ACC 290 Final Exam Guide (New, 2018, 100% Score)
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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 Sales revenue
$ 25000 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
Gross Profit would be
$102000.
109000
$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
7.3 times. 4.6 times. 6.9 times. 5.7 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
47.4 days. 45.1 days. 59.8 days. 74.5 days.
------------------------ACC 290 Week 1 Apply Connect Assignment
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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 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs. 3. Received $10,400 in cash from credit clients. 4. Paid $800 in cash for telephone service. 5. Sent a check for $2,900 in partial payment of the amount due creditors. 6. Paid salaries of $8,900 in cash. 7. Sent a check for $1,040 to pay electric bill. 8. Performed services for $9,700 in cash. 9. Paid $2,270 in cash for auto repairs. 10. 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.
------------------------ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet
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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 $ 4,600Notes payable $12,000 Accounts receivable 4,000Accounts payable 500 Service revenue 7,500Supplies expense 1,000 Supplies 2,400Maintenance and repairs expense 600 Advertising expense 400Utilities expense 300 Equipment 26,000Salaries 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.
------------------------ACC 290 Week 1 Discussion Question 1
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ACC 290 Week One - DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?
------------------------ACC 290 Week 1 Discussion Question 2
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What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
------------------------ACC 290 Week 1 Individual Assignment Financial Statements Paper
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Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format paper according to APA standards.
------------------------ACC 290 Week 1 Practice Connect Practice Assignment
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ACC 290 Week 1 Practice Connect Practice Assignment
Complete the Week 1 Practice in Connect. Note: You have unlimited attempts available to complete practice assignments 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 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7. Performed services for $7,800 on account. 8. Paid $6,000 for rent expense. 9. Received $5,500 in cash from credit clients. 10. Paid $7,550 in cash for office supplies. 11. 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 On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses. Paid $3,100 for advertising. Provided services for $2,800 in cash. Paid $800 for telephone service. Paid salaries of $2,600 to employees. Provided services for $3,000 on credit. Paid $450 for office cleaning service. Did the firm earn a net income or incur a net loss for the period? What was the amount? 3 At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Prepare an income statement for the month of September 2019.
4 The fundamental accounting equations for several businesses follow. Supply the missing amounts. 5
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Required: Prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30, 2019.
6 Taylor Equipment Repair Service is owned by Jason Taylor. Use the above figures to prepare a balance sheet dated February 28, 2019. Analyze: What is the net worth, or owner’s equity, at February 28, 2019, for Taylor Equipment Repair Service?
------------------------ACC 290 Week 1 Practice Quiz(New)
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Question 1 Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer. Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. Question 2 Land or a building which is currently not used in operation is considered to be a long-term investment. A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported? Question 3 Common stock and retained earnings are both elements of stockholders’ equity. Common stock of $50,000 plus retained earnings of $70,000 equals $120,000 in stockholders’ equity. Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders' equity? Question 4 Net income ($24,000) divided by average shares outstanding (6,000) = $4.00/share. For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were
no preferred stock dividends. How much was the 2014 earnings per share? Question 5 The beginning balance of retained earnings is the ending balance minus net income plus dividends. Working backwards, $X + $402,000 - $34,000 = $2,184,000. Therefore, beginning retained earnings = $1,816,000. At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014? Question 6 The current ratio measures liquidity and higher means the company is more liquid. The debt to assets ratio measures solvency and higher is not always better. We don’t know how many outstanding shares each company has so we cannot compare profitability.
The following ratios are available for Leer Inc. and Stable Inc. Current Ratio Debt to Assets Ratio Earnings per Share Leer Inc. 2:1 75% $3.50 Stable Inc. 1.5:1 40% $2.75 Question 7 Solvency ratios are good indicators of a company’s ability to survive over an extended period of time. Which of the following ratios measures the ability of the company to survive over a long period of time?
Question 8 Free cash flow can be used to pay dividends; acquire property, plant, and equipment; and pay off debts. Question 9 Generally accepted accounting principles, or “GAAP” have substantial authoritative support, and are recognized as a general guide for financial reporting purposes. Question 10 Management can justify a new method of accounting if the financial information is more meaningful.
