...COMPREHENSIVE PROBLEM: CHAPTERS 2 TO 4 Julie Molony opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 Issued $14,000 of common stock for $14,000 cash. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gas and oil for the month on the truck, $400. 31 Paid a $600 cash dividend. The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts:No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable,No. 311 Common Stock,No. 320 Retained Earnings,No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions: (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance...
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...Management Advisory Services | by Franklin T. Agamata, MBA, CPA | Suggested Key Answers Multiple Choice Questionnaires | 2007 Edition | Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | | Multiple Choice | Multiple Choice | Multiple Choice | Multiple Choice | 48. C | Basic Concepts | 1. B | Costs classification | Basic Concepts | 49. D | 1. C | 2. D | 1. D | 1. A | 50. D | 2. D | 3. D | 2. D | 2. A | 51. D | 3. D | 4. B | 3. D | 3. B | 42. C | 4. A | 5. D | 4. C | 4. A | 43. D | 5. C | 6. A | 5. D | 5. B | 44. A | 6. A | 7. A | 6. A | 6. D | 45. D | 7. A | 8. A | 7. C | 7. B | 46. D | 8. A | 9. D | 8. D | 8. D | 47. A | 9. C | 10. A | 9. B | 9. B | 48. A | 10. C | 11. D | 10. D | 10. A | 49. D | 11. D | 12. D | 11. D | 11. B | 50. B | 12. D | 13. C | 12. B | 12. C | 51. C | 13. A | 14. C | 13. A | 13. C | 52. C | 14. B | 15. C | 14. B | 14. B | 53. D | 15. D | 16. B | 15. B | 15. D | 54. C | MAS Practice | 17. C | 16. A | 16. B | 55. D | Standards | 18. D | 17. C | Operating income | 56. A | 16. D | 19. A | 18. B | 17. A | 57. C | 17. D | 20. C | 19. A | 18. B | 58. D | 18. D | 21. C | 20. A | 19. B | 59. B | 19. A | 22. C | 21. A | 20. A | Scattergraph...
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...Memorandum 1. As per your request I have laid out the advantages and disadvantages of partnerships and corporations 2. A corporation has several advantages for a business. They have a separate legal existence so that the corporation, not the stockholders, may borrow money, buy, own, and sell property, and it may sue or be sued. The stockholders also have a limited liability in a corporation. The personal assets of the owners may only be claimed by creditors if fraud has occurred. A corporation has transferable ownership rights. This means that it is shares of capital stock that give ownership, and that stockholders can dispose of part or all of their interest in a corporation buy selling their stock. Also, a corporation is able to acquire capital easily through issuance of stock. A corporation has a continuous life that is not affected by the withdrawal, death, or incapacity of a stockholder, employee, or officer. Also, in a corporation, management is more professional because the owner’s delegate the tasks of managing the company to a board of directors. 3. There are also disadvantages for a business to operate as a corporation. First, although the ability to elect professional managers to the board of directors is an advantage, it also separates ownership from management. Some owners like to have an active role in managing the company, and a corporation does not allow that. Corporations also have government regulations that they must follow. This is to protect...
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...Part I (a) To: Mindy Feldkamp, Oscar Lopez, and Lori Melton From: Judy Collier Date: 12/18/2010 Re: Analysis of Partnership vs. Corporate Form of Business Organization I have examined your situation regarding the establishment of your business. Before discussing my recommendations, I would like to briefly review the advantages and disadvantages of partnerships and corporations. The primary advantages of a partnership over a corporation are: 1. Partnerships are more easily formed than corporations. Partnerships can be formed simply by the voluntary agreement of two or more individuals. Forming a corporation requires preparing and filing documents with governmental agencies, paying incorporation fees, etc. 2. Income from a partnership is subject to less tax than income from a corporation. Even though partnerships are required to file information tax returns (returns that show financial information, but do not require any payment of taxes), they are not considered taxable entities. A partner’s share of partnership income is taxed only on the partner’s personal income tax return. Corporations are taxable entities and pay taxes on corporate income. In addition, any dividends distributed by corporations to individuals are subject to personal income tax on the personal income tax return. This is known as double taxation. 3. Partnerships have more flexibility in decision making. The decisionmaking process used in a partnership is determined by the partners...
