Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
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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.
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BWeek One Exercise AssignmentBasic Accounting Equations1.docx
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?
( ...
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
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? ...
1. Recognition of normal balances The following items appeared i.docx
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..
Basic Accounting Equations1. Recognition of normal balance.docx
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 transaction processing. On November 1 of the current.docx
.
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 have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
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 ...
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BWeek One Exercise AssignmentBasic Accounting Equations1.docx
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?
( ...
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docx
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? ...
1. Recognition of normal balances The following items appeared i.docx
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..
Basic Accounting Equations1. Recognition of normal balance.docx
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 transaction processing. On November 1 of the current.docx
.
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 have a “good” month from an accounting viewpoint? Briefly explain.
5.
Transaction analysis and statement preparation
. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.
3/1
Joanne Burton, the owner, invested $20,000 cash into the business.
3/4
Performed $2,400 of services on account.
3/7
Acquired a small parcel of land by paying $6,000 cash
3/12
Received $500 from a client who was billed previously on March 4.
3/15
Paid $200 to the Journal Herald for advertising expense.
3/18
Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22
Received $300 cash from clients for services.
3/24
Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28
Rented a car from United Car Rental for use on March 28.
Total charges
amounted to $125, with United billing Burton for the
amount due.
3/31
Paid $600 for March wages
3/31
Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton
Instructions
a. Determine the impact of each of the preceding transactions on Burton’s assets,
liabilities, and owner’s equity. See exhibit 1.5. Use the following format:
Assets
= Liabilities
+ Owner’s Equity
Cash, Accounts Receivable, Land, Equipment
Accounts Payable
(+)Common Stock (+) Revenues
(-) Dividends
(-) Expenses
a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded.
b. Prepare an income statement, a statement of retained earni.
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
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 ...
Acc 205 week 4 exercise assignment liability new
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Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
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.
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
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.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
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?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
Exercises1. Classification of activitiesClassify each of the.docx
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
ICMAB question april 2013 All level All Questions
ICMAB question april 2013
All Questions All levels of ICMAB question april 2013 session
For the past several years, Kareem Ismail has operated a part-time.docx
For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010 Kareem decided to move to rented quarters and to operate the business, which was to be known as Iron Mountain Consulting, on a full-time basis. Iron Mountain Consulting entered into the following transactions during October:
Oct. 1. The following assets were received from Kareem Ismail: cash, $18,000 accounts receivable, $5,000 supplies, $1,500; and office equipment, $10,750. There were no liabilities received.
Oct. 1. Paid three months’ rent on a lease rental contract, $4,800.
2. Paid the premiums on property and casualty insurance policies, $2,700.
4. Received cash from the clients as an advance payment for services to be provided and recorded it as unearned fees, $3,150.
5. Purchased additional office equipment on account from Office Station Co., $1,250.
6. Received cash from clients on account, $2,000.
10. Paid cash for a newspaper advertisement $325.
12. Paid Office Station Co. for part of the debt incurred October 5, $750.
12. Recorded services and provided on account for the period October 1—12, $5,750.
14. Paid part-time receptionist for two weeks’ salary, $900.
17. Recorded cash from cash clients for fees earned during the period of October 1—17, $9,250.
18. Paid cash for supplies, $600.
20. Recorded services provided on account for the period October 13—20, $4,100.
24. Recorded cash from cash clients for fees earned for the period October 17—24, $4,850.
26. Received cash from clients on account, $3,450.
27. Paid part-time receptionist for two weeks’ salary, $900.
29. Paid telephone bill for October, $250.
31. Paid electricity bill for October, $300.
31. Recorded cash from cash clients for fees earned for the period October 25—31, $3,975.
31. Recorded services provided on account for the remainder of October, $2,500.
31. Kareem withdrew $7,500 for personal use.
**********Instructions**********
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.)
11. Cash 31. Kareem Ismail, Capital
12. Accounts Receivable 32. Kareem Ismail, Drawing
14. Supplies 41. Fees Earned
15. Prepaid rent 51. Salary Expense
16. Prepaid insurance 52. Rent Expense
18. Office equipment 53. Supplies Expense
19. Accumulated Depreciation 54. Depreciation Expense
21. Accounts Payable 55. Insurance expense
22. Salaries Payable 59. Miscellaneous expense
23. Unearned fees
2. Post journal to ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of October, the following adjustment data were assembled. Analyze and use the data to complete parts (5) and (6).
a. Insurance expired during October is $225.
b. Supplies on hand on October 31 are $875.
c. Depreciation of office equipment for October is $400.
d. Accrued rec.
Uop acc-290-week-2-practice-connect-practice-assignment
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
The following accounting events apply to Marys Designs for Year 1 As.pdf
The following accounting events apply to Mary's Designs for Year 1 Asset Source Transectlons
1. Began operations by acquining $20,000 of cash from the issue of common stock 2 Performed
services and collected cash of $750 3. Collected $4,700 of cash in advance for services to be
provided over the next 12 months 4. Provided $10.600 of semices on account 3. Purchased
supplies of $440 on account. Asset Exchange Transactions 6. Purchased $4,800 of land for cash
7. Collected $7,000 of cash from accounts recewable. 6. Purchased $460 of supplies with cash .
Paid $3,400 for one year's rent in advance Astet Use Transactions 10. Paid $3,300 cash for
salanes of employees. 11. Poid a cash dividend of $1,500 to the stockholders 12. Paid off $440 of
the accounts payable with cash. Clalms Exchange Transactions 13. Placed an advertisement in
the local newspaper for $160 on account. 14 . Incurted utility expense of 595 on account
Adlusting Entries 13. Recognized $3,525 of revenue for performing services. The collecton of
cash for these services occurred in a prior transaction. (See Event 3) 10. Recorded $1,100 of
accrued salary expense at the end of Year 1. 17. Recorded supplies expense Had $125 of supplies
on hand at the end of the accounting period. 18. Recognized three months of expense for prepaid
rent that had been used up during the accounting penod
Required a. Record each of the preceding events in T-accounts
b. Prepare a before-closing trial balance.
c. Use a horizontal statements model to show how each event affects the balance sheet, income
statement, and statement of cash flows. The first event is recorded as an example (Use + to
indicate increose, - for decrease, or %-for increase and decrease. In the Statement of Cosh Flows
column, indicate whether the item is an operating activity (OA), investing activity (IA), or
financing activity (FA). Not oll cells require input).
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week Three
Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Running head: INDIVIDUAL ASSIGNMENT WEEK THREE
1
INDIVIDUAL ASSIGNMENT WEEK THREE
6
Individual Assignment Week Three
BE4-1
Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash
Net Income
(a)
Purchased $100 of supplies for cash.
-$100
$ 0
(b)
Recorded an adjusting entry to record use of $30 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
Purchased equipment for cash, $2,500.
(f)
Recorded depreciation of building for period used, $600.
P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Prepaid Insurance
2,640
Supplies
2,000
Office Equipment
15,000
Accounts Payable
$ 4,540
Unearned Service Revenue
5,200
Common Stock
21,750
Service Revenue
8,000
Salaries Expense
4,000
Rent Expense
2,000
$39,490
$39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
$3,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.
(SO 4, 5, 6)
Instructions
(a)
Prepare the adjusting entries for the month of June.
(b)
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Service rev. $15,400
(c)
Prepare an adjusted trial balance at June 30, 2010.
Tot. trial balance $44,670
P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Credit
Cash
$ 2,500
Prepaid Insurance
1,800
Supplies
2,600
Land
15,000
Lodge
70,000
Furniture
16,800
Accounts Payable
$ 4,700
Unearned Rent Reve.
These exercises help you understand the concepts in this lesson..docx
These exercises help you understand the concepts in this lesson.
Exercise 2-9A on page. 99
Exercise 2-14A on page. 100
Exercise 2-24A on page. 104
Exercise 2-30A on page. 105
Exercise 2-31A on page. 106
Exercise 2-9A
Prepaid items on financial statements
Therapy Inc. experienced the following events in 2013, its first year of operation:
1.
Performed counseling services for $18,000 cash.
2.
On February 1, 2013, paid $12,000 cash to rent office space for the coming year.
3.
Adjusted the accounts to reflect the amount of rent used during the year.
Required
Based on this information alone
a.
Record the events under an accounting equation.
b.
Prepare an income statement, balance sheet, and statement of cash flows for the 2013
accounting p eriod.
c.
Ignoring all other future events, what is the amount of rent expense that would be recognized
in 2014?
Exercise 2-14 A
Supplies, unearned revenue, and the financial statements model
Ross, Attorney at Law, experienced the following transactions in 2013, the first year of operations:
1.
Purchased $1,500 of office supplies on account.
2.
Accepted $36,000 on February 1, 2013, as a retainer for services to be performed evenly over
the next 12 months.
3.
Performed legal services for cash of $84,000.
4.
Paid cash for salaries expense of $32,000.
5.
Paid a cash dividend to the stockholders of $8,000.
6.
Paid $1,200 of the amount due on accounts payable.
7.
Determined that at the end of the accounting period, $150 of office supplies remained on
hand.
8.
On December 31, 2013, recognized the revenue that had been earned for services performed
in accordance with Transaction 2.
Required
Show the effects of the events on the financial statements using a horizontal statements model
like the following one. In the Cash Flow column, use the initials OA to designate operating activity,
IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to
indicate accounts not affected by the event. The first event has been recorded as an example.
