ASSIGNMENT 4 WEEK 3 SAMUEL GEORGE Financial Accounting / CHAPTER 4 | | | | | P4-1A | Thomas Magnum began operations as a private investigator on =anuary 1‚ 2008. The trial balance columns of the worksheet for THOMAS =AGNUM‚ P.I.‚ INC. at March 31 are as follows. | THOMAS MAGNUM‚ P.I.‚ =NC. | Worksheet | For the Quarter Ended March 31‚ =008 | | Trial Balance | | | | Account Titles | Dr. | Cr. | Cash | 11‚400 | | Accounts Receivable | 5‚620 | |
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Case 2-1 Maynard Company (A) 2013 1 Diane Maynard made the following request of a friend: My bookkeeper has quit‚ and I need to see the balance sheets of my company. He has left behind a book with the numbers already entered in it. Would you be willing to prepare balance sheets for me? Also‚ any comments you care to make about the numbers would be appreciated. The Cash account is healthy‚ which is a good sign‚ and he told me that the Net income for the month of June was $19‚635. The book
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ACC 509 Case 5-2 Response Justin Tammany Grennell Farm Income Statement (Sales/Delivery Method) ------------------------------------------------- Year Ending December 31‚ 2009 Sales Revenue $522‚000 Less Expenses Cost of Sales 92‚340 Wages 72‚500 Insurance 4‚500 Taxes 32‚500 Depreciation 28‚500 Other 45‚000 Total Expenses 275‚340 ------------------------------------------------- Net Income $246‚660 Grennell Farm Balance
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use of a prepaid expense. H. To record payment of a prepaid expense. I. To record this period’s depreciation expense. ______ 1. Interest Expense 600 Interest Payable 600 ______ 2. Interest Payable 600 Cash 600 ______ 3. Interest Receivable 1‚400 Interest Earned 1‚400 ______ 4. Cash 1‚400 Interest Receivable 1‚400 ______
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1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received 1. DTE is wrong 2. Capex 3. Defrev 4. Contributed capital 5. Retained earnings Cash received
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following account balances: [pic] .:. The following took place during 2012: 1. Additional supplies were purchased on account in the amount of $15‚000. 2. Unconditional (and unrestricted) pledges of support were received totaling $95‚000. In light of a declining economy‚ 5 percent is expected to be uncollectible. The remainder is expected to be collected in 2012. 3. Supplies used for animal care amounted to $16‚700. 4. Payments made on accounts payable amounted to $18‚200. 5. Cash collected from
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Competition in the Movie Rental Industry in 2008: Netflix and Blockbuster Battle for Market Leadership 2. What forces are driving changes in the movie rental industry and are the combined impacts of these driving forces likely to be favorable or unfavorable in term of their effects on competitive intensity and future industry profitability? -The economy is one of the reasons why rental industry went down. Less people are able to rent a lot of movies. -Second and main reason that drives
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More Practice for the Final Exam Adjusting Entries Key _____ 1. Accruals occur when cash flows: A) Occur before expense recognition. B) Occur after revenue or expense recognition. C) Are uncertain. D) May be substituted for goods or services. Answer: B _____ 2. An example of a contra account is: A) Depreciation expense. B) Accounts receivable. C)
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1. What is the most important difference between a corporation and all other organizational forms? 2. What does the phrase limited liability mean in a corporate context? 3. Which organizational forms give their owners limited liability? 4. What are the main advantages and disadvantages of organizing a firm as a corporation? 5. Explain the difference between an S corporation and a C corporation. 6. You are a shareholder in a C corporation. The corporation earns $2 per share before taxes
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| | Final Project ACC-101 | | Comprehensive Problem 2 Guitar Universe‚ Inc. P388 GUITAR UNIVERSER‚ INC. | Trial Balance | December 31‚2009 | Cash | $45‚000 | | Marketable securities | $25‚000 | | Accounts receivable | $125‚000 | | Allowance for doubtful accounts | | $5‚000 | Merchandise inventory | $250‚000 | | Office Supplies | $1‚200 | | Prepaid insurance | $6‚600 | | Building and fixtures | $1‚791‚000 | | Accumulated depreciation |
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