Category Archives: ACC 290 (NEW)

ACC 290 Week 5 WileyPLUS – 100% Correct

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.

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ACC 290 Week 5 Preparing Comprehensive Bank Reconciliation (Daisey Company) NEW

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.

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ACC 290 Week 4 WileyPLUS – 100% Correct

ACC 290 Week 4 WileyPLUS – 100% Correct

 

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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ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis NEW

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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ACC 290 Week 3 WileyPLUS – 100% Correct

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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ACC 290 Week 3 Problem 5-5A (Simon Company) NEW

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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ACC 290 Week 2 WileyPLUS – 100% Correct

ACC 290 Week 2 WileyPLUS – 100% Correct

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.)

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ACC 290 Week 2 E3-1 NEW

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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ACC 290 Week 1 WileyPLUS – 100% Correct

ACC 290 Week 1 WileyPLUS

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable

$ 7,580

Notes payable

$ 12,160

Accounts receivable

4,580

Rent expense

12,580

Advertising expense

4,320

Retained earnings

?

Cash

5,680

Service revenue

30,160

Common stock

17,580

Supplies

4,480

Dividends

5,080

Supplies expense

1,380

Equipment

29,380

 

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

 

Question 2

The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

 

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014

$75,703

Advertising expense

2,034

Dividends

6,779

Rent expense

11,751

Service revenue

65,534

Utilities expense

2,712

Salaries and wages expense

33,897

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.)

 

Question 4
For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings, decrease retained earnings, increase common stock, or decrease common stock.

 

Question 5

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)

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ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

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.
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