Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
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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.
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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 ...
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? ...
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
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.
ACC 205 Education Specialist / snaptutorial.com
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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
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.
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.
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?
( ...
Recommended
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 ...
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? ...
Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx
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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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
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.
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.
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?
( ...
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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.
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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.
c. Compute 20X3 net income or loss.
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of
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.
Exercise 44. Accounting for prepaid expenses and unearned revenu.docx
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
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.
Acc 205 week 4 exercise assignment liability new
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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
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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.
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..
Account Receivable QuestionsZ
Practice questions for Finance students. Questions from MBA past papers of University of Karachi
CMBA 603-SName ___________________________Test 1 – part 2 (prob
CMBA 603-S Name ___________________________
Test 1 – part 2 (problems)
Fall 2021
Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas.
Classifications: Part I
For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries).
(a) Type of Account (b) Debit or Credit? (c) Close?yes or no
1. dividends payable __________________ ______ ______
2. purchase discounts lost (periodic) ____
3. accumulated depreciation __________________ ______ ______
4. common stock __________________ ______ ______
5. cost of goods sold __________________ ______ ______
6. dividends (declared) __________________ ______ ______
7. interest earned __________________ ______ ______
8. depreciation for the current year __________________ ______ ______
9. accounts receivable __________________ ______ ______
10. retained earnings _________________ ______ ______
11. prepaid (unexpired) insurance __________________ ______ ______
12. sales returns __________________ ______ ______
13. gain on sale of land __________________ ______ ______
14. investments __________________ ______ ______
15. unearned rent revenue __________________ ______ ______
Classifications: Part II
State the impact on net income in the current month under the accrual method (increase, decrease, or no effect)
Impact on Net Income
1. recorded interest on a note receivable; the
interest and note will be received next month __________________
2. collected a deposit on a sale of goods that
will be delivered next month __________________
3. paid cash dividends that were declared last month __________________
4. purchased inventory for cash (perpetual system) __________________
5. sold land for more than its cost __________________
6. recorded this month’s depreciation __________________
7. updated unearned rent revenue by moving
the current month’s rent to the appropriate account __________________
8. purchased a building by signing a mortgage
payable and also giving a cash downpayment __________________
9. accrued utilities for the month (to be paid next month) __________________
10. recorded the expiration of this month’s
portion of prepaid insurance __________________
11. signed a purchase order for goods to
be received next year __________________
12. issued bonds payable __________________
Problem 1 Recording Transactions Able Co. began operations in December 2021 with the following transactions occurring in that month. Note that there are no beginning balances in the accounts because this is the first mont ...
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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.
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
AC1220 ACCOUNTING ILab 4.2AC1220 Lab 4.2Intro.docx
AC1220 ACCOUNTING I Lab 4.2
AC1220 Lab 4.2
Introduction
Jake’s Computer Sales and Repair has an accounts receivable balance of $6,520 as of May 31, 20x1. Jake maintains an aging-of-accounts schedule listing a time outstanding (or “age”) of the invoice amounts that make up each customer’s receivable balance.
Requirement 1
a. Compute the estimated uncollectible amount for each customer in the aging schedule. Enter amounts in the appropriate cells, rounding to the nearest dollar.
b. Compute the total estimated allowance for the uncollectible account balance. Enter the amount in the appropriate cell.
Uncollectible Accounts Schedule at May 31, 20x1
Customer Name
Account Number
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
Totals
Atterbury
1001
$850
$250
-
-
$1,100
Smith
1002
1,320
2,900
$480
-
$4,700
Walten
1003
-
-
50
40
$90
Total
$2,170
$3,150
$530
$40
$6,520
Estimated percent uncollectible
x 2%
x 5%
x 10%
x 90%
Estimated allowance for uncollectible accounts
Requirement 2
a. Make the necessary journal entry to establish an allowance for the uncollectible accounts account. Use the target allowance for the uncollectible accounts balance computed in Requirement 1.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
b. Post the entry from Requirement 2a and account receivable balance to the following T-Accounts:
Uncollectible Account Expense
Allowance for Uncollectible Accounts
Accounts Receivable
c. Show the disclosure of net accounts receivable in the following partial balance sheet:
In the current assets section of the balance sheet:
Accounts Receivable, Net
Requirement 3
Jake is informed in writing that a customer, Walten, has filed for bankruptcy and will be unable to settle an account receivable of $90.