------------------------ACC 290 Week 1 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Chapter 1 WileyPLUS Crossword Puzzle 1
------------------------ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (New)
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WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • DO IT! 1-3 • Exercise 1-3 • Exercise 1-4 • Exercise Excel E 2-4 • IFRS 2-4
------------------------ACC 290 Week 2 Apply Connect Assignment
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ACC 290 Week 2 Apply Connect Assignment Complete the Week 2 Assignment in Connect. 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.
------------------------ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus Proficiency and Practice Quiz
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ACC 290 Chapter 1 Orion WileyPlus Build your Proficiency
Q 1.1: What is the primary purpose of the statement of cash flows? Q 1.2: Which financial statement summarizes the financial position of a company? Q 1.3: Which financial statement provides information for a specific point in time? Q 1.4: The reports revenues and expenses and resulting net income or less for a period in time. Q 1.5: The income statement does not report cash received from the sale of stock because it is not considered revenue. Q 1.6: Torres Travel’s stockholders' equity at the beginning of March 2014 was $200,000. During the month, the company earned net
income of $50,000 and paid dividends of $10,000. At the end of March 2014, what is the amount of stockholders' equity? Q 1.7: According to the basic accounting equation, must equal liabilities plus stockholders' equity on the balance sheet. Q 1.8: Tonelli Trucking buys a $65,000 truck on credit. Which financial statement will be affected by this transaction? Q 1.9: Which of the following financial statements would be included in an annual report?Q 1.10: An independent audit of an annual report must be completed by a Q 1.11: An owner who wants to have limited liability should form which type of business enterprise? Q 1.12: Which of the following statements about accounting information is true? Q 1.13: Which of the following would NOT be considered internal users of accounting information for a company? Q 1.14: Ethics are the principles of conduct that are used to judge whether decisions are Q 1.15: When a company borrows money from a bank to purchase equipment, this action is called Q 1.16: Companies can borrow money if they need a source of outside funds. Borrowing money is Q 1.17: Purchasing plant assets that a company needs in order to operate is called Q 1.18: The main purpose of operating activities is to Q 1.19: Which of the following components supplement the financial statements in an annual report? Q 1.20: Which of the following is true of a partnership?
ACC 290 Chapter 1 Orion
• Question 1 Corporations generally receive more favorable tax treatment than sole proprietorships and partnerships.
• Question 2 In which forms of business organization are the owners personally liable for all the debts of the business? • Question 3 Which of the following is not an external user of accounting data? • Question 4 Which of the following is required as a result of SOX? • Question 5 Which of the following is not one of the three primary business activities? • Question 6 In terms of the principal types of business activities, paying salaries expense is an example of • Question 7 How much was Harold’s net income? • Question 8 In which of the following sequences are the financial statements usually prepared? • Question 9 What section of a cash flow statement shows the cash spent on new equipment during the past accounting period? • Question 10 Which of the following are not considered to be primary users of financial statements in countries outside the U.S.?
ACC 290 Chapter 2 Orion WileyPlus Build your Proficiency
Q 2.1: Which of the following are current liabilities? Select all that apply. Q 2.2: Long-term investments include which of the following? Select all that apply. Q 2.3: The operating cycle of a company is Q 2.4: ________ measure the ability of a company to survive over a long period of time. Q 2.5: measures the net income earned on each share of common stock. Q 2.6: Earnings per share is considered a measure of a company's Q 2.7: A company is more likely to Q 2.8: The difference between current assets and current liabilities Q 2.9: The debt to assets ratio measures the percentage of total financing provided by
Q 2.10: Because is a measure of a company's ability to turn assets into cash, it is of particular interest to short-term creditors Q 2.11: Free cash flow describes the net cash Q 2.12: A company reported $50,000 net cash provided by operating activities. It invested $1,000 in equipment and paid $1,000 in dividends. Its free cash flow is Q 2.13: Which of the following questions would be answered by generally accepted accounting principles? Select all that apply. Q 2.14: means that information that is presented is complete, neutral, and free from error. Q 2.15: Which principle would a company be violating if it withheld information that would make a difference to users of financial statements? Q 2.16: According to the historical cost principle, if an asset costs $50,000 when it was purchased, it would be recorded at its ________ over the time the asset is held. Q 2.17: Which of the following can affect stockholders' equity? Select all that apply. Q 2.18: Which of the following statements is true? Q 2.19: What does a current ratio of 1.20:1 mean? Q 2.20: Earnings per share measures the net income earned
ACC 290 Chapter 2 Orion
• Question 1 Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. • Question 2 A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported? • Question 3 Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders' equity?
