Entradas de cierre y preparación de estados de resultado Instrucciones: Luego de haber leído y comprendido los recursos de aprendizaje de este módulo, trabaja los siguientes ejercicios utilizando de referencia el capítulo 6 del libro de texto Accounting, 2 Parte 1. La compañía Muebles de la Montaña tiene en su "ledger" las siguientes transacciones. Realiza un "Multiple- stęp Income Statement". %3D ACCOUNT BALANCE ACCOUNT BALANCE Cash 65,000 Sales 1,650,000 Accumulated Depreciation- Truck 5,000 Account Receivable 50,000 Building 550,000 Note Payable 45,000 Truck 35,000 Joe Doe, Capital 500,000 Cost of Merchandise Sold 650,000 Joe Doe, Drawings 20,000 Advertising Expense 2,000 Administrative Expense 2.300 Utilities Expense 1,200 Telephone Expense 6.000 Supplies 3.500 Salaries Expense 9,000 Salaries Payable 1,000 Equipment 6,000 Parte 2 Prepara un "Income Statement single step ACCOUNT BALANCE Sales 5.110,560 Interest Expense 1.550 Administrative Expense 10,500 Cost of merchandise sold 3,550,000 Cha here to search hp DI

Entradas de cierre y preparación de estados de resultado Instrucciones: Luego de haber leído y comprendido los recursos de aprendizaje de este módulo, trabaja los siguientes ejercicios utilizando de referencia el capítulo 6 del libro de texto Accounting, 2 Parte 1. La compañía Muebles de la Montaña tiene en su "ledger" las siguientes transacciones. Realiza un "Multiple- stęp Income Statement". %3D ACCOUNT BALANCE ACCOUNT BALANCE Cash 65,000 Sales 1,650,000 Accumulated Depreciation- Truck 5,000 Account Receivable 50,000 Building 550,000 Note Payable 45,000 Truck 35,000 Joe Doe, Capital 500,000 Cost of Merchandise Sold 650,000 Joe Doe, Drawings 20,000 Advertising Expense 2,000 Administrative Expense 2.300 Utilities Expense 1,200 Telephone Expense 6.000 Supplies 3.500 Salaries Expense 9,000 Salaries Payable 1,000 Equipment 6,000 Parte 2 Prepara un "Income Statement single step ACCOUNT BALANCE Sales 5.110,560 Interest Expense 1.550 Administrative Expense 10,500 Cost of merchandise sold 3,550,000 Cha here to search hp DI

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 3MC: Revenues and expenses must be recorded in the accounting period in which they were earned or...

See similar textbooks

Similar questions

describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysis
The term “deferral” as used in accounting means a. to split the earned and unearned portions of an advanced collection. b. to split the expired and unexpired portions of a prepayment. c. to record the collection of income or the payment of expense. d. a and b
Generally accepted accounting principles (GA P) has been developed to: Select one: A. interprets and enforces the tax laws that specify the rules for determining taxable income B. issues accounting standards for state and local governments C. provide guidelines for financial accounting D. to set and enforce accounting practices for companies.
Which of the following is true about the revenue journal? Please explain with full explanation a. Cash revenues and revenues on account are recorded in the revenue journal. b. Only cash revenues are recorded in the revenue journal. c. Only revenues on account are recorded in the revenue journal. d. Unearned revenues are also recorded in the revenue journal.
Which of the following explains the debit and credit rulesrelating to the recording of revenue and expenses?a. Expenses appear on the left side of the balance sheet andare recorded by debits; revenue appears on the right sideof the balance sheet and is recorded by credits. b. Expenses appear on the left side of the income state-ment and are recorded by debits; revenue appears on the right side of the income statement and is recorded bycredits.c. The effects of revenue and expenses on owners’ equity.d. The realization principle and the matching principle.
Garcia Company recognized revenue on account. The recognition will affect which of the following financial statements?
Which of the following should be treated as a change in accountingpolicy? A. A change is made in the method of calculating the provision for uncollectible accounts receivable B. A change from cost model to fair value model in measuring investment property C. An entity engaging in construction contract for the first time needs on accounting policy to deal with this D. All of the choices qualify as a change in accounting policy
Revenue is recognized based on a five-step process that is applied to a company's revenue arrangements. Instructions a. Briefly describe the five-step process. b. Explain the importance of contracts when analyzing revenue arrangements. c. How are fair value measurement concepts applied in implementation of the five-step process? d. How does the five-step process reflect application of the definitions of assets and liabilities?
Which of the given series have the same normal balances in the Accounting Equitation? Select one: a. Assets & Expenses b. Assets & Liabilities c. Revenue & Owner's Drawings d. Liabilities & Expenses
Case Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…
Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
Under the accrual basis of accounting, cash receipts and disbursements may _____ the period in which revenues and expenses are recognized. *A. precedeB. coincide withC. followD. A or BE. A or B or C