Make the journal entry necessary to write off this amount.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 4
Jake receives notice from Walten’s attorney that Jake’s Computer Sales and Repair will receive $0.50 on the dollar of the $90 account receivable previously written off. A check for that amount is included.
Journalize the partial reinstatement and recovery of Walten’s account receivable.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 5
Customer Smith’s account receivable balance of $480 is more than 60 days old. Jake and Smith agree to reclassify this amount as a note payable with a six-month maturity and a 15 percent annual interest rate.
Jake makes the following journal entry:
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Note Receivable
$480
Accounts Receivable
$480
To record 15% note receivable
Compute the interest and principle components of the payment that Smith will make on June 30, 20x1, on the note payable.
Hint: Principal x Interest Rate x Days/365 = Amount of Interest
Requirement 6
Requirement 6
Jake considers using the direct write-off method to account for uncollectible accounts. He would debit the uncollectible account expense a.
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docx
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
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 .
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b. Determine the company's total liabilities as of December 31.
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a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December 31.
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Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
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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.
Exercise 44. Accounting for prepaid expenses and unearned revenu.docx
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
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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.
Acc 205 week 4 exercise assignment liability new
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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
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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.
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..
Account Receivable QuestionsZ
Practice questions for Finance students. Questions from MBA past papers of University of Karachi
CMBA 603-SName ___________________________Test 1 – part 2 (prob
CMBA 603-S Name ___________________________
Test 1 – part 2 (problems)
Fall 2021
Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas.
Classifications: Part I
For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries).
(a) Type of Account (b) Debit or Credit? (c) Close?yes or no
1. dividends payable __________________ ______ ______
2. purchase discounts lost (periodic) ____
3. accumulated depreciation __________________ ______ ______
4. common stock __________________ ______ ______
5. cost of goods sold __________________ ______ ______
6. dividends (declared) __________________ ______ ______
7. interest earned __________________ ______ ______
8. depreciation for the current year __________________ ______ ______
9. accounts receivable __________________ ______ ______
10. retained earnings _________________ ______ ______
11. prepaid (unexpired) insurance __________________ ______ ______
12. sales returns __________________ ______ ______
13. gain on sale of land __________________ ______ ______
14. investments __________________ ______ ______
15. unearned rent revenue __________________ ______ ______
Classifications: Part II
State the impact on net income in the current month under the accrual method (increase, decrease, or no effect)
Impact on Net Income
1. recorded interest on a note receivable; the
interest and note will be received next month __________________
2. collected a deposit on a sale of goods that
will be delivered next month __________________
3. paid cash dividends that were declared last month __________________
4. purchased inventory for cash (perpetual system) __________________
5. sold land for more than its cost __________________
6. recorded this month’s depreciation __________________
7. updated unearned rent revenue by moving
the current month’s rent to the appropriate account __________________
8. purchased a building by signing a mortgage
payable and also giving a cash downpayment __________________
9. accrued utilities for the month (to be paid next month) __________________
10. recorded the expiration of this month’s
portion of prepaid insurance __________________
11. signed a purchase order for goods to
be received next year __________________
12. issued bonds payable __________________
Problem 1 Recording Transactions Able Co. began operations in December 2021 with the following transactions occurring in that month. Note that there are no beginning balances in the accounts because this is the first mont ...
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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.
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
AC1220 ACCOUNTING ILab 4.2AC1220 Lab 4.2Intro.docx
AC1220 ACCOUNTING I Lab 4.2
AC1220 Lab 4.2
Introduction
Jake’s Computer Sales and Repair has an accounts receivable balance of $6,520 as of May 31, 20x1. Jake maintains an aging-of-accounts schedule listing a time outstanding (or “age”) of the invoice amounts that make up each customer’s receivable balance.
Requirement 1
a. Compute the estimated uncollectible amount for each customer in the aging schedule. Enter amounts in the appropriate cells, rounding to the nearest dollar.
b. Compute the total estimated allowance for the uncollectible account balance. Enter the amount in the appropriate cell.
