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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and
For more classes visit
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and
For more course tutorials visit
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations). Also
For more course tutorials visit
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations). Also
For more course tutorials visit
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations).
For more course tutorials visit
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/acc422martdotcomapjk538
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/acc422martdotcomapjk538
For more classes visit
www.snaptutorial.com
Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December 31.
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations). Also
For more course tutorials visit
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Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations). Also
For more course tutorials visit
www.tutorialrank.com
Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and corporations).
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
ACC 422 Final Exam Guide New 2017 seek Your Dream/snaptutorialdotcomapjk535
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/uophelpdotcomapjk533
For more classes visit
www.uophelp.com
Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/acc422martdotcomapjk538
For more classes visit
www.snaptutorial.com
Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/snaptutorialdotcomapjk536
For more classes visit
www.snaptutorial.com
Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/uophelpdotcomapjk534
For more classes visit
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
For more course tutorials visit
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/acc422martdotcomapjk538
For more classes visit
www.snaptutorial.com
Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/snaptutorialdotcomapjk536
For more classes visit
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December 31.
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
Exercise 44. Accounting for prepaid expenses and unearned revenu.docxSANSKAR20
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
INDIVIDUAL ASSIGNMENT 2ACC00717 Taxation law and Practice.docxlanagore871
INDIVIDUAL ASSIGNMENT 2
ACC00717 Taxation law and Practice
[email protected]
Description:
Case Study requiring preparation of workpapers, calculation of taxable income and income tax payable, preparation of an individual tax return, and a letter of advice.
Weighting: 35%
Course Content:Focus on Topics 5-10, with knowledge of previous topics expected.
Due: Week 11
Remember: The purpose of an assignment is for you to demonstrate your knowledge and understanding of the topic. Make sure your answers are comprehensive enough to achieve this.
NOTE: THIS IS AN
INDIVIDUAL
ASSIGNMENT.
YOU SHOULD WRITE ALL WORK SUBMITTED YOURSELF AND IT SHOULD BE BASED ON
YOUR OWN RESEARCH
.
EVIDENCE OF COPYING FROM OTHER STUDENTS WILL BE TAKEN SERIOUSLY AND REPORTED.
ASSIGNMENT INSTRUCTIONS
EMPLOYMENT:
Your client (use your own name as the client name) is the sole director of FinForensics Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. FinForensicsanalyses financial information andprovides investment advice to registered clients.
The payment summary from FinForensics Pty Ltd shows the following:
§
ABN 84 111 122 223
§
Gross Payments
$130,000
§
Tax Withheld
$38,376
FinForensics also paid $99 a month for your client’s mobile phone account and additional superannuation contributions of $10,000 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements.The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer.
Your client owns an Audi Q5. They purchased the car on 1 June 2016 for $85,000. The car travelled 38,500 kms during the year and your client has indicated that about 75% is work related but they have not kept a log book. Your client pays for all the running costs for the vehicle. During the year these costs included:
Fuel & Oil
$5,950
Servicing
$1,200
Registration
$ 760
Insurance
$1,800
Tyres
$2,400
Excess on insurance claim. The insurance company paid for the balance of the cost of repairs.
$ 500
Car Washing
$1,300
DIVIDENDS& INVESTMENTS:
FinForensics Pty Ltd is a large company with two (2) shareholders, your client and their spouse. Your client owns 60% of the issued shares in the company. The shareholders were paid a lump sum of $140,000 in April. They explained that the company had been very successful over the last couple of years and had accumulated significant cash reserves. They described this payment as a fully franked dividend. The proceeds were used to reduce the line of credit that was taken out to purchase the home in which they live.Interest paid on the home loan for the year was $15,000.
The client also has a portfolio of shares that were inherited from their father. The father passed away on July 15, 2016. On finalisation of the estate the following shares were transferred to y ...
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
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.
