The following assumptions and exhibits will be used in prepa.pdf

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The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: (General Ledgers are already posted) Exhibif a The following budget was approved for 20X year:Exhibit B The following payrolls were prepared and recorded during the first two months. The towr pays all employees on a bi-weekly basis.The following abstracts were paid during the two-month period of our practice set. Exhibitc Abstract Abstract 22 - This was originally encumbered.A. Accounting Entries January 2 - The budget included in Exhibit A is journalized and posted to the appropriate ledgers. January 2 - Real Property Tax bills are prepared and mailed amounting to $50,000. January 5 - Sales Tax Revenues ($10,000) for the 4tin quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. January 15 - Payroll # 1 in Exhibit B is paid. January 20 - Received prior year State aid claim accrued minus $500 disallowance. January 29 - Payroll 2 in Exhibit B is paid. January 30 - Abstract #1 in Exhibit C is paid. January 31 - Tax Collector remits tax moneys in the amount of $40,000. February 1 - The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. February 2 - Recelves State aid for youth program in the amount of $1,100($100 adjustment for mathematical mistake). February 10 - Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. February 16 - Payroll #3 in Exhibit B is paid. February 17 - The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) February 22 - Paid Abstract 2 Exhibit C.Record Payroll 4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet).

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Similar to The following assumptions and exhibits will be used in prepa.pdf

Project 3: Recording Daily and Adjusting Entries, and Preparing and Evaluating Financial Statements [The following information applies to the questions displayed below.] Introduction Jones Widget Company (JWC) incorporated at the beginning of 2014. Below is the post closing trial balance as of 12/31/2014. Account Title Balance Cash 9,600 Accounts Receivable 8,300 Allowance for Doubtful Accounts 900 Inventory 12,060 Prepaid Rent 1,700 Equipment 26,000 Accumulated Depreciation 2,500 Accounts Payable 0 Sales Tax payable 550 FICA Taxes Payable 700 Federal Income Tax (FIT) Payable 550 Wages Payable 1,600 Unemployment taxes payable 350 Unearned Revenue 6,400 Interest Payable 300 Notes Payable 15,000 Common Stock 13,800 Add'l PIC 9,710 RE - December 31, 2014 8,900 Treasury Stock 3,600 Additional Information: • JWC establishes a policy that it will sell inventory at $160 per unit. Sales taxes are 6%. JWC will use the FIFO method and record COGS on a perpetual basis. • Employee wages are $4,100 per month. Employees are paid on the 16th for the first half of the month and on the first of the following month for the second half of each month. The income taxes withheld are $275 each paycheck, and the FICA taxes are $175 per paycheck. The withholding and the employer’s matching contribution are paid monthly on the second day of the month. In addition, unemployment taxes of $55 are accrued with each payroll. The taxes are paid on March 31. • The Beginning inventory of $12,060 consists of 180 units. • The Prepaid Rent balance is for January 2015. • The equipment was purchased on July 1, 2014. It is being depreciated using the straight line method. • Unearned Revenue is for 40 units ordered and paid for in advance by two customers in late December. One order will be filled in January, the remainder in early February. • The Notes payable represents a $15,000 bank loan received on October 1, 2013 at 8% annual interest. • The par value on the common stock is $2. • The treasury stock account has 600 shares. • Record all transactions to the nearest dollar. Below are transactions for January 2015 Jan 1 Paid December 31 payroll previously accrued. Jan 2 A $91,000 6% six year bond is issued. The effective yield is 7%. 6% 7% Present Value of $1 factors .7050 .6663 Present Value of an Annuity of $1 factors 4.9173 4.7665 Jan 2 A truck is purchased for $10,500 cash. It is estimated the truck will be used for 50,000 miles and will have no salvage value. (Record the purchase to the account "Vehicles"). Jan 2 Payroll taxes payable (FIT & FICA) recorded in December are remitted to the IRS. Jan 5 A $900 customer account is written off as uncollectible. Jan 6 Sales on account of 175 units of inventory occur during January. Include sales tax of 6%. Jan 10 Sales taxes of $550 which had been collected and recorded in December are paid to the state. Jan.

Project 3 Recording Daily and Adjusting Entries, and Preparing and .docx

anitramcroberts

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? ...

AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx

ikirkton

Acc2051 5

courseprofessor

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.

Basic Accounting Equations1. Recognition of normal balance.docx

garnerangelika

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.

Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx

alanfhall8953

http ACC 557 – Homework 1: Chapters 1, 2, and 3 Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard . Exercises E 1-11 . Two items are omitted from each of the following summaries of balance sheet and income s tatement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts. E 2-9 . Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E 2-11 . Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015. E 3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest totaling $500 is accrued on the notes payable for the quarter. 4. Supplies on hand total $900. 5. Insurance expires at the rate of $200 per month. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. E 3-11 . A partial adjusted trial balance of Gehring Company at January 31, 2015, shows the following. Instructions Answer the following questions, assuming the year begins January 1. a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014? Problems P1-2A. On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $2,900 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. 4. Recogni.

httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx

maple8qvlisbey

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2 , 516 , 000 as follows: property taxes, $1 , 836 , 000 ; licenses and permits, $310 , 000 ; fines and forfeits, $210 , 000 ; and intergovernmental (state grants), $160 , 000 . The budget approved appropriations of $2 , 474 , 000 as follows: General Government, $460 , 000 ; Public Safety, $1 , 520 , 000 ; Public Works, $310 , 000 ; Culture and Recreation, $142 , 000 ; and Miscellaneous, $42 , 000 . Required a. \& b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1 , the beginning of the Town's fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Revenues were collected in cash amounting to $49 , 000 for licenses and permits and $21 , 000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. During July, supplies were received at the actual costs shown below and were paid in cash General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $12 , 500 and $7 , 700 , respectively. .

The Town of Bedford Falls approved a General Fund operating budget for.docx

clarkjanyce

Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard . Exercises E 1-11 . Two items are omitted from each of the following summaries of balance sheet and income s tatement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts. E 2-9 . Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E 2-11 . Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015. E 3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest totaling $500 is accrued on the notes payable for the quarter. 4. Supplies on hand total $900. 5. Insurance expires at the rate of $200 per month. Instructions Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. E 3-11 . A partial adjusted trial balance of Gehring Company at January 31, 2015, shows the following. Instructions Answer the following questions, assuming the year begins January 1. a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014? Problems P1-2A. On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $2,900 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. 4. Recognized revenue of $7,300, of which $2,500 is collected in cash and the balance is .

Directions Answer the following questions in a separate Mic.docx

tenoelrx

Acc 205 week 4 exercise assignment liability new

ENTIRE COURSES FINAL EXAM

chapters from 1 - 3.doc

rabieharoun1

A C G 6 0 2 6 - A c c o u n t i n g f o r M a n a g e r s ACCOUNTING CYCLE ASSIGNMENT Spring 2016 Names Points: Problem 1 – 30 points Problem 2 – 70 points Total (100 points) Problem 1. ABC Company began business on January 1, 2015. During January, the following transactions occurred: January: 1 st Issued common stock in exchange for $150,000 cash. 2 nd Purchased inventory on account for $30,000. 4 th Paid an insurance company $2,450 for one-year insurance policy. 10 th Sold merchandise on account for $13,000. The cost of the merchandise was $6,000. 15 th Borrowed $35,000 from a local bank and signed a note. Principal and interest at 10% will be repaid in six months. 20 th Paid employees $6,000 in wages for the first half of the month. 22 nd Sold merchandise for $11,000 cash. The cost of the merchandise was $7,000. 24 th Paid $15,000 to suppliers for the merchandise purchased on January 2. 26 th Collected $5,500 on account from customers. 28 th Paid $2,000 to the local utility company for January water. 30 th Paid $5,000 rent for the building. $2,500 was for January rent, and $2,500 for February rent. Required: 1. Prepare general journal entries (i.e., no adjusting journal entries) to record each transaction. (10p.) 2. Post the entries to T-accounts. (10p.) 3. Prepare an unadjusted trial balance as of January 30, 2015. (10p.) Problem 2. Florida Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2015, appears below. Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the equipment for the year is $20,000. 2. Employee wages are paid twice a month, on the 22 nd for wages earned from the 1 st through the 15 th , and on the 7 th of the following month for wages earned from the 16 th through the end of the month. Wages earned from December 16 through December 31, 2015, were $2,000. 3. On October 1, 2015, Florida borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2015, the company lent a supplier $20,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2016. Account Title Debit Credit Cash 29,000 Accounts Receivable 40,000 Supplies 1,500 Inventory 60,000 Notes Receivable 20,000 Interest Receivable - Prepaid Rent 2,000 Prepaid Insurance 7,000 Equipment 80,000 Accumulated Depreciation-Equipment 30,000 Accounts Payable 31,000 Wages Payable - Notes Payable 50,000 Interest Payable - Unearned Rev.