• Question 4 For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share? • Question 5 in millions 2011 2010 Net income
$1,277
$1,317
Preferred dividends
-0-0Shares outstanding at beginning of year 419 414 Shares outstanding at end of year 393 419 At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014? • Question 6 The current ratio measures liquidity. The debt to assets ratio measures solvency. We don’t know how many outstanding shares each company has, so we cannot compare profitability. Current Ratio per Share Leer Inc. 2:1 Stable Inc. 1.5:1
Debt to Assets Ratio 75% 40%
Earnings
$3.50 $2.75
Compared to Stable Inc., Leer Inc. has Lllustation 2-15 • Question 1 Which of the following ratios measures the ability of the company to survive over a long period of time?
• Question 2 For what purpose might a company use free cash flow? • Question 3 What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.? • Question 4 A company can change to a new method of accounting if management can justify that the new method results in terms of
ACC 290 Chapter 3 Orion WileyPlus Build your Proficiency
Q 3.1: Which of the following would be considered an economic event that requires an accounting transaction? Q 3.2: If an asset is increased, there must be a corresponding in another asset. Q 3.3: What is a T-account? Q 3.4: Which of the following statements about credits is true? Q 3.5: Increases in liabilities must be entered on the right or Q 3.6: An account shows a balance if the total of the debit amounts exceeds the credits. Q 3.7: How must each transaction be recorded in the double-entry system? Q 3.8: The recording process in a journal is useful because ________. Select all that apply. Q 3.9: Which of the following describes the standard form of a journal entry? Q 3.10: Which of the following is true in journalizing? Q 3.11: What is the entire group of accounts maintained by a company called? Q 3.12: What is the usual order of accounts in the general ledger? Q 3.13: The process of transferring journal entry amounts to ledger accounts is called.
Q 3.14: The first step in transferring journal entry amounts to ledger accounts involves Q 3.15: On January 14, Welsford Agency purchased supplies of $500 on account. The entry to record the purchase will include Q 3.16: What is a list of accounts and their balances at a given time called? Q 3.17: Which of the following steps is NOT included in preparing a trial balance? Q 3.18: Journalizing with analyzing source documents to determine the effect of the transaction on the journal. Q 3.19: A trial balance may balance even when which of the following occurs? Select all that apply. Q 3.20: When a company performs a service, even if it has not been paid for this service, it still creates
ACC 290 Chapter 3 Orion
• Question 1 Correct! The costs that a firm incurs when operating its business cause retained earnings to decrease.Expenses decrease retained earnings. • Question 2 Correct! Since assets only decreased $50,000, and liabilities decreased by $90,000, stockholders’ equity has to increase by $40,000 to keep the accounting equation balanced.During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity • Question 3 Correct! Payment of dividends reduces both cash and retained earnings. Payment of a dividend • Question 4 An account is a part of the financial information system and is described by all except which one of the following? • Question 5 Which accounts normally have debit balances? • Question 6 Which of the following is the correct sequence of events? • Question 7 Where is the first place every transaction is recorded?
• Question 8 What type of account is unearned revenue? • Question 9 Correct! Accounts will appear in the trial balance in the same order that they appear in the ledger.Accounts are listed on the trial balance in
Practice Question 51 • Question 1 Which of the following is not one of the primary types of the financing activities in the statement of cash flows?
------------------------ACC 290 Week 2 Charter for Collaborative Learning Activities
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Resources: Week 2 Learning Team Collaborative Discussion and the Learning Team Charter for Collaborative Learning Activities Write a 150- to 200-word individual response to the following: · Consider the multiple definitions of collaboration. · Define collaboration and how you will apply it in this course based upon the discussion with your Learning Team. Be sure to reference and cite your sources. · Answer the question individually.
Click the Assignment Files tab to submit your assignment and be sure to attach a copy of your Learning Team Charter for Collaborative Learning Activities.
------------------------ACC 290 Week 2 Discussion Question 1
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What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
------------------------ACC 290 Week 2 Discussion Question 2
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What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?
------------------------ACC 290 Week 2 E3-1 (New)
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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.
------------------------ACC 290 Week 2 LT Reflection Summary (New)
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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.
------------------------ACC 290 Week 2 LT Reflection Summary (New)
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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.
------------------------ACC 290 Week 2 Practice Connect Practice Assignment
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ACC 290 Week 2 Practice: Connect Practice Assignment 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. 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
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?
