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
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.
What is the relationship, if any, between the amount shown in the adjusted trial balance column for an account and that account's actual ledger balance?
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
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.
The Electrocomp Corporation manufactures two electrical products: air conditioner and large fans. The assembly process for each is similar in that both require a certain amount of wiring and drilling. Each air conditioner takes 3 hours of wiring and 2 hours of drilling. Each fan must go through 2 hours of wiring and 1 hour of
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?
Nancy Tai has recently opened a revolving charge account with MasterCard. Her credit limit is $1000, but she has not charged that much since opening the account. Nancy hasn't had the time to review her monthly statements promptly as she should, but over the upcoming weekend she plans to catch up on her work. In reviewing Octobe
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.
It takes a computer 8 days to print all of the personalized letters for a national sweepstakes. A new computer is purchased that can do the same job in 5 days. How long would it take to do the job with both computers working on it?
With only the small valve open, all of the liquid can be drained from a large vat in 4 hours. With only the large valve open, all of the liquid can be drained from the same vat in 2 hours. How long would it take to drain the vat with both valves open?
How much should Mr. Graff pay for a gold mine expected to yield an annual return of $20,000 and to have a life expectancy of 20 years, if he wants to have a 15% annual return on his investment and he can set up a sinking fund that earns 10% a year?