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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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 contained a detailed record of transactions‚ and from it the friend
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Balance per depositor’s records‚ Dec 31‚2009 | | $45‚000 | Deduct: | | | | | | Bank Service Charge | $25 | | | NSF check from Iggy Bates | $2‚500 | $2‚525 | Adjusted cash balance | | | $42‚475 | GUITAR UNIVERSE‚ INC. | General Journal | Bank Service Charges | $25 | | Accounts Receivable (Iggy Bates) | $2‚500 | | Cash | $2‚525 | To record bank charges
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ANS: Q. The financial resources a business owns are called a. assets. b. liabilities. c. earnings. d. stockholders’ equity. ANS: Q. Rights to receive money from customers are a. liabilities. b. prepaid expenses. c. accounts receivable. d. accounts payable. ANS: Q. Which of the following is considered an asset? a. Accounts payable b. Prepaid expense c. Bad debt d. Stockholders’ equity ANS: Compiled by Manek. 2011. P age |1 ACCY111 / SAMPLE TEST PAPER Q & A Q. The role of accounting in business
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Reporting Practices and Ethics HCS 405 Sound financial‚ ethical practices in for-profit and non-profit health care organizations are important because they increase the confidence that all stakeholders have in the organization. Health Care managers have to ensure that good ethical practices are employed while carrying out all the elements of health care finance management to ensure financial stability for the organization and preference from consumers and stockholders. There is
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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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| directors | | auditors | | | 6. The main functions of the Financial Reporting Council include: I. overseeing the process for the setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making of a particular standard V. the power to veto a standard recommended by the AASB. | I‚ II‚ III and V only | | I‚ II‚ and
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MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
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Salaries Payable 800 ______ 11. Salaries Payable 800 Cash 800 ______ 12. Accounts Receivable 600 Service Fees Earned 600 PROBLEM 3-2C Gary Company follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. Gary’s annual
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