ACC 290 Entire Course New Flashcards
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UOP ACC 290 Week 2 E3-1 NEW
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ACC 290 Week 2 E3-1 NEW
The balance sheet makes sure that the finances are in balance. Below is a list of Thyme Advertising Company, Inc. transactions. Each of these is affected differently.
• Issued common stock to investors in exchange for cash received from investors.
- Paid monthly rent.
- Received cash from customers when service was performed.
- Billed customers for services performed.
- Paid dividend to stockholders.
- Incurred advertising expense on account.
- Received cash from customers billed in (4).
- Purchased additional equipment for cash.
- Purchased equipment on account.
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UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW
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ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW
Purpose of Assignment
The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making p. 36
Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,600 Notes payable $12,000
Accounts receivable 4,000 Accounts payable 500
Service revenue 7,500 Supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 Salaries and wages expense 1,400
Common stock 22,100
In June, the company issues no additional stock but paid dividends of $1,400.
Prepare an income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words:
• Briefly address whether the company’s first month of operations was a success.
• Discuss the company’s decision to distribute a dividend.
Use the Excel® spreadsheet to show your work and submit it with your analysis.
Click the Assignment Files tab to submit your assignment.
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UOP ACC 290 Week 2 WileyPLUS - 100% Correct NEW
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ACC 290 Week 2 WileyPLUS - 100% Correct NEW
Question 1
Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $22,450 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $468 per week, payable monthly.
2 Paid office rent for the month $1,122.
3 Purchased architectural supplies on account from Burlington Company $1,621.
10 Completed blueprints on a carport and billed client $2,370 for services.
11 Received $873 cash advance from J. Madison to design a new home.
20 Received $3,492 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,872.
30 Paid $374 to Burlington Company for accounts payable due.
Journalize the 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. Record journal entries in the order presented in the problem.)
Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)
Prepare a trial balance on April 30, 2014.
Question 2
This is the trial balance of Solis Company on September 30.
SOLIS COMPANY
Trial Balance
September 30, 2014
Debit
Credit
Cash
$ 23,840
Accounts Receivable
7,240
Supplies
4,940
Equipment
10,840
Accounts Payable
$ 9,440
Unearned Service Revenue
3,940
Common Stock
19,640
Retained Earnings
13,840
$46,860
$46,860
The October transactions were as follows.
Oct. 5
Received $1,500 in cash from customers for accounts receivable due.
10
Billed customers for services performed $5,840.
15
Paid employee salaries $1,000.
17
Performed $600 of services in exchange for cash.
20
Paid $1,950 to creditors for accounts payable due.
29
Paid a $260 cash dividend.
31
Paid utilities $420.
Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post to the ledger accounts. (Post entries in the order of information presented in the question.)
Prepare a trial balance on October 31, 2014.
Question 3
A tabular analysis of the transactions made during August 2014 by Colaw Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.
Assets
=
Liabilities
+
Stockholders’ Equity
Cash
+
A/R
+
Supp.
+
Equip.
=
Accounts Payable
+
Common Stock
+
Retained Earnings
Revenues
–
Expenses
–
Dividends
(1)
$24,400
$24,400
Com. Stock
(2)
–2,000
$5,100
$3,100
(3)
–790
$790
(4)
4,430
$5,610
$10,040
Serv. Rev.
(5)
–1,980
–1,980
(6)
–1,410
–$1,410
Div.
(7)
–820
–$820
Rent Exp.
(8)
490
–490
(9)
–2,550
–2,550
Salar. Exp.
(10)
330
–330
Util. Exp.
Determine how much stockholders’ equity increased for the month.
Compute the net income for the month.
Question 4
This information relates to Crofoot Real Estate Agency.
Oct. 1 Stockholders invest $30,950 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $32,640.
3 Buys office furniture for $3,950, on account.
6 Sells a house and lot for M.E. Graves; commissions due from Graves, $11,660 (not paid by Graves at this time).
10 Receives cash of $180 as commission for acting as rental agent renting an apartment.
27 Pays $610 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,720 in salary for October.
Journalize the 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. Record journal entries in the order presented in the problem.)
Question 5
The financial statements of The Hershey Company and Tootsie Roll are presented below. Assume Hershey’s average number of shares outstanding was 220,688,000, and Tootsie Roll’s was 57,892,000.
For each company calculate the following values for 2011. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (Round all ratios to 1 decimal places, e.g. 15.2:1 or 15.2%, earnings per share to 2 decimal places, e.g. 15.21 and all other answers to thousands. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(1) Working capital.
(2) Current ratio.
(3) Debt to assets ratio.
(4) Free cash flow.
(5) Earnings per share.
Question 6
The financial statements of The Hershey Company and Tootsie Roll are presented below.
Based on the information contained in these financial statements, determine the normal balance for:
Question 7
The following information is available for Cole Bowling Alley at December 31, 2014.
Prepare a classified statement of financial position; assume that $13,900 of the notes payable will be paid in 2015. (List Property, plant and equipment in order of land, buildings and equipment. List current assets in reverse order of liquidity.)
Question 8
The Zetar plc’s complete annual report, including the notes to its financial statements, is available in the Investors section at www.zetarplc.com.
Describe in which statement each of the following items is reported, and the position in the statement (e.g., current asset).
Question 9
This information relates to Crofoot Real Estate Agency.
Oct. 1 Stockholders invest $30,400 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $39,960.
3 Buys office furniture for $3,620, on account.
6 Sells a house and lot for M.E. Graves; commissions due from Graves, $10,660 (not paid by Graves at this time).
10 Receives cash of $230 as commission for acting as rental agent renting an apartment.
27 Pays $640 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $3,330 in salary for October.
Post the transactions to T-accounts. (Post entries in the order of information presented in the question.)
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Determine the balance of each account.
2
Derrick Wells decided to start a dental practice. The first five transactions for the business follow.
Derrick invested $45,000 cash in the business.
Paid $15,000 in cash for equipment.
Performed services for cash amounting to $4,500.
Paid $1,900 in cash for advertising expense.
Paid $1,500 in cash for supplies.
(1) Select which two accounts are affected in each of the above transactions.
(2&3) Post the above transactions into the appropriate T accounts.
3
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.
Transactions:
Guttery invested $80,000 in cash to start the business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for the month.
Purchased additional office chairs for $2,900; received credit terms of 30 days.
Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from charge customers.
Issued a check for $1,450 in partial payment of the amount owed for office chairs.
Paid $350 to a duplicating company for photocopy work performed during the month.
Paid $610 for the monthly electric bill.
Guttery withdrew $4,500 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
4
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 2019.
5
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.
6
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019.
Transactions:
Guttery invested $80,000 in cash to start the business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for the month.
