Tuesday, October 14, 2014

CARPENTARIA ESSAY

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THE EVALUATION AND ANALYSIS FOR BORAL LIMITED RESEARCH PAPER

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ETHNICITY AND INEQUALITY GROUP ESSAY

THE LEADER AS AN INDIVIDUAL RESEARCH PAPER

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ANALYSIS OF A PERCIEVED BULLYING SITUATION PAPER

COMPANY ANALYSIS USING CONTINGENCY THEORY

RESEARCH PAPER ON PSYCHOLOGY AND PERSONAL USE OF SOCIAL MEDIA

INTERNET MARKETING – WEBSITE AUDIT

FINANCIAL STATEMENT ANALYSIS: ASSESSING SHORT-TERM LIQUIDITY, ANALYSIS OF SEGMENT REPORTING (THE ANNUAL REPORT 10-K FILING)

ROLE AND FUTURE OF SMES IN JAPAN’S BUSINESS SYSTEM

MARKETING MANAGEMENT & PLANNING- ASSIGNMENT

“CRITICALLY EVALUATE THE IMPORTANCE OF SERVICE QUALITY IN SETTING SERVICE STANDARDS TO MEET CUSTOMER EXPECTATIONS”

CONTROL OF SINGLE PHASE INDUCTION GENERATOR

VALUATION REPORT OF TWO UNITE IN ONE LAND REPORT

“ISLAMOPHOBIA” IS TIMELY GIVEN THE WAY OUR AUSTRALIAN GOVERNMENT IS MANIPULATING THESES ISSUES ALONG WITH THE US AND BRITAIN

CAN WE KILL SHARKS AND WHALES?

ASSESS THE DIFFERENT SOURCES OF THE LAW IN ENGLAND AND WALES. TO WHAT EXTENT HAVE EXTERNAL SOURCES AFFECTED ITS DEVELOPMENT

Saturday, October 11, 2014

Randiddle Co_Journal to Balance Sheet

Foundations of Accounting I

Accounting Project

Written by: Karen Pitsch

Special thanks to Donna Larner

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Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:

110 Cash $ 74,370

112 Accounts Receivable 6,178

113 Allowance for Doubtful Accounts 650

115 Merchandise Inventory 2,346

116 Prepaid Insurance 5,750

117 Store Supplies 2,850

123 Store Equipment 100,800

124 Accumulated Depreciation-Store Equipment 31,060

210 Accounts Payable 3,286

211 Salaries Payable 0

218 Interest Payable 0

220 Note Payable (Due 2017) 30,000

($6,000 to be paid in 2013)

310 Randiddle, Capital (January 1, 2012) 46,288

311 Randiddle, Withdrawals 60,000

312 Income Summary 0

410 Sales 296,130

411 Sales Returns and Allowances 10,020

412 Sales Discounts 7,200

510 Cost of Goods Sold 30,250

520 Sales Salaries Expense 34,400

521 Advertising Expense 18,000

522 Depreciation Expense 0

523 Store Supplies Expense 0

529 Miscellaneous Selling Expense 2,800

530 Office Salaries Expense 25,500

531 Rent Expense 24,200

532 Insurance Expense 0

533 Bad Debt Expense 0

539 Miscellaneous Administrative Expense 1,650

550 Interest Expense 1,100

Randiddle Co. uses the perpetual inventory system and the Last-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.

The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

Randiddle Co. sells three types of microwave ovens.

The sale prices of each are:

900 watt microwave: $199

1000 watt microwave: $299

1200 watt microwave: $499

During December, the last month of the accounting year, the following transactions were completed:

Dec. 1. Issued check number 2632 for the December rent, $2,200.

2. Sold two 1200 watt microwaves for cash.

4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10,

n/30, FOB shipping point, $596.

5. Issued check number 2633 to pay the transportation charges on purchase of

December 4, $89. (NOTE: Debit Merchandise Inventory. Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)

6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.

8. Issued check number 2634 for refund of cash on sales made for cash, $150.

(Customer was going to return goods until an allowance was arranged.)

10. Purchased store supplies on account from Prince Co., terms n/30, $310.

10. Issued check to Matt Co. number 2635 for the full amount due, less discount

allowed. (Round discount to nearest dollar.)

11. Paid Prince Co. full amount due, check number 2636.

12. Issued credit memo for one 1000 watt microwave returned on sale of

December 6. (NOTE: Assume the returned microwave was from the 11/30 inventory)

13. Issued check number 2637 for advertising expense for last half of December, $3,000.

14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar).

19. Issued check number 2638 to buy five 900 watt microwaves, $495.

19. Issued check number 2639 for $596 to Joseph Co. on account.

20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point.

20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120 (NOTE: Cameron Co. will be reimbursing us for this shipping cost).

21. Received $1,396 cash from McKenzie Co. on account, no discount.

21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78 (NOTE: Debit Merchandise Inventory $825, but only put $747 in the Inventory Control Sheet).

24. Received notification that Marie Co. has been granted bankruptcy with no

amount of recovery. We are to write-off her amount due. (Note: See page

365 for entry required.)

