Course: ACC/290 Financial Accounting‚ Fifth Edition by Kimmel‚ Weygandt‚ and Kieso Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse P3-7B‚ Prepare a correct trial balance. This trial balance of Schumaker Company does not balance. SCHUMAKER COMPANY Trial Balance May 31‚ 2010 Debit Cash $6‚340 Accounts Receivable Prepaid Insurance 700 Equipment 8‚000 Accounts Payable Property Taxes Payable 750 Common Stock Retained Earnings Service Revenue
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------------------------------------------------- Worksheet Submitted By: [Type your name here.] Term | Definition | Scenario | Balance sheet | A balance sheet identifies what an organization is worth by keeping record of what an organization owns and owes. It balances the organizations expenses. | An organization has a balance sheet that shows all that the organizations owns. From what the organization owns the minus all their expenses in order to balance what they have left for
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BAM 110 Unit 2 Essay Question # 1. On January 1 the Prepaid Insurance account had a balance of $6‚000 that represented 6 months’ worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March. An account for “Prepaid Insurance” had a balance of $6‚000.00. This was six months of advance payments into this account as of the 1st of January. It is now the 31st of March and there have been
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In this journal entry‚”An Immoral Law‚” Henry David Thoreau states his opinion on the ‘enforcement’ of the Fugitive Slave Act in his ‘community’. In spite of the fact that Thoreau and I have an age difference of over one hundred years‚ I realize we share a common belief. Which is to stand for what we believe in. Even though Thoreau isn’t that popular among his community for his beliefs‚ he continues to speak out on them. As a result‚ he then goes on to serve as a motivation for many other people
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a) -Revenues are inflows of assets or settlements of liabilities or both. Revenues come from activities of the entity’s central operations. -Gains are increases in net assets and from peripheral or incidental transactions of an entity. -The difference between gains and revenues depend to a great extent on the typical activities of a company. For example‚ when McDonald’s sells a hamburger‚ it records the selling price as revenue. However‚ when Mc Donald’s sells land‚ it records any excess of
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Alpen Bank Executive Summary [Type the author name] Gregory Carle‚ the Romanian country manager for Alpen Bank‚ must decide whether or not the bank should launch a credit card program in Romania. Before deciding to go through with the credit card launch Carle must be certain that the Romanian credit card market is large enough to add € 5 million in annual profit to Alpen Bank’s Consumer Banking segment. Carle has two real options here‚ he can either choose to launch the credit card program
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Employee Benefits -all forms of consideration given by an entity in exchange for services rendered by employees. J/E: Benefit Expense xx Cash* xx Prepaid/Accrued Benefit Cost** xx (*) – Cash = Contribution to the fund (**) – Credited if Accrued (Underfunded); Debited if Prepaid (Overfunded) Underfunded – Expense is more than Cash contributed Overfunded – Cash contributed is more that expense incurred Benefit Expense: Current Service Cost xx Add: Interest Cost xx
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INDIVIDUAL QUESTIONS/PROBLEMS DUE FRIDAY - POST THESE TO THE MAIN CLASSROOM FORUM [please don’t start answering these DQs until Tuesday the start of the class‚ thanks] 1. What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the most important? Explain why. * 2. How would the financial statements be useful to managers and employees? How would
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When doing a financial report the general goals are pretty obvious. A financial report is a way to show the intake and the out take of a business such as the rent of a building which would be the debit. The credit would be an example of common stock. As I was working on Appendix C I had to stop and think about debit and credit and what they actually meant. Debit is a source of an outcome‚ which means that money is being removed. Credit is when there is income being added. The steps that I took in
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Finances in business Process-------Recording ------interpreting/analyzing -----communicating Internal external (potential investors) Users A=B+C (A)Assets = (B) Liabilities + (C) Owner’s Equity Assets = Liabilities + owner’s Equity what IS OWNED/ Owed to you Cash Loan Investments Accounts receivable Account payable Withdrawals Inventory Note payable Revenues Equipment Bond payable Expenses Prepaid Insurance Accrued
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