temporary account. 2. A schedule of accounts payable includes a list of A) customers. B) both creditors and customers. C) neither creditors nor customers. D) creditors. 3. A purchase of store supplies on account is recorded as a debit to the Purchases account and a credit to the Accounts Payable account. A) True B) False 4. A subsidiary ledger containing only creditors’ accounts is called the accounts payable ledger. A) True B) False 5. Fast Lane Automotive received merchandise that had an
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Week Four Team Reflection Tara Bolton‚ Misty Lambou‚ Kenneth Maxwell‚ Jeanette Platt ACC/422 November 26‚ 2012 Instructor: Don Minyard Week Four Team Reflection During Week Four Team D discussed the objectives learned in Week Three. In the following paragraphs‚ Team D will provide examples of the effect of using different depreciation methods and its effects of decision-making by the management. Team D will also analyze why reporting intangible assets are challenging for accountants. Depreciation
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Assume a depreciation rate of twice the straight-line method. 15.A toy store has a beginning inventory of eight sets of paints at a cost of $1.25 each. During the year‚ the toy store purchased three at $1.50‚ five at $2‚ six at $2.50‚ and ten at $3. By the end of the year‚ 21 sets were sold. Calculate the following:
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Guillermo Furniture Store Analysis University of Phoenix ACC 561 July 2011 Guillermo Furniture Store Analysis This document presents the major components of a budget that includes the risks associated with sales forecasts‚ and an analysis of ethical considerations in the preparation and subsequent use of the budget. Consideration is given for the requirements of the organizations code of ethics in the use of any performance tools. Major Budget Components A master budget
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There is ACC 205 Week 4 Assignment P7-31A‚ P8-32A‚ P8-26A‚ P8-27A‚ P7-27A in this pack. Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. D2: What does the term account mean? What are the different classifications of accounts? How do
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P9-7A The intangible assets section of Redeker Company at December 31‚ 2011‚ is presented below. Patent ($70‚000 cost less $7‚000 amortization) $63‚000 Franchise ($48‚000 cost less $19‚200 amortization) 28‚800 * Total $91‚800 * The patent was acquired in January 2011 and has a useful life of 10 years. The franchise was acquired in January 2008 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2012. Jan. 2 Paid $45‚000
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This work ACC 407 Week 3 Assignment comprises: Consolidation Problems Business - Accounting Consolidation Problems. Complete P5-38 As part of your homework submission‚ be sure to show your work not just the final answer. Partial credit is awarded for your effort as well as accuracy. Showing your work demonstrates your understanding of the concept even if the final answer is incorrect. Make sure you schedule dedicated study time every day. Even though you may find other things
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There have been several concepts learned and discussed that will be beneficial to persons holding positions in the accounting field. Some skills required to be successful are; differentiating between accrual-basis and cash-basis accounting‚ detailing what creating adjusting entries entails‚ and the logistics of preparing an adjusted trial balance. These two methods are somewhat alike but do have a couple differences. Both methods have been tested and proven to be effective ways for companies to
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ACC 422 Week 4 WileyPLUS Assignment To purchase this material click http://www.assignmentcloud.com/ACC-422/ACC-422-Week-4-WileyPLUS-Assignment For more classes visit www.assignmentcloud.com ACC 422 Week 4 WileyPLUS Assignment Exercise 11-4 Wenner Furnace Corp. purchased machinery for $650‚070 on May 1‚ 2012. It is estimated that it will have a useful life of 10 years‚ salvage value of $34‚950‚ production of 559‚200 units‚ and working hours of 25‚000. During 2013‚ Wenner Corp. uses the machinery
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Ethics case (a) Who will suffer negative effects if you do not comply with Gena Schmitt’s instructions? Who will suffer if you do comply? The negative effects of not complying with Gena Schmitt’s instructions can be detrimental to all stakeholders of the business. Those include the business‚ the employees‚ customers‚ and the assistant controller since he or she is disobeying a direct order. If the controller does comply with the instructions the controller can be held ethically responsible
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