Purchased additional office chairs for $2,900; received credit terms of 30 days.
Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from charge customers.
Issued a check for $1,450 in partial payment of the amount owed for office chairs.
Paid $350 to a duplicating company for photocopy work performed during the month.
Paid $610 for the monthly electric bill.
Guttery withdrew $4,500 in cash for personal expenses.
Required:
Prepare a trial balance, an income statement, a statement of owner’s equity, and a balance sheet. Assume that the transactions took place during the month ended June 30, 2019. Determine the account balances before you start work on the financial statements.
Analyze:
What is the change in owner’s equity for the month of June?.
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UOP ACC 290 Week 1 Apply Connect Assignment (With Excel File) NEW
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ACC 290 Week 1 Apply Connect Assignment (With Excel File) NEW
1 On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.
TRANSACTIONS
The owner invested $100,000 in cash to begin the business.
Paid $20,250 in cash for the purchase of equipment.
Purchased additional equipment for $15,200 on credit.
Paid $12,500 in cash to creditors.
The owner made an additional investment of $25,000 in cash.
Performed services for $9,750 in cash.
Performed services for $7,800 on account.
Paid $6,000 for rent expense.
Received $5,500 in cash from credit clients.
Paid $7,550 in cash for office supplies.
The owner withdrew $12,000 in cash for personal expenses.
Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.
Analyze:
What is the ending balance of cash after all transactions have been recorded?
2 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.
Required:
Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.
ACC 290 Week 1 Apply Connect Assignment
Complete the Week 1 Assignment in Connect.
Note: You have only 1 attempt available to complete assignments.
1 Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.
Cash $ 60,200
Accounts Receivable 15,800
Office Furniture 35,000
Auto 22,700
Accounts Payable 10,400
Harold Joseph, Capital 90,700
Revenue 56,200
Expenses 23,600
TRANSACTIONS
Performed services for $6,600 on credit.
Paid $1,620 in cash for new office chairs.
Received $10,400 in cash from credit clients.
Paid $800 in cash for telephone service.
Sent a check for $2,900 in partial payment of the amount due creditors.
Paid salaries of $8,900 in cash.
Sent a check for $1,040 to pay electric bill.
Performed services for $9,700 in cash.
Paid $2,270 in cash for auto repairs.
Performed services for $11,700 on account.
Enter the above transactions in to the following accounting equations.
Analyze:
What is the amount of total assets after all transactions have been recorded?
2 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.
Required:
Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.
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UOP ACC 290 Final Exam NEW
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ACC 290 Final Exam Guide NEW
1) Which financial statement is used to determine cash generated from operations?
A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows
3) In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.
4) An increase in an expense account must be
A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?
A.
Cash $100
Common Stock $100
B.
Cash $500
Common Stock $500
C.
Cash $500
Paid-in Capital, Excess of Par $400
Common Stock $100
D.
Cash $100
Paid-in Capital, Excess of Par $400
Common Stock $500
6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a
A. $600 credit balance B. $1,400 debit balance C. $800 debit balance D. $800 credit balance
7) Which ledger contains control accounts?
A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger
8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?
A. Accounts receivable subsidiary ledger B. Accounts receivable control ledger C. General ledger D. Accounts payable subsidiary ledger
9) Under the cash basis of accounting,
A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue
10) Under the accrual basis of accounting,
A. cash must be received before revenue is recognized B. net income is calculated by matching cash outflows against cash inflows C. events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received D. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is
A. debit Laundry Expense, $2,000; credit Laundry Expense $2,000 B. debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500 C. debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000 D. debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500
12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
A. debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100 B. debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900 C. debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900 D. debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100
13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
Service revenue $3,300 Equipment $6,400
Cash 1,525 Prepaid insurance 1,225
Unearned revenue 5,320 Depreciation expense 640
Salary 1,050 Accum. depreciation 1,280
Common stock 390 Retained earnings 550
A. $9,150 B. $10,840 C. $9,560 D. $10,430
14) An adjusted trial balance
A. is prepared after the financial statements are completed B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made C. is a required financial statement under generally accepted accounting principles D. cannot be used to prepare financial statements
15) Given the following adjusted trial balance, net income for the year is:
Debit Credit
Cash $781
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Property, plant & equipment 150
Accumulated depreciation 26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
A. $248 B. $135 C. $162 D. $49
16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396
A. $7,396 B. $7,118 C. $7,334 D. $7,170
17) Given the following adjusted trial balance:
Debit Credit
Cash $781
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Property, plant & equipment 150
Accumulated depreciation $26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
After closing entries have been posted, the balance in retained earnings will be
A. $3,256 B. $3,170 C. $3,440 D. $3,354
18) Net income is recorded on the work sheet under the
A. debit column of the adjusted trial balance and the credit column of retained earnings B. debit column of the income statement and the credit column of the balance sheet C. credit column of the adjusted trial balance and the debit column of retained earnings D. credit column of the income statement and the debit column of the balance sheet
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be
A. $900,000 and 65% B. $1,300,000 and 35% C. $900,000 and 35% D. $1,300,000 and 65%
20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been
A. $480,000 B. $420,000 C. $390,000 D. Insufficient data to determine
21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be
A. $400,000 and 60%
B $600,000 and 40%
C. $400,000 and 40%
D. $600,000 and 60%
22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a
A. debit to Sales Discount for $18 B. debit to Sales Revenue for $882 C. credit to Accounts Receivable for $900 D. credit to Sales Revenue for $900
23) Dobler Company uses a periodic inventory system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A. $737 B. $700 C. $762 D. $1,380
24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as
A. FIFO reserve B. inventory reserve C. LIFO reserve D. periodic reserve
25) A consistent application of an inventory costing method enhances
A. conservatism B. accuracy C. comparability D. efficiency
26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
A. $11,300 B. $12,000 C. $10,000 D. $10,700
27) A very small company would have the most difficulty in implementing which of the following internal control activities?
A. Separation of duties B. Limited access to assets C. Periodic independent verification D. Sound personnel procedures
28) A system of internal control
A. is infallible B. can be rendered ineffective by employee collusion C. invariably will have costs exceeding benefits D. is premised on the concept of absolute assurance
29) The custodian of a company asset should
A. have access to the accounting record for that asset B. be someone outside the company C. not have access to the accounting record for that asset D. be an accountant
30) The Sarbanes Oxley Act (2002) applies to
A. U.S. companies but not international companies B. international companies but not U.S. companies C. U.S. and Canadian companies but not other international companies
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UOP ACC 290 Week 2 Apply Connect Assignment NEW
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ACC 290 Week 2 Apply Connect Assignment
Note: You have only 1 attempt available to complete assignments
1 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.
