6. Before closing the books for a fiscal period, you should print a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting c. all the reports in the financials section of the reports menu d. all of the management reports for the business
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- Assume you are a newly-hired accountant for a local manufacturing firm. You have enjoyed working for the company and are looking forward to your first experience participating in the preparation of the companys financial statements for the year-ending December 31, the end of the companys fiscal year. As you are preparing your assigned journal entries, your supervisor approaches you and asks to speak with you. Your supervisor is concerned because, based on her preliminary estimates, the company will fall just shy of its financial targets for the year. If the estimates are true, this means that all 176 employees of the company will not receive year-end bonuses, which represent a significant portion of their pay. One of the entries that you will prepare involves the upcoming bond interest payment that will be paid on January 15 of the next year. Your supervisor has calculated that, if the journal entry is dated on January 1 of the following year rather than on December 31 of the current year, the company will likely meet its financial goals thereby allowing all employees to receive year-end bonuses. Your supervisor asks you if you will consider dating the journal entry on January 1 instead of December 31 of the current year. Assess the implications of the various stake holders and explain what your answer will be.In this case you will complete the full accounting cycle for one month for a new company. To facilitate the end-of-month accounting and reporting process you will use a worksheet. The worksheet is a tool used to adjust account balances and prepare financial statements, however, the worksheet does not replace the financial statements. Preparation of a worksheet is covered in Appendix 3C on pages 3-46 through 3-49. The following is information concerning the company. Instructions are at the end of the case. At the start of the new business the company set up the following chart of accounts: 101 Cash 405 Commissions Earned 106 Accounts Receivable 410 Consulting Revenue 124 Office Supplies 612 Depreciation Expense—Computer Equip. 128 Prepaid Insurance 622 Salaries Expense 167 Computer Equipment 637 Insurance Expense 168 Accumulated Depreciation—Computer Equip. 640 Rent Expense 209 Salaries Payable…Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you asan Accounting Officer. As per job description, you are required to assist in the preparation of thefinancial statements. The Accounts Manager has extracted a list of balances as at December 2021for you to review. $ Revenue 7 600 010Administrative Expenses 2 300 000Distribution Costs 980 231 Interest paid on loan 125 000Purchases 4 500 330Inventories at 1 January 2021 1 018 900Trade receivables 630 340Provision for doubtful debts at Jan 2021 19 634Bad debts 70 110Non- current Investment 300 900Additional notesi. Provide for…
- Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Which accounts would be creditied on sept 21?You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 20Y7, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 20Y8. The following journal shows some of the accounts receivable transactions that you are reviewing. (1st picture) 2. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel and make any necessary changes. Use the allowance method for picture 2. ( the entries that are on the revised journal picture are correct)Below is the trial balance which was extracted from the books of the business on June 30, the end of the company’s financial year. As a group, you are required to collaborate and analyze the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan…
- Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. What accounts would be debited on Sept 21?= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,008,960.00 ↑ 2 Premium on Bonds Payable 58,960.00 ↑ 3 Bonds Payable 950,000.00 ↑ 4 Jun. 30 Interest Expense 18,427.00 ↓ 5 Premium on Bonds Payable 2,948.00 ↓ 6 Cash 21,375.00 ↓ 7 Jul. 1 Cash 1,729,164.00 ↑ 8 Discount on Bonds Payable 70,836.00 ↓ 9…You are employed to Peter Pan Ltd a company owned by Peter Pantry, a merchandiserinvolved in the business of selling baking utensils and equipment. On January 1st, 2018 you wereappointed to the position of Chief Financial Officer which made you responsible for themaintenance of the company’s accounting records, internal control and preparation of the financialstatements. The following trial balance was extracted from the books of Peter Pan Ltd, at June30, the end of the company’s fiscal year.Peter Pan LtdTrial Balance as at June 30, 2018 The following additional information is available at June 30, 2018:(i) Eight (8) months’ rent amounting to $280,000 was PAID IN ADVANCE on January1, 2018A/C Name DR $ CR $Cash 440,000 Accounts Receivable 530,000Allowance for Bad Debts 40,000 Merchandise Inventory 320,000Store Supplies 10,000 Prepaid Rent 280,000Furniture and Equipment 600,000Accumulated Depreciation -Furniture and Equipment 120,000 Accounts Payable 145,000Wages PayableNotes Payable,…
- Calvin Kleene is a manufacturer and distributor of fashion clothing to retail stores on credit terms. Its year-end was 31 March 2021. You are the senior auditor assigned to the year-end audit that is due to commence shortly. It was brought to your attention that Calvin Kleene receives monthly statements from its suppliers and although these have been retained, none have been reconciled to the payables ledger as at 31 March 2021. Calvin Kleene uses an accounting software to process and prepare it financial accounting statements. The audit engagement partner has asked you to recommend the procedures to be performed on supplier statements despite routine internal audits. Required: Describe FOUR (4) substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to supplier statement reconciliation. Explain THREE (3) factors the external auditor will need to take into consideration when determining whether the work of the internal…You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s AccountBalances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00…You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s AccountBalances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00…