............................................................. $10,281
Current liabilities, December 31, 2011 ......................... 2,285
EXHIBIT 1 Genmo Corporation Financial Statements
(thousands of dollars)
BALANCE SHEET
As of December 31, 2010
Assets
Current assets: Cash................................................................ $ 18
Marketable securities..................................... 494
Accounts receivable...................................... 728
Inventories...................................................... 972
Prepaid expenses........................................... 214
Total current assets..................................... 2,426
Investments……………………………………………. 898
Real estate, plant, and equipment........................... $4,727
Less: Accumulated depreciation..................... 2,433 2,294
Special tools............................................................. 171
Goodwill................................................................... 594
Total assets.............................................................. $6,383
Liabilities and Shareholders’ Equity
Current liabilities: Accounts payable............................................. $ 732
Loans payable.................................................. 266
Accrued liabilities.............................................. 1,232
Total current liabilities............................. 2,230
Long-term debt.......................................................... 250
Other noncurrent liabilities......................................... 951
Total liabilities............................................................ 3,431
Shareholders’ equity: Preferred stock................................................. 25
Common stock................................................. 54
Additional paid-in capital.................................. 667
Retained earnings............................................ 2,206
Total shareholders’ equity....................... 2,952
Total liabilities and shareholders’ equity.................... $6,383
Income Statement, 2010
Total revenu.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
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How to Make a Field invisible in Odoo 17Celine George
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
8. Exercise 1 A. Prepare the necessary adjusting entry for each of the following: 1. Services provided but unrecorded totaled $900. 2. Accrued salaries at year-end are $1,000. 3. Depreciation for the year is $600. Answer: Accounts Receivable........................................................................ 900 Service Revenue..................................................................... 900 Salaries Expense ............................................................................. 1,000 Salaries Payable ..................................................................... 1,000 Depreciation Expense...................................................................... 600 Accumulated Depreciation ...................................................... 600
9. Exercise 1 (Continued) Indicate: a) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense). b) The accounts before adjustment (overstated or understated) for each of the following: 1. Supplies of $200 have been used. 2. Salaries of $600 are unpaid. 3. Rent received in advance totaling $300 has been earned. 4. Services provided but not recorded total $500.
10. B. Type of Adjustment (b) Accounts before Adjustment 1. Prepaid Expense Assets Overstated Expenses Understated 2. Accrued Expense Expenses Understated Liabilities Understated 3. Unearned Revenue Liabilities Overstated Revenues Understated 4. Accrued Revenue Assets Understated Revenues Understated
11. Exercise 2 For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. On September 1, paid rent on the track facility for three months, $180,000. On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $840,000. On September 1, borrowed $300,000 from First National Bank by issuing a 9% note payable due in three months. On September 5, schedules for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $2,400. The accountant for the concessions company reported that gross receipts for September were $140,000. Ten percent is due to Ottawa and will be remitted by October 10.
14. Exercise 3 The adjusted trial balance of Sameh Inc. on December 31, 2009 includes the following accounts: Accumulated Depreciation $6,000; Depreciation Expense $2,000; Note Payable $7,500; Interest Expense $150; Utilities Expense $300; Rent Expense $500; Service Revenue $19,600; Salaries Expense $4,000 ; Supplies, $200; Supplies Expense, $1,200; Wages Payable $600. Prepare an income statement for the month of December.
15. a. Sameh Inc. Income Statement For the Month Ended December 31, 2009 Service Revenue……………………………………………………………………….. $19,600 Expenses: Depreciation expense……………………………………… $2,000 Interest expense…………………………………..…………… 150 Utilities expense………………………………………………... 300 Rent expense…………………………………………………… 500 Salaries expense……………………………………………… 4,000 Supplies expense……………………………………………… 1,200… ..(8,150) Net Income…………………………………………………………………………………. $11,450
16. Exercise 3 (Continued) The adjusted trial balance of Amr Company at December 31,2009 includes the following accounts: Amr Capital $12,600; Amr, Drawing $6,000; Service Revenue $35,000; Salaries Expense $13,000; Insurance Expense $2,000; Rent Expense $3,500; Supplies Expense $500; and Depreciation Expense $1,000. Prepare an owner’s equity statement for the year.
