Module 4 - Problems and Solutions

Please send to my email add: Mhardzpurple@yahoo.com Name Date Email Add: CHAPTER 1 TEN-MINUTE QUIZ Circle the letter of the best response. 1. The primary objective of financial reporting is to provide information A. In an ethical manner. B. To the professional accounting associations. C. To people outside the company for making decisions. D. Useful to managers in making daily decisions. It is vital that company accountants and their auditors behave in a(n) A. professional 2. manner. B. ethical C. prudent D. elitist 3. Which of the following statements is false? A. The proprietorship form of business organization protects the personal assets of the owners from creditors of the business. B. A proprietorship has a single owner. C. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. D. The Accounting Standards Board sets the rules for how accounting is practised in Canada. 4. Level…

Comprehensive Problem 3Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000.b. Balance according to the ledger at December 31, $245,410.c. Checks outstanding at December 31, $68,540.d. Deposit in transit, not recorded by bank, $29,500.e. Bank debit memo for service charges, $750.f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.   Kornett CompanyBank ReconciliationDecember 31, 20Y5         $                     Adjusted balance       $                   $     $               Total deductions         Adjusted balance       $

Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000…

Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. Yo refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. Kornett Company Bank Reconciliation December 31, 20Y8 Adjusted balance Deduct: Adjusted balance

Question attached in the screenshot thanks for the help qhp25ypl2py2lyp52yhpl2yp2l5y2py

* CENGAGE MINDTAP Q Search this course Tye Working Papers 5-2 On August 29 of the current year, Bright and White Laundry received a bank statement dated August 28. Information has been obtained from the bank statement and from the records of the business. Prepare a bank statement reconciliation. Use Aug. 29 of the current year as the date. v QUESTION ASSETS Bank Statement Information COA RECONCILIATION OF BANK STATEMENT 20-- Bank statement balance $2,712.00 Balance on Check Stub No. Balance on Bank Statement Bank service charge 20.00 DEDUCT BANK CHARGES: ADD OUT STANDING DEPOSITS: Outstanding deposit, Aug. 28 300.00 Description Amount Date Amount Outstanding checks: - $ No. 306 140.00 Total bank charges Total outstanding deposits No. 308 70.00 Checkbook balance on Check 2,822.00 SUBTOTAL Stub No. 309 DEDUCT OUT STANDING CHECKS: Check No. Amount Total outstanding checks $ Adjusted Check Stub Balance Adjusted Bank Balance

Please help

SOUTH EAST-ASIA INSTITUTE OF TRADE AND TECHNOL0GY LL LEARNING MODULE FOR 1 SEMESTER GRADE 12 BUSINESS FINANCE STUDENT'S NAME: STRAND & SECTION: PART 4: ACTIVITY/APPLICATION Suppose: The following income Statements and Cash Flow Statements of company A, B and C were presented to you. Which do you think is a more attractive company? Why? O STAED rasoplast

Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. Kornett Company Bank Reconciliation December 31, 20Y5 24 Adjusted balance 24 Total deductions Adjusted balance

R Ith security updates, fixes, and Improvements, choose Check for A part from running Min Armin Wasteage Minnie has also been involved in a partnership with her cousin Max. While the business has been running quite well both Max and Minnie have decided it is time to move on. The latest balance sheet for the business is outlined below. Assets Liabilities Accounts Payable Accrued Expenses Cash Accounts Receivable Inventory Office Equipment Motor Vehicles Warehouse Land Goodwill 9,300 900'0 000 30,600 30,440 59,560 79,200 192,000 19,738 Equity 319,444 Minnie 531,444 543,544 543,544 Max and Minnie have been offered $450,000 for all the non-cash assets of the business and they have decided to accept the offer. As Max has spent more time with the business profit and losses are shared 60% to Max and 40% to Minnie. Required 1. Show the journal entries required to dissolve the partnership. English (Australia) Focus 三 MacBook Air 000 000 F4 F5 F6 F7 F8 LL 24 4. & %23 V 5 ) 3. 8 7. 6 } F H. K.

Export PDF as long image without watermark Export FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2 Self-Learning Activity 9 Name Year/Block: Date Direction: Write your answers on the space provided at the back of this Self Learning Activity. Learning Objective: After reading the module, the learners shall be able to: 4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number Amount Payor Odessa Alera Date 0001 P 30,000 June 3 0002 0003 20,000 5,000 20 Arnold Navales 29 Juanita Nambatac 0004 10,000 30 Kyle Jamora Cash Disbursements Journal Check Number Amount Payee Star 5 Grocery DX…

please type the answers here, d0not upload as an image

Please check answer and add explanation solve both parts

QUESTION ONE As a fresh graduate from the school of business at Mulungushi University, you have just been employed by an emerging successful entrepreneur, a Mr. Kyambalesa, as his Accountant.Kyambalesa is a retail grocer involved in buying and selling of goods. You have discovered that Kyambalesa together with one of his clerical employee had just completed preparing accounts for the year ended 31 December 2022. The accounts reveal a profit of K305,000=   You have just gone through the accounts and other related documents and discovered the following:   1. Mr. Kyambalesa withdrew goods from his business for domestic use valued at K10,000 purchase cost. He makes a profit of 25% on cost. Kyambalesa recorded this withdrawal in the accounts as a sale to himself at cost (K10,000). 2. You discover that there was a further withdrawal of goods for domestic use valued at K2,000 cost, which was never recorded in the accounts and therefore did not affect the profit of K305,000 in any way. 3. Mr.…

5

usiness AccountingQ&A LibraryGet live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question Asked Sep 11, 2020 1 views Jordan Shi operates a consulting firm called X, which began operations on August1. On August 31 the company's records show the following accounts and the amount of August.  Cash =$25,460.   Acct Receivable =$22,510; Land = $44,130 Office equipment =20,160   Office  Supplies =$5,380;    Acct payable =$10,370 Dividends =$ 6130 Consulting fees earned =$27,130 Rent expense =$9690 Salaries expense =$5710 Telephone expense =$1010 Miscellaneous expense =$ 620 Common stock =$103,300 Use the above information to prepare an August statement of retained ernigs for the company.(Net income for August is $10,100) Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question Asked Sep 11, 2020 1 views Jordan Shi operates a consulting firm called X, which began operations on August1. On August 31 the…

I need help! Please figure this out this accounting problem! You must fill all cells!

Calculate Receipts from customers, payments to suppliers, payments for expenses, drawing

3

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Hi I need the answer to this question thank you

Section 5: Problem for solving

Having completed your Introduction to Financial Accounting module with high marks, your lecturer referred you to an Accounting firm who needed assistance with several accounting tasks for some clients: Problem 1 Journals, Bank Reconciliation & Adjusting Entries Wellfield Corporation's Accountant is on maternity leave for the period of 3-months (May- July). The office clerk was performing her duties however given his lack of Accounting knowledge the Director contacted you to bring their accounting records up to par. You discovered the following: The following transactions were not recorded: May 2 May 5 Took out $35,000 notes payable from the bank. Purchased $2,800 worth of supplies on credit. This will last for several months. May 7 May 8 Collected $ 9,900 from clients for services to be performed. Purchased equipment for $21,000, paying $11,000 cash and the balance on account. May 15 May 17 June 2 Billed clients for services provided, $14,000. Paid $700 in cash for the current month's…