A C G 6 0 2 6 - A c c o u n t i n g f o r M.docx

evonnehoggarth79783

The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2015. CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash $502,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes (42,000) net 168,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) net 4,250 Due from state government 210,000 Total assets $884,250 Liabilities, Deferred In flows, and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows – Property taxes 21,000 Fund equity: Fund balance—assigned (for outstanding encumbrances) $17,000 Fund balance—unassigned 720,250 Total fund balance 737,250 Total liabilities, deferred in flows and fund equity $884,250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets Cash $21,000 Investments 59,000 Due from state government 109,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $9,000 Fund equity: Fund balance—assigned for streets and highways 180,000 Total liabilities and fund equity $189,000 3–C - This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger. 4–C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2015. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re- established. (2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2015 revenues..

The Balance Sheets of the General Fund and the Street and Highway Fu.pdf

amritjewellay

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..

1. Recognition of normal balances The following items appeared i.docx

mansonagnus

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? ( ...

BWeek One Exercise AssignmentBasic Accounting Equations1.docx

humphrieskalyn

Exercise 6-8 Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payments. A. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2011. (1)The operating budget for FY 2011 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. (2)Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. (3)Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made). (4)Property taxes in the amount of $1,019,000 were collected. (5)Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. (6)Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) B. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2011. C. Prepare a balance sheet for the debt service fund as of December 31, 2011. .

Exercise 6-8Serial Bond Debt Service Fund Journal Entries .docx

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chapters from 1 - 3.pdf

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-37. (Choosing between funds and reporting capital contributions and assets) New City's incorporation was just approved by a vote of the citizenry at the November 2020 election. New City will start operations beginning January 1, 2021. The services it plans to provide include a mayor's office, a town clerk's office (for tax assessment and collection), police services, disposal of rubbish, water and sewer services, street maintenance, parks, and recreation facilities. Ignoring budgetary entries, provide the fund and any journal entries that would need to be made to get New City started: 1. On January 1, New City receives a "start-up" grant from Kelly County of \$1.5 million cash. All grant eligibility requirements are met. 2. On January 10, New City's governing body buys a building for $450 , 000 to use as its City Hall. 3. New City issues $50 million in water and sewer treatment revenue bonds to buy Kelly County \#2 water and sewer treatment plant, located within New City limits. The bonds were sold at face value (no premium or discount). New City pays $50 million for the water and sewer treatment plant. 4. On January 15, New City pays salaries: (a) $17 , 000 to employees of the water and sewer plant and (b) $15 , 000 to mayor's office and town clerk's office employees..

-37- (Choosing between funds and reporting capital contributions and a.pdf

EdwardvMiWalshz

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.

ProblemIssuance of stock organization costs. Snowbound Corporat.docx

briancrawford30935

Week Four Exercise Assignment Liability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 6% on the first $55,000 earned · Medicare taxes: 1.5% on the first $130,000 earned · Federal income taxes withheld from wages: $7,500 · State income taxes: 5% of gross earnings · Insurance withholdings: 1% of gross earnings · State unemployment taxes: 5.4% on the first $7,000 earned · Federal unemployment taxes: 0.8% on the first $7,000 earned The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end. a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following: · Social Security taxes · Medicare taxes · Federal income taxes withheld · State income taxes · Insurance withholdings b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following: · Matching Social Security taxes · Matching Medicare taxes · State unemployment taxes · Federal unemployment taxes 2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following: 12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. 2/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit. 12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. 12/26 Borrowed $5,000 from First City Bank; signed a note payable due in 60 days. 12/31 Repaired six XY-80s during the month at a total cost of $162. 12/31 Accrued 3 days of salaries at a total cost of $1,400. Instructions a. Prepare journal entries to record the transactions. b. Prepare adjusting entries on October 31 to record accrued interest. c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date. 3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate. 9/10: Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed. 9/11: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate. 10/10: The note to Pans Enterprises was p.

Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx

alanfhall8953

Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Transactions during 2021 (summarized in thousands of dollars) follow: A)Borrowed $21 cash on July 1, 2021, signing a six-month note payable. B)Purchased equipment for $18 cash on July 2. C)Issued additional shares of common stock on July 3 for $5. D)Purchased additional equipment on August 4, $3 cash. E)Purchased, on account, supplies on September 5 for future use, $10. F)On December 6, recorded revenues in the amount of $65, including $9 on credit and $56 received in cash. G)Paid salaries and wages expenses on December 7, $35. H)Collected accounts receivable on December 8, $8. I)Paid accounts payable on December 9, $11. J)Received a $3 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: K)Amortization for 2021, $3. L)Supplies of $4 were counted on December 31, 2021. M)Depreciation for 2021, $2. N)Accrued interest on notes payable of $1. O)Salaries and wages earned but not yet paid, $3. P)Income tax for 2021 was $4 and will be paid in 2022. Required: Record journal entries for transactions (a) through (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) Please don't provide a definition of what Journal entry is. Please prepare Journal Entries for the question A-P. Account Titles Debit Credit Cash $ 5 Accounts Receivable 4 Supplies 2 Equipment 6 Accumulated Depreciation $ 0 Software 12 Accumulated Amortization 3 Accounts Payable 7 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable 0 Deferred Revenue 0 Common Stock 15 Retained Earnings 4 Service Revenue 0 Supplies Expense 0 Depreciation Expense 0 Salaries and Wages Expense 0 Amortization Expense 0 Interest Expense 0 Income Tax Expense 0 Totals $ 29 $ 29.

Alison and Chuck Renny began operations of their furniture r.pdf

guru344438

Similar to The following assumptions and exhibits will be used in prepa.pdf (20)

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AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx

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BWeek One Exercise AssignmentBasic Accounting Equations1.docx

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Joe and Jessie are married and have one dependent child Liz.pdf

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K Direktr olarak David, bir eitlilik ynetimi program planlamak ve uygulamak iin bir ynetim tartmasna liderlik ediyor. David, ynetimin hogrl olmakla birlikte aznlklar klieletirme eiliminde olduundan ve bunun sonunda firma iin zorluklara yol aacandan endie ediyor. irketin ilk pazar Los Angeles, Chicago ve Miami'dir. Her pazar da makyajda arlkl olarak Latin kkenlidir. st ynetim ekibinin tamam erkektir. En gen ye 58 yanda. Operasyonlardan Sorumlu Bakan Yardmcs Martinez, insanlarn bir araya gelmesi gerektiini ve farkllklara odaklanmann yalnzca blnmeler yarattn dnyor. Birleik bir "Amerikan" irket kltr yaratmak iin ortak bir eitim programnzn olmas gerektiini dnyor. Finanstan Sorumlu Bakan Yardmcs Patrick, bir programa gerek grmyor. nsanlarn farkl olduuna sayg duyuyor, ancak bir Hispanik, Afrikal- Amerikal veya Asyal-Amerikaly tandktan sonra, herhangi bir spanyol, Afrikal-Amerikal veya Asyal- Amerikal ile nasl allacan bildiinizi dnyor. Ayrca Patrick, irketin olumlu ayrmclk programlarna girmesi gerektiine inanmyor. Firma bunu on yl nce denedi ve birok sorun yaratt. CEO Simon, eitlilik ynetimi programnn nemli olduunu dnyor. Byle bir program olmadan irketin baz nemli yetenekleri kardna inanyor. Simon, irketin bu konuda lider olarak rekabet avantaj yaratabileceini dnyor ve deien igcnn gelecekte ayarlamalar gerektireceine inanyor. Ek Durum 4.1'e bakn. David byk ihtimalle una inanyor: eitlilik ynetimi irket iin uzun vadeli bir konu deildir. eitlilie sahip bir igc, firmann ok kltrl pazarlarda rekabet etme yeteneini gelitirecektir. olumlu ayrmclk programlar, firma iindeki iletiimi ve elde tutma oranlarn iyiletirmitir. aznlk hissedarlar firmann gidiatndan hayal krklna urad. eitlilik ynetimi irket iin uzun vadeli bir konu deildir. eitlilie sahip bir igc, firmann ok kltrl pazarlarda rekabet etme yeteneini gelitirecektir. olumlu ayrmclk programlar, firma iindeki iletiimi ve elde tutma oranlarn iyiletirmitir. aznlk hissedarlar firmann gidiatndan hayal krklna urad..

K Direktr olarak David bir eitlilik ynetimi program pla.pdf

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khikdhficdadfbfcabcg Change all expression into c.pdf

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