Date May-01 Collected $1900cash From Customer Accounts Receivable May-02 Purchased Supplies On Account

Date May-01 Collected $1900cash from customer accounts receivable May-02 Purchased supplies on account that cost $360 May-07 Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800 May-08 The catering job was completed that was paid for in advance on April 9 May-10 Paid the utility company for the monthly utility bills that had been received in the previous month, $340 May-15 Paid $1800 cash for employee salaries May-15 Purchased a one-year insurance policy for $1200 on the refrigerator May-16 Paid $220 on the account payable that was established when supplies were purchased on May 2. May-20 Paid a $400cash dividend to the stockholders May-27 Received monthly utility bills amounting to $360. The bills would be paid in the month of June    May-31 Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400 May-31 Paid $1800 cash for employee salaries Required: a. Record the transactions in the general journal. b. Post into the T-accounts. c. Record and post the appropriate adjustingentries. d. Prepare an adjusted trial balance. e. Prepare an income statement, statement of retained earnings, and balance sheet for May.

Hey, How Are You Doing Sir/ma’am? I Need Help With This Particular Question In

Hey, how are you doing sir/ma’am? I need help with this particular question in accounting. I know some of it is correct and some of it is wrong. Please help! Thank you for your time!!

E6-12 Reporting Net Sales After Sales Discounts And Sales Returns [LO 6-4] The Following

Please help me sir/ma’am. Thank you for your time! I appreciate it!

Hello Sir/Ma’am, I Tried To Attempt This Problem But As You Can See I

Hello Sir/Ma’am, I tried to attempt this problem but as you can see I got some correct and wrong. can you please help me? thanks you for your time. I greatly appreciate it!

E4.14 (Change In Accounting Principle) Zehms Company Began Operations In 2017 And Adopted Weighted-average

E4.14 (Change in Accounting Principle) Zehms Company began operations in 2017 and adopted weighted-average pricing for inventory. In 2019, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2017 $370,000 $395,000 2018 390,000 420,000 2019 410,000 460,000 Instructions a. What is Zehms’s net income in 2019? Assume a 35% tax rate in all years. b. Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. c. Show comparative income statements for Zehms Company, beginning with income before income tax, as presented on the 2019 income statement.

P4.6 (Statement Presentation) Presented Below Is A Combined Income And Retained Earnings Statement For

P4.6 (Statement Presentation) Presented below is a combined income and retained earnings statement for Sapporo Ltd. for 2019 (amounts in thousands). Net sales 640,000 Costs and expenses Cost of goods sold 500,000 Selling, general, and administrative expenses 66,000 Other, net 17,000 583,000 Income before income tax 57,000 Income tax 19,400 Net income 37,600 Retained earnings at beginning of period, as previously reported 141,000 Adjustment required for correction of error (7,000) Retained earnings at beginning of period, as restated 134,000 Dividends on ordinary shares (12,200) Retained earnings at end of period 159,400 Additional facts are as follows. 1. “Selling, general, and administrative expenses” for 2019 included a charge of 8,500,000 for impairment of intangibles. 2. “Other, net” for 2019 was a loss on sale of equipment of 17,000,000. 3. “Adjustment required for correction of an error” was a result of a change in estimate (useful life of certain assets reduced to 8 years and a catch-up adjustment made). 4. Sapporo Company disclosed earnings per share for net income in the notes to the financial statements. Instructions Determine from these additional facts whether the presentation of the facts in the Sapporo Ltd. income and retained earnings statement is appropriate. If the presentation is not appropriate, describe the appropriate presentation and discuss its theoretical rationale. (Do not prepare a revised statement.)

In July 2017, Emma Purchased A Bookselling Business For $15,000. The Business Is Carried

In July 2017, Emma purchased a bookselling business for $15,000. The business is carried on from a shop that is rented by her. She tells you that for the income year ended 30 June 2019she has had a very tough trading year and that her total sales for the year were only $18,000 and, with expenses of $26,000, the business has in fact made a loss of $8,000 for the year. Emma estimates that the value of her trading stock and plant and equipment come to only $12,000 and that the market value of the shop building (out of which she operates the book shop) as at 30 June 2019 is $250,000. She only rents the shop building. Emma also received a bank interest of $20,000 and has no other income and expenses for the year ending 30 June 2019. Required Calculate what Emma’s taxable income is for the year ended 30 June 2019. You should discuss any rules that may apply to affect how this taxable income is calculated.

Please Analyze The Income Statement_ First Pic Balance Sheet_ 2nd Pic For The Ratio

please analyze the income statement_ first pic balance sheet_ 2nd pic for the Ratio analysis Part 1 Part 2 please conplete the Common Size Income Statement Part 3 A ratio Analysis for Profitability, Liquidity, Debt, Activity, Market, Modified DuPont Analysis Part 4 A summary of the analisys

Exercise 2-13 Traditional And Contribution Format Income Statements [LO2-6] The Alpine House, Inc., Is

Exercise 2-13 Traditional and Contribution Format Income Statements [LO2-6] The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 1,428,000 Selling price per pair of skis $ 420 Variable selling expense per pair of skis $ 48 Variable administrative expense per pair of skis $ 16 Total fixed selling expense $ 135,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 115,000 Merchandise purchases $ 315,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. .2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter? (Round your final answer to nearest whole dollar amount.)