Assets
=
liabilities
+
Stk Equity
EVENT
#
Cash
+ Supplies
=
Accts. Pay
+
Unearn. Rev.
+
Ret Earn.
Rev.
-
Exp.
=
Net Inc.
Cash Flow
1
NA
+
1,500
=
1,500
+
NA
+
NA
NA
-
NA
=
NA
NA
Exercise 2-24A
Effect of accounting events on the income statement and statement of
cash flows
Required
Explain how each of the following events or series of events and the related adjusting entry will
affect the amount of
net income
and the amount of
cash flow from operating activities
reported
on the year-end financial statements. Identify the direction of change (increase, decrease, or NA)
and the amount of the change. Organize your answers according to the following table. The first
event is recorded as an example. If an event does not have a related adjusting entry, record only
the effects of the event.
Net Income
Operating Activiti.
Acc 205 Exceptional Education / snaptutorial.com
For more classes visit
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
Acc 205 Education Organization / snaptutorial.com
For more classes visit
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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.
Acc 205 Enhance teaching - snaptutorial.com
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.
c. Compute 20X3 net income or loss.
ACC 205 Education Specialist / snaptutorial.com
For more classes visit
www.snaptutorial.com
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
With regards to this article, I agree and disagree on certain leve.docx
With regards to this article, I agree and disagree on certain levels pertaining to racism in video games. I have been playing video games since the Nintendo days and I have noticed many stereotypes in video games that Evan has pointed out. Although Evan feels that all black characters are subject to stereotypes, there are bunches of game characters that I believe are not under this category and are in fact very ambitious characters. For example, Lee Everett from the Walking Dead: Season 1 game, Captain Anderson from the Mass Effect Trilogy, Franklin from Grand Theft Auto V and Sgt. Johnson from the Halo series. The problem I have with Evan's critique is the fact that he is judging black characters based on how they act and look, something that society does to members of the visible minority in the real world. Majority of the characters that are in question may seem stereotypical at first but if you delve deeper into their character you start to realize that there is depth behind that person rather than just big muscles and a loud mouth. In my opinion, whenever I play a video game I can care less what the race of my character is and I look more towards their development as a character and the story that it is telling. Many "gamers" share this same opinion from research I have done and even in the comment section of this article. I get the notion that he is looking for a character that is "white" but the problem is whenever a black character is given the same characteristics as a white character, they are not well received and are made fun of for being "white washed". There seems to be a double standard with how black characters are portrayed and is also something that will unfortunately never be able to appease to everyone due to the fact that everyone shares a different opinion on how certain types of characters should be portrayed.
3/25/2014
1/11
The Social Construction of "Race"
As our discussions have revealed over the past few weeks, negative or stereotypical representation in media
has real consequences. Such representations not only reflect but also reinforce the marginality of minority
groups. Thus, it follows that the political empowerment of subordinate groups in society--such as women,
youth, people with disabilities, gays and lesbians, the poor--depends in part on changing the way these
groups are represented.
How can we think about the issues of representation and empowerment in relation to racial minorities? First,
we need to gain a better understanding of the social construction of racial and ethnic identity.
Ethnicity
'Ethnicity' and 'race' are linked but distinct categories. Ethnicity is a broad social category that addresses
one’s perceived membership in a larger group based on an attachment to an actual or possible homeland, its
cultural heritage, belief system, political history, language, myths, customs, manners, food, literature, sport, art
or architectural style. Ethnic affiliations are acknowledged and pa.
WIT Financial Accounting Test Ch.docx
WIT Financial Accounting Test Chapters 5 and 6
1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.
Worker Products Company
Adjusted Trial Balance
December 31
Debit
Credit
Cash
$9,400
Accounts receivable
25,000
Merchandise inventory
36,000
Office supplies
900
Store equipment
75,000
Accumulated depreciation - store equipment
$22,000
Office equipment
60,000
Accumulated depreciation -office equipment
15,000
Accounts payable
42,000
Notes payable
10,000
F. Worker, Capital
110,700
F. Worker, Withdrawals
48,000
Sales
325,000
Sales discounts
6,000
Sales returns and allowances
16,500
Cost of goods sold
195,000
Sales salaries expense
32,500
Depreciation expense - store equipment
11,000
Depreciation expense - office equipment
7,500
Office supplies expense
1,300
Interest expense
600
Totals
$524,700
$524,700
2. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries.
Worker Products Company
Adjusted Trial Balance
December 31
Debit
Credit
Cash
$9,400
Accounts receivable
25,000
Merchandise inventory
36,000
Office supplies
900
Store equipment
75,000
Accumulated depreciation - store equipment
$22,000
Office equipment
60,000
Accumulated depreciation -office equipment
15,000
Accounts payable
42,000
Notes payable
10,000
F. Worker, Capital
110,700
F. Worker, Withdrawals
48,000
Sales
325,000
Sales discounts
6,000
Sales returns and allowances
16,500
Cost of goods sold
195,000
Sales salaries expense
32,500
Depreciation expense - store equipment
11,000
Depreciation expense - office equipment
7,500
Office supplies expense
1,300
Interest expense
600
Totals
$524,700
$524,700
3. A company made the following merchandise purchases and sales during the month of May:
May 1
Purchased
380 units at
$15 each
May 5
Purchased
270 units at
$17 each
May 10
Sold
400 units at
$50 each
May 20
Purchased
300 units at
$22 each
May 25
Sold
400 units at
$50 each
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
4. A company made the following merchandise purchases and sales during the month of May:
May 1
Purchased
380 units at
$15 each
May 5
Purchased
270 units at
$17 each
May 10
Sold
400 units at
$50 each
May 20
Purchased
300 units at
$22 each
May 25
Sold
400 units at
$50 each
There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
5. Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties .
More Related Content
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Acc 205 week 4 exercise assignment liability new
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Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
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.
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
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.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
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?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
Exercises1. Classification of activitiesClassify each of the.docx
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
ICMAB question april 2013 All level All Questions
ICMAB question april 2013
All Questions All levels of ICMAB question april 2013 session
For the past several years, Kareem Ismail has operated a part-time.docx
For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010 Kareem decided to move to rented quarters and to operate the business, which was to be known as Iron Mountain Consulting, on a full-time basis. Iron Mountain Consulting entered into the following transactions during October:
Oct. 1. The following assets were received from Kareem Ismail: cash, $18,000 accounts receivable, $5,000 supplies, $1,500; and office equipment, $10,750. There were no liabilities received.
Oct. 1. Paid three months’ rent on a lease rental contract, $4,800.
2. Paid the premiums on property and casualty insurance policies, $2,700.
4. Received cash from the clients as an advance payment for services to be provided and recorded it as unearned fees, $3,150.
5. Purchased additional office equipment on account from Office Station Co., $1,250.
6. Received cash from clients on account, $2,000.
10. Paid cash for a newspaper advertisement $325.
12. Paid Office Station Co. for part of the debt incurred October 5, $750.
12. Recorded services and provided on account for the period October 1—12, $5,750.
14. Paid part-time receptionist for two weeks’ salary, $900.
17. Recorded cash from cash clients for fees earned during the period of October 1—17, $9,250.
18. Paid cash for supplies, $600.
20. Recorded services provided on account for the period October 13—20, $4,100.
24. Recorded cash from cash clients for fees earned for the period October 17—24, $4,850.
26. Received cash from clients on account, $3,450.
27. Paid part-time receptionist for two weeks’ salary, $900.
29. Paid telephone bill for October, $250.
31. Paid electricity bill for October, $300.
31. Recorded cash from cash clients for fees earned for the period October 25—31, $3,975.
31. Recorded services provided on account for the remainder of October, $2,500.
31. Kareem withdrew $7,500 for personal use.
**********Instructions**********
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.)
11. Cash 31. Kareem Ismail, Capital
12. Accounts Receivable 32. Kareem Ismail, Drawing
14. Supplies 41. Fees Earned
15. Prepaid rent 51. Salary Expense
16. Prepaid insurance 52. Rent Expense
18. Office equipment 53. Supplies Expense
19. Accumulated Depreciation 54. Depreciation Expense
21. Accounts Payable 55. Insurance expense
22. Salaries Payable 59. Miscellaneous expense
23. Unearned fees
2. Post journal to ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of October, the following adjustment data were assembled. Analyze and use the data to complete parts (5) and (6).
a. Insurance expired during October is $225.
b. Supplies on hand on October 31 are $875.
c. Depreciation of office equipment for October is $400.
d. Accrued rec.
Uop acc-290-week-2-practice-connect-practice-assignment
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
The following accounting events apply to Marys Designs for Year 1 As.pdf
The following accounting events apply to Mary's Designs for Year 1 Asset Source Transectlons
1. Began operations by acquining $20,000 of cash from the issue of common stock 2 Performed
services and collected cash of $750 3. Collected $4,700 of cash in advance for services to be
provided over the next 12 months 4. Provided $10.600 of semices on account 3. Purchased
supplies of $440 on account. Asset Exchange Transactions 6. Purchased $4,800 of land for cash
7. Collected $7,000 of cash from accounts recewable. 6. Purchased $460 of supplies with cash .
Paid $3,400 for one year's rent in advance Astet Use Transactions 10. Paid $3,300 cash for
salanes of employees. 11. Poid a cash dividend of $1,500 to the stockholders 12. Paid off $440 of
the accounts payable with cash. Clalms Exchange Transactions 13. Placed an advertisement in
the local newspaper for $160 on account. 14 . Incurted utility expense of 595 on account
Adlusting Entries 13. Recognized $3,525 of revenue for performing services. The collecton of
cash for these services occurred in a prior transaction. (See Event 3) 10. Recorded $1,100 of
accrued salary expense at the end of Year 1. 17. Recorded supplies expense Had $125 of supplies
on hand at the end of the accounting period. 18. Recognized three months of expense for prepaid
rent that had been used up during the accounting penod
Required a. Record each of the preceding events in T-accounts
b. Prepare a before-closing trial balance.
c. Use a horizontal statements model to show how each event affects the balance sheet, income
statement, and statement of cash flows. The first event is recorded as an example (Use + to
indicate increose, - for decrease, or %-for increase and decrease. In the Statement of Cosh Flows
column, indicate whether the item is an operating activity (OA), investing activity (IA), or
financing activity (FA). Not oll cells require input).
