Explore BrainMass
Share

Explore BrainMass

    Urlacher Company performs the following accounting tasks during the year

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    E1-1
    Urlacher Company performs the following accounting tasks during the year.
    ______Analyzing and interpreting information.
    ______Classifying economic events.
    ______Explaining uses, meaning, and limitations of data.
    ______Keeping a systematic chronological diary of events.
    ______Measuring events in dollars and cents.
    ______Preparing accounting reports.
    ______Reporting information in a standard format.
    ______Selecting economic activities relevant to the company.
    ______Summarizing economic events.
    Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.

    Instructions
    Categorize the accounting tasks performed by Urlacher as relating to either the identification
    (I), recording (R), or communication (C) aspects of accounting.
    ------------------------------------------------------------------------------
    E1-5 Meredith Cleaners has the following balance sheet items.
    Accounts payable
    Accounts receivable
    Cash
    Notes payable
    Cleaning equipment
    Salaries payable
    Cleaning supplies
    Common stock

    Instructions
    Classify each item as an asset, liability, or stockholders' equity.
    ----------------------------------------------------------------------
    E1-12 The following information relates to Linda Stanley Co. for the year 2008.

    Retained earnings, January 1, 2008 $ 48,000
    Advertising expense $ 1,800
    Dividends during 2008 6,000
    Rent expense 10,400
    Service revenue 62,500
    Utilities expense 3,100
    Salaries expense 30,000

    Instructions
    After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008.
    ---------------------------------------------------------------------
    E1-13 Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance.

    MENDEZ COMPANY Balance Sheet December 31, 2008
    Assets: Liabilities:
    Cash $15,000 Accounts payable $20,000
    Supplies 8,000 Accounts receivable (8,500)
    Equipment 46,000 Common stock 50,000
    Dividends 10,000 Retained earnings 17,500
    Total assets $79,000 Total liabilities and stockholders' equity $79,000

    Instructions
    Prepare a correct balance sheet.

    © BrainMass Inc. brainmass.com October 10, 2019, 2:34 am ad1c9bdddf
    https://brainmass.com/business/financial-accounting-bookkeeping/urlacher-company-performs-following-accounting-tasks-383441

    Solution Preview

    Please see the attachment

    E1-1
    Urlacher Company performs the following accounting tasks during the year.

    When we record the transactions - implies analyze the transaction, see the monetary value and enter in the books, this is the recording activity
    When we prepare/analyze/explain the results of recording the transactions, that is Communication activity.
    Identification is to decide which events should be recorded.

    ______Analyzing and interpreting information. C
    ______Classifying economic events. R
    ______Explaining uses, meaning, and limitations of data. C
    ______Keeping a systematic chronological diary of events. R
    ______Measuring events in dollars and cents. R
    ______Preparing accounting reports. C
    ______Reporting information in a standard format. C
    ______Selecting economic activities relevant to the company. I
    ______Summarizing economic events. R
    Accounting is “an information system that identifies, records, and communicates the economicevents of an organization to interested users.”

    Instructions
    Categorize the ...

    Solution Summary

    Urlacher Company performing accounting tasks during the year are examined.

    $2.19