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...6.1. What effect will an asset revaluation have on subsequent period’s profit? Explain your answer. If an asset’s carrying amount is increased as a result of a revaluation, the increase shall be recognized in other comprehensive income and accumulated in equity under the heading of revaluation surplus. However, the increase shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognized in profit or loss. If an asset’s carrying amount is decreased as a result of a revaluation, the decrease shall be recognized in profit or loss. However, the decrease shall be recognized in other comprehensive income to the extent of any credit balance existing in the revaluation surplus in respect of that asset. The decrease recognized in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus. 6.4. For the purpose of AASB 116 or AASB 136, how is ‘recoverable amount’ determined? Recoverable amount is the higher of an asset's fair value less costs to sell (sometimes called net selling price) and its value in use where: fair value is the amount obtainable from the sale of an asset in an arm's length transaction between knowledgeable, willing parties, and value in use is the discounted present value of the future cash flows expected to arise from the continuing use of an asset, and from its disposal at the end of its useful life. Determining Recoverable Amount: ...
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...Accountancy students in Jose Rizal University for the School Year, 2011-2012. Specifically, this study sought to answer the following questions: 1. How does cheating affect the mastery skills of the senior students? 2. Why do personal problems affect the mastery skills of the senior students? 3. What are the implications of the absence of comprehensive examination in the training of the students for the different accounting subjects? 4. Why does the University’s BSA Program System affect the learning habits of their students? 5. Why does the natural complexity of the accounting course, combined with poor study habits, pose a problem towards the mastery of the students? Summary of Findings: 1. Effect of Cheating on the mastery skills of the College students: 2.1. Nine out of ten college students admit to copying someone else's homework; two-thirds say they have cheated on exams 2.2. 75%-98% percent of college students surveyed each year admit to cheating at some time in their academic careers 2.3. The college students who are most likely to cheat are business majors 2. Effect of Personal problems to the mastery skills of the College students: It has been studied that personal problems play a major impact on a student’s academic life. Those...
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...500; and unrealized holding gain on non-trading equity securities $15,000. | | | Gain on sale of plant assets | $ 95,000 | Cash dividends declared | $ 150,000 | Loss on discontinued operations | 75,000 | Retained earnings January 1, 2010 | 600,000 | Administrative expenses | 240,000 | Cost of goods sold | 850,000 | Rent revenue | 40,000 | Selling expenses | 300,000 | Loss on impairment of land | 60,000 | Sales | 1,700,000 | | | | | | | | Ordinary shares outstanding during 2010 were 100,000. | | | Instructions | (a) | Prepare a comprehensive income statement for 2010 using the combined approach. | | (b) | Prepare a retained earnings statement for 2010. | | | | E4-18 | (Changes in Equity) The equity section of Hasbro Inc. at January 1, 2010, was as follows. | | | Share capital—ordinary | $300,000 | Accumulated other comprehensive income | | Unrealized holding gain on non-trading equity securities | 50,000 | Retained earnings | 20,000 | | | | | | | | During the year, the company had the following transactions. | 1. | Issued 10,000 shares at $3 per share. | | 2. | Dividends of $9,000 were declared and paid. | | 3. | Net income for the year was $100,000. | | 4. | Unrealized holding loss of $5,000 occurred on its non-trading equity securities. | | | | | InstructionsPrepare a statement of changes in equity for Hasbro Inc. | | P4-6 | (Statement...
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...consensus is that retention, regardless of the grade in which it occurs, drastically increases the likelihood that students will drop out of school (Hauser, 2009; Holmes, 2012; NASP, 2011; Thompson & Cunningham, 2009). The effect of retention on dropout rates is no surprise considering that "retention is generally associated with poorer academic achievement when groups of retained students are compared to groups of similar students who are promoted" (NASP, 2011). The National Association of School Psychologists (2013) notes that retention is linked to increased behavior problems that become more pronounced as students reach adolescence. The University of San Carlos implementing a retention policy to be retained in the BSAT program, a student should obtain a grade of 2.0 or better in all AC, Law & Taxation subjects. One retake per subject is allowed in case of cut-off failure. At the end of Year 2, Comprehensive Examination Level 1 (CEL...