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week Three
Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Running head: INDIVIDUAL ASSIGNMENT WEEK THREE
1
INDIVIDUAL ASSIGNMENT WEEK THREE
6
Individual Assignment Week Three
BE4-1
Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash
Net Income
(a)
Purchased $100 of supplies for cash.
-$100
$ 0
(b)
Recorded an adjusting entry to record use of $30 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
Purchased equipment for cash, $2,500.
(f)
Recorded depreciation of building for period used, $600.
P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Prepaid Insurance
2,640
Supplies
2,000
Office Equipment
15,000
Accounts Payable
$ 4,540
Unearned Service Revenue
5,200
Common Stock
21,750
Service Revenue
8,000
Salaries Expense
4,000
Rent Expense
2,000
$39,490
$39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
$3,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.
(SO 4, 5, 6)
Instructions
(a)
Prepare the adjusting entries for the month of June.
(b)
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Service rev. $15,400
(c)
Prepare an adjusted trial balance at June 30, 2010.
Tot. trial balance $44,670
P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Credit
Cash
$ 2,500
Prepaid Insurance
1,800
Supplies
2,600
Land
15,000
Lodge
70,000
Furniture
16,800
Accounts Payable
$ 4,700
Unearned Rent Reve.
These exercises help you understand the concepts in this lesson..docx
These exercises help you understand the concepts in this lesson.
Exercise 2-9A on page. 99
Exercise 2-14A on page. 100
Exercise 2-24A on page. 104
Exercise 2-30A on page. 105
Exercise 2-31A on page. 106
Exercise 2-9A
Prepaid items on financial statements
Therapy Inc. experienced the following events in 2013, its first year of operation:
1.
Performed counseling services for $18,000 cash.
2.
On February 1, 2013, paid $12,000 cash to rent office space for the coming year.
3.
Adjusted the accounts to reflect the amount of rent used during the year.
Required
Based on this information alone
a.
Record the events under an accounting equation.
b.
Prepare an income statement, balance sheet, and statement of cash flows for the 2013
accounting p eriod.
c.
Ignoring all other future events, what is the amount of rent expense that would be recognized
in 2014?
Exercise 2-14 A
Supplies, unearned revenue, and the financial statements model
Ross, Attorney at Law, experienced the following transactions in 2013, the first year of operations:
1.
Purchased $1,500 of office supplies on account.
2.
Accepted $36,000 on February 1, 2013, as a retainer for services to be performed evenly over
the next 12 months.
3.
Performed legal services for cash of $84,000.
4.
Paid cash for salaries expense of $32,000.
5.
Paid a cash dividend to the stockholders of $8,000.
6.
Paid $1,200 of the amount due on accounts payable.
7.
Determined that at the end of the accounting period, $150 of office supplies remained on
hand.
8.
On December 31, 2013, recognized the revenue that had been earned for services performed
in accordance with Transaction 2.
Required
Show the effects of the events on the financial statements using a horizontal statements model
like the following one. In the Cash Flow column, use the initials OA to designate operating activity,
IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to
indicate accounts not affected by the event. The first event has been recorded as an example.
Assets
=
liabilities
+
Stk Equity
EVENT
#
Cash
+ Supplies
=
Accts. Pay
+
Unearn. Rev.
+
Ret Earn.
Rev.
-
Exp.
=
Net Inc.
Cash Flow
1
NA
+
1,500
=
1,500
+
NA
+
NA
NA
-
NA
=
NA
NA
Exercise 2-24A
Effect of accounting events on the income statement and statement of
cash flows
Required
Explain how each of the following events or series of events and the related adjusting entry will
affect the amount of
net income
and the amount of
cash flow from operating activities
reported
on the year-end financial statements. Identify the direction of change (increase, decrease, or NA)
and the amount of the change. Organize your answers according to the following table. The first
event is recorded as an example. If an event does not have a related adjusting entry, record only
the effects of the event.
Net Income
Operating Activiti.
Acc 205 Exceptional Education / snaptutorial.com
For more classes visit
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
Acc 205 Education Organization / snaptutorial.com
For more classes visit
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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.
Acc 205 Enhance teaching - snaptutorial.com
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.
c. Compute 20X3 net income or loss.
ACC 205 Education Specialist / snaptutorial.com
For more classes visit
www.snaptutorial.com
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
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Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Exercises1. Classification of activitiesClassify each of the.docx
Exercises1. Classification of activitiesClassify each of the.docx
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For the past several years, Kareem Ismail has operated a part-time.docx
Uop acc-290-week-2-practice-connect-practice-assignment
Uop acc-290-week-2-practice-connect-practice-assignment
The following accounting events apply to Marys Designs for Year 1 As.pdf
The following accounting events apply to Marys Designs for Year 1 As.pdf
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
Individual Assignment Week ThreeKimberly M JohnsonAc.docx
These exercises help you understand the concepts in this lesson..docx
These exercises help you understand the concepts in this lesson..docx
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With regards to this article, I agree and disagree on certain leve.docx
With regards to this article, I agree and disagree on certain levels pertaining to racism in video games. I have been playing video games since the Nintendo days and I have noticed many stereotypes in video games that Evan has pointed out. Although Evan feels that all black characters are subject to stereotypes, there are bunches of game characters that I believe are not under this category and are in fact very ambitious characters. For example, Lee Everett from the Walking Dead: Season 1 game, Captain Anderson from the Mass Effect Trilogy, Franklin from Grand Theft Auto V and Sgt. Johnson from the Halo series. The problem I have with Evan's critique is the fact that he is judging black characters based on how they act and look, something that society does to members of the visible minority in the real world. Majority of the characters that are in question may seem stereotypical at first but if you delve deeper into their character you start to realize that there is depth behind that person rather than just big muscles and a loud mouth. In my opinion, whenever I play a video game I can care less what the race of my character is and I look more towards their development as a character and the story that it is telling. Many "gamers" share this same opinion from research I have done and even in the comment section of this article. I get the notion that he is looking for a character that is "white" but the problem is whenever a black character is given the same characteristics as a white character, they are not well received and are made fun of for being "white washed". There seems to be a double standard with how black characters are portrayed and is also something that will unfortunately never be able to appease to everyone due to the fact that everyone shares a different opinion on how certain types of characters should be portrayed.
3/25/2014
1/11
The Social Construction of "Race"
As our discussions have revealed over the past few weeks, negative or stereotypical representation in media
has real consequences. Such representations not only reflect but also reinforce the marginality of minority
groups. Thus, it follows that the political empowerment of subordinate groups in society--such as women,
youth, people with disabilities, gays and lesbians, the poor--depends in part on changing the way these
groups are represented.
How can we think about the issues of representation and empowerment in relation to racial minorities? First,
we need to gain a better understanding of the social construction of racial and ethnic identity.
Ethnicity
'Ethnicity' and 'race' are linked but distinct categories. Ethnicity is a broad social category that addresses
one’s perceived membership in a larger group based on an attachment to an actual or possible homeland, its
cultural heritage, belief system, political history, language, myths, customs, manners, food, literature, sport, art
or architectural style. Ethnic affiliations are acknowledged and pa.
WIT Financial Accounting Test Ch.docx
WIT Financial Accounting Test Chapters 5 and 6
1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.
Worker Products Company
Adjusted Trial Balance
December 31
Debit
Credit
Cash
$9,400
Accounts receivable
25,000
Merchandise inventory
36,000
Office supplies
900
Store equipment
75,000
Accumulated depreciation - store equipment
$22,000
Office equipment
60,000
Accumulated depreciation -office equipment
15,000
Accounts payable
42,000
Notes payable
10,000
F. Worker, Capital
110,700
F. Worker, Withdrawals
48,000
Sales
325,000
Sales discounts
6,000
Sales returns and allowances
16,500
Cost of goods sold
195,000
Sales salaries expense
32,500
Depreciation expense - store equipment
11,000
Depreciation expense - office equipment
7,500
Office supplies expense
1,300
Interest expense
600
Totals
$524,700
$524,700
2. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries.
