Accounting Marcel Yang is a young college graduate who did not take a planning course. personal finance. Now her finances are a problem. She has come to you so that you prepare her basic personal financial statements. Marcel Yang has provided you with the following information: Prepare Income and Balance Sheet Info: Take-Home Pay=4,100 Visa Monthly Payment=255 Stocks=2,700 Money Market Acct=500 Apple Card Monthly Payment=440 Mortgage Monthly Payment=525 Phone=80 Cable=65 Mutual Funds=1,800 IRA=2500 Car Monthly Payment=320 Electricity Payment=125 Water Payment=50 Savings Acct=1,000 Check Acct Balance=850 Car Insurance Monthly=425 Apartment Value=90,000 Food (Monthly)=725 Car Value=7000 Furniture Value=2000 Comics Collection=500 Mortgage=85000 Balance Auto Loan=4500 Other property=800 other Monthly expenses=150 Apple Card Balance-5000 Visa Card Balance-3500 Macys Card Balance 1500 Macys Card Monthly Payment=100 Life Insurance Value=50000

Q: Gurkha sells carpets from several retail outlets. In previous years the company has undertaken for…

A: Revenue for sale of carpets are recognized irrespective of the date when the fitting is done, as the…

Q: Define the term line positions.

A: Employees in the line positions are primarily responsible for achieving the goals of the…

Q: Distinguish between basic and diluted EPS.

A: Earnings per cash (EPS):   The amount available as earnings for each of the common shares…

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: Define declaration date

A: Answer: Declaration data is nothing a date the dividends are declared. This is usually done first…

Q: How are gain contingencies recorded?

A: Introduction Gain Contigencies are the uncertain events that result in gain. The gain is purely…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Define Valuation allowance

A: Valuation allowances are reserves created, which can set off deferred tax assets. If it is probable…

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: What is Mark-up chain?

A: Introduction: Markup is generally shown as a percentage of the cost or the sale price. The term…

Q: Define Single-step format

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define common size analysis

A: Financial statements are analyzed to determine the profit earning capacity of the business and also…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

Q: Inventory data for crane company are reported as follows. Date explanation Units Unit Cost…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Describe The Standard-Setting Process.

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: When is a GAAP departure appropriate?

A: Definition:   Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…