ACC100 Question 1 - Week 2 - Quiz_ Chapters 1 and 2
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The origins of accounting are generally attributed to the work of
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Quiz 1
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The double-entry system requires that each transaction must be recorded
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You are an auditor and you have been asked to review the December 31, 2024, balance sheet for Locust Point Incorporated. After
four days of hard work, you have completed the review and you meet with your supervisor to discuss the following 3 items:
Determine the appropriate classification of each of these items.
Note: If no entry is required for classification, choose "No entry".
1. Investment
2. Installment note
3. Deferred revenue
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1. An investment of $34,000 is included in current assets. Management has indicated it has no intention of liquidating the investment
in 2025.
2. A $140,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual
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Which of the following is in accordance with generally accepted accounting principles?
Accrual-basis accounting
Cash-basis accounting
Both accrual-basis and cash-basis accounting
Neither accrual-basis nor cash-basis accounting
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MC Qu. 8-45 Assume Zap Industries reported the following...
Assume Zap Industries reported the following adjusted account balances at year-end.
2019
$2,496,320 $1,937,472
(126,400)
$2,369,920 $1,834,112
2018
Accounts Receivable
Allowance for Doubtful Accounts
Accounts Receivable, Net
(103,360)
Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported
in 2019?
Multiple Choice
$103,360
APR
25
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The double-entry system requires that each transaction must be recorded
in a journal and in a ledger.
in two sets of books.
first as a revenue and then as an expense.
in at least two different accounts.
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Due Jan 4, 2025 11:59pm
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10 points possib
Discussion - What is the role of ethics in accounting?
Requirement:
Include Introduction, Body, and Conclusion.
Your initial Discussion posting should be at least 150 words in length.
9 Replies, 9 Unread
Be sure to include a related Title, at least two different citations and references to support your statement
Read and post brief responses to at least two of your classmates' postings (minimum 75 words).
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Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-
end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal.
En.
Cash
$2,580 Accounts Payable
$2,292
Accounts Receivable 4,560 Unearned Photography Fees 3,120
28,800
41,376
13,200
Prepaid Rent
15,120 Common Stock
Prepaid Insurance
3,564 Photography Fees Earned
Supplies
5,100 Wages Expense
Equipment
27,360 Utilities Expense
4,104
An analysis of the firm's records discloses the following items:
1. Photography…
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ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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Prepare the following journal entries
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The information for preparing a trial balance on a worksheet is obtained from
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financial statements.
business documents.
general ledger accounts.
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You were asked to answer the following question:
Consider a small photography studio with 8 workers and 5 printers. The total cost of labor and capital is $3,300. In order to reduce total operating costs, the
owner leases 5 additional printers and fires 5 workers. After these changes, the salary of each worker increases by $30, the cost of using each of the printers (both
new and old) remains constant, and the total cost of labor and capital decreases to $2,950. What is the cost of using one printer?
The following answer is correct:
First, calculate the new total quantities of workers and printers after the changes were made.
New quantity of workers= 8-5= 3 workers
New quantity of printers = 5 + 5 = 10 printers
Assume that C,…
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O Exercise 13-01
Problem 13-01A a-c
(Part Level Submission)
Problem 13-05A
Z Your answer is partially correct. Try again.
Fouts Corporation purchased 2,000 shares of its $10 par value common stock for $130,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation
sold 1,200 shares of treasury stock for cash at $72 per share.
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Review Score
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Objective
Date
Account Titles and Explanation
Debit
Crea
Aug. 1 Treasury Stock…
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se data from Rollaird
Live balance sheets, perform a
Use Chapter 13 "Financial
ture" as a guidance.
g your numbers, use whole
ation, and one decimal point
een in the example below. The
ht red if incorrect after clicking
bottom right corner).
Terminology Matching - Academic Resources
EHCS380 Week 4 Horizontal and Vertical Analysis
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Accounts Receivable
Inventory
Total Assets
DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical
analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance.
Dec. 31, 2022
460,000
780,000
3,164,000
Example:
Dec. 31, 2021
Accounts Receivable 2022
400,000
650,000
2,800,000
NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point
for the answer, as seen in the example below. The text box will highlight red if incorrect after
clicking the Submit button (bottom right corner).…
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Comprehensive Problem 1
Part 7:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered
as a review of the concepts. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional.
Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.
Kelly Consulting
Adjusted Trial Balance
Account Title
Cash
May 31, 20Y8
Debit Balances
Credit Balances
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Question 2 - Chapter 12 Home x
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Chapter 12 Homework a
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp
Zachary Services Company has 61 employees, 36 of whom are assigned to Division A and 25 to Division B. Zachary incurred $364,170
of fringe benefits cost during year 2.
20
points
Required
Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.
O Answer is complete but not entirely correct.
