Description of this paper

strayer acc100 wilkey plus all homework

Description

solution


Question

Question;Brief Exercise 2-1;Your answer is correct.;For each of the following accounts, indicate the effects of a;debit and a credit on the accounts and the normal balance of the account.;Debit Effect;Credit Effect;Normal Balance;1.;Accounts Payable;Decrease;Increase;Credit;2.;Advertising Expense;Increase;Decrease;Debit;3.;Service Revenue;Decrease;Increase;Credit;4.;Accounts Receivable;Increase;Decrease;Debit;5.;Owner?s Capital;Decrease;Increase;Credit;6.;Owner?s Drawings;Increase;Decrease;Debit;Brief Exercise 2-3;Your answer is correct.;Transactions for the George Lynch Company for the month of June;are presented below.;June 1;George Lynch invests $5,000 cash in a small welding;business of which he is the sole proprietor.;2;Purchases equipment on account for $2,100.;3;$800 cash is paid to landlord for June rent.;12;Sends a bill to M. Rodero for $300 for welding work performed on;account.;Journalize the transactions.(Record journal entries in the order presented in the problem.Credit account titles are automatically indented when amount is;entered. Do not indent manually.);Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Top of Form;Post the transactions to T-accounts and determine each account?s;ending balance.(Post entries in the order;presented in the problem statement.);Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;Brief Exercise 2-10;Your answer is correct.;An inexperienced bookkeeper prepared the following trial balance.;HUEWITT COMPANY;Trial Balance;December 31, 2014;Debit;Credit;Cash;$10,800;Prepaid Insurance;$3,500;Accounts Payable;3,000;Unearned Service Revenue;2,200;Owner?s Capital;9,000;Owner?s Drawings;4,500;Service Revenue;25,600;Salaries and Wages Expense;18,600;Rent Expense;2,400;$31,600;$48,000;Prepare a correct trial balance, assuming all account balances are normal.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Show;List of Accounts;Show;Answer;Link;to Text;Exercise 2-7 (Part Level Submission);Kahl Enterprises had the following selected transactions.;1.;Jo Kahl invested $4,000 cash;in the business.;2.;Paid office rent of;$950.;3.;Performed;consulting services and billed a client $5,200.;4.;Jo Kahl withdrew;$750 cash for personal use.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;(a);Your answer is;correct.;Indicate the effect each transaction has on the accounting;equation, using plus and minus signs.;Journalize each transaction.(Credit;account titles are automatically indented when amount is entered. Do not indent;manually.);No.;Account Titles and Explanation;Debit;Credit;Exercise 2-8;Your answer is correct.;Janet Miyoshi has prepared the following list of statements about;the general ledger.;Identify each statement as true or false.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Exercise 2-10 (Part;Level Submission);The T-accounts below summarize the ledger of Zimmer Landscaping;Company at the end of the first month of operations.;Cash;No. 101;4/1;12,000;4/15;1,300;4/12;900;4/25;1,500;4/29;400;4/30;1,000;Accounts Receivable;No. 112;4/7;3,200;4/29;400;Supplies;No. 126;4/4;1,800;Accounts Payable;No. 201;4/25;1,500;4/4;1,800;Unearned Service Revenue;No. 209;4/30;1,000;Owner?s Capital;No. 301;4/1;12,000;Service Revenue;No. 400;4/7;3,200;4/12;900;Salaries and Wages Expense;No. 726;4/15;1,300;Prepare the complete general journal from which the postings to;Cash were made.(Record entries in the order;presented in the T-Accounts. Credit account titles are automatically indented;when amount is entered. Do not indent manually.);WEEk#2;Top of Form;Brief Exercise 3-2;Moteki Company accumulates the following adjustment data at;December 31.;Indicate the type of adjustment (prepaid expenses, accrued revenues and so on);and the status of accounts before adjustment (overstated or understated).