Uncollectible Accounts Schedule at May 31, 20x1
Customer Name
Account Number
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
Totals
Atterbury
1001
$850
$250
-
-
$1,100
Smith
1002
1,320
2,900
$480
-
$4,700
Walten
1003
-
-
50
40
$90
Total
$2,170
$3,150
$530
$40
$6,520
Estimated percent uncollectible
x 2%
x 5%
x 10%
x 90%
Estimated allowance for uncollectible accounts
Requirement 2
a. Make the necessary journal entry to establish an allowance for the uncollectible accounts account. Use the target allowance for the uncollectible accounts balance computed in Requirement 1.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
b. Post the entry from Requirement 2a and account receivable balance to the following T-Accounts:
Uncollectible Account Expense
Allowance for Uncollectible Accounts
Accounts Receivable
c. Show the disclosure of net accounts receivable in the following partial balance sheet:
In the current assets section of the balance sheet:
Accounts Receivable, Net
Requirement 3
Jake is informed in writing that a customer, Walten, has filed for bankruptcy and will be unable to settle an account receivable of $90.
Make the journal entry necessary to write off this amount.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 4
Jake receives notice from Walten’s attorney that Jake’s Computer Sales and Repair will receive $0.50 on the dollar of the $90 account receivable previously written off. A check for that amount is included.
Journalize the partial reinstatement and recovery of Walten’s account receivable.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 5
Customer Smith’s account receivable balance of $480 is more than 60 days old. Jake and Smith agree to reclassify this amount as a note payable with a six-month maturity and a 15 percent annual interest rate.
Jake makes the following journal entry:
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Note Receivable
$480
Accounts Receivable
$480
To record 15% note receivable
Compute the interest and principle components of the payment that Smith will make on June 30, 20x1, on the note payable.
Hint: Principal x Interest Rate x Days/365 = Amount of Interest
Requirement 6
Requirement 6
Jake considers using the direct write-off method to account for uncollectible accounts. He would debit the uncollectible account expense a.
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docx
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
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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.
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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.
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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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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.
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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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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 Two Exercise AssignmentRevenue and Expenses1. Recognition.docx
- 1. 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
- 2. 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
- 3. 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. Adjusting entries. You have been retained to examine the records of Kathy’s Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following: · On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31. · Unrecorded interest owed to the center totaled $275 as of December 31. · All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500 all amounts were for the current semester ending on December 31. · Depreciation on the school’s van was $3,000 for the year. · On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account. · Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday. · Kathy’s Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
- 4. Date Paid Policy No. Length of Policy Amount Feb. 1, 20X2 1033MCM19 1 year $540 Jan. 1, 20X3 7952789HP 1 year 912 Aug. 1, 20X3 XQ943675ST 2 years 840 Instructions The center’s accounts were last adjusted on December 31, 20X2. Prepare the adjusting entries necessary under the accrual basis of accounting. 6. Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January: Balance per bank $6,150 Balance per company records 3,580 Bank service charge for January 20 Deposits in transit 940 Interest on note collected by bank 100 Note collected by bank
- 5. 1,000 NSF check returned by the bank with the bank statement 650 Outstanding checks 3,080 Instructions: a. Prepare Palmetto’s January bank reconciliation. b. Prepare any necessary journal entries for Palmetto. 7. Direct write-off method. Harrisburg Company, which began business in early 20X7, reported $40,000 of accounts receivable on the December 31, 20X7, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 20X8, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles. a. Prepare the journal entry needed to write off Mattingly’s account. b. Comment on the ability of the direct write-off method to value receivables on the year-end balance sheet. 8. Allowance method: estimation and balance sheet disclosure. The following pre-adjusted information for the Maverick Company is available on December 31: · Accounts receivable $107,000 · Allowance for uncollectible accounts 5,400 (credit balance) · Credit sales 250,000 a. Prepare the journal entries necessary to record Maverick’s uncollectible accounts expense under each of the following assumptions: (1) Uncollectible accounts are estimated to be 5% of Credit Sales. (2) Uncollectible accounts are estimated to be 14% of Accounts Receivable. b. How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)?