26. Issued a debit memo for return of$249 because of damage to one 1200 watt

microwave purchased on December 21, receiving credit from the seller.

27. Issued check number 2641 for sales salaries of $2,050 and office

salaries of $1,400.

28. Purchased store equipment on account from Joseph Co., terms n/30, FOB

destination, $1,200.

29. Issued check number 2642 for store supplies, $70.

29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30,

FOB shipping point, for $1,113 on account, shipping $107.

30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number

893, terms 2/10, n/30, FOB shipping point.

30. Received cash from sale of December 20, less discount, plus transportation

paid on December 20. (Round calculations to the nearest dollar.)

31. Issued check number 2643 for purchase of December 21, less return

of December 25 and discount. (Round discount to the nearest dollar.)

31. Issued a debit memo for $200 of the purchase returned from

December 28.

Instructions:

1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column.

2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed.

3. Total each column on the special journals and prove the journals.

4. Post the totals of the account named columns and individually post the “Other Accounts” columns as well to the General Ledger.

5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).

6. Prepare the unadjusted trial balance on the worksheet.

7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:

a. Merchandise inventory on December 31 $1,090

b. Insurance expired during the year 2,250

c. Store supplies on hand on December 31 850

d. Depreciation for the current year needs to be calculated. The business uses

the Straight-line method, the store equipment has a useful life of 10 years

with no salvage value. (NOTE: the purchase and return will not be included

as the dates of the transactions were after the 15^th of the month).

e. Accrued salaries on December 31:

Sales salaries $1,075

Office salaries 540 $1,615

f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month.

g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313.

8. Prepare a multiple-step income statement, a statement of owner’s equity, and a

classified balance sheet in good form. (Recommend review of “Current Liabilities” on page 149.)

9. Journalize and post the adjusting entries.

10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero

in both balance columns opposite the closing entry.

11. Prepare a post-closing trial balance.

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Under what caption would the automobiles and trucks be reported in the balance sheet of (a)…

O”Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Collins Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (a) O”Neil Office Supplies and (b) Collins Auto Sales Co.?

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List the errors you find in the following partial balance sheet:

EX 9-22 Balance sheet presentation

List the errors you find in the following partial balance sheet:

Burnt Red Company
Balance Sheet
December 31, 2014
Assets

Total current assets $350,000

Replacement Accumulated Book

Cost Depreciation Value

Property, plant, and equipment:

Land $ 250,000 $ 50,000 $200,000

Buildings 450,000 160,000 290,000

Factory equipment 375,000 140,000 235,000

Office equipment 125,000 60,000 65,000

Patents 90,000 — 90,000

Goodwill 60,000 10,000 50,000

Total property, plant, and equipment $1,350,000 $420,000 $930,000

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At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year,

At the beginning of the year, a company’s balance sheet reported the following balances: Total

Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year,

the company reported revenues of $46, 000 and expenses of $30, 000. In addition, owner’s

withdrawals for the year totaled $20,000. Assuming no other changes to owner’s capital, the

balance in the owner’s capital account at the end of the year would be:

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BALANCE SHEET

The balance sheet of Phototec, Inc., a distributor of photographic supplies, as of May 31 is given below:

Phototec, Inc.
Balance Sheet
May 31

Assets 834000

Cash 8000 $ 11,250

Accounts receivable 92000 75,000

Inventory 34000 37,500

Buildings and equi.. 700000

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Assume that a business’s balance sheet reports total assets of $500,000 and total liabilities of $300,000. Now assume that $20,000 of net fixed assets (net plant and equipment) are written off due to technological obsolescence. All else the same, what is the total equity of the business after the write-off?

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Resource: The previously completed budgeting spreadsheets Create the financial portion of the strategic plan. The plan must include 3 years of income statements, balance sheets, and cash flow statements.

Resource: The previously completed budgeting spreadsheets

Create the financial portion of the strategic plan. The plan must include 3 years of income statements, balance sheets, and cash flow statements.

Write a memo of no more than 1,050 words that explains the plan’s major assumptions and identifies areas of risk. The memo must include the following:

Each portion has to be 175 words each.

– Introduction of memo Stephen — A review of cash flow statements and a recommendation of implementing new short-term working capital strategies on long-term cash flow. (2 team members) — An explanation of corporate risk mitigation techniques used in capital budgeting – ELIZA — An analysis of the effect of a company’s capital structure on strategic financial planning Aliya THIS is my partion — An analysis of the effect of a company’s capital structure on how it affects risk.CHRISTE — Conclusion of memo DONNA

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Create the financial portion of the strategic plan. The plan must include 3 years of income statements, balance sheets, and cash flow statements.

Resource: The previously completed budgeting spreadsheets

Create the financial portion of the strategic plan. The plan must include 3 years of income statements, balance sheets, and cash flow statements.

Write a memo of no more than 1,050 words that explains the plan’s major assumptions and identifies areas of risk. The memo must include the following:

Each portion has to be 175 words each.

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