- Cornerstone Exercise 4 17 (algorithmic) Boston Whaler
- Cornerstone Exercise 4 17 (algorithmic) 17
- Cornerstone Exercise 4-17 (algorithmic)
- Ephesians 4 17
- Cornerstone Exercise 4.1 (Algorithmic) Applied Overhead and Unit Overhead Cost: Plantwide Rates Seco, Inc., produces two types of clothes dryers: deluxe and regular. Seco uses a plantwide rate based on direct labor hours to assign its overhead costs. The company has the following estimated and actual data for the coming year: Estimated overhead $2,392,000 Expected activity 52,000 Actual.
- As you see, a substantial cornerstone content page could be over 1000 words. Jason Acidre uses this tactic regularly to create useful resource lists so people can easily find his best articles on topics such as SEO.
- Cornerstone Exercise 4-17 Bank Reconciliation The accountant for Bellows Corp. Was preparing a bank reconciliation as of April 30. The following items were identified.
SHORT ANSWER QUESTIONS, EXERCISES AND PROBLEMS
Question: Cornerstone Exercise 4-17 (Algorithmic) Bank Reconciliation The Accountant For Bellows Corp. Was Preparing A Bank Reconciliation As Of April 30. The Following Items Were Identified: Bellows' Book Balance $28,750 Outstanding Checks 900 Interest Earned On Checking Account 62 Customer's NSF Check Returned By The Bank 363 In Addition.
Questions:
➢ Accounting has often been called the language of business. In what respects would you agree with this description? How might you argue that this description is deficient?
Cornerstone Exercise 4 17 (algorithmic) Boston Whaler
➢ Define asset, liability, and stockholders' equity.
➢ How do liabilities and stockholders' equity differ? How are they similar?
➢ How do accounts payable and notes payable differ? How are they similar?
➢ Define revenues. How are revenues measured?
➢ Define expenses. How are expenses measured?
➢ What is a balance sheet? On what aspect of a business does the balance sheet provide information?
➢ What is an income statement? On what aspect of a business does this statement provide information?
➢ What information does the statement of retained earnings provide?
➢ Identify the three types of activities shown in a statement of cash flows.
➢ What is a transaction? What use does the accountant make of transactions? Why?
➢ What is the accounting equation? Why must it always balance?
➢ Give an example from your personal life that illustrates your use of accounting information in reaching a decision.
➢ You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new church. What accounting information would the board need in deciding whether or not to go ahead?
➢ A company purchased equipment for $ 2,000 cash. The vendor stated that the equipment was worth $ 2,400. At what amount should the equipment be recorded?
➢ What is meant by money measurement?
➢ Of what significance is the exchange-price (or cost) concept? How is the cost to acquire an asset determined?
➢ What effect does the going-concern (continuity) concept have on the amounts at which long-term assets are carried on the balance sheet?
➢ Of what importance is the periodicity (time periods) concept to the preparation of financial statements?
➢ Describe a transaction that would:
- Increase both an asset and capital stock.
- Increase both an asset and a liability.
- Increase one asset and decrease another asset.
- Decrease both a liability and an asset.
- Increase both an asset and retained earnings.
- Decrease both an asset and retained earnings.
- Increase a liability and decrease retained earnings.
- Decrease both an asset and retained earnings.
- Identify the causes of increases and decreases in stockholders' equity
B) Accounting Exercises:
Exercise 1. Applying Basic Accounting Equation
Royals Palm, Inc. reports the following assets and liabilities. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)).
Cash………………………….$55,000
Accounts Payable……………25,000
Office Supplies………………. 1, 500
Loan Payable………………….7,000
Accounts Receivable………….10,000
Answer:
| Assets | = Liabilities | + Stockholders' Equity |
Exercise 2. Applying Basic Accounting Equation
Dan and Den, Inc. reports the following assets and liabilities. Audio playr 2 1 1 download free. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)).
