BTN 4-7 Review this chapter’s opening feature involving Arynetta Floyzelle and her Girl Team Mobile business. 1. Explain how a classified balance sheet can help Arynetta Floyzelle know what bills are due when‚ and whether she has the resources to pay those bills. A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers. (Wild‚ 2013‚ p. 149) What makes this balance sheet unique is that it details the current &
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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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(a) July 1‚ 20XX— Received unrestricted donation check in the amount of $15‚000 from the Multnomah County Department of Health and Human Services. (b) July 19‚ 20XX—Paid Great Northwest Insurance Company $9‚000 for six more months of fire and liability insurance coverage. (c) July 15‚ 20XX—Paid Portland Arts & Crafts Company $3‚000 for additional arts and crafts supplies. (d) July 15‚ 20XX—Transferred temporarily restricted funds in the amount of $3‚000 from investments to pay for additional
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The first PhxKlips we viewed was “The Accounting Equation”. This taught us how to remember the accounting equation by remembering “ALOE”. I took an accounting class online for the community college in Baltimore‚ and was not taught “ALOE”. I liked that it gave us a way to remember the equation. “ALOE” is something you can always remember and does help to remember the equation. The equation “ALOE” means Assets= Liabilities + Owner’s Equity. This is the equation used for all accounting tasks and procedures
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The role of accounting is to allow business owners to make informative decisions. The main objectives of accounting are to maintain a record of business transactions‚ calculate profit and loss and depiction of financial position. Recording business transactions accurately is essential in accounting. If proper and complete records are kept‚ it will make it easier to find and correct any errors made. Different officials can also use records for different decision-making purposes. A balance sheet
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AC 201 Principles of Accounting I Name__________Elizabeth Crabtree___ Park University Version A Exam 1A- Chapters 1-3 Multiple Choice Questions ( 2 points each) Select the ONE‚ BEST Answer 1.|External users of accounting information include: A.|Shareholders.|B.|Customers.|C.|Creditors.|D.|Government regulators
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Health Care Case Study: Financial Statements University of Phoenix Health Care Financial Accounting HCS/405 December 06‚ 2010 Health Care Case Study: Financial Statements This paper is a health care case study of financial statements for Patton-Fuller Community Hospital. This summary is a review of the annual report and financial statements and the differences between the audited and the unaudited statements. The financial ratios are examined to determine if there has been improvement from
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NOTES FROM FIRST ASSIGNMENT 1. Start Journal Entry with Debit (s) on the first line (s) and credit (s) on the next lines‚ e.g.‚ Cash xxx Owner’s Capital xxx 2. No need to write ‘Debit’ and ‘Credit’ when doing a journal entry. Simply indent the credits (including the Account Titles) further to the right and that will signify credits and debits to accountants. 3. Use Account Descriptions that are given in the Problem (e.g.‚ if the problem only has ’Expenses’
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MULTIPLE CHOICE 1. The owner’s equity in a business amounted to $56‚000 at the beginning of the year and $100‚000 at the end of the year. The owner had made no additional investments and had withdrawn $19‚000 during the year. The net income for the year amounted to a. $76‚000. b. $67‚000. c. $63‚000. d. $188‚000. ANS: C DIF: Medium OBJ: LO 6-1 MSC: AACSB Analytic 4. Changes in owner’s equity that result from investments or withdrawals of assets by the owner are included in the a. statement
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Activity #1 (2 or more errors will result in 3 points) Identify whether each item would appear on the balance sheet (BS) or the income statement (IS) Cash Equipment Rent Expense Insurance Expense Accounts Receivable Supplies Expense Unearned Revenue Supplies Sales Revenue Retained Earnings Identify each item as an “Asset”‚ “Liability” or “Equity”
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