- 6. c. How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)? 9. Direct write-off and allowance methods: matching approach. The December 31, 20X2, year-end trial balance of Targa Company revealed the following account information: Debits Credits Accounts Receivable $252,000 Allowance for Uncollectible Accounts $ 3,000 Sales 855,000 Instructions a. Determine the adjusting entry for bad debts under each of the following conditions: (1) An aging schedule indicates that $12,420 of accounts receivable will be uncollectible. (2) Uncollectible accounts are estimated at 2% of net sales. b. On January 19, 20X3, Targa learned that House Company, a customer, had declared bankruptcy. Present the proper entry to write off House’s $950 balance using the allowance method. c. Repeat the requirement in part (b), using the direct write-off method. d. In light of the House bankruptcy, examine the allowance and direct write-off methods in terms of their ability to properly match revenues and expenses. 10. Allowance method: analysis of receivables. At a January 20X2 meeting, the president of Sonic Sound directed the sales staff “to move some product this year.” The president noted that the credit evaluation department was being disbanded because it had restricted the company’s growth. Credit decisions would now be made by the sales staff.
- 7. By the end of the year, Sonic had generated significant gains in sales, and the president was very pleased. The following data were provided by the accounting department: 20X2 20X1 Sales $23,987,000 $8,423,000 Accounts Receivable, 12/31 12,444,000 1,056,000 Allowance for Uncollectible Accounts, 12/31 ? 23,000 cr. The $12,444,000 receivables balance was aged as follows: Age of Receivable Amount Percentage of Accounts Expected to Be Collected Under 31 days $5,321,000 99% 31260 days 3,890,000 90 61290 days 1,067,000 80 Over 90 days 2,166,000 60 Assume that no accounts were written off during 20X2. Instructions a. Estimate the amount of Uncollectible Accounts as of
- 8. December 31, 20X2. b. What is the company’s Uncollectible Accounts expense for 20X2? c. Compute the net realizable value of Accounts Receivable at the end of 20X1 and 20X2. d. Compute the net realizable value at the end of 20X1 and 20X2 as a percentage of respective year-end receivables balances. Analyze your findings and comment on the president’s decision to close the credit evaluation department. Week Three Exercise Assignment Inventory 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 $11,000 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.
- 9. 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. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods. 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. 3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a
- 10. computerized perpetual inventory system. The first transactions that occurred during 20X3 following. 1. Purchases on account: 500 units @ $4 = $2,000 1. Sales on account: 300 of the above units = $2,550 1. Returns on account: 75 of the above unsold units 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 prepared on the computer printout. b. Calculate the balance in the firm’s Inventory account. c. Briefly explain the absence of the Purchases account to the company president. 4. Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows: 1/3: Purchase 100 boards @ $125 3/17: Sold 50 boards @ $130 5/9: 5/9: 246 boards @140 7/3: 400 boards @ $150 10/23: 74 boards @ $160 Wave Riders sold 710 boards at an average price of $250 per board. The company uses a periodic inventory system. Instructions a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods: 1. First-in, first-out
- 11. 1. Last-in, first-out 1. Weighted average b. Which of the three methods would be chosen if management’s goal is to (1) produce an up-to-date inventory valuation on the balance sheet? (2) approximate the physical flow of a sand and gravel dealer? (3) report low earnings (for tax purposes) for a separate electronics company that has been experiencing declining purchase prices? 5. Depreciation methods. Betsy Ross Enterprises purchased a delivery van for $30,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods: a. Units-of-output, assuming 17,000 miles were driven during 20X8 b. Straight-line c. Double-declining-balance 6. Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $1,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following: a. The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation method b. Depreciation expense for 20X4, assuming use of the units-of- output depreciation method. Actual washing cycles in 20X4 totaled 500. c. Accumulated depreciation on December 31, 20X5, assuming use of the double-declining-balance depreciation method. 7. Depreciation computations: change in estimate. Aussie
- 12. Imports purchased a specialized piece of machinery for $50,000 on January 1, 20X3. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of $5,000. During the 5 years of operations (20X3 - 20X7), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 hours, respectively. Instructions a. Compute depreciation for 20X3 - 20X7 by using the following methods: straight line, units of output, and double- declining-balance. b. On January 1, 20X5, management shortened the remaining service life of the machine to 20 months. Assuming use of the straight-line method, compute the company’s depreciation expense for 20X5. c. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use.