Transactions:
Guttery invested $156,000 in cash to start the business.
Paid $5,600 for the current month’s rent.
Bought office furniture for $16,320 in cash.
Performed services for $7,800 in cash.
Paid $1,210 for the monthly telephone bill.
Performed services for $13,600 on credit.
Purchased a computer and copier for $37,200; paid $12,600 in cash immediately with the balance due in 30 days.
Received $6,800 from credit clients.
Paid $3,600 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,400; received credit terms of 30 days.
Purchased office equipment for $36,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,000 to pay salaries.
Performed services for $14,100 in cash.
Performed services for $15,600 on credit.
Collected $7,600 on accounts receivable from charge customers.
Issued a check for $2,700 in partial payment of the amount owed for office chairs.
Paid $660 to a duplicating company for photocopy work performed during the month.
Paid $1,180 for the monthly electric bill.
Guttery withdrew $8,600 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
2
The following occurred during June at Hicks Family Counseling.
Post the following transactions into the appropriate T accounts.
Transactions:
Purchased office supplies for $1,900 in cash.
Delivered monthly statements, collected fee income of $26,500.
Paid the current month’s office rent of $3,900.
Completed professional counseling, billed client for $4,100.
Client paid fee of $2,100 for weekly counseling, previously billed.
Paid office salaries of $3,500.
Paid telephone bill of $470.
Billed client for $3,100 fee for preparing a counseling evaluation.
Purchased office supplies of $990 on account.
Paid office salaries of $3,500.
Collected $3,100 from client who was billed.
Clients paid a total of $9,200 cash in fees.
Analyze:
How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
3
The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.
Post the following transactions into the appropriate T accounts.
Transactions:
Ronald Calhoun invested $63,000 cash in the business.
Purchased office furniture for $16,300 in cash.
Bought a fax machine for $980; payment is due in 30 days.
Purchased a used car for the firm for $16,300 in cash.
Calhoun invested an additional $10,300 cash in the business.
Bought a new computer for $3,300; payment is due in 60 days.
Paid $980 to settle the amount owed on the fax machine.
Calhoun withdrew $4,300 in cash for personal expenses.
Analyze:
Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
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Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company.
Question 2
Which of the following is not a liability?
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Question 3
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
Question 4
Ending retained earnings for a period is equal to beginning
Retained earnings + Net income – Dividends.
Retained earnings – Net income + Dividends
Retained earnings – Net income – Dividends.
Retained earnings + Net income + Dividends.
Question 5
Which of the following is not an advantage of the corporate form of business organization?
No personal liability
Easy to raise funds
Easy to transfer ownership
Favorable tax treatment
Question 6
An advantage of the corporate form of business is that
it is simple to establish.
it has limited life.
its owner’s personal resources are at stake.
its ownership is easily transferable via the sale of shares of stock
Question 7
A small neighborhood barber shop that is operated by its owner would likely be organized as a
proprietorship.
partnership.
joint venture.
corporation.
Question 8
If services are rendered for cash, then
stockholders’ equity will decrease.
liabilities will increase.
liabilities will decrease.
assets will increase.
Question 9
A revenue generally
increases assets and stockholders’ equity.
increases assets and liabilities.
increases assets and decreases stockholders’ equity.
leaves total assets unchanged.
Question 10
A revenue account
has a normal balance of a debit.
is decreased by credits.
is increased by credits.
is increased by debits.
Question 11
Which accounts normally have debit balances?
Assets, expenses, and dividends
Assets, expenses, and revenues
Assets, expense, and retained earnings
Assets, liabilities, and dividends
Question 12
In recording an accounting transaction in a double-entry system
the number of debit accounts must equal the number of credit accounts.
there must only be two accounts affected by any transaction.
there must always be entries made on both sides of the accounting equation.
the amount of the debits must equal the amount of the credits.
Question 13
The usual sequence of steps in the transaction recording process is
journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.
journalize, post to the ledger, analyze.
Question 14
Under the expense recognition principle expenses are recognized when
they contribute to the production of revenue.
they are billed by the supplier.
they are paid.
the invoice is received.
Question 15
The revenue recognition principle dictates that revenue should be recognized in the accounting records:
in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.
Question 16
Merchandising companies that sell to retailers are known as
brokers.
corporations.
wholesalers.
service firms.
Question 17
Gross profit equals the difference between
sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds
purchases.
cost of goods sold.
operating expenses.
cost of goods sold plus operating expenses.
Question 19
Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
Freight-In
Inventory
Freight Expense
Freight-Out
Question 20
Financial information is presented below:
Operating expenses $ 25000
Sales revenue 175000
Cost of goods sold 125000
The profit margin ratio would be
Question 21
Financial information is presented below: Operating expenses $ 31000 Sales returns and allowances 6000 Sales discounts 5000 Sales revenue 180000 Cost of goods sold 87000
The gross profit rate would be
Question 22
Financial information is presented below: Operating expenses $ 54000 Sales returns and allowances 5000 Sales discounts 5000 Sales revenue 206000 Cost of goods sold 109000
Gross Profit would be
$102000.
$92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost of the latest units purchased are
not allocated to cost of goods sold or ending inventory.
the first to be allocated to cost of goods sold.
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
Question 24
Which of the following statements is correct with respect to inventories?
FIFO seldom coincides with the actual physical flow of inventory.
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
Question 25
All of the following are examples of internal control procedures except
reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.
Question 26
Each of the following is a feature of internal control except
recording of all transactions.
bonding of employees.
an extensive marketing plan.
separation of duties.
Question 27
For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
Check written for $95, but recorded by the company as $59
Deposit of $500 recorded by the bank as $50.
Check written for $53, but recorded by the company as $35.
A returned $200 check recorded by the bank as $20.
Question 28
A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be
deducted from the balance per books.
added to the balance per bank.
added to the balance per books.
deducted from the balance per bank.
Question 29
The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was
- 3 times.
- 6 times.
- 9 times.
- 7 times.
Question 30
The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was
- 4 days.
- 1 days.
- 8 days.
- 5 days
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UOP ACC 290 Week 3 Apply Connect Assignment (With Excel File) NEW
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ACC 290 Week 3 Apply Connect Assignment (With Excel File) NEW
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ACC 290 Week 3 Apply Connect Assignment
Complete the Week 3 Assignment in Connect.
Note: You have only 1 attempt available to complete assignments
1 On October 1, 2019, Helen Kennedy opened an advertising agency.
DATE
TRANSACTIONS
Oct. 1
Helen Kennedy invested $61,000 cash in the business.
2
Paid October office rent of $3,050; issued Check 1001.