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...ACCOUNTING 211 COMPREHENSIVE PROBLEM 5 ADAM’S APPLE Click Link Below To Buy: http://hwaid.com/shop/accounting-211-comprehensive-problem-5/ This problem has a value of 10% of the final grade Objective: Demonstrate application of Process Costing of a manufacturing company including the following: • Determine Department WIP inventory • Calculation of Equivalent Units • Determine Finished Goods Inventory • Calculation of COGS • Determination of Gross Profit Adam’s Apple Company makes homemade applesauce using Grandma Adam’s special recipe. The company uses a FIFO process cost system. The process starts in the Kettle Room where apples are cored, cut and added to the Kettles along with Grandma’s special spices. After several hours of slow simmering, the sauce is cooled as it moves to the Canning department where the sauce is poured into jars and sealed. After the jars are sealed they move to the packing department where they are placed into boxes and moved to finished goods where they are ready for sale. During the month of March the company sold 5,000 boxes of sauce with each box holding a dozen jars. A jar of sauce sells for $4.00. • Create the WIPs for each department indicating the Cost of each jar as it moves through the process. • Using the following information, determine the Gross Profit for the month of March. Kettle Department: Beginning Balance 16000 at 90% complete with Costs of $13,600 Ending Inventory 4000 jars at 20%...
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...THE ATTRIBUTES AFFECTING THE PERFORMANCE OF THE ENGINEERING STUDENTS IN ENGINEERING QUALIFYING EXAMINATION IN ADAMSON UNIVERSITY CHAPTER 1 The Problem and Its Setting I. Introduction A. Background of the Study For most Engineering students in Adamson University, EQE is actually something they prepare themselves with. EQE which stands for Engineering Qualifying Examination is a comprehensive exam that is required to be taken up by incoming third year Engineering students. These are held at the end of the first semester and of summer classes annually. This examination is given to the specific students to attest the knowledge and level of understanding that they have acquired for the last four semesters. Each Engineering Department is providing the students reviews, modules etc. as part of their preparation for the examination. However, EQE is not just about a simple assessment of the student’s knowledge yet in reality, it is also becoming a competition amongst the different Engineering departments. Every year, EQE takers and the department are anticipating on whoever and whichever student and department will be on top list. Each department is providing their students reviews and further information with regards to the coverage of the subjects to be taken in the said annual examination. This style paves way for the preparation of the students and assure that they will do pass. In line with this preparation and reviews conducted by each department, there are...
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...| P | S | | | Total(USD) | Rate | Total(NTD) | Sales-COS-Dep.exp. | $ 578,300 | $ 377,000 | | | $955,300 | $30 | $28,659,000 | Income from S | 107,300 | | a. 107,300 | | 0 | | | Expenses | (450,000) | (261,000) | c. 14,500 | | (725,500) | 30 | (21,765,000) | Exchanges gain | | 5,800 | | | 5,800 | 30 | 174,000 | Net income | $ 235,600 | $ 121,800 | | | $ 235,600 | | 7,068,000 | OCI for the year-translation adjustment | (38,100) | (28,600) | c. 9,500 | a. 38,100 | (38,100) | 30 | (1,143,000) | | | | | | | | 3,805,500 | Total comprehensive income | $ 197,500 | $93,200 | | | 197,500 | | 9,730,500 | Retained Earnings 1/1 | $ 245,500 | $75,000 | b. 75,000 | | $245,500 | | 7,978,750 | Net income | 235,600 | 121,800 | | | 235,600 | 30 | 7,068,000 | Dividends | (100,000) | (42,600) | | a. 42,600 | (100,000) | 30 | (3,000,000) | Retained Earnings 12/31 | $ 381,100 | $ 154,200 | | | $ 381,100 | | 12,046,750 | OCI translation adjustment-1/1 | $0 | $0 | | | $ 0 | | | OCI for the year-translation adjustment | (38,100) | (28,600) | | | (38,100) | 30 | (1,143,000) | OCI translation adjustment-12/31 | $ (38,100) | $(28,600) | | | $ (38,100) | 30 | (1,143,000) | Other assets | $ 932,600 | $ 532,000 | | | $ 1,599,600 | 28.5 | 45,588,600 | Advance to P | | 84,000 | | d. 84,000 | 0 | | 0 | Investment In S | 551,600 | | | a. 26,600 b. 525,000 | 0 | | 0 | | | | |...
