10‚000 |12‚500 | |Creditors 20‚000 |25‚000 | |Expenses Outstanding 1‚000 |1‚200 | |Expenses Prepaid 800 |700 | |Accrued Income
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CHAPTER 23 Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics|Questions|Brief Exercises|Exercises|Problems| Concepts for Analysis| 1.|Format‚ objectives purpose‚ and source of statement.|1‚ 2‚ 7‚8‚ 12||||1‚ 2‚ 5‚ 6| 2.|Classifying investing‚ financing‚ and operating activities.|3‚ 4‚ 5‚ 6‚ 16‚ 17‚ 19‚24|1‚ 2‚ 3‚ 6‚ 7‚ 8‚ 12|1‚ 2‚ 10||1‚ 3‚ 4‚ 5| 3.|Direct vs. indirect methods of preparing operating activities.|9‚ 20|4‚ 5‚ 9‚ 10‚ 11|3‚ 4||5| 4.|Statement of cash
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COGS…………………………………… $(6‚500) GROSS MARGIN………………………..$ 3500 Salary Expense…………………………………..$(1‚000) Rent Expense………………………………….. $(2‚000) Utilities Expense …………………………….$(200) Depreciation Expense ……………………….$(90) TOTAL EXPENSES……………………....$ (3290) Net Income: 3500 – 3290 = $ 210 BALANCE SHEET as of April‚ 30th
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the note was signed. C) Is the day the note is due to be paid. D) Is the date of the first payment. E) Is the last day of the month. 2. The amount of bad debt expense can be estimated by: A) The percent of sales method. B) The percent of accounts receivable method. C) The aging of accounts receivable method. D) Only b and c. E) Bad debt expense can be estimated by any of the three methods listed above. 3. Dell reported net sales of $8‚739 million and average accounts receivable of $864 million. Its
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Name: Learning Team Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit
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CASE 7 ARMSTRONG HELMET COMPANY 1. Item Administrative salaries Advertising for helmets Depreciation on factory building Depreciation on office equipment Insurance on factory building Miscellaneous expenses— factory Office supplies expense Professional fees Property taxes on factory building Raw materials used Rent on production equipment Research and development Sales commissions Utility costs—factory Wages—factory Totals © 2008 For Instructor Use Only Direct
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including purchases related to production and credited with closing balance of work in progress and cost of goods produced transferred to Trading Account. The term "Cost of Goods Sold" refers to cost of raw materials consumed plus direct related expenses. Components of Manufacturing Account The following are the important components to be considered for preparation of Manufacturing Accounts: (1) (2) (3) (4) Opening Stock of Raw Materials. Purchase of Raw Materials. Purchase Returns. Closing
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the estimated depreciation expense for an asset is calculated: (Points : 1) | It may be revised based on new information | 6. When originally purchased‚ a vehicle had an estimated useful life of 8 years. The vehicle cost $23‚000 and its estimated salvage value is $1‚500. After 4 years of straight-line depreciation‚ the asset’s total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
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the estimated depreciation expense for an asset is calculated: (Points : 1) It may be revised based on new information 6. When originally purchased‚ a vehicle had an estimated useful life of 8 years. The vehicle cost $23‚000 and its estimated salvage value is $1‚500. After 4 years of straight-line depreciation‚ the asset’s total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
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|1 |The time period assumption states that |D | | |a. a transaction can only affect one period of time. | | | |b. estimates should not be made if a transaction affects more than| | | |one time period. | | | |c. adjustments to the enterprise ’s accounts can only be made in | | | |the time period when the business terminates its operations. | | | |d. the
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