Worker Products Company
Adjusted Trial Balance
December 31
Debit
Credit
Cash
$9,400
Accounts receivable
25,000
Merchandise inventory
36,000
Office supplies
900
Store equipment
75,000
Accumulated depreciation - store equipment
$22,000
Office equipment
60,000
Accumulated depreciation -office equipment
15,000
Accounts payable
42,000
Notes payable
10,000
F. Worker, Capital
110,700
F. Worker, Withdrawals
48,000
Sales
325,000
Sales discounts
6,000
Sales returns and allowances
16,500
Cost of goods sold
195,000
Sales salaries expense
32,500
Depreciation expense - store equipment
11,000
Depreciation expense - office equipment
7,500
Office supplies expense
1,300
Interest expense
600
Totals
$524,700
$524,700
3. A company made the following merchandise purchases and sales during the month of May:
May 1
Purchased
380 units at
$15 each
May 5
Purchased
270 units at
$17 each
May 10
Sold
400 units at
$50 each
May 20
Purchased
300 units at
$22 each
May 25
Sold
400 units at
$50 each
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
4. A company made the following merchandise purchases and sales during the month of May:
May 1
Purchased
380 units at
$15 each
May 5
Purchased
270 units at
$17 each
May 10
Sold
400 units at
$50 each
May 20
Purchased
300 units at
$22 each
May 25
Sold
400 units at
$50 each
There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
5. Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties .
Windows Server Deployment ProposalOverviewEach student will .docx
Windows Server Deployment Proposal
Overview
Each student will create a detailed, organized, unified technical solution given the scenario described below. The submission will be in a written format, with at least one diagram, and may include additional diagrams, charts or tables. The assignment is meant for students to enhance their mastery of the material and to provide a creative and realistic way in which to apply knowledge from this course.
Scenario
Worldwide Advertising, Inc. (referred to as “WAI”) has hired you as an IT consultant for implementing their Windows network infrastructure. WAI is a new advertising firm, and they are currently hiring staff, establishing two locations, and have a need to get their internal IT services configured. They do not yet have an IT staff, but when they do, the IT staff will take over all aspects of IT administration. You are required to supply WAI with a solution which describes the implementation and configuration of their core IT services. Cost is not a significant concern – WAI wishes to implement the “right” solution to fit their needs now and for the next 2-3 years.
There are several details about WAI which will have an impact on your choices:
· WAI will start with 110 employees, in the following departments:
· Executives (9 employees) – manage and run the company
· Accounts and Sales Department (15 employees) – perform market research and maintain accounts
· Creative, Media and Production Department (59 employees) – advertising
· Human Resources and Finances (17 employees) – perform HR and financial duties
· IT (10 employees) – manage IT for the company
· WAI will have two sites, one in Seattle and one in New York. Most staff will be located in Seattle, with at least 1 person from each of the departments above located in NY.
· Networking equipment is already in place for both sites. A secure tunnel (using IPSec) will be established between the two sites so that inter-site traffic will be securely tunneled over the Internet. You may make whatever other assumptions you wish about intra-and inter-site connectivity.
· Security mechanisms (e.g., firewalls, intrusion detection) will be handled separately, and there is no need to describe them.
· Some departments will want their data to remain private from other departments (e.g., Finances personnel will not want Production staff to see the company’s financial details). Your team may make assumptions about how data should be shared or kept private.
· Assumptions can be made regarding any information not included here; all assumptions should be identified, however.
Topics to Cover
Your document should cover the content presented in the course. The outline below contains recommended points to cover. You are free to add other related information.
Describe the technical and business reasons for each choice, citing other resources as appropriate.
The Windows Server 2012 operating system should be used for all aspects of the solution.
The topics inclu.
Wireshark Lab TCP v6.0 Supplement to Computer Networking.docx
Wireshark Lab: TCP v6.0
Supplement to Computer Networking: A Top-Down
Approach, 6th ed., J.F. Kurose and K.W. Ross
“Tell me and I forget. Show me and I remember. Involve me and I
understand.” Chinese proverb
© 2005-21012, J.F Kurose and K.W. Ross, All Rights Reserved
In this lab, we’ll investigate the behavior of the celebrated TCP protocol in detail. We’ll
do so by analyzing a trace of the TCP segments sent and received in transferring a 150KB
file (containing the text of Lewis Carrol’s Alice’s Adventures in Wonderland) from your
computer to a remote server. We’ll study TCP’s use of sequence and acknowledgement
numbers for providing reliable data transfer; we’ll see TCP’s congestion control
algorithm – slow start and congestion avoidance – in action; and we’ll look at TCP’s
receiver-advertised flow control mechanism. We’ll also briefly consider TCP connection
setup and we’ll investigate the performance (throughput and round-trip time) of the TCP
connection between your computer and the server.
Before beginning this lab, you’ll probably want to review sections 3.5 and 3.7 in the
text1.
1. Capturing a bulk TCP transfer from your computer to a remote
server
Before beginning our exploration of TCP, we’ll need to use Wireshark to obtain a packet
trace of the TCP transfer of a file from your computer to a remote server. You’ll do so by
accessing a Web page that will allow you to enter the name of a file stored on your
computer (which contains the ASCII text of Alice in Wonderland), and then transfer the
file to a Web server using the HTTP POST method (see section 2.2.3 in the text). We’re
using the POST method rather than the GET method as we’d like to transfer a large
amount of data from your computer to another computer. Of course, we’ll be running
Wireshark during this time to obtain the trace of the TCP segments sent and received
from your computer.
Do the following:
1 References to figures and sections are for the 6th edition of our text, Computer Networks, A Top-down
Approach, 6th ed., J.F. Kurose and K.W. Ross, Addison-Wesley/Pearson, 2012.
• Start up your web browser. Go the http://gaia.cs.umass.edu/wireshark-
labs/alice.txt and retrieve an ASCII copy of Alice in Wonderland. Store this file
somewhere on your computer.
• Next go to http://gaia.cs.umass.edu/wireshark-labs/TCP-wireshark-file1.html.
• You should see a screen that looks like:
• Use the Browse button in this form to enter the name of the file (full path name)
on your computer containing Alice in Wonderland (or do so manually). Don’t yet
press the “Upload alice.txt file” button.
• Now start up Wireshark and begin packet capture (Capture->Start) and then press
OK on the Wireshark Packet Capture Options screen (we’ll not need to select any
options here).
• Returning to your browser, press the “Upload alice.txt file” button to upload the
file to the g.
Wireshark Lab IP v6.0Supplement to Computer Networking A Top-D.docx
Wireshark Lab: IP v6.0
Supplement to Computer Networking: A Top-Down Approach, 6th ed., J.F. Kurose and K.W. Ross
“Tell me and I forget. Show me and I remember. Involve me and I understand.” Chinese proverb
© 2005-21012, J.F Kurose and K.W. Ross, All Rights Reserved
In this lab, we’ll investigate the IP protocol, focusing on the IP datagram. We’ll do so by analyzing a trace of IP datagrams sent and received by an execution of the traceroute program (the traceroute program itself is explored in more detail in the Wireshark ICMP lab). We’ll investigate the various fields in the IP datagram, and study IP fragmentation in detail.
Before beginning this lab, you’ll probably want to review sections 1.4.3 in the text
and section 3.4 of RFC 2151 [ftp://ftp.rfc-editor.org/in-notes/rfc2151.txt] to update yourself on the operation of the traceroute program. You’ll also want to read Section 4.4 in the text, and probably also have RFC 791 [ftp://ftp.rfc-editor.org/in-notes/rfc791.txt] on hand as well, for a discussion of the IP protocol.
1. Capturing packets from an execution of traceroute
In order to generate a trace of IP datagrams for this lab, we’ll use the traceroute program to send datagrams of different sizes towards some destination, X. Recall that traceroute operates by first sending one or more datagrams with the time-to-live (TTL) field in the IP header set to 1; it then sends a series of one or more datagrams towards the same destination with a TTL value of 2; it then sends a series of datagrams towards the same destination with a TTL value of 3; and so on. Recall that a router must decrement the TTL in each received datagram by 1 (actually, RFC 791 says that the router must decrement the TTL by at least one). If the TTL reaches 0, the router returns an ICMP message (type 11 – TTL-exceeded) to the sending host. As a result of this behavior, a datagram with a TTL of 1 (sent by the host executing traceroute) will cause the router one hop away from the sender to send an ICMP TTL-exceeded message back to the sender; the datagram sent with a TTL of 2 will cause the router two hops away to send an ICMP message back to the sender; the datagram sent with a TTL of 3 will cause the router three hops away to send an ICMP message back to the sender; and so on. In this manner, the host executing traceroute can learn the identities of the routers between itself and destination X by looking at the source IP addresses in the datagrams containing the ICMP TTL-exceeded messages.
We’ll want to run traceroute and have it send datagrams of various lengths.
· Windows. The tracert program (used for our ICMP Wireshark lab) provided with Windows does not allow one to change the size of the ICMP echo request (ping) message sent by the tracert program. A nicer Windows traceroute program is pingplotter, available both in free version and shareware versions at http://www.pingplotter.com. Download and install pingplotter, and test it out by performing a few tr.
Wireshark Lab IP v6.0 Supplement to Computer Networking.docx
Wireshark Lab: IP v6.0
Supplement to Computer Networking: A Top-Down
Approach, 6th ed., J.F. Kurose and K.W. Ross
“Tell me and I forget. Show me and I remember. Involve me and I
understand.” Chinese proverb
© 2005-21012, J.F Kurose and K.W. Ross, All Rights Reserved
In this lab, we’ll investigate the IP protocol, focusing on the IP datagram. We’ll do so by
analyzing a trace of IP datagrams sent and received by an execution of the traceroute
program (the traceroute program itself is explored in more detail in the Wireshark
ICMP lab). We’ll investigate the various fields in the IP datagram, and study IP
fragmentation in detail.