(Enter answers in alphabetical order.);1.;Supplies of $100 are on hand.;2.;Services provided but not recorded total $900.;3.;Interest of $200 has accumulated on a note payable.;4.;Rent collected in advance totaling $650 has been earned.;Brief Exercise 3-7;Your answer is correct.;The bookkeeper for Bradbury Company asks you to prepare the;following accrued adjusting entries at December 31.;1.;Interest on notes payable of $400 is accrued.;2.;Services provided but not recorded total $1,900.;3.;Salaries earned by employees of $900 have not been;recorded.;Use the following account titles: Service Revenue, Accounts Receivable;Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries;and Wages Payable.(Credit account titles are;automatically indented when the amount is entered. Do not indent manually.);Warning;Don't;show me this message again for the assignment;Ok;Cancel;Click if you would like to Show Work for this question;Open Show Work;Brief Exercise 3-8;The trial balance of Yewlett Company includes the following;balance sheet accounts, which may require adjustment. For each account that;requires adjustment, indicate the type of adjusting entry (prepaid expenses;unearned revenues, accrued revenues, and accrued expenses) and the related;account in the adjusting entry.;Top of Form;Brief Exercise 3-9;The adjusted trial balance of Parsons Company at December 31;2014, includes the following accounts: Owner's Capital $15,600, Owner's;Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000;Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and;Depreciation Expense $1,300.;Prepare an income statement for the year.;Warning;Ok;Cancel;Bottom of Form;Exercise 3-3;Primo Industries collected $105,000 from customers in 2014.;Of the amount collected, $25,000 was from services performed in 2013. In;addition, Primo performed services worth $40,000 in 2014, which will not;be collected until 2015.;Primo Industries also paid $72,000 for expenses in 2014. Of the amount;paid, $30,000 was for expenses incurred on account in 2013. In addition;Primo incurred $42,000 of expenses in 2014, which will not be paid until;2015.(a)Compute 2014 cash-basis net income.;(b)Compute 2014 accrual-basis net income.;Exercise 3-6;Lei Company accumulates the following adjustment data at December;31.;1.;Services provided but not recorded total $1,000.;2.;Supplies of $300 have been used.;3.;Utility expenses of $225 are unpaid.;4.;Services related to Unearned service revenue of $260 were;performed;5.;Salaries of $800 are unpaid.;6.;Prepaid insurance totaling $350 has expired.;For each of the above items indicate the following.(Enter answers in alphabetical order.);(a);The type of adjustment (prepaid expenses, unearned revenues;accrued revenues, or accrued expenses).;(b);The status of accounts before adjustment (overstatement or;understatement).;Your answer is correct.;The trial balances before and after adjustment for Frinzi Company;at the end of its fiscal year are presented below.;FRINZI COMPANY;Trial Balance;August 31, 2014;Before;Adjustment;After;Adjustment;Dr.;Cr.;Dr.;Cr.;Cash;$10,400;$10,400;Accounts Receivable;8,800;10,800;Supplies;2,300;900;Prepaid Insurance;4,000;2,500;Equipment;14,000;14,000;Accumulated Depreciation?Equipment;$ 3,600;$ 4,500;Accounts Payable;5,800;5,800;Salaries and Wages Payable;0;1,100;Unearned Rent Revenue;1,500;600;Owner?s Capital;15,600;15,600;Service Revenue;34,000;36,000;Rent Revenue;11,000;11,900;Salaries and Wages Expense;17,000;18,100;Supplies Expense;0;1,400;Rent Expense;15,000;15,000;Insurance Expense;0;1,500;Depreciation Expense;0;900;$71,500;$71,500;$75,500;$75,500;Top of Form;Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is;entered. Do not indent manually.);(To record rent;earned);Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;Brief Exercise 4-5;The ledger of Rios Company contains the following balances;Owner?s Capital $30,000, Owner?s Drawings $2,000, Service Revenue $50,000;Salaries and Wages Expense $27,000, and Supplies Expense $7,000.;The closing entries are as follows;(1);Close revenue accounts.;(2);Close expense accounts.;(3);Close net income/(loss).;(4);Close drawings.;Post the closing entries in the order presented in the problem and use the;numbers as a reference.