------------------------ACC 290 Week 2 Practice Quiz (New)
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Question 1 Expenses decrease retained earnings. Question 2 During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity Question 3 Payment of a dividend Question 4 An account is a part of the financial information system and is described by all except which one of the following? Question 5 Which accounts normally have debit balances? Question 6
Which of the following is the correct sequence of events? Question 7 Where is the first place every transaction is recorded? Question 8 What type of account is unearned revenue? Question 9 Accounts are listed on the trial balance in Question 10 Which of the following is not one of the primary types of the financing activities in the statement of cash flows?
------------------------ACC 290 Week 2 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Chapter 2 Wiley PLUS Crossword Puzzle 1
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ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 (New)
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WileyPLUS Assignment: Week 2 Assignment Resource: WileyPLUS
Complete the following Week 2 Assignment in WileyPLUS:
• BYP 2-2
• IFRS 2-6
• Exercise 3-4
• Exercise 3-8
• Exercise 3-10
• BYP 3-2
• IFRS 3-2
• Problem 3-5
• Problem 3-6
------------------------ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)(New)
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Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of the previous annual reporting period? What are the company’s net revenues for the last three annual reporting periods? What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period? What are the company’s total current assets at the end of its most recent annual reporting period? What are the total current assets at the end of the previous annual reporting period? What in the information above would be important to a potential investor, employee, and so on?
Summarize the analysis in a 1,050-1,400 word paper in a MicrosoftŽ Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines.
---------------------------------ACC 290 Week 3 Apply Connect Assignment
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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: 1.
Journalize the above transactions.
2.
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 $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?
-------------------------------------ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz
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ACC 290 Chapter 4 Orion WileyPlus Build your Proficiency
Q 4.1: Which of the following statements about accrual-basis accounting is NOT true? Q 4.2: If a company spends $12 million dollars for a warehouse, when should the cost be written off? Q 4.3: If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? Q 4.4: Which of the following is true about unearned revenues? Q 4.5: Which of the following exemplify an asset-expense relationship? Q 4.6: If an adjustment is needed for unearned revenues, the liability is Q 4.7: Which of the following explains the process of depreciation? Q 4.8: The of an asset is the difference between the cost of a depreciable asset and its related accumulated depreciation. Q 4.9: From an accounting standpoint, the acquisition of a long-lived asset such as a building can be thought of as a long-term Q 4.10: What does the time period assumption state? Q 4.11: Which of the following are common time periods that businesses use as their accounting period? Select all that apply. Q 4.12: A is an accounting period that is one year long Q 4.13: basis accounting is in accordance with generally accepted accounting principles. Q 4.14: According to the revenue recognition principle, when should revenue be recognized in the accounting period? Q 4.15: Companies must make adjusting entries Q 4.16: Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. The result of this error would be to Q 4.17: If an adjusting entry for depreciation is NOT made, will be understated. Q 4.18: The adjusted trial balance is the primary basis of the financial statements.
Q 4.19: All balance sheet accounts are considered accounts because their balances are carried over into future accounting periods. Q 4.20: Closing entries and a post-closing trial balance are steps in the accounting cycle that occur
ACC 290 Chapter 4 Orion ACC 290 Ch 4 practice quiz Practice Question 01 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Practice Question 05 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Practice Question 10 Which statement is correct? Practice Question 16 Book value is equal to cost minus accumulated depreciation Practice Question 21 Adjustments for unearned revenues: Practice Question 26 At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusting entry for Insurance Expense for the year would be Practice Question 31 Which of the following is not a typical example of an accrued expense? Practice Question 36 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise ? Practice Question 42 At the end of the accounting period, all balance sheet accounts are closed out. Practice Question 53 Which is the correct order of steps in the accounting cycle?