Before beginning this lab, you’ll probably want to review sections 1.4.3 in the text1 and
section 3.4 of RFC 2151 [ftp://ftp.rfc-editor.org/in-notes/rfc2151.txt] to update yourself
on the operation of the traceroute program. You’ll also want to read Section 4.4 in
the text, and probably also have RFC 791 [ftp://ftp.rfc-editor.org/in-notes/rfc791.txt] on
hand as well, for a discussion of the IP protocol.
1. Capturing packets from an execution of traceroute
In order to generate a trace of IP datagrams for this lab, we’ll use the traceroute
program to send datagrams of different sizes towards some destination, X. Recall that
traceroute operates by first sending one or more datagrams with the time-to-live
(TTL) field in the IP header set to 1; it then sends a series of one or more datagrams
towards the same destination with a TTL value of 2; it then sends a series of datagrams
towards the same destination with a TTL value of 3; and so on. Recall that a router must
decrement the TTL in each received datagram by 1 (actually, RFC 791 says that the
router must decrement the TTL by at least one). If the TTL reaches 0, the router returns
an ICMP message (type 11 – TTL-exceeded) to the sending host. As a result of this
behavior, a datagram with a TTL of 1 (sent by the host executing traceroute) will
cause the router one hop away from the sender to send an ICMP TTL-exceeded message
back to the sender; the datagram sent with a TTL of 2 will cause the router two hops
1 References to figures and sections are for the 6th edition of our text, Computer Networks, A Top-down
Approach, 6th ed., J.F. Kurose and K.W. Ross, Addison-Wesley/Pearson, 2012.
away to send an ICMP message back to the sender; the datagram sent with a TTL of 3
will cause the router three hops away to send an ICMP message back to the sender; and
so on. In this manner, the host executing traceroute can learn the identities of the
routers between itself and destination X by looking at the source IP addresses in the
datagrams containing the ICMP TTL-exceeded messages.
We’ll want to run traceroute and have it send datagrams of various lengths.
• Windows. The tracert program (used for our ICMP Wireshark lab) provided
with Windows does not allow one to c.
Willowbrook SchoolBackgroundWillowbrook School is a small, pri.docx
Willowbrook School
Background
Willowbrook School is a small, private school in the Midwest United States. For the past 20 years, it has offered a curriculum for preschool through 6th grade. Five years ago it expanded to offer after-school care, usually referred to as after care, on premises. After care is not only offered to Willowbrook’s students, but also for students of other schools in the area.
As an independent systems analyst working as a team, you work as an IT consultant, specializing in developing IT solutions for small businesses. You have been contacted by the director, Victoria Owens, to discuss the possibility of setting up a computer system to handle some of the school’s administrative and financial tasks. She explains to you that Willowbrook is experiencing significant increases in enrollment applications for all programs. Increases in applications, coupled with increased demand for after-school care, have led to a very high workload for the administrative personnel and staff. The principal and teachers have stepped in where possible, but the demand is becoming too great. Willowbrook School is a non-profit, and is not in a position to hire another full-time administrative position, which is what the principal and director think would be needed to handle the increased workload. You agree to meet with Victoria and the principal, Kathy Gilliard next week to discuss the school and its need for an information system.
You sit down with Victoria and Kathy on Wednesday to ask them some questions to help you determine what type of information system they need. You explain to them that information systems bring computer hardware and software together with people, processes, and data to produce specific results. They are excited to tell you about their situation and what they have in mind for a computer system to help with some of the work load. To help you with planning for the information system, you ask them about what personnel they have, as well as some questions to determine what types of information each person needs to do their job.
Victoria explains her role as the executive director of the school. She administers the activities of the school in accordance with the mission, vision, and policies established by the Board of Directors. She supports the educational staff and oversees the financial, payroll, and human resources functions for the school. She also prepares all necessary reports and evaluations for the state and local school boards. Kathy says that as the principal of Willowbrook she handles the academic and curricular issues that arise, and ensures that the school meets all federal and state educational standards. Kathy and the teachers who report to her make decisions jointly about admissions and assignments to classrooms. The two kitchen staff personnel, a head cook and an assistant, also report to the principal. She also coordinates students’ bus transportation schedule. The school contracts with a local bussing co.
Wind PowerUsed For Millennia Variations in alb.docx
Wind Power
Used For Millennia
Variations in albedo
Wind
The Uneven Heating of the Surface
Annual average net radiation from the Earth’s surface 1995 - 1986
Areas of heat gain and loss on Earth’s surface
Re-distribution of Excess Heat
Atmospheric Circulation on a Non-rotating
Earth
One cell in each hemisphere.
Warm air rises at the equator and moves north.
Cool air sinks at the poles and flows toward the equator.
Coriolis Effect
Coriolis Effect: tendency of a fluid (water or air) to be deflected from
its straight-line path as it moves across the Earth’s surface.
Deflection of a moving object is to the Right in the Northern
Hemisphere and Left in the Southern Hemisphere.
High Pressure
High Pressure
Low Pressure
High Pressure
Rising air
Descending air
Low Pressure
Descending Air
Rising air
Low pressure
Descending air
Atmospheric Circulation on a Rotating Earth
InterTropical Convergence Zone
(another source of wind)
Wind Generation
Turbine Blades
Inside of Wind Turbine
Size Scale of Wind Turbines
Small Scale Wind Power (Domestic systems)
Large Scale Wind Power (Grid Systems)
Wind Characteristics
Highly variable at several different timescales:
From hour to hour
Daily
Seasonally
High demand may not correspond to peak winds.
Instantaneous electrical generation and consumption must remain in
balance to maintain the grid stability.
Intermittent winds pose problem for wind power. Backup generation
capacity (fossil fuels) or energy storage (pump storage) may be
needed.
Turbine Size
Domestic size Grid size
Early Wind Farms
Limited output per turbine.
Required large numbers of turbines.
Large Scale Wind Turbines
Note bus
New Wind Turbine Designs
Learning From Nature
Humpback Whale Blade design
Potential Wind Energy Regions
Wind & Water
Ocean wind farm off Denmark
Energy Output Vs. Wind Velocity
Each potential wind farm has its own wind characteristics
Advantages of Wind Power
• No fuel consumed.
• No air pollution.
• Energy used to build a wind power plant equals the
energy produced by the plant in a few months time =
pays for itself.
• Allows for multiple land use in farming and electrical
generation.
Surprising Resistance to Wind Power
Environmental Effects
Danger to birds and bats.
Noisy (whooof, whooof)
Medical problems
Aesthetics (Cape Cod).
Danger to birds and bats
Danger to birds and bats
Birdwatchers in UK flock to see rare
bird, then watch it killed by wind turbine
Bird Friendly Compressed Air
Turbine
Perceived Wind Noise
San Gorgoino Pass, California
Near Palm Springs, popular resort
New Wind Farm Proposal
Cape Cod Wind Farm
Against
Against
Can’t Please Everybody
Artist Rendition of Proposed Cape
Cod Wind Farm
Cape Cod wind farm would not be visible for
more that 7 - 8 months a year due to haze.
Isle of Lewis, Scotland
Isle of Lewis Standing Stones
La Venta,.
winter 2013 235 CREATE A CONTRACTInstructionsI will giv.docx
winter 2013 235
CREATE A CONTRACT
Instructions:
I will give you a fact scenario below that involves some college students who are having difficulty living together as roommates.
Your task will be to create a contract to solve the problems and issues that the fact pattern raises. Hint I had (sixteen) 16 issues when I did the assignment.
After you create the contract, you will then include around a two page written description about WHY you chose to design the provisions of the contract the way you did.
Your grade will be based on:
1. Whether your contract identifies and solves the problems
2. Whether your contract is realistic
a. (ie a clause that says no roommate shall ever enter the room of another roommate is not practical because what if you hear them yelling for help, or if you haven’t seen them in 14 days.) I want you to think about “loopholes” and the “what if” types of things that can go wrong.
3. Language… Really in this assignment PLEASE pay attention to the words you type because one missing word can make the contract really silly… In last year’s contracts I had someone write… A roommate can eat any food in the apartment that has their name on it… (Great give me a pen and I’ll just put my name on everything).
4. Your explanation, did you have sound reasoning for putting in something in the contract.
5. Following the LAW:… This assignment requires you to have a general understanding of what a contract is and how it works… That is, after all, what we have been studying.
a. Do not include items in your contract that are illegal or are not a contract… For example do not say if the roommate leaves the toilet seat up, they will place their hands on the toilet and have their fingers slammed 10 times by the toilet seat. (That’s not enforceable)
b. Do NOT include something like… If roommate “brion” doesn’t like the punishment he can change it to what he wants, or if I don’t want to follow this rule I don’t have to”… (It is not a contract if one person can CHOOSE to not follow something, It also not a contract when you leave punishments, requirements ect for the “future to be determined”
6. Creativity/problem solving/format of contract
a. You must follow the general format of a contract I have included after the fact scenario… Trust me I am including the sections that ALL your contracts must have for your benefit. It will make organizing it a lot easier for you.
b. You must CHOOSE to write your contract from the viewpoint of one of the four people below or as a disinterested outside party… This is critical because if you are writing the contract from the perspective of one of the people it should FAVOR that person (in a reasonable way), if you are writing as a disinterested third party (an attorney) you should try and be as fair to all as possible.
c. In your explanation tell me from what viewpoint…actually make that your first sentence.
******************************************************************
.