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;Brief Exercise 4-7;Your answer is correct.;The following selected accounts appear in the adjusted trial;balance columns of the worksheet for Goulet Company.;Identify the accounts that would be included in a post-closing trial balance.;Top of Form;Brief Exercise 4-8;The steps in the accounting cycle are listed in random order;below.;List the steps in proper sequence, assuming no worksheet is prepared, by;placing numbers 1?9.;(a);Prepare a trial balance.;(b);Journalize the transactions.;(c);Journalize and post closing entries.;(d);Prepare financial statements.;(e);Journalize and post adjusting entries.;(f);Post to ledger accounts.;(g);Prepare a post-closing trial balance.;(h);Prepare an adjusted trial balance.;(i);Analyze business transactions.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;The balance sheet debit column of the worksheet for Hamidi Company;includes the following accounts: Accounts Receivable $12,500, Prepaid Insurance;$3,600, Cash $4,100, Supplies $5,200, and Debt Investments (short-term) $6,700.;Prepare the current assets section of the balance sheet, listing the accounts;in proper sequence.(List current assets in order;of liquidity.) Ok;Cancel;Bottom of Form;Exercise 4-1;The trial balance columns of the worksheet for Nanduri Company at;June 30, 2014, are as follows.;NANDURI COMPANY;Worksheet;For the Month Ended June 30, 2014;Trial Balance;Account Titles;Dr.;Cr.;Cash;2,320;Accounts Receivable;2,440;Supplies;1,880;Accounts Payable;1,120;Unearned Service Revenue;240;Owner?s Capital;3,600;Service Revenue;2,400;Salaries and Wages Expense;560;Miscellaneous Expense;160;Total;7,360;7,360;Other data;1.;A physical count reveals $500 of supplies on hand.;2.;$100 of the unearned revenue is still unearned at month-end.;3.;Accrued salaries are $210.;Complete the worksheet.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;Exercise 4-9 (Part level Submission);Prepare an income statement for the year.;Warning;Don't;show me this message again for the assignment;Ok;Cancel;Bottom of Form;Exercise 4-11 (Part level Submission);Prepare;the closing entries that were made. (Credit;account titles are automatically indented when amount is entered. Do not indent;manually.);Warning;Don't show me;this message again for the assignment;Ok;Cancel;Exercise 4-11 (Part level Submission);Post the closing entries to Income Summary.(Post entries in the order of journal entries posted in the previous;part of the question.);Brief Exercise 5-1;Presented;below are the components in Gates Company?s income statement.;Determine the missing amounts.;Warning;Don't show me;this message again for the assignment;Ok;Cancel;Brief Exercise 5-2;Radomir;Company buys merchandise on account from Lemke Company. The selling price of;the goods is $780, and the cost of the goods is $470. Both companies use;perpetual inventory systems.;Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount;is entered. Do not indent manually.);Warning;Don't show me;this message again for the assignment;Ok;Cancel;Brief Exercise 5-7;Arndt;Company provides the following information for the month ended October 31;2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000;sales returns and allowances $11,000.;Prepare the sales revenues section of the income statement based on this;information.;Warning;Don't show me;this message again for the assignment;Ok;Cancel;Brief Exercise 5-9;Assume Kader Company has the following reported amounts: Sales;revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold;$330,000, and Operating expenses $110,000.(a)Compute net sales.;(b)Compute gross profit.;(c) Compute income from operations.;(d)Compute the gross profit rate.(Round;answer to 1 decimal place, e.g. 25.2%.);Exercise 5-4 (Part level;Submission);Prepare;separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the;problem. Credit account titles are automatically indented when amount is;entered. Do not indent manually.);Warning;Don't show me;this message again for the assignment;Ok;Cancel;Brief Exercise 6-1;Farley Company identifies the following items for;possible inclusion in the taking of a physical inventory.;Indicate whether each item should be;Included" or "Not Included" from the inventory taking.;(a);Goods shipped on consignment by Farley to;another company.;(b);Goods in transit from a supplier shipped FOB;destination.;(c);Goods sold but being held for customer pickup.;(d);Goods held on consignment from another company.;Brief Exercise 6-2;Wilbur