. . . . . . . . . . . . . . . . . . . . 1,800 Deposit in transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450 Interest earned (on bank account) . . . . . . . . . . . . . . . . . . 52 Bank service charges (miscellaneous expense) . . . . . . . . 15 Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) b. An
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Receivable 7,000 Prepaid Insurance 2,880 Supplies 2,000 Equipment 15,000 Accounts Payable $ 4,230 Unearned Service Revenue 5,200 Common Stock 22,000 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 2,000 $39,730 $39,730 A) Supplies 1280 1280 Utility bill 180 180 Insurance 240 240 Unearned services 4100 4100 Salaries 1250 1250 Equipment deprecation 250 250 Service invoice
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Exhibit 7 – 2 Lakeside Company Account 585, Estimated Bonus Expense, for Nine Months ended September 30, 2011 and 2012 |2011 Bonus Plan | | | | |STORE
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Gross Profit $1,763,051.31 $1,810,515.58 Expenses Payroll 444,561.47 457,898.31 Contract Labor 27,601.41 28,429.45 Program Service Fees Expense 0.00 0.00 Professional Fees 6,406.00 6,598.18 Supplies 63,222.96 65,119.64 Telecommunications 7,996.49 8,236.38 Postage and Delivery 163.91 168.83 Occupency Expense 118,090.00 120,371.00 Fuel Expense 147,315.12 151,734.46 Repairs and Maintenance
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What is a contingent liability? A contingent liability is a potential liability…it depends on a future event occurring or not occurring. For example, if a parent guarantees a daughter’s first car loan, the parent has a contingent liability. If the daughter makes her car payments and pays off the loan, the parent will have no liability. If the daughter fails to make the payments, the parent will have a liability. If a company is sued by a former employee for $500,000 for age discrimination,
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Part 1 Calculation Taxable income=Pre-tax net income+Fines & Penalties+Allowance for bad debts-Tax-exempt income-Depreciation=652,000+6,000+15,000-3,000-4,500=665,500 Current tax expense=Taxable income*Tax rate=665,500*34%=226,270 Beginning of year balance: Total DTA=Beginning-of-year warranty reserve*Tax rate=40,000*34%=13,600 Total DTL=Beginning-of-year depreciation*Tax rate=10,000*34%=3,400 Net total DTA/DTL=Total DTA-Total DTL=13,600-3,400=10,200 End of year balance:
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use to record the financial transactions. Under accrual basis, a business records revenue, whenever the money is earned instead of waiting to actually receive cash payments. The accrual basis accounting allows businesses to match revenues to the expenses incurred in earning them, providing the company with helpful information for financial reports. Under cash basis accounting, businesses wait to receive the money before recording it as revenue. The cash basis method is simple quick and
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analyze expense data as well as confirm adherence to the policies that guide spending behavior. Get started today with our top 10 tests. Tests for T&E Expense Processing Duplicate Charges: Ensure that all charges claimed by an employee are valid and not repeated. Identify all Corporate Card and instances where an employee has charged the same amount on the same day where one Out-of-pocket transaction was a corporate card expense and the other was an out-of-pocket reimbursable expense. Suspicious
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it shows that his highest expense is supplies for the coffee shop. His second highest expense is salaries. Then next are taxes, rent, depreciation, lease, insurance and interest in that following order. Tim’s Coffee Shoppe earned $400,527 in 2008 and his total expense were $326,016, which leaves him with a net income of $74,511. So if there are local businesses moving in around Tim’s Coffee Shoppe, will his business increase and what does this mean for his expenses, income and so forth? Granted
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Merchandise held for sale Asset account 3 Describe and illustrate merchandising operations and the two types of inventory systems 4 Balance Sheet Income Statement Sales Inventory Asset revenue Cost of goods sold Expense 5 Cash Purchase inventory Collect cash from customers Accounts receivable Sell inventory Inventory 6 PERIODIC Goods PERPETUAL Record counted periodically to determine quantity Used by small businesses Less
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