Essay about Accounting Homework 3

Education for stakeholders related to changes in financial statement is considered as significant as well. In a way, companies have

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

5.    Prepare any necessary adjusting entries to reflect the Inventory count at year end. These must be hand written.

This course focuses on ways in which financial statements reflect business operations and emphasizes use of financial statements in the decision-making process. The course encompasses all business forms and various sectors such as merchandising, manufacturing and service. Students make extensive use of spreadsheet applications to analyze accounting records and financial statements. Prerequisites: COMP100 and MATH114 / 4-4

i. At December 31, 2012, wages of $9,000 were earned by employees but not yet paid. The employees will be paid on the next payroll date, which is January 13, 2013.

Item 7.|  |MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS|  | |25|  |

3. Dresser Company 's weekly payroll, paid on Fridays, totals $6,600. Employees work a 5-day week. Prepare Dresser 's adjusting entry on Wednesday, December 31, and the journal entry to record the $6,600 cash payment on Friday,

  * Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.

During the first two weeks, Learning Team “A” studied several objectives. During Week One, we learned how to prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods, ways to distinguish between tangible and intangible assets, the means to identify the entries associated with acquisition, disposal, and sales of plant assets, and closed out the week by distinguishing between revenue and capital expenditures, and the entries associated with each. As we advanced into Week Two, we studied how to differentiate among accounts payable, notes payable and accrued expenses, methods to properly

Let’s start with a review of the three requirements of Part A of the Course Project. Explain why it is important to analyze each financial transaction of a business and to report it in the Accounting Information

| $1,800 (Supplies at Jan. 1) + $4,000 (Amount purchased) - $1,300 (Supplies at Dec. 31) =

To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a

The following additional facts are collected for use in making adjusting entries on December 31 prior to preparing financial statements for the company’s first three months. Journalize the following adjusting journal entries in the General Journal on page 6 and then post them to

Reports the variance in the main income statement and balance sheet accounts and the reasons thereof.

Feedback: A clear understanding of accounting terms and concepts is required of those who have a financial interest in an enterprise if they are to understand and communicate about the enterprise. Accounting