Record Each Transaction In The Journal Book. (1) Issued Stock To Investors For $20,000

Record each transaction in the journal book. (1) Issued stock to investors for $20,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $1,000 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders. (6) Received half from customers billed in transaction 3. (7) Received and paid utility bill for $100.

Unearned Revenue 3600 Notes Payable 2800 Accounts Payable 4800 Adversising Expense 2800 Rent Expense

unearned revenue 3600 notes payable 2800 accounts payable 4800 adversising expense 2800 rent expense 4000 salaries expense 6000 utility expense 2400 consulting revenue 34,000 rental revenue 7000

For Each Taxpayer, Compute The Maximum Contribution To The Retirement Plan. A. Lewis, A

For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2018. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. $?

During The 2018 Tax Year, Frank (age 65) And Betty (age 63) Paid The

During the 2018 tax year, Frank (age 65) and Betty (age 63) paid the following medical expenses: Medical insurance $425 Prescription medicines and drugs 364 Hospital bills 2,424 Doctor bills 725 Prescription Eyeglasses for Frank’s dependent mother 75 Doctor bills for Betty’s sister, who is claimed as a dependent by Frank and Betty 220 In addition, during 2018, they drove 700 miles for medical transportation in their personal automobile. Their insurance company reimbursed Frank and Betty $1,420 during the year for the medical expenses. If their adjusted gross income for the year is $25,400, calculate their medical expense deduction. Use the Medical and Dental Expenses section of Schedule A reproduced below. Enter all amounts as positive numbers. If required, round your answers to the nearest dollar. Caution. Do not include expenses reimbursed or paid by others. Medical and Dental Expenses 1 Medical and dental expenses (see instructions) . . . . . . . . . . 1

P4.7 (Retained Earnings Statement, Prior Period Adjustment) The Following Is The Retained Earnings Account

P4.7 (Retained Earnings Statement, Prior Period Adjustment) The following is the retained earnings account for the year 2019 for Acadian Corp. Retained earnings, January 1, 2019 $257,600 Add: Gain on sale of investments $41,200 Net income 84,500 Refund on litigation with government 21,600 Recognition of income earned in 2018, but omitted from income statement in that year 25,400 172,700 430,300 Deduct: Loss on discontinued operations 35,000 Write-off of goodwill 60,000 Cumulative effect on income of prior years in changing from average-cost to FIFO inventory valuation in 2019 23,200 Cash dividends declared 32,000 150,200 Retained earnings, December 31, 2019 $280,100 Instructions a. Prepare a corrected retained earnings statement. (Ignore income tax effects.) FIFO inventory was used in 2019 to compute net income. b. State where the items that do not appear in the corrected retained earnings statement should be shown.

Scott And Amber Form The Equal Toucan, LLC, With A Cash Contribution Of $100,000

Scott and Amber form the equal Toucan, LLC, with a cash contribution of $100,000 from Scott and a property contribution (adjusted basis of $110,000, fair market value of $100,000) from Amber. a. How much gain or loss, if any, does Amber realize on the transfer? Does Amber recognize any gain or loss? b. What is Scott’s basis in his LLC interest? c. What is Amber’s basis in her LLC interest? d. What basis does the LLC take in the property transferred by Amber? e. Are there more effective ways to structure the formation? Explain.

Exercise 2-10 Cost Behavior; Contribution Format Income Statement [LO2-4, LO2-6] Harris Company Manufactures And

Exercise 2-10 Cost Behavior; Contribution Format Income Statement [LO2-4, LO2-6] Harris Company manufactures and sells a single product. Required: 1. A partially completed schedule of the company’s total and per unit costs over the relevant range of 55,000 to 95,000 units produced and sold annually is given below: Complete the schedule of the company’s total and unit costs. Round the variable cost and fixed cost to 2 decimal places.) 2. Assume that the company produces and sells 85,000 units during the year at a selling price of $9.13 per unit. Prepare a contribution format income statement for the year. (Do not round intermediate calculations.)