5
Purchased desks and other office furniture for $13,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6
Issued Check 1002 for $3,250 to purchase art equipment.
7
Purchased supplies for $1,600; paid with Check 1003.
10
Issued Check 1004 for $490 for office cleaning service.
12
Performed services for $4,150 in cash and $1,950 on credit. (Use a compound entry.)
15
Returned damaged supplies for a cash refund of $290.
18
Purchased a computer for $3,050 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,775 down payment, with the balance payable in 30 days. (Use one compound entry.)
20
Issued Check 1006 for $6,950 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26
Performed services for $4,450 on credit.
27
Paid $270 for monthly telephone bill; issued Check 1007.
30
Received $3,750 in cash from credit customers.
30
Mailed Check 1008 to pay the monthly utility bill of $345.
30
Issued Checks 1009–1011 for $8,050 for salaries.
Required:
- Journalize the above transactions.
- Post the above transactions to the ledger accounts.
Analyze:
What is the balance of account 202 in the general ledger?
2. The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting. GENERAL JOURNAL Date Description Post. Ref. Debit Credit 2019 April 1 Accounts Payable 14000 Fees Income 14000 Performed services on credit
2 Cash 660
Telephone Expense 660
Paid for March telephone service, Check 1917
3 Office Equipment 8480
Office Supplies 960
Cash 10000
Purchased file cabinet and office supplies, Check 1918
2
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.
DATE
TRANSACTIONS
Sept.
1
Issued Check 1169 for $1,200 to pay the September rent.
5
Performed services for $3,200 in cash.
6
Performed services for $2,050 on credit.
10
Paid $560 for monthly telephone bill; issued Check 1170.
11
Paid for equipment repairs of $800 with Check 1171.
12
Received $3,000 on account from credit clients.
15
Issued Checks 1172–1177 for $4,000 for salaries.
18
Issued Check 1178 for $1,800 to purchase supplies.
19
Purchased new tennis rackets for $2,050 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
20
Issued Check 1179 for $2,720 to purchase new nets. (Equip.)
21
Received $910 on account from credit clients.
21
Returned a damaged net and received a cash refund of $410.
22
Performed services for $3,400 in cash.
23
Performed services for $4,990 on credit.
26
Issued Check 1180 for $600 to purchase supplies.
28
Paid the monthly electric bill of $2,390 with Check 1181.
30
Issued Checks 1182–1187 for $4,000 for salaries.
30
Issued Check 1188 for $4,000 cash to Ellis Carter for personal expenses.
Required:
Record each of the above transactions in the general journal.
Analyze:
If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?
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UOP ACC 290 Final Exam NEW
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ACC 290 Final Exam Guide NEW
1) Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3) In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits.
B. Normal balances and decreases are credits.
C. Normal balances can either be debits or credits for assets.
D. Normal balances are debits and increases can be debits or credits.
4) An increase in an expense account must be
A. debited
B. credited
C. either debited or credited, depending on the circumstances
D. capitalized
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?
A.
Cash $100
Common Stock $100
B.
Cash $500
Common Stock $500
C.
Cash $500
Paid-in Capital, Excess of Par $400
Common Stock $100
D.
Cash $100
Paid-in Capital, Excess of Par $400
Common Stock $500
6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a
A. $600 credit balance
B. $1,400 debit balance
C. $800 debit balance
D. $800 credit balance
7) Which ledger contains control accounts?
A. Accounts receivable subsidiary ledger
B. General ledger
C. Accounts payable subsidiary ledger
D. General revenue and expense ledger
8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?
A. Accounts receivable subsidiary ledger
B. Accounts receivable control ledger
C. General ledger
D. Accounts payable subsidiary ledger
9) Under the cash basis of accounting,
A. revenue is recognized when services are performed
B. expenses are matched with the revenue that is produced
C. cash must be received before revenue is recognized
D. a promise to pay is sufficient to recognize revenue
10) Under the accrual basis of accounting,
A. cash must be received before revenue is recognized
B. net income is calculated by matching cash outflows against cash inflows
C. events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received
D. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is
A. debit Laundry Expense, $2,000; credit Laundry Expense $2,000
B. debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500
C. debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000
D. debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500
12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
A. debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100
B. debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900
C. debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900
D. debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100
13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
Service revenue $3,300 Equipment $6,400
Cash 1,525 Prepaid insurance 1,225
Unearned revenue 5,320 Depreciation expense 640
Salary 1,050 Accum. depreciation 1,280
Common stock 390 Retained earnings 550
A. $9,150
B. $10,840
C. $9,560
D. $10,430
14) An adjusted trial balance
A. is prepared after the financial statements are completed
B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made
C. is a required financial statement under generally accepted accounting principles
D. cannot be used to prepare financial statements
15) Given the following adjusted trial balance, net income for the year is:
Debit Credit
Cash $781
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Property, plant & equipment 150
Accumulated depreciation 26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
A. $248
B. $135
C. $162
D. $49
16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396
A. $7,396
B. $7,118
C. $7,334
D. $7,170
17) Given the following adjusted trial balance:
Debit Credit
Cash $781
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Property, plant & equipment 150
Accumulated depreciation $26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
After closing entries have been posted, the balance in retained earnings will be
A. $3,256
B. $3,170
C. $3,440
D. $3,354
18) Net income is recorded on the work sheet under the
A. debit column of the adjusted trial balance and the credit column of retained earnings
B. debit column of the income statement and the credit column of the balance sheet
C. credit column of the adjusted trial balance and the debit column of retained earnings
D. credit column of the income statement and the debit column of the balance sheet
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be
A. $900,000 and 65%
B. $1,300,000 and 35%
C. $900,000 and 35%
D. $1,300,000 and 65%
20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been
A. $480,000
B. $420,000
C. $390,000
D. Insufficient data to determine
21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be
A. $400,000 and 60%
B $600,000 and 40%
C. $400,000 and 40%
D. $600,000 and 60%
22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a
A. debit to Sales Discount for $18
B. debit to Sales Revenue for $882
C. credit to Accounts Receivable for $900
D. credit to Sales Revenue for $900
23) Dobler Company uses a periodic inventory system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A. $737
B. $700
C. $762
D. $1,380
24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as
A. FIFO reserve
B. inventory reserve
C. LIFO reserve
D. periodic reserve
25) A consistent application of an inventory costing method enhances
A. conservatism
B. accuracy
C. comparability
D. efficiency
26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
A. $11,300
B. $12,000
C. $10,000
D. $10,700
27) A very small company would have the most difficulty in implementing which of the following internal control activities?
