Match the items below by entering the appropriate letter in the space. 1. Partnership 2. Liabilities 3. Revenues 4. General ledger 5. Matching principle 6. Unearned revenues 7. Income summary 8. Intangible assets 9. Freight-out 10. Sales returns an
Adjusting Entries The following information for Marx Company is available on June 30, 2000, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Marx Company for the month of June for each situation given. Appropriate adjusting entries had been recorded in previous months.
Closing Entries The end of the period account balances after adjustments of the Falcon Cleaners and Laundry are as follows: Account Balances (After Adjustments) Cash $ 10,000 Cleaning Supplies 3,500 Prepaid Rent 3,600 Equipment 128,000 Accumulated Depreciation-Equipment 20,000 Accounts Payable 8,500 Common St
Journal Entries Prepare the necessary general journal entries for the month of October for the Dolan Company for each situation given below. Dolan uses a perpetual inventory system. Oct. 5 Paid cash of $12,000 for operating expenses that were incurred and properly recorded in the previous period. Oct. 8 Purchased mercha
Correcting Entries: The following errors were made in journalizing and posting transactions in May in the Unruh Company. 1. An $800 payment for repairs incurred on account and properly recorded in April was debited to Repair Expense $800 and credited to Cash $800. 2. A collection of $2,000 on account from a customer was r
Periodic Inventories Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November. Date Transaction Units Unit Cost 11/1 Beginning inventory 400 $3 11/5 Purchase No. 1 600 $5 11/12 Sale No. 1 (300) 11/18 Purchase No. 2 400 $6 11/25 Sale No. 2 (600)
What principles of internal control apply to most businesses?
How can you use what you have learned in this course in your daily work? Can you help improve what goes on in your company or could have helped in a prior company?
What internal control procedures would you establish regarding incoming merchandise and the related bills from the suppliers?
In your company (present or prior) how did you get reimbursed for company expenses you incurred in the course of your work? Did you have to submit expense reports and wait for a check or did you go to petty cash and get your money back immediately? Please describe the procedure used in either case and do you think there was su
How does income measurement differ between a manufacturing business and a chain of retail stores?
2 - Consider the LIFO and FIFO inventory accounting methods. If the business was in a period of increasing costs for its inventory which method would you recommend to management and why? Would your recommendation be different if the company were privately owned or publicly traded? When answering this question do not confuse
Journalize and post the July transactions. Prepare a trial balance. Enter the following adjustments on the work sheet and complete the work sheet. Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31. Prepare and post-closing trial balance at July 31.
Terry Duffy opened Terry's Window Washing Inc. on July 1, 2002. During July the following transactions were completed. July 1 Issued $9,000 of stock for $9,000 cash. 1 Purchased used truck for $6,000 paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account.
Please see attached Word document.
Karen Tong, D.D.S., opened a dental practice on January 1, 2002. During the first month of operations the following transactions occured. 1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet billed to the insurance companies. 2. Utility expenses incurrr
Financial Accounting 362 Part (I)> Diane Torres reviewed the records and found the following errors: (a) Prepare an analysis of each error showing (1) the incorrect entry (2) the correct entry, and (3) the correcting entry. (b) Prepare a correct trial balance.
P4-6A Diane Torres, CPA was retained by Doneright TV Repair Inc. to prepare financial statements for April 2002. Torres accumulated all the ledger balances per Doneright's records and found the following. DoneRight TV Repair Inc. Trial Balance April 30, 2002 Debi
A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $750 each per week, and
An island is inhabited by five men and a pet monkey. One afternoon the men gathered a large pile of coconuts which they proposed to divide equally among themselves the next morning. During the night one of the men awoke and decided to help himself to his share of the nuts. In dividing them into five equal parts he found that the
The business analyst for Ace Business Machines, Inc. wants to forecast this year's demand for manual typewriters based on the following historical data: TIME PERIOD-------DEMAND 5 years ago---------------900 4 years ago--------------- 700 3 years ago--------------- 600 2 years ago---
1-Find the percentile for the observed value in the following situation: a. GRE score of 450 (mean = 497, s.d. = 16) b. Stanford - Binet IQ score of 92 ( mean 100, s.d. =16) c. Woman's height of 68 inches (mean=65 inches, s.d. = 2.5 inches) 2- Use imperial rule to specify the ranges into which 68%, 95%, and 97% of Stanf
Finding expected return. Please see page 160 #21.
Please see the attached file for the fully formatted problems. The profit P(t) for a firm as a function of time (t) is described by the equation P(t) = t ? 3/8 t^2 + 1/24t^3 For 0 < t =< 10 show that there is exactly one local minimum, and find the value of t at which it occurs. Is the profit positive at this local minimum?
A Corporation issues 15,000,000 bonds in to be retired in 20 years. How much must be paid into a sinking fund up front at 4% compounded annually to pay off the total amount due?
SERV-U Computer Service Company bought a laser printer for $15,000. The machine is expected to operate for 28,000 hours, after which its trade-in value will be $1,000. Find the unit depreciation for the printer. The first year the machine was operated 4,160 hours. Find the depreciation for the year. A new minivan was purch
What was the total cost for purchasing Exxon? What was the cost for purchasing 250 shares of IBM? The graphs and information of the company who sales shares are in the attached files.
House Mortgage Mr. and Ms.Ostedt have just purchased an $80,000 home and made a 25% down payment. The balance can be amortized at 10% for 25 years. (a) What are the monthly payments? (b) How much interest will be paid? (c) What is their equity after 5 years?
Find the simple interest and the balance of the account. $1000 at 3% for 6 months
Loser rental charges $32.00 a day plus 27 cents per mile. lemon leasers $28.00 plus 30 cents per mile. Most renters drive either fewer than 50 mile or more than 200 miles. I have to start a company that has rates that are less expensive than both of the other two car rentals. Rates must not be less expensive than both of the o