ACC 290 Chapter 5 Orion WileyPlus Build your Proficiency
Q 5.1: All of the following would be considered merchandising companies EXCEPT Q 5.2: A department store uses a perpetual inventory system. At year-end, the balance in the merchandise inventory account is $2 million. Assuming that the inventory records have been maintained properly, a year-end physical inventory Q 5.3: In a inventory system, the cost of goods is determined only at the end of the accounting period Q 5.4: A company receives a discount for paying for merchandise purchased within the discount period. How will the amount of the discount be recorded in a perpetual inventory system? Q 5.5: What does the freight term “FOB destination” mean? Q 5.6: A retailer acquires merchandise for resale. How would this be recorded in a perpetual inventory system? Q 5.7: If the credit terms on a sales invoice read “2/10, n/30,” what does this mean? Q 5.8: In which of the following scenarios would a Sales and Returns and Allowances account NOT be debited? Q 5.9: ________ has a normal credit balance. Q 5.10: Which of the following is NOT a contra revenue account? Q 5.11: In a perpetual inventory system, when is the Cost of Goods Sold account used? Q 5.12: ________ is shown on a multiple-step but not on a single-step income statement. Q 5.13: Why might a company choose to use the single-step income statement? Select all that apply. Q 5.14: At the beginning of January 2014, a company reported inventory of $4,000. During the month, the company made purchases of $17,800. On January 31, 2014, a physical count of inventory reported $4,200 on hand. Find the cost of goods sold for the month. Q 5.15: ________ requires a physical count of goods on hand to compute the cost of goods sold.
Q 5.16: During the year, a company’s inventory decreased by $20,000. If the company’s cost of goods sold for the year was $400,000, find the amount for purchases. Q 5.17: How is the gross profit rate computed Q 5.18: How is the profit margin computed? Q 5.19: How is the quality of earnings ratio computed? Q 5.20: How do you calculate the cost of goods for sale if closing inventory is nil?
ACC 290 Chapter 5 Orion WileyPlus Build your Proficiency
• Question 1 The operating cycle of a merchandising company is ordinarily shorter than that of a service company. • Question 2 The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. • Question 3 Jax Company uses a perpetual inventory system and on November 30 purchased merchandise for which it must pay the shipping charges. Which of the following is one part of the required journal entry when Jax pays the shipping charges of $200? • Question 4 Sales Discounts is a contra asset account. • Question 5 Which statement is true when recording the sale of goods for cash in a perpetual inventory system? • Question 6 Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold? • Question 7 Which one of the following will result in gross profit? • Question 8 Under what system is cost of goods sold determined at the end of an accounting period? • Question 9 Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin? • Question 10 In a periodic inventory system, when is the cost of the merchandise sold determined?
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ACC 290 Week 3 Discussion Question 1
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What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?
-------------------------------------ACC 290 Week 3 Discussion Question 2
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What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?
-------------------------------------ACC 290 Week 3 LT Reflection Summary
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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.
-------------------------------------ACC 290 Week 3 Practice Connect Practice Assignment
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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. Prepare journal entries for the transactions incurred during September of 2019.
-------------------------------------ACC 290 Week 3 Practice Quiz (New)
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Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Question 3 Which statement is correct? Question 4 Book value is equal to cost minus accumulated depreciation. Question 5 Adjustments for unearned revenues: Question 6 At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be
Question 7 Which of the following is not a typical example of an accrued expense? Question 8 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise? Question 9 At the end of the accounting period, all balance sheet accounts are closed out. Question 10 Which is the correct order of steps in the accounting cycle?
-------------------------------------ACC 290 Week 3 Problem 5-5A (Simon Company)
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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 ExcelŽ spreadsheet and submit with your explanation.
-------------------------------------ACC 290 Week 3 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS
Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz
-------------------------------------ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P43A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New)
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Assignment: Week 3 Assignment Complete the following Week 3 Assignment • Brief Exercise 4-1 • Problem 4-2A • Problem 4-3A • BYP 4-1 • IFRS Practice Question 1 • IFRS Practice Question 2 • IFRS Practice Question 3 • IFRS Practice Question 4
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ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)(New)
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Financial Reporting Problem Part II Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: Are the assets included under the company’s current assets listed in the proper order? Explain your answer. How are the company’s assets classified? What are cash equivalents? What are the company’s total current liabilities at the end of its most recent annual reporting period? What are the company’s total current liabilities at the end of the previous annual reporting period? Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s
balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.
-------------------------------------ACC 290 Week 4 Apply Connect Assignment --------------------------------------
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ACC 290 Week 4 Apply Connect Assignment Complete the Week 4 Assignment in Connect. Note: You have only 1 attempt available to complete assignments 1 Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: a. Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,500. b. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period.
c.
Rent of $2,000 expired during the month.
d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.
Required: 1.
Complete the worksheet for the month.
2. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month. 3.
Journalize and post the adjusting entries.
Analyze If the adjusting entries had not been made for the month, would net income be overstated or understated? 2 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: 2. 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?
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