Accounting-AW-Q184

Accounting-AW-Q184 Online Services

 

 

Accounting Principles I
 

Professor King

 

 

  1. (2) points: An examination of the Prepaid Insurance account shows a debit balance of $3,670 at the end of the accounting period before adjustment. Prepare journal entries to record the insurance expense for the period under each of the following independent assumptions:

 

  1. An examination of insurance policies shows that insurance costing $1,200 has expired during the period.

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
       
      
      
       
      
      
       
      
       
       

 

  1. An examination of insurance policies shows unexpired insurance of $2,640 at the end of the period.

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
       
      
      
       
      
      
       
      
       
       

 
You can read more about our case study assignment help services here.
 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services

 

  1. (2) points: Dukes Press pays wages of $12,000 every Friday for a five-day workweek. September 30, the last day of the fiscal year, falls on a Tuesday. In the journal provided, prepare the September 30 adjusting entry as well as the October 3 follow-up entry when the wages are paid. Omit explanations.

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
       
      
      
       
      
      
       
      
       
       

 

     

  1. (3) points: On December 12, Roger Kent, a painter, received $1,800 in advance for performing a service that would extend into the following calendar year. By December 31, he still had three-fourths of the service remaining to perform. In the journal provided, prepare the December 12 entry, the December 31 end-of-period adjustment, as well as the entry on January 29 when the job was completed. Omit explanations.

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
       
      
      
       
      
      
       
      
       
       

 

     

  1. (3) points: Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place.

 

            2013        2013
   
Net sales$400,000_________
Cost of goods sold 232,000_________
Gross margin$168,000_________
Operating expenses   92,000_________
Income before income taxes$  76,000_________
Income taxes expense   30,400_________
Net income$  45,600_________

 

  1. (3) points: Prepare a horizontal analysis by computing the amounts and percentage changes for the following balance sheet items; place your answers in the blanks provided.

 

       2013      2012   AmountPercentage
Assets    
Current assets$  6,500$  5,000  
Property, plant, and equipment  22,000  25,000  
Total assets$28,500$30,000  
     
Liabilities and Stockholders’ Equity    
Liabilities$  5,500$10,000  
Stockholders’ equity  23,000  20,000  
Total liabilities and stockholders’ equity$28,500$30,000  

 

 

  1. (8) points: Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Jasper Enterprises for the year ended December 31, 2013.  Please prepare in EXCEL or use the templates from the homework assignments.

 

Accounts Payable$9,600 Land$78,000
Accounts Receivable1,200 Notes Payable12,000
Buildings104,000 Rent Expense7,200
Cash52,400 Retained Earnings,

December 31, 2012

168,800
Sales Revenues38,000 Salaries Expense16,800
Common Stock40,000 Inventory800
Dividends6,000   
Utilities Expense2,000   

 

  1. (7) points: Selected amounts from the condensed financial statements of Timson Corporation for 2012 and 2013 are presented below with several amounts missing. The 2011 year-end balance of retained earnings is $82,883.

 

Income Statement20132012
   
Revenues$490,304 $       (a)
Costs and expenses(h) (501,295)
Income taxes(853)(3,603)
Net income$__   (i) $ _ _(b)
   
Statement of Retained Earnings  
   
Beginning-of-year balance    $       (j) $      (c)
Net income3,747(d)
Dividends      (k)    (3,845)
End-of-year balance$       (l) $_ _ (e)
   
Balance Sheet  
   
Total assets$     (m) $246,481
Total liabilities$110,192$102,239
Common stock57,96856,800
Retained earnings       (n)  $      (f)
Total liabilities and stockholders’ equity$255,473  $     (g)

 

  1. Determine the missing amounts indicated by the letters. (Hint: You should not try to find them in alphabetical order.)

 

  1. ____________
  2. _____________
  3. _____________
  4. _____________
  5. _____________
  6. _____________
  7. _____________
  8. _____________
  9. _____________
  10. _____________
  11. _____________
  12. _____________
  13. _____________
  14. _____________

 

 

  1. (12) points:  In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.

