—Conceptual 21.Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders‚ certified checks‚ and personal checks c.Coin‚ currency‚ and available funds d.Postdated checks and I.O.U. ’s 22.Which of the following is considered cash? a.Certificates of deposit (CDs) b.Money market checking accounts c.Money market savings certificates d.Postdated checks 23.Travel advances should be reported as a.supplies. b.cash because
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http://smallbusiness.chron.com/difference-between-traditional-accounting-computerized- accounting-4021.html INTRODUCTION: Before the advent of fast and cheap computers‚ accounting traditionally was processed manually with all transactions recorded in columnar papers and kept in voluminous binders. Once computers became popular and software affordable‚ accounting tasks moved into this medium‚ where concepts stayed the same but mechanics changed from papers to programs. AIMS AND OBJECTIVE:
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Problem 4.4A Preparing Adjusting Entries from a Trial Balance The Off-Campus Theater adjusts its accounts every month. Below is the company’s unadjusted trial balance dated July 31‚ 2002. Additional information is provided for use in preparing the company’s adjusting entries for the month of July. (Bear in mind that adjusting entries have already been made for the first seven months of 2002‚ but not for July.) OFF-CAMPUS THEATER Unadjusted Trial Balance July 31‚ 2002 Cash $ 16
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2) Which department authorizes changes in employee pay rates? - Production department does the authorizing; Production employees prepare two types of time records. This helps the cost accounting department. They use this to allocate direct labor changes to work-in-process (WIP) Accounts. 3) Why should the employee’s supervisor not distribute paychecks? - Because there is a chance the supervisor could create a non-existent employee and time card him in then taking his checks for themselves.
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100‚000 shares * $100 par value * 6% dividend rate * 3 years = $1‚800‚000 The amount of dividends in arrears must be disclosed in the financial statements. They are generally written in the notes section at the end of the financial statements. They can be formally included in the statement as a liability once they are declared by th board of directors of the company. Brief Exercise 11.4 Dividend on 6% preferred stock: 10‚000 shares * $100 par value * 6% dividend rate = $60‚000
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| |1. |Which of the following is the best definition of personality? | | | |a. | | | |Personality is an aggregate set of traits that are mostly determined at birth. | |
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financial assets from a transferor” (FASB ASC 860-10-20). 5) Transferor: “An entity that transfers a financial asset‚ an interest in a financial asset‚ or a group of financial assets that it controls to another entity” (FASB ASC 860-10-20). 6) Factoring: Factoring arrangements are a means of discounting accounts receivable on nonrecourse‚ notification basis. Accounts receivables in their entireties are sold outright‚ usually to a transferee (the factor) that assumes the full risk of a collection
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5 PROBLEM 28. Y‚ an S corporation formed at the beginning of the year‚ has the following information in its first year: Gross Income from services $100‚000 Net short-term capital loss (2‚200) Salary paid to F (10‚000) Medical insurance premium for F (300) Other operating expenses (54‚000) Cash distributions to F 5‚000 F‚ a 50 percent owner of Y‚ is single and has no other tax information. F’s A.G.I. is a. $21‚900 b. $26‚750 c. $26‚900 d. $35‚700 e. Some other amount‚ which is $_________
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of $33‚000 to the equipment were debited to the Accumulated Depreciation account during the year. No assets were retired during 2011. 5. The wholly owned subsidiary reported a net loss for the year of $20‚000. The loss was recorded by the parent. 6. At January 1‚ 2011‚ the cash balance was $166‚000. Instructions Prepare a statement of cash flows (indirect method) for the
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balance in Deferred Income Taxes was $17‚548 lower than it was at the start of the year. 5. New property‚ plant‚ and equipment purchases totaled $260‚075‚ all paid for with cash. Disposals of fixed assets generated $33‚162 cash proceeds. 6. Acquisition of another company that was made for cash resulted in additional depreciable assets of $31‚691 and goodwill of $102‚030. 7. Cash dividends were paid in the amount of $216‚158. 8. The firm declared and issued a 100 percent common
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