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    The Accounting Cycle

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    the accounting cycle

    What are steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all steps were not completed in a specific period?

    Prepare Journal Entries for Gardener Corporation

    The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction. April 1 Articles of incorporation are filed with the state, and 100,000 shares of common stock are issued for $100,000 in ca

    Prepare general journal entries for Smith Co.

    Smith Co. has the following securities in its portfolio of trading equity securities on 12/31/10: Cost Fair Value 5000 shares of johnson corp, common 155,000 139,000 10000 shares of simpson common

    Sixnut Inc: Prepare journal entries for stock transactions

    Sixnut, Incorporated has been authorized to issue 1,000,000 shares of $1 par common stock, and 100,000 shares of 8%, $100 par, cumulative, preferred stock. During the first six months of operation, the following transactions occurred related to the stock. Jul 1st Sold 200,000 shares of common stock for $15 per share, and 10

    Preparing an Income Tax Journal Entry: Minnie Company

    Minnie Company reports taxable income of $4,500 for 2010. The company has two temporary differences between pretax financial income and taxable income at the end of 2010. The first difference is expected to result in taxable amounts totaling $2,470 in future years. The second difference is expected to result in deductib

    Online journal

    Discuss: 1. My collaboration and contribution What was my approach to interacting with the other team members? How did I collaborate and contribute and was my participation effective, important, useful? What did I expect to get out of working within my team? How did I feel and accept the peer-evaluations regarding my

    Journal entries for foundation's formal letter of acknowledgement

    Suppose that a foundation's formal letter acknowledging its pledge was worded in 3 different ways: 1. "We are pleased to pledge $100,000 in support of your group's efforts to assist victims of violent crimes." 2. "We are pleased to pledge $100,000 in support of your group's efforts to develop a new program to provide legal

    Journal Entries for Not for Profit Science Center for Children

    Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquisition of computers. During the year it acquired $21,000 of computers, which it estimated to have a useful life of three years. It is the policy of the organization to charge an entire year's depre

    Journal Entries Used for the Depreciation oc Company Assets

    P10-3A On January 1, 2008, Pele Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $38,000. Related expenditures included: sales tax $1,700, shipping costs $150, insurance during shipping $80, installation and testing costs $70, and $100 of oil

    Prepare a bank reconciliation, journal entries, cash equivalents

    The cash account in the general ledger of Hendry Corporation shows a balance of 96900 at December 31 2009 (prior to performing a bank reconciliation). The company's bank statement shows a balance of $100,560 at the same date. An examination of the bank statement reveals the following: 1. Deposits in transit amount to $24,600

    Company Purchases and Mergers

    Tribbs has completed the purchase of Quicker. During the previous year, Tribbs sells a wrapping machine to Quicker. The details include the following: - Tribbs purchased the equipment on 6/30/02 and sold it on 6/30/05. - Original purchase price is $160,000; depreciation under 7 years in the Modified Accelerated Cost Recovery

    Bonds - Prepare the journal entries to record the following transactions.

    On July 1, 2008, Rossillon Company issued $4,000,000 face value, 8%, 10-year bonds at $3,501,514.This price resulted in an effective-interest rate of 10% on the bonds. Rossillon uses the effective-interest method to amortize bond premium or discount.The bonds pay semiannual interest July 1 and January 1. Instructions (Round

    Journal Entries: Donovans, Rowenda Hotels, Wilson Company

    A) A summary of Donovan's December 31, 2009, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 Days $50,000 .5 61-90 Days 12,000 1.0 91-120 Days 3,000 10.0 Over 120 d

    Journal Entries, Worksheets and Transactions

    Tribbs sold one of its products to Quicker for resale to its customers. The details include the following: Tribbs' sale price was $300,000. Tribbs' cost to make the product was $180,000. Quicker has sold 50% of the product to its customers during the year with the remaining $100,000 still in inventory. Quicker sold the pro

    Compute taxable income

    Computation of taxable income. The records for Frish Co. show this data for 2011: Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $270,000. Life insurance on officers was $2,900. Machinery was acquired in January for $300,000. Straight-lin

    Prepare Journal Entries: Issuance, Common & Purchase Stock

    B Corporation has been authorized to issue 24,500 shares of $100 par value, 10%, noncumulative preferred stock and 1,071,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2010, the ledger contained the following balances pertaining to stockholders' equity.

    Computation of the Operating Cycle

    Here as Apples Ratios for 2010: Asset Turnover - 1.1 Inventory - 52.5 Days in Inventory - 7 A/R Turnover - 7.35 Days in Receivable - 50 Accounts Payable Turnover - 2.9 Days in Payable - 126 Operating Cycle - (69) Can the operating cycle be negative?

    Stocks and journal entries

    1. The journal entry to record issuance of 1,000 shares of $2 par common stock for $40 per share would be a. cash 2,000 common stock 2,000 b. cash 40,000 Common Stock 2,000 Paid-in capital in excess of par 38,000 c. Cash 40,000 common stock 40,000 d. cash

    Journalizing Treasury Stock Transactions

    See attached format for response. Journalize these transactions The balance sheet of Jade, Inc., at December 31, 20x8, reported 500,000 shares of $1 par common stock authorized with 100,000 shares issued. Paid-in Capital in Excess of Par-Common had a balance of $300,000. Retained Earnings had a balance of $57,000. During

    Accounting Cycle Flow Chart; Examples of Financial Statements

    Accounting Cycle Select a company that you are familiar with from the transportation industry. Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle. Include

    Showing Journal Entries Purchase of Quicker

    Tribbs has decided to purchase Ruth and Bob's 80% ownership of Quicker Distribution Company for $90,000 in excess of book value and will use the purchase method of accounting for all reporting and consolidation journal entries (not the pooling of interests method). Quicker Distribution Company Incorporated Financial Stateme

    Prepare a pension worksheet, journal entries for pension expense

    (Pension Worksheet with reconciliation Schedule) Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Plan assets $480,000 Project benefit obligation 625 Prepaid/accrued pension cost(credit) 45,000 Unrecognized prior service cost 100

    Benefit Pension Plan: Preparing Journal Entries

    P20-4 (Pension Expense, Minimum Liability, Journal Entries for 2 Years) Mantle Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 20

    Chrysler Inc Journal Entries: Disposition of Assets

    Entries: Disposition of Assets On December 31, 2010, Chrysler Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,300,000 (minus) Accumulated Depreciation $ 360,000 (equals) Book Value $ 940,000 Depreciation is compu