 

Apr.1Investors opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a business bank account and receiving 60,000 shares of $1 par value stock in exchange.
 3Paid two years rent in advance, $14,400.
 6Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks.
 9Hired a part-time worker, to be paid $300 per week, starting tomorrow.
 17Paid the worker’s weekly wage.
 17Recorded cash received for services performed during the week, $3,000.
 20Paid for the remainder of the equipment purchased on April 6.
 21Received $200 in advance of cleaning and boxing a wedding gown.
 23Performed $500 of dry cleaning services for Asa’s Tuxedo Shop. It will remit payment in three days.
 24Paid the weekly wages.
 26Received payment from Asa’s Tuxedo Shop.
 30Received a telephone bill for $100, which will be paid in two weeks.

 

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

     
     
      
     
      
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
      
     
      
     
     
      
      
     

 

 

 

  1. (6) points: In the journal provided, prepare adjusting entries for the following items. Omit explanations.

 

 

  1. Depreciation on machinery is $1,880 for the accounting period.
  2. Interest incurred on a loan but not paid or recorded is $1,270.
  3. Office supplies of $1,200 were on hand at the beginning of the period. Purchases of office supplies during the period totaled $400. At the end of the period, $280 in office supplies remained.
  4. Commissions revenue amounting to $1,080 were earned but not recorded or collected by year end.
  5. Prepaid Rent had a $16,000 normal balance prior to adjustment. By year end, 50 percent had expired.
  6. Federal income taxes for the year are estimated to be $6,500.

 

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
       
      
      
       
      
      
      
      
      
      
      
      
       
      
       
       

 

  1. (4) points: Below are the adjusted accounts of Millennium Realtors, Inc., for the month ended May 31, 2013, listed in alphabetical order:

 

Accounts Payable$   400 Dividends1,000
Accounts Receivable3,600 Income Taxes Expense100
Accumulated Depreciation–  Income Taxes Payable100
 Office Equipment4,000 Land1,500
Cash1,150 Office Equipment10,000
Commissions Revenue7,500 Salaries Expense2,300
Common Stock8,000 Utilities Expense150
Depreciation Expense–    
 Office Equipment200   

 

In the journal provided, prepare Millennium’s closing entries (omit explanations).

 

General JournalPage 1
 

Date

 

Description

Post.

Ref.

 

Debit

 

Credit

      
       
      
      
       
      
      
       
      
      
       
      
       
       

 

  1. (5) points: Using the following data, prepare a multistep income statement for Morrison Company for the month ended February 28, 2013.

 

Cost of Goods Sold$30,000
General and Administrative Expenses8,000
Net Sales50,000
Selling Expenses7,000
Income Taxes950
 

 

 

 

 

 

  1. (10) points: From the simplified balance sheet and income statement of the business below, compute the following ratios. Assume that the June 30 amounts for total assets and stockholders’ equity also represent their average amounts for the period. Round percentages to the nearest whole percent.

 

  1. Profit margin
  2. Return on assets
  3. Debt to equity
  4. Return on equity
  5. Asset turnover

 

Sci-Tech Enterprises, Inc.
Balance Sheet
June 30, 2013
AssetsLiabilities
Current assets$ 4,000  Current liabilities $  4,000
Investments2,000  Long-term liabilities     6,000
Property, plant, and   Total liabilities $10,000
 equipment12,000   
Intangible assets  2,000Stockholders’ Equity
    Common stock $  8,000
    Retained earnings     2,000
    Total stockholders’ equity$10,000
Total assets$20,000  Total liabilities and stockholders’

equity

 

$20,000

 

Sci-Tech Enterprises, Inc.
Income Statement
For the Year Ended June 30, 2013
Net sales$24,000
Cost of goods sold  12,000
Gross margin$12,000
Operating expenses    8,000
Income before income taxes$ 4,000
Income taxes   1,600
Net income$ 2,400

 

 
Product Code-Accounting-AW-Q184
 
Looking for best Accounting-AW-Q184 online ,please click here
 

 

 

 

 

 

Summary
User Rating
4.5 based on 2 votes