...a) General Journal |Date | |Account Titles | |Debit | |Credit | |July 1 | |Cash | |12,000 | | | | | |Common Stock | | | |12,000 | | | | | | | | | | 1 | |Equipment | |8,000 | | | | | |Accounts Payable | | | |6,000 | | | |Cash | | | |2,000 | | | | | | | | | | 3 | |Supplies | | 900 | | | | | |Accounts Payable | | | ...
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...ACC 290 WEEK 4 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 4 Discussion Question 1 in order to ace their studies. ACC 290 WEEK 4 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus...
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...ACC 290 Week 4 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-4-wileyplus-new Question 1 Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 12,023 shares of common stock for $12,023 cash. 1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account. 3 Purchased cleaning supplies for $917 on account. 5 Paid $2,280 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,890 for cleaning services. 18 Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies. 20 Paid $2,070 cash for employee salaries. 21 Collected $1,753 cash from customers billed on July 12. 25 Billed customers $2,620 for cleaning services. 31 Paid $370 for maintenance of the truck during month. 31 Declared and paid $616 cash dividend. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.) Prepare a trial balance at July 31. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent...
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...| | | | Service Revenue | | 3700 | | | | | | | | | 18-Jul | Accounts Payable | 1500 | | | | | Cash | | 1500 | | | | | | | | | 20-Jul | Salaries and Wages Expense | 2000 | | | | | Cash | | 2000 | | | | | | | | | 21-Jul | Cash | 1600 | | | | | Accounts Receivable | | 1600 | | | | | | | | | 25-Jul | Accounts Receivable | 2500 | | | | | Service Revenue | | 2500 | | | | | | | | | 31-Jul | Maintenance and Repairs Expense | 290 | | | | | Cash | | 290 | | | | | | | | | 31-Jul | Dividends | 600 | | | | | Cash | | 600 | | | | | | | | B. | | General Ledger | | | | | | | | | | | Cash | | | Date | Debit | Date | Credit | | | 1-Jul | 12000 | 1-Jul | 2000 | | | 21-Jul | 1600 | 5-Jul | 1800 | | | | | 18-Jul | 1500 | | | | | 20-Jul | 2000 | | | | | 31-Jul | 600 | | | | | 31-Jul | 290 | | | 7/31 bal | 5410 | | | | | | | | | | | Accounts Receivable | | | 12-Jul | 3700 | 21-Jul | 1600 | | | 25-Jul | 2500 | | | | | 7/31 bal | 4600 | | | | | | | | | | | Supplies | | | 3-Jul | 900 | | | | | 7/31 bal | 900...
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...Buy ACC/290 ACC/291 wileyplus - YouTube ► 0:10► 0:10 www.youtube.com/watch?v=3NYAYXcAOgE May 5, 2012 - 10 sec - Uploaded by uoptutorial buy acc 290 , acc 291 and many other courses from our website uoptutorial dot com. More videos for acc 290 » ACC 290: Certified Bookkeeper Course - Western Nevada Collegewww.wnc.edu/academics/catalog/acc/290/Cached You +1'd this publicly. Undo ACC 290: Certified Bookkeeper Course. General Information. Name: Certified Bookkeeper Course; Discipline: Accounting (ACC); Units (Credits): 6; Schedule ... ACC 290www.scribd.com/collections/3473096/ACC-290Cached You +1'd this publicly. Undo ACC/290 checkpoint acc/290 assignment acc/290 discussion questions acc/290 dqs acc/290 week acc/290 appendix acc/290 final acc/290 learning acc/290 ... ACC 290 Final Examwww.scribd.com/doc/89721525/ACC-290-Final-ExamCached You +1'd this publicly. Undo Apr 17, 2012 – purchase the solution to final Exam http://studentoffortune.com/question/1468561 /ACC-290-Wk-5 1) Which financial statement is used to ... ACC 290 - Student of Fortunestudentoffortune.com/question/1336889/ACC-290Cached You +1'd this publicly. Undo Jan 18, 2012 – ACC 290 Week 4 Learning Team Financial Reporting Kroger ... ACC 290 Week 4 - Chapter 4 P-4.8A Pro window washing.xlsx (33K) ACC 290 ... ACC 290 Week 3 Individual Summary Question One ...studentoffortune.com/.../ACC-290-Week-3-Individual-Summary-Qu...Cached You +1'd this publicly. Undo ACC 290 Principle Of Accounting I - Entire...