WinEst As 1. Es2. Tassignment stInfo (Esti.docx
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3. Adding Markups
a. Add Net Markup
i. Name: Overhead and Profit
ii. Type: 15%
b. Add Sales Tax
i. Name: Sales Tax
ii. Type: 6.5%
iii. Restrict this Tax Markup to: Material
4. Print Report
a. Report 1:
i. Sheet View, set Filter to “’95 Div Details”
ii. File -> Print Preview -> Style
1. Layout: Landscape
2. Header/Footer -> Custom Header
a. Left Text (Use Field Tags…)
i. Est Info – Project Name
ii. Est Info – Start Date
iii. Est Info – Due Date
b. Center Text (Use Field Tags…)
i. Est Info – Type
ii. Est Info – Status
c. Right Text
i. Name
ii. Professor Name
iii. Class
iv. Date
b. Report 2:
i. Totals View
ii. File -> Print Preview
1. Ensure the Layout and Headers match Report 1
5. DUE: Monday, April 7, 2014 by 5:00 pm
1
Getting Started with WinEst
Sample Exercise v10.1
Professional Cost Estimating and Budgeting
Things you need to know about WinEst
Pull Down Menus & Tool Bars
There are different ways to view your toolbar in WinEst. Here are 2 examples. If you prefer large toolbar buttons,
select ‘Preferences’ from the ‘Tools’ menu option. Now select the Toolbars option from the displayed list of
preferences. To the right, under ‘Style’, change the Images to ‘Large’. Click OK.
Toolbar - Small Images with Short Text
Toolbar - Large Images with Text
WinEst has pull down menus for each of the following - File, Edit, View, Filters, Tables, Tools, Database, Reports,
Custom, Window and Help. When the mouse is clicked on one of these menu items, a list drops down and the
available commands display for that menu. Scan the menus to see the features available in the WinEst program.
Help
Help is always available. You can select the Contents command on the Help menu or press the F1 key to view
help.
2
Navigating in WinEst
WinEst has three main views. These enable you to follow a structured method for building and reviewing your
estimates. You can move from view to view at any time by clicking one of the corresponding toolbar buttons
(‘Takeoff’, ‘Sheet’ and ‘Totals’) or by making selections from the ‘View’ Menu.
Takeoff View
This view is for adding items to your estimate from the price book Database. From here you can:
• Lookup items in the database
• Perform takeoff calculations
• Assign Work Breakdown Structures (WBS) to items
• Analyze the Item takeoff audit trail
• Enter unique, “one time” items
• Add notes to it.
Wiley Plus Brief Exercise 6 –Accounting 100Brief Exercise 6-1B.docx
Wiley Plus Brief Exercise 6 –Accounting 100
Brief Exercise 6-1
Brief Exercise 6-1
Farley Company identifies the following items for possible inclusion in the taking of a physical inventory.
Indicate whether each item should be "Included" or "Not Included" from the inventory taking.
(a)
Goods shipped on consignment by Farley to another company.
(b)
Goods in transit from a supplier shipped FOB destination.
(c)
Goods sold but being held for customer pickup.
(d)
Goods held on consignment from another company.
Brief Exercise 6-2
Wilbur Company has the following items:
Indicate whether each item should be "Included" or "Not Included" from the inventory taking.
(a)
Freight-In
(b)
Purchase Returns and Allowances
(c)
Purchases
(d)
Sales Discounts
(e)
Purchase Discounts
Brief Exercise 6-8
Pettit Company reports net income of $90,000 in 2014. However, ending inventory was understated $7,000.
What is the correct net income for 2014?
The correct net income for 2014
$
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Click if you would like to Show Work for this question:
Open Show Work
Brief Exercise 6-9 (Part Level Submission)
At December 31, 2014, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $270,000, and sales revenue $380,000.
Warning
Don't show me this message again for the assignment
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(a)
Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.)
Inventory turnover
times
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Click if you would like to Show Work for this question:
Open Show Work
Modify Show Work
Exercise 6-1
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3.
Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count.
4.
Josef sold goods costing $35,000 to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included in Josef's physical inventory.
5.
Josef received goods costing $44,000 on January 2 that were sh.
Winter 2011 • Morality in Education 35Workplace Bullying .docx
Winter 2011 • Morality in Education 35
Workplace Bullying: Costly and
Preventable
By Terry L Wiedmer
W orkplace bullying is a pervasive practice by malicious individuals who seekpower, control,domination, and subjugation. In businesses or schools, such bullying is an inefficient
way of working that is both costly and preventable. Senior management and executives are
ultimately responsible for creating and sustaining bully-free workplaces. Workplace bullies can be
stopped if employees and employers work together to establish and enforce appropriate workplace
policies and practices. This article presents information about workplace bullying, including its
prevalence, targeted individuals, bullying behaviors, employer practices, and steps to prevent
bullying. In the end, leadership and an environment of respect provide the ultimate formula for
stopping workplace bullying.
Bullying occurs between and among people in all venues—in the home, community, and
workplace. It is a pervasive, targeted, and planned effort that can be overtly obvious or
can fly under the radar and is conducted by practiced and malicious individuals who seek
power, control, domination, and subjugation. The impacts of such actions—in terms of
finances, emotions, health, morale, and overall productivity—are destructive, and the
ramifications are limitless (Mattice, 2009). Because no one is immune from the potential of
being subjected to bullying in the workplace, this topic merits further review and analysis
(Van Dusen, 2008). :
To combat workplace bullying, often referred to as psychological harassment or
violence (Workplace Bullying Institute [WBI], 2007), employers must have a full range of
policies in place and means available to them to create and maintain a healthy workplace
culture and climate. Although they are not generally for-profit endeavors, schools and
school systems are purposeful businesses that share the same concerns and have the same
responsibility to ensure that each employee works in a respectful environment and is not
subjected to workplace bullies.
Workplace Bullying •
According to the Workforce Bullying Institute (WBI), workplace bullying is
the repeated, health-harming mistreatment of one or more persons (the targets)
by one or more perpetrators that takes one or more of the following forms: verbal
abuse; offensive conduct/behaviors (including nonverbal) which are threatening,
humiliating, or intimidating; and work interference—sabotage—which prevents
work from getting done. (Definition of Workplace Bullying, para. 1)
Bullies seek to induce harm, jeopardize one's career and job, and destroy interpersonal
relationships. The behaviors of bullies harm people and ravage profits.
36 The Delta Kappa Gamma Bulletin
Prevalence of Workplace Bullying
Thirty-seven percent of U.S. workforce members report being bullied at work; this amounts
to an estimated 54 million Americans, which translates to nearly the entire population of
the states of Wash.
With the competitive advantage that Crocs’ supply chain holds, the.docx
With the competitive advantage that Crocs’ supply chain holds, the company also wants to be able to sustain their customers’ satisfaction. In doing this, they must make sure that their transformation process is producing consistent output especially when new products are introduced. This can be achieved by having a solid quality control system.
With the quality control system, inspections are to take place at three critical points. The first one is before production, which involves the raw materials in Crocs’ case that would be the raw materials, or chemicals that they purchase in pellet form. This first step can be eliminated by through supplier certification. The second critical point is during the production process. Process quality control takes place, which involves statistical process control. Periodic samples are taken from a continuous production, as long as sample measurements fall within the control limit the production will continue. However, if the samples fall outside the control limits, the process is stopped and a search is made for an assignable cause. In this case, the process will use a quality control chart known as an attribute control chart. The whole purpose is to find the natural random variability in the output oppose to unnecessary variations. The company must maintain that natural random variability to be under statistical control. The last critical point is after production. Following these inspections is process capability. Process capability is assessed once the process is under statistical control. It is the ability of the process to meet or exceed customers’ specifications. Process capability is determined by using the process capability index. If the process is unable to meet the customer specifications the following step is continuous improvement in which case seven tools are used including a flow chart, check sheet, histogram, Pareto chart, cause and effect, scatter diagram and a control chart. These tools are then incorporated into an improvement approach known as Six Sigma. Six Sigma includes five steps:
1. Defining a process for improvement
2. Measuring the variables and setting goals for improvement
3. Analyzing the root causes in which case the seven tools are referred to
4. Making improvements
5. Implementing a control plan to ensure that changes are permanent
In furthering research on Crocs, it has been stated in online reviews by various customers that they have experienced defects in the seam of their shoes, cases in which their shoe had shrunk or didn’t fit at all, Crocs’ flip flops tearing apart, holes appearing in their shoes, and the smell of the shoes. These reviews are accessible to many consumers, and are capable of tainting the reputation of Crocs. Reviews such as these are important to pay attention to because it’s proof of the importance of solidifying an efficient quality control system. It is especially important when introducing new products, and the use of different materials. .
Windows Server 2012 R2 Essentials Windows Server 2012.docx
Windows Server 2012
R2 Essentials
Windows Server 2012
R2 Essentials
Hands-on lab
An ideal server for small businesses, Windows Server 2012 R2
Essentials, the latest version of Windows Small Business Server
Essentials, provides a powerful and flexible solution that helps
protect your business data while allowing you to access the
information you need from virtually anywhere using almost
any device.
In this lab, you will learn how to work with Microsoft Office
365 mailboxes, create a user account for a new employee, join
a computer to the network, monitor the health and protect the
data of the network environment using local and cloud-based
services, extend storage capacity, and finally how to remotely
access the Windows Server 2012 R2 Essentials server when
away from the office.