A. Separation of duties
B. Limited access to assets
C. Periodic independent verification
D. Sound personnel procedures
28) A system of internal control
A. is infallible
B. can be rendered ineffective by employee collusion
C. invariably will have costs exceeding benefits
D. is premised on the concept of absolute assurance
29) The custodian of a company asset should
A. have access to the accounting record for that asset
B. be someone outside the company
C. not have access to the accounting record for that asset
D. be an accountant
30) The Sarbanes Oxley Act (2002) applies to
A. U.S. companies but not international companies
B. international companies but not U.S. companies
C. U.S. and Canadian companies but not other international companies
D. U.S. and international companies
.8 days.
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UOP ACC 290 Week 2 Practice Connect Practice Assignment NEW
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ACC 290 Week 2 Practice Connect Practice Assignment NEW
Complete the Week 2 Practice in Connect.
Note: You have unlimited attempts available to complete practice assignments
1 The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.
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(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Determine the balance of each account.
2
Derrick Wells decided to start a dental practice. The first five transactions for the business follow.
Derrick invested $45,000 cash in the business.
Paid $15,000 in cash for equipment.
Performed services for cash amounting to $4,500.
Paid $1,900 in cash for advertising expense.
Paid $1,500 in cash for supplies.
(1) Select which two accounts are affected in each of the above transactions.
(2&3) Post the above transactions into the appropriate T accounts.
3
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.
Transactions:
Guttery invested $80,000 in cash to start the business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for the month.
Purchased additional office chairs for $2,900; received credit terms of 30 days.
Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from charge customers.
Issued a check for $1,450 in partial payment of the amount owed for office chairs.
Paid $350 to a duplicating company for photocopy work performed during the month.
Paid $610 for the monthly electric bill.
Guttery withdrew $4,500 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
4
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 2019.
5
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.
6
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019.
Transactions:
Guttery invested $80,000 in cash to start the business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for the month.
Purchased additional office chairs for $2,900; received credit terms of 30 days.
Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from charge customers.
Issued a check for $1,450 in partial payment of the amount owed for office chairs.
Paid $350 to a duplicating company for photocopy work performed during the month.
Paid $610 for the monthly electric bill.
Guttery withdrew $4,500 in cash for personal expenses.
Required:
Prepare a trial balance, an income statement, a statement of owner’s equity, and a balance sheet. Assume that the transactions took place during the month ended June 30, 2019. Determine the account balances before you start work on the financial statements.
Analyze:
What is the change in owner’s equity for the month of June?.
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UOP ACC 290 Week 5 Preparing Comprehensive Bank Reconciliation (Daisey Company) NEW
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ACC 290 Week 5 Preparing Comprehensive Bank Reconciliation (Daisey Company) NEW
Purpose of Assignment
Reconciling bank accounts is a good way to help maintain internal controls over cash. With time lags and posting errors it is easy for cash transactions to be omitted, recorded in a different accounting period, or reflect incorrect amounts. This assignment with give you practical experience in reconciling the cash balance as noted on the company books to the bank’s records.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Scenario: Daisey Company is a very profitable small business. It has not, however given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and book-keeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.
The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25.
This memorandum has not been recorded by Daisey.
The company’s ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash:
Cash balance per books, October 31 $21,877.72
Add: Outstanding checks
No. 862 $190.71
No. 863 226.80
No. 864 165.28 482.79
22,360.51
Less: Undeposited receipts 3,795.51
Unadjusted balance per bank, October 31 18,565.00
Less: Bank credit memorandum 185.00
Cash balance per bank statement, October 31 $18,380.00
Prepare a 1,050-word bank reconciliation report (hint: deduct the amount of the theft from the adjusted balance per books) including the following:
Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method.
What principles of internal control were violated in this case?
Show all work in the Excel® spreadsheet and submit with the reconciliation report.
Click the Assignment Files tab to submit your assignment.
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
3
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense 6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense 9,300
4
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 Utilities Expense 4,700 All accounts have normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
5
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 6
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
attempt 2
1
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 Utilities Expense 4,700 All accounts have normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
3
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 4
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
5
Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401 Fees Income $ 200,000 Cr. 511 Depr. Expense—Office Equipment 9,160 Dr. 514 Rent Expense 26,000 Dr. 517 Salaries Expense 99,000 Dr. 520 Supplies Expense 4,680 Dr. 523 Telephone Expense 2,700 Dr. 526 Travel Expense 20,780 Dr. 529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
6
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense 6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense 9,300
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UOP ACC 290 Week 3 Practice Connect Practice Assignment NEW
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ACC 290 Week 3 Practice Connect Practice Assignment NEW
ACC 290 Week 3 Practice Connect Practice Assignment
Complete the Week3 Practice in Connect.
Note: You have unlimited attempts available to complete practice assignments
1 On October 1, 2019, Helen Kennedy opened an advertising agency.
DATE TRANSACTIONS
Oct. 1 Helen Kennedy invested $70,000 cash in the business.
2 Paid October office rent of $4,000; issued Check 1001.
5 Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6 Issued Check 1002 for $4,100 to purchase art equipment.
7 Purchased supplies for $1,670; paid with Check 1003.
10 Issued Check 1004 for $800 for office cleaning service.
12 Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)
15 Returned damaged supplies for a cash refund of $300.
18 Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)
20 Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26 Performed services for $4,800 on credit.
27 Paid $375 for monthly telephone bill; issued Check 1007.
30 Received $4,200 in cash from credit customers.
30 Mailed Check 1008 to pay the monthly utility bill of $1,080.
30 Issued Checks 1009–1011 for $9,000 for salaries.
Required:
Journalize the above transactions.
Post the above transactions to the ledger accounts.
Analyze:
What is the balance of account 202 in the general ledger?
2
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.
DATE TRANSACTIONS
Sept. 1 Issued Check 1169 for $2,000 to pay the September rent.
5 Performed services for $4,000 in cash.
6 Performed services for $2,950 on credit.
10 Paid $900 for monthly telephone bill; issued Check 1170.
11 Paid for equipment repairs of $1,050 with Check 1171.
12 Received $1,500 on account from credit clients.
15 Issued Checks 1172–1177 for $5,200 for salaries.
18 Issued Check 1178 for $2,700 to purchase supplies.
19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
20 Issued Check 1179 for $3,820 to purchase new nets. (Equip.)
21 Received $500 on account from credit clients.
21 Returned a damaged net and received a cash refund of $570.
22 Performed services for $3,480 in cash.
23 Performed services for $5,050 on credit.
26 Issued Check 1180 for $620 to purchase supplies.
28 Paid the monthly electric bill of $2,500 with Check 1181.
30 Issued Checks 1182–1187 for $5,200 for salaries.
30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.
