ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
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 .
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
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 .
uop acc 290 new,uop acc 290 new,uop acc 290 new complete course,uop acc 290 new entire course,uop acc 290 new week 1,uop acc 290 new week2,uop acc 290 new week 3,uop acc 290 new week 4,uop acc 290 new week 5,uop acc 290 new tutorials,uop acc 290 new assignments,uop acc 290 new help
For more classes visit
www.snaptutorial.com
Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and
MenuACCT 212: Course ProjectRequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 - Journal Entries2Post Journal Entries to the General Ledger2 - General Ledger3Prepare a Trial Balance3 - Trial Balance4Prepare the Adjusting Entries4 &5 - Adjusting Entries5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2)6Prepare an Adjusted Trial Balance6- Adjusted TB7Prepare the Financial Statements7 - Financial Statements8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2)9Post Closing Entries to the General Ledger8&9- General Ledger10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance11Compute Ratios11-Ratios12Interpret the Ratios12-Interpretation of Ratios
Project InstructionsCourse Project OverviewThe Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of March transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
ScenarioYou’ve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the BBC.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.Milestone 1 is due in Week 4 - This includes project requirements 1-3.Milestone 2 is due in Week 6 - This includes project requirements 4-10.
Before You Begin:
Review the Week 2 Lecture prior to starting work on this project.
Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.
Review the Grading Criteria.
SAVE your work frequently in this workbook.
March TransactionsDuring its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.March TransactionsDateTransaction DescriptionMarch 1Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value.
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
uop acc 290 new,uop acc 290 new,uop acc 290 new complete course,uop acc 290 new entire course,uop acc 290 new week 1,uop acc 290 new week2,uop acc 290 new week 3,uop acc 290 new week 4,uop acc 290 new week 5,uop acc 290 new tutorials,uop acc 290 new assignments,uop acc 290 new help
For more classes visit
www.snaptutorial.com
Reference Chart
Instructions:
Create a chart detailing the three different forms of business
organizations (proprietorships, partnerships, and
MenuACCT 212: Course ProjectRequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 - Journal Entries2Post Journal Entries to the General Ledger2 - General Ledger3Prepare a Trial Balance3 - Trial Balance4Prepare the Adjusting Entries4 &5 - Adjusting Entries5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2)6Prepare an Adjusted Trial Balance6- Adjusted TB7Prepare the Financial Statements7 - Financial Statements8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2)9Post Closing Entries to the General Ledger8&9- General Ledger10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance11Compute Ratios11-Ratios12Interpret the Ratios12-Interpretation of Ratios
Project InstructionsCourse Project OverviewThe Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of March transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
ScenarioYou’ve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the BBC.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.Milestone 1 is due in Week 4 - This includes project requirements 1-3.Milestone 2 is due in Week 6 - This includes project requirements 4-10.
Before You Begin:
Review the Week 2 Lecture prior to starting work on this project.
Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.
Review the Grading Criteria.
SAVE your work frequently in this workbook.
March TransactionsDuring its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.March TransactionsDateTransaction DescriptionMarch 1Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value.
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
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 Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
1. Uop ACC 290 Week 5 Practice Connect
Practice
Assignment
Check this A+ tutorial guideline at
http://www.acc290assignment.com/acc-290-
uop/acc-290-week-5-practice-connect-practice-
assignment-new
www.acc290assignment.com
For more classes visit
www.acc290assignment.com
Complete the Week 5 Practice in Connect.
Note: You have unlimited attempts available to
complete practice assignments.
attempt 1 1
2. Consumer Research Associates, owned by
Gloria Johnson, is retained by large
companies to test consumer reaction to
new products. On January 31, 2019, the
firm's worksheet showed the following
adjustments data: (a) supplies used,
$4,680; (b) expired rent, $26,000; and (c)
depreciation on office equipment, $9,160.
The balances of the revenue and expense
accounts listed in the Income Statement
section of the worksheet and the drawing
account listed in the Balance Sheet section
of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401
Fees Income $ 200,000 Cr.
511 Depr. Expense—Office Equipment
9,160 Dr.
514 Rent Expense 26,000 Dr.
517 Salaries Expense 99,000 Dr.
520 Supplies Expense 4,680 Dr.
523 Telephone Expense 2,700 Dr.
526 Travel Expense 20,780 Dr.
529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
3. 302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
2
A partially completed worksheet for At
Home Pet Grooming Service, a firm that
grooms pets at the owner's home, follows.
wwv Required:
Complete the worksheet.
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
Post the adjusting entries and the closing
entries to the general ledger accounts.
Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
4. What total debits were posted to the
general ledger to complete all closing
entries for the month of December?