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...ACC 290 Week 5 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-5-wileyplus-new Question 1 In its first month of operation, Kuhlman Company purchased 310 units of inventory for $5, then 410 units for $6, and finally 350 units for $7. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Question 2 Sadowski Video Center accumulates the following cost and market data at December 31. Inventory Categories | | Cost Data | | Market Data | Cameras | | $11,475 | | $12,565 | Camcorders | | 8,599 | | 9,289 | DVDs | | 11,359 | | 10,039 | Compute the lower-of-cost-or-market valuation for Sadowski inventory. The lower-of-cost-or-market value | | $ | Question 3 The financial statements of Tootsie Roll are presented below. Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.) What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.) Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.) Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.) What are the (product)...
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...ACC 290 Week 2 Assignment Click Link Below To Buy: http://hwcampus.com/shop/acc-290-week-2-assignment/ Broadening Your Perspective 3-2 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketing and administrative 1,477,750 1,426,477 1,208,672 Business realignment and impairment (credits) charges, net (886) 83,433 82,875 Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590 Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131 Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share: Common Stock $1.3800 $1.2800 $1.1900 Class B Common Stock 1.2500 1.1600 1.0712 ................................. Required Based on the information contained in these financial statements, determine the normal balance for: Tootsie Roll Industries...
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...ACC 290 Week 2 Individual Wiley Answers E3-4 (b,c), E3-9, P3-5A, P3-6A University of Phoenix Do not copy directly. Please use as a guide. Come back for more. Buy the entire course collection and save! http://www.scribd.com/collections/4123612/ACC-290-UOP E3-4 (b,c) A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. E3-4 (b,c) SOLUTION E3-9 This information relates to Pickert Real Estate Agency. Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.) E3-9 SOLUTION P3-5A | | Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred: Journalize the transactions. (If no entry is required type No entry for the account and 0 for the amount.) Complete the following trial balance. (Hint: Post the above transactions to the ledger T-accounts and use the balances to complete the trial balance.) (If answer is zero please enter 0, do not leave any fields blank.) P3-6A | | This is the trial balance of Slocombe Company on September 30. P3-6A Answer Journalize the transactions. Post to ledger accounts and then complete the following trial balance. (If answer is zero please enter 0, do...
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...ACC 290 Week 3 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-3-wileyplus-new Question 1 Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 | | | Debit | | Credit | Cash | | $ 6,850 | | | Accounts Receivable | | 7,000 | | | Supplies | | 2,044 | | | Prepaid Insurance | | 3,480 | | | Equipment | | 15,000 | | | Accounts Payable | | | | $ 4,280 | Unearned Service Revenue | | | | 5,200 | Common Stock | | | | 22,134 | Service Revenue | | | | 8,000 | Salaries and Wages Expense | | 4,000 | | | Rent Expense | | 1,240 | | | | | $39,614 | | $39,614 | In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. | | Supplies on hand at June 30 total $850. | 2. | | A utility bill for $181 has not been recorded and will not be paid until next month. | 3. | | The insurance policy is for a year. | 4. | | Services were performed for $4,370 of unearned service revenue by the end of the month. | 5. | | Salaries of $1,338 are accrued at June 30. | 6. | | The equipment has a 5-year life with no salvage...