Company has the following items;Indicate whether each item should be;Included" or "Not Included" from the inventory taking.;(a);Freight-In;(b);Purchase Returns and Allowances;(c);Purchases;(d);Sales Discounts;(e);Purchase Discounts;Brief Exercise 6-8;Pettit Company reports net income of;$90,000 in 2014. However, ending inventory was understated $7,000.;What is the correct net income for 2014?;Brief Exercise 6-9 (Part Level Submission);Calculate inventory turnover for A. Kamble;Company. (Round answer to 1 decimal place;e.g. 1.5.);Brief Exercise 6-9 (Part Level Submission);Calculate days in inventory for A. Kamble;Company. (Round answer to 1 decimal place;e.g. 1.5. Use 365 days for calculation.);Exercise 6-1;Tri-State Bank and Trust is considering giving;Josef Company a loan. Before doing so, management decides that further;discussions with Josef?s accountant may be desirable. One area of particular;concern is the inventory account, which has a year-end balance of $297,000.;Discussions with the accountant reveal the following.;1.;Josef sold goods costing $38,000 to Sorci;Company, FOB shipping point, on December 28. The goods are not expected to;arrive at Sorci until January 12. The goods were not included in the physical;inventory because they were not in the warehouse.;2.;The physical count of the inventory did not;include goods costing $95,000 that were shipped to Josef FOB destination;on December 27 and were still in transit at year-end.;3.;Josef received goods costing $22,000 on;January 2. The goods were shipped FOB shipping point on December 26 by Solita;Co. The goods were not included in the physical count.;4.;Josef sold goods costing $35,000 to Natali;Co., FOB destination, on December 30. The goods were received at Natali on;January 8. They were not included in Josef's physical inventory.;5.;Josef received goods costing $44,000 on;January 2 that were shipped FOB destination on December 29. The shipment was;a rush order that was supposed to arrive December 31. This purchase was;included in the ending inventory of $297,000.;Determine the correct inventory amount on;December 31.;The correct inventory amount;Exercise 6-9;Optix Camera Shop uses the;lower-of-cost-or-market basis for its inventory. The following data are;available at December 31.;Item;Units;Unit Cost;Market;Cameras;Minolta;5;$170;$156;Canon;6;150;152;Light meters;Vivitar;12;125;115;Kodak;14;120;135;Determine the amount of the ending inventory by;applying the lower-of-cost-or-market basis.;The ending inventory;Exercise 6-7;Lisa Company had 100 units in beginning;inventory at a total cost of $10,000. The company purchased 200 units;at a total cost of $26,000. At the end of the year, Lisa had 80 units;in ending inventory.;(a);Compute the cost of the ending inventory and the;cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0;decimal places, e.g. 1,250.);FIFO;LIFO;Average-cost;The cost of the ending inventory;The cost of goods sold;Brief Exercise 7-3;Benji Borke has prepared the following list of;statements about accounting information systems.;Identify each statement as true or false.;1.;The accounting information system includes each;of the steps of the accounting cycle, the documents that provide evidence of;transactions that have occurred, and the accounting records.;2.;The benefits obtained from information provided;by the accounting information system need not outweigh the cost of providing;that information.;3.;Designers of accounting systems must consider;the needs and knowledge of various users.;4.;If an accounting information system is;cost-effective and provides useful output, it does not need to be flexible.;Brief Exercise 7-5;Identify in what ledger (general or subsidiary);each of the following accounts is shown.;Accounts;Ledger;(a);Rent Expense;(b);Accounts Receivable?Cabrera;(c);Notes Payable;(d);Accounts Payable?Pacheco;Brief Exercise 7-6;Identify the journal in which each of the;following transactions is recorded.;Transactions;Journals;(a);Cash sales;(b);Owner withdrawal of cash;(c);Cash purchase of land;(d);Credit sales;(e);Purchase of merchandise on account;(f);Receipt of cash for services performed

 

Paper#38042 | Written in 18-Jul-2015

Price : $57
SiteLock