Required:
Record each of the above transactions in the general journal.
Analyze:
If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?
3
Selected activity of Mason Consulting Services follow.
DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
Post the above transactions into the appropriate Ledger accounts.
4
The following transactions took place at the Cook Employment Agency during November 2019.
DATE TRANSACTIONS
Nov. 5 Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.
18 Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.
23 Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.
Prepare journal entries for the above transactions.
5
Selected activity of the Ray Shipping Service follow.
TRANSACTIONS
Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)
Sent a check for $1,050 to the utility company to pay the monthly bill.
Provided services for $7,800 on credit.
Purchased new equipment for $4,600 and paid for it immediately by check.
Issued a check for $3,500 to pay a creditor on account.
Performed services for $15,250 in cash.
Collected $6,250 from credit customers.
The owner made an additional investment of $25,000 in cash.
Purchased supplies for $3,250 on credit.
Issued a check for $3,750 to pay the monthly rent.
Analyze the above transactions and record a journal entry for each transaction.
6
Selected activity of Mason Consulting Services follow.
DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
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UOP ACC 290 Week 4 Apply Connect Assignment (With Excel File) NEW
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ACC 290 Week 4 Apply Connect Assignment (100% Correct) (With Excel File) NEW
This Tutorial contains an Excel File which can be used for any values
ACC 290 Week 4 Apply Connect Assignment
Note: You have only 1 attempt available to complete assignments
There are 2 Questions in this Tutorial (details given below, our excel sheet can be used for any values)
Question 1
The trial balance of Neal Company as of January 31, 2019, after the company completed the first month of operations, is shown in the partial worksheet below.
Required:
- Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,000; expired insurance, $6,900; depreciation expense for the period, $3,000.
Analyze:
How does the insurance adjustment affect Prepaid Insurance?
Question 2
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
Required:
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been $6,800 instead of $3,400, what net income would have resulted?
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UOP ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis NEW
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ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis NEW
The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company’s inventory management.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Write a 1,050-word comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for Wal-Mart Stores, Inc., presented in Appendix E, including the following:
· Compute these 2014 values for each company based on the information in the financial statements:
· Inventory turnover (Use cost of sales and inventories)
· Days of inventory
· Conclusions concerning the management of the inventory can you draw from this data
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UOP ACC 290 Week 5 Practice Connect Practice Assignment NEW
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ACC 290 Week 5 Practice Connect Practice Assignment NEW
Complete the Week 5 Practice in Connect.
Note: You have unlimited attempts available to complete practice assignments.
attempt 1
1
Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401 Fees Income $ 200,000 Cr. 511 Depr. Expense—Office Equipment 9,160 Dr. 514 Rent Expense 26,000 Dr. 517 Salaries Expense 99,000 Dr. 520 Supplies Expense 4,680 Dr. 523 Telephone Expense 2,700 Dr. 526 Travel Expense 20,780 Dr. 529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
3
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense 6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense 9,300
4
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 Utilities Expense 4,700 All accounts have normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
5
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 6
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
attempt 2
1
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 Utilities Expense 4,700 All accounts have normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
3
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 4
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
5
Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401 Fees Income $ 200,000 Cr. 511 Depr. Expense—Office Equipment 9,160 Dr. 514 Rent Expense 26,000 Dr. 517 Salaries Expense 99,000 Dr. 520 Supplies Expense 4,680 Dr. 523 Telephone Expense 2,700 Dr. 526 Travel Expense 20,780 Dr. 529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
6
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense 6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense 9,300
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UOP ACC 290 Week 4 Practice Connect Practice Assignment NEW
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ACC 290 Week 4 Practice Connect Practice Assignment
Note: You have unlimited attempts available to complete practice assignments.
attempt 1
1 On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.
2
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
CANTU CORPORATION
Worksheet
Month Ended December 31, 2019
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 39,100 39,100 39,100
Accounts Receivable 6,500 6,500 6,500
Supplies 6,050 3,500 6,050 2,550
Prepaid Advertising 10,200 1,700 10,200 8,500
Equipment 42,500 42,500 42,500
Accumulated Depreciation—Equipment 850 850 850
Accounts Payable 6,500 6,500 6,500
Selena Cantu, Capital 54,500 54,500 54,500
Selena Cantu, Drawing 4,100 4,100 4,100
Fees Income 57,750 57,750 57,750
Supplies Expense 3,500 3,500 3,500
Advertising Expense 1,700 1,700 1,700
Depreciation Expense-Equipment 850 850 850
Salaries Expense 8,900 8,900 8,900
Utilities Expense 1,400 1,400 1,400
Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850
Net Income 41,400 41,400
57,750 57,750 103,250 103,250
Required:
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
3
Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
4
Desoto Company must make three adjusting entries on December 31, 2019.
Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
5
The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.
Appropriate adjustments have been made for the following items:
Supplies used during the month, $2,900. Expired rent for the month, $3,500. Depreciation expense for the month, $950. UNIVERSITY BOOK STORE Adjusted Trial Balance
November 30, 2019
Account Name Debit Credit Cash $ 23,075 Accounts Receivable 3,812 Supplies 4,600 Prepaid Rent 21,000 Equipment 27,500 Accumulated Depreciation-Equipment $ 950 Accounts Payable 9,000 Ruby Darbandi, Capital 41,837 Ruby Darbandi, Drawing 4,000 Fees Income 48,550 Depreciation Expense-Equipment 950 Rent Expense 3,500 Salaries Expense 8,500 Supplies Expense 2,900 Utilities Expense 500 Totals $ 100,337 $ 100,337 Required:
Record the adjusting entries in the Adjustments columns.
Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.
Analyze:
What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
6
On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
ACCOUNTS Cash 31,500 Accounts Receivable 11,250 Supplies 4,500 Prepaid Insurance 4,100 Equipment 45,750 Accum. Depr.—Equip. 0 Accounts Payable 8,350 Sadie Palmer, Capital 40,975 Fees Income 58,500 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 5,300 Salaries Expense 5,425 Supplies Expense 0 Additional information:
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
attempt 2
1
On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
ACCOUNTS Cash 31,500 Accounts Receivable 11,250 Supplies 4,500 Prepaid Insurance 4,100 Equipment 45,750 Accum. Depr.—Equip. 0 Accounts Payable 8,350 Sadie Palmer, Capital 40,975 Fees Income 58,500 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 5,300 Salaries Expense 5,425 Supplies Expense 0 Additional information:
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
2
Desoto Company must make three adjusting entries on December 31, 2019.
Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
3
Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
4
On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.
Prepare end-of-June adjusting entries for Cain Company.
