ACCT201/EXERCISE QUESTION 4/CH.3 Question DMD.‚ opened a dental clinic on August 1‚ 2007. The business transactions for August are shown below: |Aug 1 |Dr. Cravati invested $280‚000 cash in the business in exchange for 1‚000 shares of capital stock. | |Aug 1 |Rented an office and paid 3-month rent in advance‚ $2‚000 | |Aug 4 |Land and building were purchased for $400‚000. Of this amount‚ $60‚000
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Books of Account of “M/s. Waltham Oil and Lube Center” 1) Journal Entries for the period May 01 to July 31 ____________________________________________________________ ____________ Frank Knight Capital A/c $50000 ($ 40000 + $ 10000) ____________________________________________________________ ____________ National Oil & Lube Center security Deposit A/c. Dr. $ 40000 To Bank A/c Cr.$40000 ____________________________________________________________
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Worksheet for You Decide Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: Since Smackey is a private company‚ the SEC regulations are not required. The SEC requires only public companies to offer full disclosure on their financial statements. Private companies are not bound to such strict disclosure requirements. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically
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Completion of Accounting Cycle Part 1 Chapter 4 – Adjusting the accounts and preparing financial statements Discussion Question 4.1 How is profit determined under (a) the cash basis of accounting and (b) the accrual basis of accounting? Discussion Question 4.2 Explain why the purchase of supplies is usually recorded in an asset account rather than in an expense account. If supplies were expensed when purchased‚ which accounts should be debited and which credited at the end of the period in order
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the following activities‚ EXCEPT: A. recording of economic activities B. communicating to stakeholders C. identifying relevant economic activities D. guaranteeing profitability of business operation 2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as: A. a public accountant B. a partner C. a private accountant D. an independent accountant 3. ________ is established as a trustee body and vested with the responsibility for the oversight
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....................................................................................................... 7 Long Term Assets Turnover.................................................................................................. 7 Accounts Receivables Analysis:
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Homutoff 11/10/14 Joyce Williams Hardware and Software Selection Paper Technology plays a very important role in businesses because it helps make things so much easier as far as recording the information‚ create financial statements‚ and account management. Thus‚ computer hardware is what the companies use for data storage‚ and software packages are the tools businesses use to help the business run faster and easier. There are different types of hardware and software that the companies have
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400+165‚833.33=$536‚633.33—inv.* Account Receivable /Inventory =1‚359‚000/2‚756‚000=0.49 Account Payable /Inventory =512‚000/2‚756‚000=0.19 Account Receivable*=0.49*536‚633.33(inv1)=$262‚950.33—A/C* Account Payable*=0.19*536‚633.33(inv1)=$101‚960.33—A/P* Working Capital Current assets-Current liabilities =inv.*+(A/R*-A/P*)=536‚633.333+(262‚950.33-101‚690.33)=$697‚623.33 697‚623.33*23.5%(cost rate of capital)=$163‚941.48 51435069850Account Receivable‚ Account Payable and Inventory represented
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Complete the following audit sections: • Revenue and Expenses o Before completing this section‚ review the material in the Planning section with emphasis on the Trial balances and Apollo Shoes Minutes; and the Accounts Receivable section with emphasis on the Audit of Accounts Receivable – confirmations. • Payroll o Before completing this section‚ review the material in the Planning section ACC 492 Week 2 Apollo Shoe Case Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE:
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800‚000. C) $1‚000‚000. D) $3‚000‚000. E) $3‚200‚000. 3. Annie ’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Capital‚ Sept 1 ? Capital‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies‚ Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would equity be on September 1 and September
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