Produced by HynesITe, Inc
Version 3.1
11/20/2013
This document is provided for informational purposes only and Microsoft makes no warranties, either express or implied, in this
document. Information in this document, including URL and other Internet Web site references, is subject to change without notice.
The entire risk of the use or the results from the use of this document remains with the user. Unless otherwise noted, the
companies, organizations, products, domain names, e-mail addresses, logos, people, places, and events depicted in examples herein
are fictitious. No association with any real company, organization, product, domain name, e-mail address, logo, person, place, or
event is intended or should be inferred. Complying with all applicable copyright laws is the responsibility of the user. Without
limiting the rights under copyright, no part of this document may be reproduced, stored in or introduced into a retrieval system, or
transmitted in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without
the express written permission of Microsoft Corporation.
Microsoft may have patents, patent applications, trademarks, copyrights, or other intellectual property rights covering subject matter
in this document. Except as expressly provided in any written license agreement from Microsoft, the furnishing of this document
does not give you any license to these patents, trademarks, copyrights, or other intellectual property.
Copyright 2013 © Microsoft Corporation. All rights reserved.
Microsoft, Active Directory, Hyper-V, Internet Explorer, Windows, Windows PowerShell, and Windows Server, are trademarks of the
Microsoft group of companies.
All other trademarks are property of their respective owners.
Windows Server 2012 R2 - Essentials
Lab created by HynesITe, Inc. For questions or comments, send an email message to [email protected] Page | 3
Introduction
Estimated time to complete this lab
60 minutes
Objectives
After completing this lab, you will be able to:
� Integrate Windows Server 2012 R2 Essentials with Mic.
Wind power resources on the eastern U.S. continental shelf are est.docx
Wind power resources on the eastern U.S. continental shelf are estimated to be over 400 GW, several times the electricity used by U.S. eastern coastal states. The first U.S. developer proposes to build 130 large (40 story tall) wind turbines in Nan- tucket Sound, just outside Massachusetts state waters. These would provide 420 MW at market prices, enough electricity for most of Cape Cod. The project is opposed by a vigorous and well-financed coalition. Polling shows local public opinion on the project almost equally divided. This article draws on semistructured interviews with residents of Cape Cod to analyze values, beliefs, and logic of supporters and oppo- nents. For example, one value found to lead to opposition is that the ocean is a special place that should be kept natural and free of human intrusion. One line of argument found to lead to support is: The war in Iraq is problematic, this war is “really” over petroleum, Cape Cod generates electricity from oil, therefore, the wind project would improve U.S. security. Based on analysis of the values and reasoning behind our interview data, we identify four issues that are relevant but not currently part of the debate.
Introduction
Recent assessments of renewable energy show that wind power has, since the turn of the century, become cost-competitive in the sites with the most favorable wind regimes (Herzog et al., 2001). Until very recently, large-scale North American wind resources were believed to exist in the Great Plains of the United States, northern Canada, and central Canada only (Grubb & Meyer, 1993). Although these huge resources are enough to meet the entire continent’s electrical needs, they are distant from the large coastal cities where electricity is primarily consumed—imposing a need for costly large-scale transmission lines (Cavallo, 1995). In just the last couple of years, it has been recog- nized that the Atlantic Ocean also has a large wind resource on the continental shelf, close to East Coast cities. Three or four manufacturers have developed large wind elec- tric turbines designed to be placed offshore, in waters up to 20–30 m in depth. To date these have been placed only in European waters. By late 2003, the resources, the tech- nology, and the economic viability had all come together in the Eastern United States, potentially allowing large-scale deployment to begin by 2005.
The furthest advanced of a handful of proposed U.S. offshore wind developments is in Nantucket Sound, off the Southern coast of Cape Cod, Massachusetts. This proposal has engendered a widespread, well-organized, well-financed, and politically potent op- position. This movement’s strength, and the apparent contradiction of such opposition coming from a population thought of as politically liberal and environmentally con- cerned, have garnered national press coverage (e.g., Burkett, 2003). A second project was proposed by the Long Island Power Authority for the southern edge of Long Island, with an .
WilliamStearman_Java301build.xml Builds, tests, and ru.docx
WilliamStearman_Java301/build.xml
Builds, tests, and runs the project WilliamStearman_Java301.
WilliamStearman_Java301/build/classes/.netbeans_automatic_build
WilliamStearman_Java301/build/classes/java90301/AddFaculty$1.classpackage java90301;
synchronizedclass AddFaculty$1 implements java.awt.event.ActionListener {
void AddFaculty$1(AddFaculty);
public void actionPerformed(java.awt.event.ActionEvent);
}
WilliamStearman_Java301/build/classes/java90301/AddFaculty$2.classpackage java90301;
synchronizedclass AddFaculty$2 implements java.awt.event.ActionListener {
void AddFaculty$2(AddFaculty);
public void actionPerformed(java.awt.event.ActionEvent);
}
WilliamStearman_Java301/build/classes/java90301/AddFaculty$3.classpackage java90301;
synchronizedclass AddFaculty$3 implements java.awt.event.ActionListener {
void AddFaculty$3(AddFaculty);
public void actionPerformed(java.awt.event.ActionEvent);
}
WilliamStearman_Java301/build/classes/java90301/AddFaculty$4.classpackage java90301;
synchronizedclass AddFaculty$4 implements java.awt.event.ActionListener {
void AddFaculty$4(AddFaculty);
public void actionPerformed(java.awt.event.ActionEvent);
}
WilliamStearman_Java301/build/classes/java90301/AddFaculty$5.classpackage java90301;
finalsynchronizedclass AddFaculty$5 implements Runnable {
void AddFaculty$5();
public void run();
}
WilliamStearman_Java301/build/classes/java90301/AddFaculty.classpackage java90301;
publicsynchronizedclass AddFaculty extends javax.swing.JFrame {
private javax.swing.JButton jButton1;
private javax.swing.JButton jButton2;
private javax.swing.JButton jButton3;
private javax.swing.JLabel jLabel1;
private javax.swing.JLabel jLabel2;
private javax.swing.JLabel jLabel3;
private javax.swing.JLabel jLabel4;
private javax.swing.JLabel jLabel5;
private javax.swing.JLabel jLabel6;
private javax.swing.JLabel jLabel7;
private javax.swing.JLabel jLabel8;
private javax.swing.JTextField jTextField1;
private javax.swing.JTextField jTextField10;
private javax.swing.JTextField jTextField11;
private javax.swing.JTextField jTextField12;
private javax.swing.JTextField jTextField13;
private javax.swing.JTextField jTextField2;
private javax.swing.JTextField jTextField3;
private javax.swing.JTextField jTextField4;
private javax.swing.JTextField jTextField5;
private javax.swing.JTextField jTextField6;
private javax.swing.JTextField jTextField7;
private javax.swing.JTextField jTextField8;
private javax.swing.JTextField jTextField9;
public void AddFaculty();
private void initComponents();
private void jTextField7ActionPerformed(java.awt.event.ActionEvent);
private void jTextField9ActionPerformed(java.awt.event.ActionEvent);
private void jTextField12ActionPerformed(java.awt.event.ActionEvent);
private void jButton3ActionPerformed(java.awt.event.ActionEvent);
publi.
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Wilson Majee Technology Diffusion, S-Curve, and Innovation.docx
Wilson Majee
Technology Diffusion, S-Curve, and Innovation-Decision Process
In this week's reflection report I will discuss technology diffusion, S-Curves and innovation
decision process. I will use the healthcare industry as an example. Our healthcare system is ever
evolving - new technologies, insurance models, and information systems are shaping the system
on a daily basis. Despites these changes and the huge healthcare expenditures (16 of GDP in
America compared to 8 in United Kingdom), Americans are comparatively not any healthier
than citizens in most other developed nations (Merson, Black, & Mills, 2012). The disconnect
between investments in technology and health outcomes is a concern of us all. It makes as
question technology diffusion within the healthcare system: are investments in health system
being spent efficiently? Are consumers really resistant to changes that benefit their health? Or
are there issues with technology diffusion as a practice.
Diffusion is the process by which an innovation is spread through a population. Ironically,
people and institutions, generally, do not like change. Change is viewed as painful, difficult and
times creating uncertainties. Because of this, and for the healthcare industry, huge amounts of
resources are devoted either to promoting innovations (for example, selling the latest drug,
imaging system, medical device etc.) or to preventing innovations from disrupting the status quo.
Although many successful healthcare innovations are aimed at making people healthier, at
relatively smaller increases in costs, IT usage in healthcare has always lagged other industries -
ERH are a good example. Adoption of ERH was slow. Literature on technology diffusion states
that successful implementation is influenced by the compatibility and complexity of the
innovation, organizational context, and the characteristics of the implementation strategy (Cain
M, & Mittman, 2002; Rogers, 1995). People respond to these factors differently resulting in an
S-shaped curve illustration of the adoption process.
The S-curve model shows that any innovation is first adopted by a few people/organizations and
as more use it, and confidence is built around the technology, other will begin to use it. Because
of the inherent uncertainty to new innovations, the decision to adopt an innovation takes time.
However, "once the diffusion reaches a level of critical mass, it proceeds rapidly. Eventually a
point is reached where the population is less likely to adopt the innovation, and spread slows
down. The S-curve implies a hierarchy of adopters, starting with innovators, early adopters, early
majority, late majority and laggards (Rogers, 1995). In other words the S-curve explains the
innovation-decision process: the process through which an individual/organization passes
through from when they gain knowledge of an innovation, to forming an attitude, to the decision
to accept or reject the innovation, .