3
On December 31, 2019, the ledger of Lopez
Company contained the following account
balances:
Cash $ 66,000 Maria Lopez, Drawing $
wwv52000
Accounts Receivable 5,800 Fees Income
107.500
Supplies 4,200 Depreciation Expense
5.500
Equipment 52,000 Salaries Expense
34,000
Accumulated Depreciation 5,000
Supplies Expense 6,000
Accounts Payable 6,000 Telephone
Expense 5,200
Maria Lopez, Capital 121,500 Utilities
Expense 9,300
5. 4
The ledger accounts of AXX Internet
Company appear as follows on March
31, 2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 40,000
111 Accounts Receivable 29,910
121 Supplies 5,300
131 Prepaid Insurance 12,500
141 Equipment 59,000
142 Accumulated Depreciation—
Equipment 20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500 401
Fees Income 187,230
510 Depreciation Expense—
Equipment 10,580
511 Insurance Expense 5,700 514 Rent
Expense 16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800
519 Telephone Expense 3,400 523
Utilities Expense 4,700
All accounts have normal balances.
6. Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter
beginning balances.
5
The Income Summary and Linda Carter,
Capital accounts for Carter Production
Company at the end of its accounting
follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000 31
Closing 71,800 62,200 31 Closing 62,200
0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
7. 2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200 6
On December 31, the Income Summary
account of Madison Company has a debit
balance of $111,000 after revenue of
$117,000 and expenses of $228,000 were
closed to the account. Madison Wells,
Drawing has a debit balance of $12,000
and Madison Wells, Capital has a credit
WWVbalance of $174,000.
Required:
Record the journal entries necessary to
complete closing the accounts.
What is the new balance of Madison
Wells, Capital?
attempt 2
8. 1
The ledger accounts of AXX Internet
Company appear as follows on March 31,
2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 40,000
111 Accounts Receivable 29,910
121 Supplies 5,300
131 Prepaid Insurance 12,500
141 Equipment 59,000
142 Accumulated Depreciation—
Equipment 20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500
401 Fees Income 187,230
510 Depreciation Expense—
Equipment 10,580
511 Insurance Expense 5,700 514
Rent Expense 16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800
519 Telephone Expense 3,400 523
Utilities Expense 4,700
All accounts have normal balances.
9. Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter
beginning balances.
2
A partially completed worksheet for At
Home Pet Grooming Service, a firm that
grooms pets at the owner's home, follows.
Re
quired:
Complete the worksheet.
Record the adjusting entries in the
general journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
Post the adjusting entries and the closing
entries to the general ledger accounts.
Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the
10. general ledger to complete all closing
entries for the month of December?
3
The Income Summary and Linda Carter,
Capital accounts for Carter Production
Company at the end of its accounting
period follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000
31 Closing 71,800 62,200 31
Closing 62,200 0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200
11. 4
On December 31, the Income Summary
account of Madison Company has a debit
balance of $111,000 after revenue of
$117,000 and expenses of $228,000 were
closed to the account. Madison Wells,
Drawing has a debit balance of $12,000
and Madison Wells, Capital has a credit
balance of $174,000.
Required:
Record the journal entries necessary to
complete closing the accounts.
What is the new balance of Madison Wells,
Capital?
5
Consumer Research Associates, owned by
Gloria Johnson, is retained by large
companies to test consumer reaction to
new products. On January 31, 2019, the
firm's worksheet showed the following
adjustments data: (a) supplies used,
$4,680; (b) expired rent, $26,000; and (c)
12. depreciation on office equipment, $9,160.
The balances of the revenue and expense
accounts listed in the Income Statement
section of the worksheet and the drawing
account listed in the Balance Sheet section
of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS
401 Fees Income $ 200,000 Cr.
511 Depr. Expense—Office Equipment
9,160 Dr.
514 Rent Expense 26,000 Dr.
517 Salaries Expense 99,000 Dr.
520 Supplies Expense 4,680 Dr.
523 Telephone Expense 2,700 Dr.
526 Travel Expense 20,780 Dr.
529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
13. 6
On December 31, 2019, the ledger of Lopez
Company contained the following account
balances:
Cash $ 66,000 Maria Lopez, Drawing $
52,000
Accounts Receivable 5,800 Fees Income
107.500
Supplies 4,200 Depreciation Expense
5.500
Equipment 52,000 Salaries Expense
wwv34,000
Accumulated Depreciation 5,000
Supplies Expense 6,000
Accounts Payable 6,000 Telephone
Expense 5,200
Maria Lopez, Capital 121,500 Utilities
Expense 9,300