5
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
CANTU CORPORATION
Worksheet
Month Ended December 31, 2019
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 39,100 39,100 39,100
Accounts Receivable 6,500 6,500 6,500
Supplies 6,050 3,500 6,050 2,550
Prepaid Advertising 10,200 1,700 10,200 8,500
Equipment 42,500 42,500 42,500
Accumulated Depreciation—Equipment 850 850 850
Accounts Payable 6,500 6,500 6,500
Selena Cantu, Capital 54,500 54,500 54,500
Selena Cantu, Drawing 4,100 4,100 4,100
Fees Income 57,750 57,750 57,750
Supplies Expense 3,500 3,500 3,500
Advertising Expense 1,700 1,700 1,700
Depreciation Expense-Equipment 850 850 850
Salaries Expense 8,900 8,900 8,900
Utilities Expense 1,400 1,400 1,400
Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850
Net Income 41,400 41,400
57,750 57,750 103,250 103,250
Required:
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
6
The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.
Appropriate adjustments have been made for the following items:
Supplies used during the month, $2,900. Expired rent for the month, $3,500. Depreciation expense for the month, $950. UNIVERSITY BOOK STORE Adjusted Trial Balance
November 30, 2019
Account Name Debit Credit Cash $ 23,075 Accounts Receivable 3,812 Supplies 4,600 Prepaid Rent 21,000 Equipment 27,500 Accumulated Depreciation-Equipment $ 950 Accounts Payable 9,000 Ruby Darbandi, Capital 41,837 Ruby Darbandi, Drawing 4,000 Fees Income 48,550 Depreciation Expense-Equipment 950 Rent Expense 3,500 Salaries Expense 8,500 Supplies Expense 2,900 Utilities Expense 500 Totals $ 100,337 $ 100,337 Required:
Record the adjusting entries in the Adjustments columns.
Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.
Analyze:
What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
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UOP ACC 290 Week 5 WileyPLUS - 100% Correct NEW
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ACC 290 Week 5 WileyPLUS - 100% Correct
Question 1
In its first month of operation, Kuhlman Company purchased 310 units of inventory for $5, then 410 units for $6, and finally 350 units for $7. At the end of the month, 380 units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Question 2
Sadowski Video Center accumulates the following cost and market data at December 31.
Inventory Categories
Cost Data
Market Data
Cameras
$11,475
$12,565
Camcorders
8,599
9,289
DVDs
11,359
10,039
Compute the lower-of-cost-or-market valuation for Sadowski inventory.
The lower-of-cost-or-market value
$Entry field with incorrect answer
Question 3
The financial statements of Tootsie Roll are presented below.
Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.)
What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.)
Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.)
Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.)
What are the (product) cost of goods sold reported by Tootsie Roll for 2011, 2010, and 2009?
Compute the ratio of (product) cost of goods sold to net (product) sales in 2011. (Round percentage to 1 decimal place, e.g. 15.2%.)
Question 4
The financial statements of The Hershey Company and Tootsie Roll are presented below.
Based on the information in the financial statements, compute these 2011 values for each company. (Do not adjust for the LIFO reserve.) (Round answers to 1 decimal place, e.g. 15.2.)
(1) Inventory turnover. (Use product cost of goods sold and total inventory.)
(2) Days in inventory.
Question 5
Halleran Company has the following internal control procedures over cash receipts.
Identify the internal control principle that is applicable to each procedure.
Question 6
Catt Company has the following internal control procedures over cash disbursements.
Identify the internal control principle that is applicable to each procedure.
Question 7
Which of the following should not be included in the inventory of a company using IFRS?
None of the these
Goods shipped on consignment to another company.
Goods held on consignment from another company.
Goods in transit from another company shipped FOB shipping point.
Question 8
Which method of inventory costing is prohibited under IFRS?
FIFO.
Average-cost.
Specific identification.
LIFO.
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 4
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
5
Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401 Fees Income $ 200,000 Cr. 511 Depr. Expense—Office Equipment 9,160 Dr. 514 Rent Expense 26,000 Dr. 517 Salaries Expense 99,000 Dr. 520 Supplies Expense 4,680 Dr. 523 Telephone Expense 2,700 Dr. 526 Travel Expense 20,780 Dr. 529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
6
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense 6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense 9,300
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UOP ACC 290 Week 5 Apply Connect Assignment (With Excel File) NEW
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ACC 290 Week 5 Apply Connect Assignment (With Excel File) NEW
This Tutorial contains an Excel File which can be used for any values
ACC 290 Week 5 Apply Connect Assignment
Note: You have only 1 attempt available to complete assignments
There are 3 Questions in this Tutorial (details given below, our excel sheet can be used for any values)
1
On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:
101 Cash $ 30,200 Dr. 111 Accounts Receivable 16,100 Dr. 121 Supplies 2,300 Dr. 131 Prepaid Rent 38,900 Dr. 141 Equipment 47,000 Dr. 142 Accumulated Depreciation—Equip. 1,150 Cr. 202 Accounts Payable 6,800 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 48,620 Cr. 302 Emilio Gonzalez, Drawing 6,500 Dr. 401 Fees Income 120,080 Cr. 511 Advertising Expense 4,100 Dr. 514 Depreciation Expense—Equip. 830 Dr. 517 Rent Expense 2,900 Dr. 519 Salaries Expense 21,800 Dr. 523 Utilities Expense 6,020 Dr.
Required:
Journalize the closing entries in the general journal.
Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Analyze:
What is the balance of the Salaries Expense account after closing entries are posted?
2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
3.
A completed worksheet for The King Group is given below.
The King Group
Worksheet
Month Ended December 31, 2019
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?
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UOP ACC 290 Week 3 WileyPLUS - 100% Correct NEW
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ACC 290 Week 3 WileyPLUS - 100% Correct
Question 1
Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows.
LUMAS CONSULTING
Trial Balance
June 30, 2014
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Supplies
2,044
Prepaid Insurance
3,480
Equipment
15,000
Accounts Payable
$ 4,280
Unearned Service Revenue
5,200
Common Stock
22,134
Service Revenue
8,000
Salaries and Wages Expense
4,000
Rent Expense
1,240
$39,614
$39,614
In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $850.
2.
A utility bill for $181 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
Services were performed for $4,370 of unearned service revenue by the end of the month.
5.
Salaries of $1,338 are accrued at June 30.
6.
The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $4,206 of services performed during the month have not been recorded as of June 30.
Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Prepare an adjusted trial balance at June 30, 2014.
Question 2
The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31.