Allocated
Cost
Division
A
s 160,420 O
B
$ 172,760
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Required 1 Required 2
Company
1
1. Use the accounting equation to compute the missing financial statement amounts.
2. Use the expanded accounting equation to compute the missing financial statement amounts.
2
Complete this question by entering your answers in the tabs below.
$
Use the expanded accounting equation to compute the missing financial statement amounts.
Common
Stock
Assets
44,000 =
83,800 =
Liabilities
Question 2- Requi X O Mail-Alsadoon, H X
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$
17,000
33,000
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22,000
46,000
14,000
26,000
O
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-
$
$
Expenses
9,000
19,000
✔K
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Figure out the accounting equation
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The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual
inventory system.
July
Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30.
1
3
Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid
freight of $75 was added to the invoice.
5.
Purchased merchandise from Schnee Co., $8.000, terms FOB destination, 2/10, n/30.
6.
Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from
purchase on July 5.
13
Paid Saxon Co. for invoice of July 3.
14
Paid Schnee Co. for invoice of July 5, less debit memo of July 6.
19
Purchased merchandise from Southmont Co., $18.900, terms FOB shipping point, n/eom.
19
Paid freight of $140 on July 19…
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Problem 1-2A (Algo) Computing missing information using accounting knowledge LO A1
[The following information applies to the questions displayed below.]
The following financial statement information is from five separate companies.
Company A
Company B
Company C
Beginning of year
Company D
Company E
Assets
$ 36,000
Liabilities
29,520
$ 28,080
19,656
$ 23,040
12,441
End of year
$ 64,080
44,215
$ 98,280
?
Assets
41,000
29,520
?
74,620
Liabilities
113,160
20,073
13,460
35,817
Changes during the year
89,396
Owner investments
6,000
1,400
9,750
7
Net income (loss)
6,500
9,470
?
6,000
11,938
Owner withdrawals
8,608
3,500
2,000
5,875
0
11,000
Problem 1-2A (Algo) Part 1
Required:
1a.What is the amount of equity at the…
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
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Required :1. Record Journal Entries2. Post them into the ledger accounts3. Prepare the Trial Balance as on 31.12.2020
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- View History Bookmarks Window Help ezto.mheducation.com Educo Content Framework Consider a company that.. Lesson 9.2 Practice Mod.. uiz A Saved Help Save & Exit MC Qu. 8-45 Assume Zap Industries reported the following... Assume Zap Industries reported the following adjusted account balances at year-end. 2019 $2,496,320 $1,937,472 (126,400) $2,369,920 $1,834,112 2018 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net (103,360) Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019? Multiple Choice $103,360 APR 25 étv S MacBook 000 DD 80 F7 F8 F9 F10 F3 F4 F5 F6 * %24 4. 6 7 8.arrow_forwardHistory Bookmarks Window Help A education.wiley.c WP NWP Assessment Player UI Application Question 18 of 42 View Policies Current Attempt in Progress The double-entry system requires that each transaction must be recorded in a journal and in a ledger. in two sets of books. first as a revenue and then as an expense. in at least two different accounts. Save for Laterarrow_forwardX Topic: Discussion - What is the rol X + rses/1545/discussion_topics/15677?module_item_id=111468 Q Search entries or author... All > ↓ Sort View Split Screen Expand Threads You must post before seeing replies. Edit history will be available to instructors. Due Jan 4, 2025 11:59pm 时☆ 10 points possib Discussion - What is the role of ethics in accounting? Requirement: Include Introduction, Body, and Conclusion. Your initial Discussion posting should be at least 150 words in length. 9 Replies, 9 Unread Be sure to include a related Title, at least two different citations and references to support your statement Read and post brief responses to at least two of your classmates' postings (minimum 75 words).arrow_forward
- Quality of initial posting 15 Frequency of responses to classmates 2.5 Quality of responses to classmates 2.5 Reference to supporting readings 2.5 Language and grammar 2.5 Total 25arrow_forwardStrictly type-written Required: • Ledger • Guide Questionsarrow_forwardHistory Bookmarks Window Help box U.S. Tue Feb 1 3:57 PM A mybusinesscourse.com O + 88 BusinessCourse A Return to course O Support Dashboard O Mahwish Sheikh M3: MBC Problems Ch. 3 Navigation 3 St. he.. Finish attempt ... urse HLI. e D-d. Question Not complete Marked out of 1.00 P Flag question A F. Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year- end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. En. Cash $2,580 Accounts Payable $2,292 Accounts Receivable 4,560 Unearned Photography Fees 3,120 28,800 41,376 13,200 Prepaid Rent 15,120 Common Stock Prepaid Insurance 3,564 Photography Fees Earned Supplies 5,100 Wages Expense Equipment 27,360 Utilities Expense 4,104 An analysis of the firm's records discloses the following items: 1. Photography…arrow_forward
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