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.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
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.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Francesca Gottschalk - How can education support child empowerment.pptx
Uop acc 290 week 4 practice connect practice assignment
1. Uop ACC 290 Week 4 Practice Connect Practice
Assignment
Check this A+ tutorial guideline at
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uop/acc-290-week-4-practice-connect-practice-
assignment-new
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Note: You have unlimited attempts available to
complete practice assignments.
attempt 1
1 On June 1, 2019, Cain Company, a new firm, paid
$8,400 rent in advance for a seven-month period.
The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for
2. $10,250. The $10,250 was debited to the Supplies
An inventory of supplies at the end of June showed
that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment
costing $72,900. The equipment has an expected
useful life of 9 years and no salvage value. The firm
will use the straight-line method of depreciation.
2
The completed worksheet for Cantu Corporation
as of December 31, 2019, after the company had
completed the first month of operation, appears
below.
CANTU CORPORATION
Worksheet
Month Ended December 31, 2019
Trial Balance Adjustments Adjusted Trial Balance
Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit
Credit Debit Credit Debit Credit
Cash 39,100 39,100 39,100
Accounts Receivable 6,500 6,500 6,500
Supplies 6,050 3,500 6,050 2,550
Prepaid Advertising 10,200 1,700 10,200 8,500
Equipment 42,500 42,500 42,500
3. Accumulated Depreciation—Equipment 850 850
850
Accounts Payable 6,500 6,500 6,500
Selena Cantu, Capital 54,500 54,500 54,500
Selena Cantu, Drawing 4,100 4,100 4,100
Fees Income 57,750 57,750 57,750
Supplies Expense 3,500 3,500 3,500
Advertising Expense 1,700 1,700 1,700
Depreciation Expense-Equipment 850 850 850
Salaries Expense 8,900 8,900 8,900
Utilities Expense 1,400 1,400 1,400
Totals 118,750 118,750 6,050 6,050 119,600
119,600 16,350 57,750 103,250 61,850
Net Income 41,400 41,400
57,750 57,750 103,250 103,250
Required:
Prepare an income statement.
Prepare a statement of owner’s equity. The owner
made no additional investments during the month.
Prepare a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been
$3,400 instead of $1,700, what net income would
have resulted?
4. 3
Assume that a firm reports net income of $45,000
prior to making adjusting entries for the following
items: expired rent, $3,500; depreciation expense,
$4,100; and supplies used, $1,800.
Assume that the required adjusting entries have
not been made. What effect do these errors have
on the reported net income?
4
Desoto Company must make three adjusting
entries on December 31, 2019.
Supplies used, $5,500 (supplies totaling $9,000
were purchased on December 1, 2019, and debited
to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019,
the firm paid $24,600 for six months’ insurance
coverage in advance and
debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
5. Prepare the journal entries for these adjustments
and post the entries to the general ledger accounts
5
The adjusted trial balance of University Book Store
as of November 30, 2019, after the firm’s first
month of operations, appears below.
Appropriate adjustments have been made for the
following items:
Supplies used during the month, $2,900.
Expired rent for the month, $3,500.
Depreciation expense for the month, $950.
UNIVERSITY BOOK STORE
Adjusted Trial Balance
November 30, 2019
Account Name Debit Credit
Cash $ 23,075
Accounts Receivable 3,812
Supplies 4,600
Prepaid Rent 21,000
6. Equipment 27,500
Accumulated Depreciation-Equipment $ 950
Accounts Payable 9,000
Ruby Darbandi, Capital 41,837
Ruby Darbandi, Drawing 4,000
Fees Income 48,550
Depreciation Expense-Equipment 950
Rent Expense 3,500
Salaries Expense 8,500
Supplies Expense 2,900
Utilities Expense 500
Totals $ 100,337 $ 100,337
Required:
Record the adjusting entries in the Adjustments
columns.
Complete the Trial Balance columns of the
worksheet prior to making the adjusting entries.
Analyze:
What was the balance of Prepaid Rent prior to the
adjusting entry for expired rent?