SOLO HOTEL
Trial Balance
May 31, 2014
Debit
Credit
Cash
$ 2,876
Supplies
2,600
Prepaid Insurance
1,800
Land
15,376
Buildings
72,400
Equipment
16,800
Accounts Payable
$ 5,076
Unearned Rent Revenue
3,300
Mortgage Payable
38,400
Common Stock
60,376
Rent Revenue
9,000
Salaries and Wages Expense
3,000
Utilities Expense
800
Advertising Expense
500
$116,152
$116,152
Other data:
1.
Insurance expires at the rate of $360 per month.
2.
A count of supplies shows $1,052 of unused supplies on May 31.
3.
(a) Annual depreciation is $3,480 on the building.
(b) Annual depreciation is $3,360 on equipment.
4.
The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5.
Unearned rent of $2,540 has been earned.
6.
Salaries of $784 are accrued and unpaid at May 31.
Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.)
Prepare an adjusted trial balance on May 31.
Prepare an income statement for the month of May.
Prepare a retained earnings statement for the month of May.
Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)
Question 3
The financial statements of Tootsie Roll are presented below.
What was the amount of depreciation expense for 2011 and 2010? (You will need to examine the notes to the financial statements or the statement of cash flows.) (Enter amounts in thousands.)
What was the cash paid for income taxes during 2011, reported at the bottom of the consolidated statement of cash flows? What was income tax expense (provision for income taxes) for 2011? (Enter amounts in thousands.)
Question 4
GAAP:
allows revenue to be recognized when a customer makes an order.
requires that revenue not be recognized until cash is received.
provides very detailed, industry-specific guidance on revenue recognition, compared to the general guidance provided by IFRS.
provides only general guidance on revenue recognition, compared to the detailed guidance provided by IFRS.
Question 5
Which of the following statements is false?
IFRS employs accrual accounting.
IFRS requires that revenues and costs must be capable of being measured reliably.
IFRS employs the periodicity assumption.
IFRS uses the cash basis of accounting.
Question 6
As a result of the revenue recognition project being undertaken by the FASB and IASB:
revenue recognition will place more emphasis on when revenue is earned.
revenue will no longer be recorded unless cash has been received.
revenue recognition will place more emphasis on when revenue is realized.
revenue recognition will place more emphasis on when changes occur in assets and liabilities.
Question 7
Which of the following is false?
Under IFRS, firms do not engage in the closing process.
IFRS has fewer standards than GAAP that address revenue recognition.
Under IFRS, the term expenses includes losses.
Under IFRS, the term income describes both revenues and gains.
Question 8
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).)
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UOP ACC 290 Week 3 Problem 5-5A (Simon Company) NEW
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ACC 290 Week 3 Problem 5-5A (Simon Company) NEW
Purpose of Assignment
The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years.
SIMON COMPANY
Income Statement
For the Year Ended December 31, 2017
Revenues
Net sales
$850,000
Other revenues
22,000
872,000 Cost of goods sold 555,000 Gross profit 317,000 Operating expenses
Selling expenses
109,000
Administrative expenses
103,000
212,000
Net earnings
$105,000
As an experienced, knowledgeable accountant, you review the statement and determine the following facts:
1. Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, an d sales returns and allowances $28,000.
2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense.
4. Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018.
Assume a 25% tax rate.
Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate.
Show your work on the Excel® spreadsheet and submit with your explanation.
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UOP ACC 290 Week 4 WileyPLUS - 100% Correct NEW
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ACC 290 Week 4 WileyPLUS - 100% Correct NEW
Question 1
Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.
July 1 Issued 12,023 shares of common stock for $12,023 cash.
1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account.
3 Purchased cleaning supplies for $917 on account.
5 Paid $2,280 cash on a 1-year insurance policy effective July 1.
12 Billed customers $4,890 for cleaning services.
18 Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies.
20 Paid $2,070 cash for employee salaries.
21 Collected $1,753 cash from customers billed on July 12.
25 Billed customers $2,620 for cleaning services.
31 Paid $370 for maintenance of the truck during month.
31 Declared and paid $616 cash dividend.
Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.)
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,871.
(2) Depreciation on equipment for the month was $217.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $446.
Post adjusting entries to the T-accounts.
Prepare an adjusted trial balance.
Prepare the income statement for July.
Prepare a retained earnings statement for July. (List items that increase retained earnings first.)
Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)
Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Prepare a post-closing trial balance at July 31.
Question 2
Presented here are the components in Casilla Company’s income statement.
Determine the missing amounts.
Question 3
Gerish Company buys merchandise on account from Mangus Company. The selling price of the goods is $1,413 and the cost of the goods sold is $792. Both companies use perpetual inventory systems.
Journalize the transactions on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Question 4
The financial statements of Tootsie Roll are presented below.
What was the percentage change in total revenue and in net income from 2010 to 2011? (Round answers to 1 decimal places, e.g. 15.2%. Show decrease with either a negative sign, e.g. -15.2% or in parentheses, e.g. (15.2)%.)
What was the profit margin in each of the 3 years? (Use “Total Revenue.”). (Round answers to 1 decimal places, e.g. 15.2%.)
What was Tootsie Roll’s gross profit rate in each of the 3 years? (Use “Net Product Sales” amounts.). (Round answers to 1 decimal places, e.g. 15.2%.)
Question 5
The financial statements of The Hershey Company and Tootsie Roll are presented below.
Based on the information contained in these financial statements, determine the following values for each company. (Round all percentages to 1 decimal places, e.g. 17.5%, and all other answers to thousands.)
(1) Profit margin for 2011. (For Tootsie Roll, use “Total Revenue.”)
(2) Gross profit for 2011. (For Tootsie Roll, use “Product” amounts.)
(3) Gross profit rate for 2011. (For Tootsie Roll, use “Product” amounts.)
(4) Operating income for 2011.
(5) Percentage change in operating income from 2011 to 2010. (Show decrease with either a negative sign, e.g. -15.2% or in parentheses, e.g. (15.2)%.)
Question 6
For each of the following income statement line items, state whether the item is a “by nature” expense item or a “by function” expense item.
Question 7
The company’s complete annual report, including the notes to its financial statements, is available in the Investor Relations section at www.zetarplc.com.
Visit Zetar’s corporate website and answer the following questions from Zetar’s 2011 annual report.
What is the approximate tax rate of Zetar’s “Tax on profit from continuing activities”? (Round answer to 0 decimal places, e.g. 25%.)
Question 8
The operating cycle of a merchandising company is ordinarily shorter than that of a service company.
True
False
Question 9
Which of the following is a merchandiser that sells directly to consumers?
Service enterprise
Customer
Retailer
Wholesaler
Question 10
Which is true about a wholesaler?
It sells only to manufacturing companies.
It is a company that sells to consumers at a discount.
It sells to another business, which will sell to a consuming customer.
It conducts large sales for consumers on a recurring basis.
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