Rank In Order Of Priority (highest To Lowest) The Following Claims On The Proceeds

Rank in order of priority (highest to lowest) the following claims on the proceeds from the liquidation of a bankrupt firm: Taxes owed to federal, state, and local governments Preferred stockholders Common stockholders Expenses of administering the bankruptcy Secured creditors Unsecured creditors Wages in three months before bankruptcy (up to $2,000 per employee) Customer deposits (up to $900 each) Expenses incurred after the bankruptcy petition is filed and before a trustee is appointed Contributions to employee benefit plans (up to $2,000 per employee)

Delphi Plc. Has Recently Decided To Enter The Expanding Market For Minidisc Players. The

Delphi plc. has recently decided to enter the expanding market for minidisc players. The business will manufacture the players and sell them to small TV and hi-fi specialists, medium sized music stores and large retail chain stores. The new product will be launched next February and predicted sales revenue for the product from each customer group for February and the expected rate of growth for subsequent Customer type February Monthly compound Credit period sales revenue sales revenue growth £000 % months (a) Prepare an ageing schedule of the monthly trade receivables balance relating to the new product for each of the first four months of the new product’s life, and comment on the results. The schedule should analyses the trade receivables outstanding according to customer type. It should also indicate, for each customer type, the relevant percentage outstanding in relation to the total amount outstanding for each month. (b) Identify and discuss the factors that should be taken into account when evaluating the creditworthiness of the new business customers.

Fallon Corporation Reports Net Income Of $370,000. Accounts Receivable Balances At The Beginning And

Fallon Corporation reports net income of $370,000. Accounts Receivable balances at the beginning and end of the year were $40,000 and $48,000, respectively. Beginning and ending Inventory balances were $60,000 and $54,000, respectively. What is the company’s cash inflows from operating activities?

Additional Information: 1 The Company’s Income Taxation For The 2019 Year Is At 28%.

Additional information: 1        The company’s income taxation for the 2019 year is at 28%. Note: the company made no profit in the year to 31 March 2018 and consequently no tax was payable, nor was a dividend declared. This was due to the world economic downturn. 2        Valuation of inventories is set at the lower of cost and net realisable value. Cost for finished goods and materials is determined on a FIFO basis. 3        On 10 May 2019 there was a fire in the company’s storeroom, which destroyed inventory costing $50,000. Insurance company assessors have stated that only $40,000 of the resulting claim can be met. 4        Employee expenses include a total of $85,000 in redundancy payments resulting from company-wide staff reductions during the financial year ended 31 March 2019. All company operations have been maintained during the year at the reduced staff level.   A decision on a further round of staff cuts is to be made before the end of the 2020 financial year. These will have an expected cost of approximately another $85,000. 5        The company provides depreciation on a straight-line basis on cost or re-valued amounts. Residual values of all depreciated assets are nil. 6        The allowance for doubtful debts is provided at 1.25% of average accounts receivable. The bad debts arose from the bankruptcy of a major customer in February 2019. 7        Goodwill, originally costing $300,000, has been written down in value due to impairment, to $250,000 as at 1 April 2018. A further impairment adjustment of $50,000 is to be made on this written down value for the year ended 31 March 2019. 8        During the current accounting year the company undertook extensive market research activities costing $25,000 on a potential new toy, included in the balances above. This market research confirmed that there is perceived market interest potential in the new product and work has already begun on its development. 9        Educational Toys Limited is being sued for an infringement of the Employment Contracts Act. It is clear that the company has infringed the law and an out of court settlement was being negotiated at 31 March 2019. Agreement was reached between the parties on 9 May 2019 and has resulted in a payment of $50,000 by Educational Toys Limited to the aggrieved employee. 10      An independent valuation of the company’s land and buildings was made on 29 March 2019. Valuation details are: Land             $2,500,000    Buildings       $2,500,000           Total              $5,000,000 The company has requested that this revaluation be reflected in the financial statements at 31 March 2019. This revaluation excludes any effect of the current building alterations in progress and also has no effect on the depreciation charge for the year that has already been made. The breakdown of the previous valuation for land and buildings was: Land             $2,000,000 Buildings       $1,725,000 Total             $3,725,000 11      The contract price for the building alterations was $2,200,000. 12      The business banks with ANZ Bank and has an overdraft limit of $75,000. Interest is charged at 10% per annum. The loan with ANZ Bank was contracted on 30 September 2018 at 6% interest per annum and is due to be repaid in full on 30 September 2031. No interest for the current period has been accounted for yet. 13      At 1 April 2018 there were the following balances:                     6,000,000 Issued Ordinary Shares of $1           $6,000,000                     Building revaluation reserve                             $   225,000         Retained earnings                                           $1,396,850 14      On 15 January 2019 the company’s directors approved an interim dividend of 5 cents per share. No entries have been made in the company’s accounts for these details. These dividends are due to be paid on 1 May 2019. 15      A final dividend of 5% on issued and paid-up capital is to be recommended to shareholders for approval at the AGM on 15 July. Educational Toys Limited is a company operating out of Petone. They sell children’s toys to outlets all over New Zealand. The company qualifies for differential reporting. Assume the directors (who are also shareholders) insist on appropriate compliance with the Companies Act 1993, the Financial Reporting Act 2013 and current NZ International Accounting Standards (NZIAS), where relevant.

What Are Share Splits And What Accounting Entries Are Necessary When A Share Split

What are share splits and what accounting entries are necessary when a share split is undertaken?

PLACE THIS ORDER OR A SIMILAR ORDER WITH SMASHING ESSAYS

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