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...criterion/ criteria | | | | foundation | تأسيس | foundation | Found | | | notion | فكرة | notion | | notional | notionally | voluntary | اختياري, طوعي | volunteer | volunteer | voluntary | voluntarily | ministry | وزارة | ministry/ minister | minister | | | alternative | بديل , اخر | alternative | Alternate | alternative | alternatively | outcome | نتيجة, حصيلة | outcome | | | | stress | اجهاد , ارهاق | stress | stress | stressed | | seek | يبحث عن , ينشد | seeker | seek | | | adequate | كاف | adequacy | | adequate | adequately | regime | نظام الحكم | regime | | | | focus | بؤرة, محرق | focus | focus | focused | | occur | يحدث, يقع | Occurrence | occur | | | comprehensive | شامل | | comprehend | comprehensive | comprehensively | ink | حبر | ink | link | inky | | scope | مجال , فرصة | scope | | | | licence | رخصة | licence | licence | | | affect | يؤثر على | affectation | affect | affected | | distinct | واضح | distinction | distinguish | distinct/ distinctive | distinctly | category | فئة , صنف | category | categorize | | | philosophy | الفلسفة | philosophy | philosophize | philosophical | philosophically | consent | يوافق, يسمح | consent | consent | | | item | مادة , مفردة , بند | item | | | | priority | حق الافضلية , الاولية | priority | Prioritize | | | perspective | الرسم المنظوري | perspective | | | | Root Word | Sentence Examples | (e.g.) authority | "We understand...
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...Transaction Services • • TS Insights List bullet List bullet Sub bullet evaluation of the other two sources of taxable income ― Vol. 3 Heading 2 Financial reporting in an uncertain economy A closer look at income tax valuation allowances October 2009 Additional text goes here. Heading 3 Additional text goes here. Notwithstanding early signs that the global recession may be waning, the uncertain economic future continues to constrict corporate America. As companies continue to incur losses, focus has heightened on income tax valuation allowance assessments by companies and their auditors, as well as the Securities and Exchange Commission staff, through the issuance of comment letters. Specifically, much of this focus is on whether deferred tax assets reflected on corporate balance sheets will ultimately be realized. When a deferred tax asset is not fully realizable, a valuation allowance must be established against the deferred tax asset to reduce it to a net amount that is realizable. The related expense is generally reflected in the income statement as an income tax expense. A clear understanding of the judgmental nature of valuation allowance accounting models is critical in addressing this issue. The need for judgment The accounting requirements for deferred tax assets are set out in ASC 740, "Income Taxes," which establishes a "more likely than not" threshold for recognizing deferred tax assets. The interpretation of this criteria has historically...
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...EFFECTS OF TAKING QUALIFYING EXAMINATION TO THIRD YEAR ACCOUNTANCY STUDENTS CHAPTER 1 The Problem and Its Background Introduction Examination is one of the best ways to prove whether a student, or anyone who undergoes learning, learned something from what they have studied. Exam results can show in which lesson the students were not able to fully understand and what they were able to. But does this result help the student improve in their studies, and how those this results affect them, especially if the result will determine whether they stay on their chosen fields? Qualifying Examination is given to B.S Accountancy students in order to test whether they are qualified to continue the program and to improve their academic performance. It is in fact a policy set by the school to all programs that have board examinstions. Another reason why this examination is given to students is for them to be prepared for the licensure examination they are to take after graduating in college. Through this, the students will be able to review their past subject. Students will have a preview of what the board examination would be like after graduating, the stress they might encounter and the pressure of all the subjects that they will have to review. As a school policy, Qualifying Examination is given to students who will be able to pass all the Fundamentals of Accounting and all the Financial Accounting subjects of the accounting course. The exam is divided in two parts, the first part...
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...TRUE-FALSE STATEMENTS 1. Analysts are interested in sustainable income, which is equal to the past year’s net income. Ans: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Performance Measurement 2. One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 3. When the disposal of a significant segment occurs, the income statement should report both income from continuing operations and income (loss) from discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 4. An event or transaction should be classified as an extraordinary item if it is unusual in nature or if it occurs infrequently. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 5. Companies report most changes in accounting principle currently. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 6. The loss on disposal of a significant...
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