Cash………………………….$37,000
Accounts Payable……………15,000
Supplies……………………….1, 800
Loan Payable………………….9,000
Inventory……………………….12,000
Answer:
| Assets | = Liabilities | + Stockholders' Equity |
Exercise 3. Complete missing amounts in fundamental accounting equation for several businesses:
| Assets | = Liabilities | + Stockholders' Equity |
| 578,000 | 152,000 | |
| 25,000 | 180,500 | |
| 127,000 | 17,000 | |
| 269,000 | 45,000 | |
| 850,000 | 675,000 | |
| 250,000 | 657,450 |
Exercise 4. Perez Company had the following transactions during January:
1. Jan 1 Issued $100,000 in stock to owners in exchange for cash to start the business.
2. Jan 5 Borrowed $50,000 from the bank by signing a notes payable.
3. Jan 10 Purchase equipment by paying cash for $25,000.
3. Jan 15 Paid January rent of $2,400 for the office space (hint: since this is for January, record as rent expense)
4. Jan 18 Performed services for customers and received cash immediately for $8,000.
5. Jan 20 Purchased $2,000 in supplies on account.
Prepare a transaction analysis for the January transactions. Remember to prove the accounting equation at the end.
| Assets = | Liability | + Equity | + Revenue | – Expense | ||||
| Transaction | Cash | Supplies | Equipment | Accounts Payable | Notes Payable | Common Stock | Service Revenue | Rent Expense |
| Jan 1 Issued stock to owners | ||||||||
| Jan 5 Borrowed money from bank | ||||||||
| Jan 10 Purchased equipment with cash | ||||||||
| Jan 15 Paid January rent | ||||||||
| Jan 18 Performed services | ||||||||
| Jan 20 Purchased supplies on account | ||||||||
| Balance: |
Exercise 5. On December 31, Bryniuk's Company, the accounting records showed the following information:
| Cash | 49,500 |
| Accounts Receivable | 125,000 |
| Supplies | 1,500 |
| Prepaid Insurance | 12,000 |
| Equipment | 70,000 |
| Building | 420,000 |
| Land | 111,500 |
| Accounts Payable | 80,000 |
| Notes Payable | 170,000 |
| Common Stock | 410,000 |
| Retained Earnings | 65,000 |
| Dividends | 20,000 |
| Service Revenue | 174,000 |
| Interest Revenue | 1,000 |
| Salaries Expense | 52,000 |
| Advertising Expense | 17,000 |
| Insurance Expense | 5,000 |
| Utilities Expense | 13,750 |
| Interest Expense | 2,750 |
Prepare the Income Statement for year ended December 31.
| Bryniuk's Company | |
| Income Statement | |
| For Year Ended December 31 | |
| Revenues: | . |
| Total Revenues | |
| Expenses: | |
| Total Expenses | |
| Net Income |
Exercise 6. Using the information from Exercise 5, prepare the Statement of Retained Earnings for December 31.
| Bryniuk's Company | |
| Statement of Retained Earnings | |
| For Year Ended December 31 | |
| Beginning Retained Earnings | $65,000 |
| Add: Net Income | |
| Subtract: Dividends | |
| Ending Retained Earnings |
Exercise 7. Using the information from Exercises 5 and 6, prepare the Balance Sheet for December 31.
| Bryniuk's Company | |
| Balance Sheet | |
| December 31 | |
| Assets | Liabilities and Equity |
| Total Liabilities | |
| Total Equity | |
| Total Assets | Total Liabilities and Equity |
Numeracy 1 0 – octdechex converter. Problem 1: Prepare the financial statements of RodCast Company using the following information:
| Accounts Payable | 43,100.00 |
| Accounts Receivable | 85,000.00 |
| Cash | 55,320.00 |
| Common Stock | 125,000.00 |
| Dividends | 28,000.00 |
| Machinery | 70,000.00 |
| Rent Expense | 24,000.00 |
| Retained Earnings | 70,000.00 |
| Salaries Expense | 65,000.00 |
| Service Revenue | 165,320.00 |
| Supplies | 2,350.00 |
| Trucks | 60,000.00 |
| Utilities Expense | 13,750.00 |
Dvdfab all in one 11 0 7 5. 1. Classify each account by Account Type (Asset, Liability, Equity, Revenue or Expense) and which financial statement (income statement, statement of retained earnings, or balance sheet) it appears on.