17. b. Amr CORPORATION Owner’s Equity Statement For the Year Ended December 31, 2009 —————————————————————————————————— Amr, Capital, January 1……………………………..……………………………… $12,600 Plus: Net Income ……………………………………………………………………… 15,000 Less: Drawings ………………..………………………………………………………..(6,000) Amr, Capital, December 31 ………………………………………………………... $21,600
18. Exercise 4 The adjusted trial balance of Pool Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: an income statement. 2. an owner's equity statement. 3. a balance sheet. POOL FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2009 ———————————————————————————————————— DebitCredit Cash....................................................................................................... $ 5,400 Accounts Receivable ............................................................................. 2,200 Office Supplies....................................................................................... 1,800 Office Equipment ................................................................................... 15,000 Accumulated Depreciation—Office Equipment.............................................................. $ 4,000 Accounts Payable ............................................................................................................ 3,300 Unearned Revenue........................................................................................................... 6,000 Pool, Capital.................................................................................................................... 14,400 Pool, Drawing.......................................................................................... 2,500 Service Revenue............................................................................................................... 4,200 Office Supplies Expense.......................................................................... 600 Depreciation Expense............................................................................ 2,500 Rent Expense ........................................................................................ 1,900 $31,900 $31,900
19. POOL FINANCIAL PLANNERS Income Statement For the Month Ended December 31, 2009 ——————————————————————————————————————— Revenues Service Revenue................................................................................................ $ 4,200 Expenses Depreciation expense ................................................................... $2,500 Rent expense.................................................................................. 1,900 Office supplies expense ................................................................... 600 Total expenses.................................................................................................. (5,000) Net loss .................................................................................................................. $ (800)
20. POOL FINANCIAL PLANNERS Owner's Equity Statement For the Month Ended December 31, 2009 —————————————————————————————————————----- Pool, Capital, December 1 ................................................................................... $14,400 Less: Net loss ...................................................................................... $ 800 Drawings .................................................................................... 2,500 ……….. 3,300 Pool, Capital, December 31 ................................................................................. $11,100
21. POOL FINANCIAL PLANNERS Balance Sheet December 31, 2009 ——————————————————————————————————————————— Assets Cash ........................................................................................................................... $ 5,400 Accounts receivable ...................................................................................................... 2,200 Office supplies............................................................................................................... 1,800 Office equipment ................................................................................... $15,000 Less: Accumulated depreciation—office equipment .............................. 4,000……..… 11,000 Total assets ................................................................................................................. $20,400 Liabilities and Owner's Equity Liabilities Accounts payable .............................................................................. $3,300 Unearned revenue............................................................................... 6,000 Total liabilities .................................................................................................... $ 9,300 Owner's Equity Pool, Capital ............................................................................................................. 11,100 Total liabilities and owner's equity ..................................................................... $20,400
22. 3. Closing books At the end of the accounting period, the company makes the accounts ready for the next period.
23. 3. Closing books(continued) Note: Owner’s Drawing is closed directly to Capital and not to Income Summary because Owner’s Drawing is not an expense. Illustration 4-6 Owner’s Capital is a permanent account; all other accounts are temporary accounts.
24. 3. Closing books (continued) Journalize the closing entries from the financial statement columns of the worksheet. Service revenue 3,170 Income summary 3,170 Income summary 2,410 Salary expense 1,050 Supplies expense 960 Depreciation expense 200 Miscellaneous expense 200 Income summary 760 Ahmed, Capital 760 Ahmed, Capital 600 Ahmed, Drawing 600 Closing Entries need to be Posted
25. Summary of the Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 9. Prepare a post-closing trial balance 8. Journalize and post closing entries 3. Post to ledger accounts 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries
26. 4. Correcting Entries The following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer was recorded as a debit to Cash and a credit to Service Revenue for $780. Cash 780 Incorrect entry Service revenue 780 Cash 780 Correct entry Accounts receivable 780 Service revenue 780 Correcting entry Accounts receivable 780
27. 4. Correcting Entries (continued) The following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 2. The purchase of supplies on account for $1,570 was recorded as a debit to Store Supplies and a credit to Accounts Payable for $1,750. Store Supplies 1,750 Incorrect entry Accounts payable 1,750 Store Supplies 1,570 Correct entry Accounts payable 1,570 Accounts payable 180 Correcting entry Store Supplies 180