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...Comparing IFRS to GAAP ACC/290 June 5, 2016 Arin Smith Comparing IFRS to GAAP As international business increase those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there are some differences that could result in different reporting. Having a good understanding of both methods will allow companies to make business decisions that are effective and compliant. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? In my understanding, the IFRS does not give any specific order for the statement of financial position. If anything the, IFRS requires separation of current and noncurrent assets and liabilities. For a lot of the companies today they just report their assets in reverse order based off their liquidity. Now, the GAAP recommends separation of current and noncurrent assets and liabilities and also. require that all the accounts be in a specific ordered based on the liquidities hierarchy. IFRS 2-2:...
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...ACC 290 Week 2 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-2-wileyplus-new Question 1 Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $22,450 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $468 per week, payable monthly. 2 Paid office rent for the month $1,122. 3 Purchased architectural supplies on account from Burlington Company $1,621. 10 Completed blueprints on a carport and billed client $2,370 for services. 11 Received $873 cash advance from J. Madison to design a new home. 20 Received $3,492 cash for services completed and delivered to M. Svetlana. 30 Paid secretary-receptionist for the month $1,872. 30 Paid $374 to Burlington Company for accounts payable due. Journalize the transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.) Prepare a trial balance on April 30, 2014. Question 2 This is the trial...
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...Week Two Reflection Summary ACC 290 October 8, 2010 Week Two Reflection Summary Section 1: No matter the size of a business, the uses of financial statements are in need. The four basic financial statements include income statement, retained earnings statement, balance sheet, and statement of cash flows (Kimmel, Weygandt, & Kieso, 2009). They are key tools in seeing and understanding the past, present, and future condition of an organization. Income statements provide a description of how profitable the business is. Retained earnings statement reports what income the stockholders/investors will reinvest in the organization and was not distributed to the stockholders. Balance sheet statements relay the assets and liabilities of the organization. Statement of cash flows shows the gross receipts and gross payments. Section 4: External users, such as investors, creditors, and taxing agencies, utilize the four basic financial statements to examine the financial patterns for success and failures of a business. The investors use the information to make decisions to buy, hold or sell stock. Creditors, like the suppliers and bankers use them to evaluate the risks of selling on credit or lending money. The taxing authorities, such as the Internal Revenue Service, want to know whether the company complies with the tax laws. (Kimmel...
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...Running head: Week 3 Individual Summary Question 1 Week 3 Individual Summary Question ACC/290 WEEK 3 INDIVIDUAL SUMMARY QUESTION Week 3 Individual Summary Question All businesses need to record an accurate record of their financial states. In 2 order to do so, businesses employ one of two systems; the cash system and the accrual system. Both have their strengths and weaknesses when it comes to financial reporting. While both do their jobs reasonably well, they are vastly different in how they report financial movements within a business. The cash system of accounting is often used for smaller businesses. The cash system of accounting counts revenue for a business when cash (or a check) from the customer arrives into the company. Prior to this happening, there is no record of revenue coming into the company. In addition, you do not count something as an expense toward the company until it has been fully delivered, paid for, and if necessary, installed (Kimmel, 2009). The pros of this type of system are that it is simple. When money physically comes in the door is the time that you count it towards income. When cash is physically going out the door is when you count it toward expenses. In addition, this type of accounting system gives business a more accurate view of what their present cash-flow situation is at any given time (Kimmel, 2009). In stark contrast to the cash method of accounting, the accrual method eschews the need to actually see the money in order...
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...Week Five Problems and Exercises ACC/290 Principles of Accounting I BE-5-1 Presented here are the components in Korinek Company’s income statement. Determine the missing amounts. |Sales Revenue | |Cost of Goods | | | | |Sold | | |Dec. 15 |Accounts Receivable |900 | | | | Sales Revenue | |900 | | |(To record credit sale to Pocras Company) | | | | | | | | |15 |Cost of Goods Sold |590 | | | | Inventory | |590 | | | (To record cost of goods sold on account) | | | Pocras Company General Ledger |Date |Account Title |Debit |Credit | |Dec. 15 |Inventory...
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