| Account | Account Type | Financial Statement |
2. Prepare the Income Statement, Statement of Retained Earnings and Balance Sheet for the month ended October 31.
Comprehensive Problems Example:
Larson's Accounting Company has the following account balances: Cash, $5,000; Accounts Receivable, $2,000; Prepaid Rent $1,500; Supplies, $850; Equipment, $6,000; Trucks, $15,000; Accounts Payable, $2,500; Common Stock, $20,000; Retained Earnings $7,850. Business transactions during December are presented as follows:- Company received cash from clients for services, $4,500
- Larson paid to creditors $500,
- Paid office rent for the month of December, $750,
- Company billed client for accounting services on account, $5,200
- Supplies were purchased on account, $650,
- Company received cash from clients billed previously, $6,000
- Larson received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), $850,
- Larson paid monthly salaries, $2,700,
- Utilities expense were paid, $280,
- Miscellaneous expense were paid, $350,
- Dividends were paid, $550.
| Assets = | Liabilities | + Stockholders' Equity | + Net Income | |||||||||
| Cash | Accounts Receivable | Prepaid Rent | Supplies | Equipment | Trucks | Accounts Payable | Common Stock | + Retained Earnings | – Dividends | Revenue | – Expenses | Expense Type |
| Previous Balances | $5,000 | $2,000 | $1,500 | $850 | $6,000 | $15,000 | $2,500 | $20,000 | $7,850 | |||
| 1 | 4,500 | 4,500 | ||||||||||
| 2 | -500 | -500 | ||||||||||
| 3 | -750 | 750 | Rent expense | |||||||||
| 4 | 5,200 | 5,200 | ||||||||||
| 5 | 650 | 650 | ||||||||||
| 6 | 6,000 | -6,000 | ||||||||||
| 7 | 850 | 850 | Repair expense | |||||||||
| 8 | -2,700 | 2,700 | Salary expense | |||||||||
| 9 | -280 | 280 | Utilities expense | |||||||||
| 10 | -350 | 350 | Misc. expense | |||||||||
| 11 | -550 | 550 | ||||||||||
| Ending Balance: | $11,120 | $1,200 | $750 | $1,500 | $6,000 | $15,000 | $3,500 | $20,000 | $7,850 | $550 | $9,700 | $4,930 |
Cornerstone Exercise 4 17 (algorithmic) 17
Income Statement Month Ended December 31, 2014| Fees earned | $9,700 |
| Expenses: | |
| Rent Expense | $750 |
| Repair Expense | 850 |
| Wages Expense | 2700 |
| Utilities Expense | 280 |
| Miscellaneous expense | 350 |
| Total Expenses | $4,930 |
| Net Income ($9,700 – $4,930)= | $4,770 |
| Larson Inc., Retained Earnings, December 31 | $ 7,850 |
| Net income for the month | $4,770 |
| Less Dividends | – 550 |
| Increase in Stockholders' Equity | + 4,220 |
| Larson Inc., Retained Earnings, December 31 | $12,070 |
Cornerstone Exercise 4-17 (algorithmic)
| Larson Company | |||
| Balance Sheet | |||
| Month Ended December 31 | |||
| Assets | Liabilities | ||
| Cash | $11,120 | Accounts Payable | $3,500 |
| Accounts Receivable | 1,200 | ||
| Prepaid Rent | 750 | Stockholders' Equity | |
| Supplies | 1,500 | Common Stock | 20,000 |
| Equipment | 6,000 | Retained Earnings | 12,070 |
| Trucks | 15,000 | ||
| Total Assets | $35,570 | Total Liabilities and Stockholders' Equity | $35,570 |
- Company received cash from clients for services, $7,500
- Cast 77 paid to creditors $600,
- Paid office rent for the month of December, $950,
- Company billed client for accounting services on account, $8,200
- Supplies were purchased on account, $450,
- Company received cash from clients billed previously, $4,200
- Cast 77 received an invoice for services from Copy Plus for December (the invoice will be paid next month), $550,
- Cast 77 paid monthly salaries, $4,700,
- Utilities expense were paid, $380,
- Miscellaneous expense were paid, $250,
- Paid for monthly insurance, $200
- Dividends were paid, $750.
Ephesians 4 17
- Apply the basic accounting equation (create a spreadsheet, please see comprehensive example) to complete a transaction analysis for each transaction (hint: enter the balances provided first).
- Prepare income statement at the end of December 31.
- Prepare statement of retained earnings equity at the end of December 31.
- Prepare balance sheet at the end of December 31.