WinARM - Simulating Advanced RISC Machine Architecture .docx
WinARM - Simulating Advanced RISC Machine Architecture
Shuqiang Zhang
Department of Computer Science
Columbia University
New York, NY
[email protected]
Abstract
This paper discusses the design and imple-
mentation of the WinARM, a simulator imple-
mented in C for the Advanced RISC Machine
(ARM) processor. The intended users of this tool
are those individuals interested in learning com-
puter architecture, particularly those with an inter-
est in the Advanced RISC Machine processor fam-
ily.
WinARM facilitates the learning of computer
architecture by offering a hands-on approach to
those who have no access to the actual hardware.
The core of the simulator is implemented in C with
and models a fetch-decode-execute paradigm; a
Visual Basic GUI is included to give users an in-
teractive environment to observe different stages
of the simulation process.
1. Introduction:
This paper describes how to simulate an
ARM processor using the C programming lan-
guage. In the course of this discussion, the reader
is introduced to the details of the ARM processor
architecture and discovers how the hardware
specifications are simulated in software using
execution-driven simulation. Execution driven
simulation is also know as instruction-level simu-
lation, register-cycle simulation or cycle-by-cycle
simulation [3]. Instruction level simulation con-
sists of fetch, decode and execution phases [4].
ARM processors were first designed and
manufactured by Acorn Computer Group in the
mid 1980’s [1]. Due to its high performance and
power efficiency, ARM processors can be found
on wide range of electronic devices, such as Sony
Playstation, Nintendo Game Boy Advance and
Compaq iPAQs. The 32-bit microprocessor was
designed using RISC architecture with data proc-
essing operations occurring in registers instead of
memory. The processor has 16 visible 32 bit regis-
ters and a reduced instruction set that is 32-bits
wide. The details on the registers and instructions
can be obtained from the ARM Architectural Ref-
erence Manual [2].
2. Related Works:
This section discusses different types of
simulators available today and their different ap-
proaches in design and implementation. Most
simulation tools can be classified as user level
simulators: these simulate the execution of a proc-
ess and emulate any system calls made on the tar-
get computer using the operating system of the
host computer [5]. WinARM is an example of this
type of simulator; it executes ARM instructions on
a host Pentium x86 processor using a
fetch-decode-execute paradigm. KScalar Simulator
[Moure 6], PPS suite [7], CPU Sim3.1 [8] and OA-
Mulator [9] are simulators best suited for educa-
tional purposes. They show the basic ideas of com-
puter organization with relatively few details and
complexity. They are specifically designed for stu-
dents who have little or no background in com-
puter architecture and who need a.
William PennWhat religion was William PennWilliam Pen was fr.docx
William Penn
What religion was William Penn?
William Pen was from an Anglican family that was very distinguished. His father was Sir William Pen who was a landowner. At twenty two, Penn decided to join the Quakers which was also referred to as the Religious Society of Friends. The Quakers used to obey the inner light and they believed that the inner light came directly from God. They refused to take their hats off or even bow for any man. They also refused to take their arms up. Their beliefs were completely different as compared to the beliefs that the other Christians had (Barbour & Frost, 1988).
The Oxford University in England expelled Penn in the year 1662 since he refused to conform to the teachings of the Anglican Church. He could publicly state his beliefs and he could also print some of the things that he believed in.
Quakers’ founder was George Foxx who was a close friend to Penn. Cromwell’s death was a time of turmoil to the Quakers since they were suspected for the death. They were suspected because they had beliefs that differed from the religion that had been imposed for the state. They had also refused to swear a loyalty oath to Cromwell, who was the king. Quakers did not swear since Christ had commanded people not to swear.
The religious views that Penn had were a distress to his father. Naval service had helped him earn an Ireland estate and he had always hoped that the intelligence and charisma that his son had could help him in winning favor at the Charles II court. However, that could not happen since his son was always arrested. Penn and George Foxx were frequent companions since they could always travel together in order to spread their ministry. He also wrote a comprehension that was detailed and comprehensive regarding Quakerism. After the death of his father in 1670, Penn inherited the estates of the family and he could frequently visit the court of King Charles II where he was always campaigning for freedom in religion (Penn, 1794).
Where was William Penn born?
William Penn was born in London, United Kingdom. He was born on fourteenth of October in the year 1644. He was a privileged son since he was born by a gentleman who was a land owner. Thomas Loe, who was a Quaker minister, greatly affected Penn by his teachings.
In 1677 a group of important men all from Penn’s religion received a land area in the Colonies for them to settle. Penn himself remained in England but wrote a government for this new community. In what part of the US was this land area located?
In the year 1677, the Quakers relocated to another land. The city of Burlington is located in the Burlington County in New Jersey. It is Philadelphia’s suburb. The Quakers settlers moved to Burlington. Burlington served as West Jersey’s capital until the year 1702. The Quakers were able to formally establish their congregation in the year 1678. Initially, they could meet in private homes. However, between 1683 and 1687, a hexagonal house that was made .
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Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
- 1. 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.
- 2. 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.
- 3. 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 preparation. The transactions that follow relate to Burton Enterprises for March 20X1, the company’s first month of activity. 3/1: Joanne Burton, the owner invested $20,000 into the business. 3/4: Performed $2,400 of services on account. 3/7: Acquired a small parcel of land by paying $6,000 cash. 3/12: Received $700 from a client, who was billed previously on March 4. 3/15: Paid $800 to the Journal Herald for advertising expense. 3/18: Acquired $9,000 of equipment from Park Central Outfitters by paying $7,000 down and agreeing to remit the balance owed within the next 2 weeks, (Accounts Payable). 3/22: Received $300 cash from clients for services.
- 4. 3/24: Paid $1,500 on account to Park Central Outfitters in partial settlement of the balance due from the transaction on March 18. 3/28: Rented a car from United Car Rental for use on March 28. Total charges amounted to $75, with United billing Burton for the amount due. 3/31: Paid $900 for March wages. 3/31: Processed a $600 cash withdrawal from the business for Joanne Burton. Instructions a. Determine the impact of each of the preceding transactions on Burton’s assets, liabilities, and owner’s equity. See exhibit 1.5. Use the following format: Assets = Liabilities + Owner’s Equity Cash, Accounts Receivable, Land, Equipment Accounts Payable (+)Investments (+) Revenues (-) Withdrawals (-) Expenses a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded. b. Prepare an income statement, a statement of owner’s equity, and a balance sheet, (See Exhibit 1.1, 1.3 and 1.4) 6. 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.
- 5. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily receipts for 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. 7. Basic journal entries The following transactions pertain to the Jennifer Royall Company: Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000 from into the business. 5 Provided $1,200 of services to Jason Ratchford, a client, on account. 9 Paid $250 of salaries to an employee. 14 Acquired a new computer for $3,200, on account. 20 Collected $800 from Jason Ratchford for services provided on April 5. 24 Borrowed $7,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 8. Trial balance preparation. Brighton, a sole proprietorship began operation on March 1 of the current year. The following
- 6. account balances were extracted from the general ledger on March 31; all accounts have normal balances. Accounts Payable $ 12,000 Interest Expense $ 300 Accounts Receivable 8,800 Land ? Advertising Expense 5,700 Loan Payable 26,000 Bob Brighton, Owners Equity 30,000 Salaries Expense 11,100 Cash 22,500 Utilities Expense 700 Fees Earned 18,900 a. Determine the cost of the company’s land by preparing a trial balance. (Remember, the trial balance debits must equal the credits, see Exhibit 2.9) b. Determine the firm’s net income for the period ending March 31. 9. Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
- 7. Account number Account name Debit Credit 110 Cash $ 2,700 120 Accounts Receivable 12,100 130 Equipment and Supplies 2,800 140 Studio 45,000 210 Accounts Payable $2,600 310 Lee Adkins, Owners Equity 57,400 320 Lee Adkins, Drawing 30,000 410 Revenue 39,000 510
- 8. Advertising Expense 2,300 520 Salaries Expense 2,100 540 Utilities Expense 2,000 $99,000 $99,000 The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June: 6/2: Collected $7,500 on account from customers. 6/7: Sold 25% of the equipment and supplies to a young artist for $700 for cash 6/10: Received a $500 bill from the accountant for preparing last quarter’s financial statements. 6/15: Paid $2,100 to creditors on account. 6/27: Adkins withdrew $1,000 cash for personal use. 6/30: Billed a customer $3,000 for a portrait painted this month. a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6) b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See
- 9. exhibit 2.3 and 2.4) c. Post the journal entries to the “T” accounts. d. Prepare a trial balance as of June 30. (See exhibit 2.9) 10. Journal entry preparation. On January 1 of the current year, Peter Houston invested $100,000 cash into his company MuniServ. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15. During January, the company had additional cash outlays for the following items: Purchases of store equipment $4,600 Loan payment 500 Salaries expense 2,300 Advertising expense 700 The January utilities bill of $200 was received on January 31 and will be paid on February 10. MuniServ rendered services to clients on account amounting to $9,400 and $3,700 had been received in settlement. Instructions a. Present journal entries that reflect MuniServ's January transactions, starting with the $100,000 investment. (See
- 10. exhibit 2.6) b. Compute the total debits, total credits, and ending balance that would be found in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4) c. Prepare a trail balance as of January 31. (See exhibit 2.9)