6
On January 31, 2019, the general ledger of Palmer
7. Company showed the following account balances.
ACCOUNTS
Cash 31,500
Accounts Receivable 11,250
Supplies 4,500
Prepaid Insurance 4,100
Equipment 45,750
Accum. Depr.—Equip. 0
Accounts Payable 8,350
Sadie Palmer, Capital 40,975
Fees Income 58,500
Depreciation Exp.—Equip. 0
Insurance Expense 0
Rent Expense 5,300
Salaries Expense 5,425
Supplies Expense 0
Additional information:
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
Complete the worksheet through the Adjusted
Trial Balance section. Assume that every account
has the normal debit or credit balance. The
worksheet covers the month of January.
8. attempt 2
1
On January 31, 2019, the general ledger of Palmer
Company showed the following account balances.
ACCOUNTS
Cash 31,500
Accounts Receivable 11,250
Supplies 4,500
Prepaid Insurance 4,100
Equipment 45,750
Accum. Depr.—Equip. 0
Accounts Payable 8,350
Sadie Palmer, Capital 40,975
Fees Income 58,500
Depreciation Exp.—Equip. 0
Insurance Expense 0
Rent Expense 5,300
Salaries Expense 5,425
Supplies Expense 0
Additional information:
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
9. Complete the worksheet through the Adjusted
Trial Balance section. Assume that every account
has the normal debit or credit balance. The
worksheet covers the month of January.
2
Desoto Company must make three adjusting
entries on December 31, 2019.
Supplies used, $5,500 (supplies totaling $9,000
were purchased on December 1, 2019, and debited
to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019,
the firm paid $24,600 for six months’ insurance
coverage in advance and
debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
Prepare the journal entries for these adjustments
and post the entries to the general ledger accounts
3
Assume that a firm reports net income of $45,000
10. prior to making adjusting entries for the following
items: expired rent, $3,500; depreciation expense,
$4,100; and supplies used, $1,800.
Assume that the required adjusting entries have
not been made. What effect do these errors have
on the reported net income?
4
On June 1, 2019, Cain Company, a new firm, paid
$8,400 rent in advance for a seven-month period.
The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for
$10,250. The $10,250 was debited to the Supplies
An inventory of supplies at the end of June showed
that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment
costing $72,900. The equipment has an expected
useful life of 9 years and no salvage value. The firm
will use the straight-line method of depreciation.
Prepare end-of-June adjusting entries for Cain
Company.
5
The completed worksheet for Cantu Corporation
as of December 31, 2019, after the company had
12. Utilities Expense 1,400 1,400 1,400
Totals 118,750 118,750 6,050 6,050 119,600
119,600 16,350 57,750 103,250 61,850
Net Income 41,400 41,400
57,750 57,750 103,250 103,250
Required:
Prepare an income statement.
Prepare a statement of owner’s equity. The owner
made no additional investments during the month.
Prepare a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been
$3,400 instead of $1,700, what net income would
have resulted?
6
The adjusted trial balance of University Book Store
as of November 30, 2019, after the firm’s first
month of operations, appears below.
Appropriate adjustments have been made for the
following items:
13. Supplies used during the month, $2,900.
Expired rent for the month, $3,500.
Depreciation expense for the month, $950.
UNIVERSITY BOOK STORE
Adjusted Trial Balance
November 30, 2019
Account Name Debit Credit
Cash $ 23,075
Accounts Receivable 3,812
Supplies 4,600
Prepaid Rent 21,000
Equipment 27,500
Accumulated Depreciation-Equipment $ 950
Accounts Payable 9,000
Ruby Darbandi, Capital 41,837
Ruby Darbandi, Drawing 4,000
Fees Income 48,550
Depreciation Expense-Equipment 950
Rent Expense 3,500
Salaries Expense 8,500
Supplies Expense 2,900
Utilities Expense 500
Totals $ 100,337 $ 100,337
Required:
14. Record the adjusting entries in the Adjustments
columns.
Complete the Trial Balance columns of the
worksheet prior to making the adjusting entries.
Analyze:
What was the balance of Prepaid Rent prior to the
adjusting entry for expired rent?