TASK 1: CREATE A BUSINESS (STARTS IN JANUARY 2020) Must be a trading business Describe your business: Product – Choose only 1 product (What and why) Name of business and location (Where and why) List of managers List of assets (at least 2; state the cost and depreciation policy) TASK 2: TRANSACTIONS FOR DECEMBER 2020 Create business transactions and include the following: • 2 cash purchase transactions (1 with trade discounts) • 2 credit purchase transactions 2 cash sale transactions (1 with trade discounts)
Q: Using SFP
A: The balance sheet is known as the statement of the financial position of the business.
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly…
A: Since we answer up to three sub-parts we shall answer the first three. Please resubmit a new…
Q: Question No 2 Assume that you are going to start a Business after graduation. Describe 10…
A: As per Bartleby policy if there are multiple sub parts given then we are allowed to do only first 3…
Q: Journalize the transactions of January 2020 using appropriate format. Mr. Rasool started a…
A: Journal entries of January 2020.
Q: PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT…
A: Requirement 1 a: Indicate the names of the owner above the Capital and Drawing accounts. Owners’…
Q: Requirement: Journalize the transactions using the ff. accounts: Cash; Accounts Receivable;…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: E3-18 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Net…
A: Answer - Net Profit Margin - = Net Profit ⁄ Total revenue x 100 Net profit is calculated by…
Q: E3-18 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Net…
A: A T-accounts is a log or list of accounts that keep track of account transfers.
Q: CommercialServices.com Corporation provides business-to-business services on the Internet. Data…
A: Return on investment = Net Operating Income/ Average Operating Assets
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: What are the effects of these transactions on the accounting equation?
A: The first question is answered for you. Please resubmit specifying the question number you want…
Q: Fundamentals in Accountancy, Business and Management 1 Journalizing Entries INSTRUCTION: Journalize…
A: Journals: Journal entries refer to the primary books of accounts in which used to record business…
Q: Instruction: You are given the Trial Balance of Quick Service Company. You are asked to review its…
A: The trial balance is the summary of a company’s all transactions of a specified period, it is…
Q: Palisade Creek Co Adjusted Trail Balance May 31st 2019 Particulars Cash Accounts Receivable…
A: A business's capital balance will alter throughout the course of a reporting period as shown by the…
Q: Assignment Details Using the data provided, perform the steps below to complete the final…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Colin Cameron Appliance-Myrtle Beach has just purchased a franchise from Colin Cameron Appliance…
A: As requested to answer only H part so we are answering only h part.
Q: Problem 2- Prepare a vertical analysis schedule Here is the operating data for Yalis Cleaning, Inc.:…
A: Introduction Vertical analysis is used to evaluate individual financial statement items, it shows…
Q: Activity 1: Journalize the following transactions and then post them to the General Ledger. Below…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: II. ou are asked to prepare the March 31, 2022 financial statements of Cardi Bee Dalisay Beauty…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Michael don ownd an eqiupment hire business under the name safety hure. Financial data for safety…
A: Financial statements help in assessment of the financial position of a business. Financial…
Q: Answer ALL questions. Question 1 EPL Enterprise sells computer accessories like keyboard, printer…
A:
Q: Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of…
A: The income statement is one of a company’s core financial statements that are prepared to find out…
Q: 1) know the difference between a service business and a manufacturing business. 2) What does…
A: I am answering the first 3 questions as per bartleby guidelines. Please re-submit the remaining…
Q: nprehensive Problem 1: rollowing is a comprehensive problem which encompasses all of the elements…
A: Journal Entry for the transaction on May 3 is given below
Q: ACTIVITY 1 ROBLEM SOLVING irections: Read and analyze the problem. Journalize and post the following…
A: Journal Entry The basic process of accounting work is to journalize the required transaction in…
Q: Tutorial 1 Jimmy established Fashion Appeal Trading, a small local own fashion brand in year 2020.…
A: Recording of journal entries is the first step in accounting process.
Q: Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tiles…
A: In the given question we provided the data of Nour ceramics that is a sole proprietorship business.…
Q: ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the…
A: 1) General Journal Entry Karen Carpenter Journal Entry Date Particulars Ref Debit ($) Credit…
Q: The following amounts summarize the financial position of Haas Consulting, Inc, on May 31, 2020.…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem Journalize and post the…
A: Journal Entry The first foremost important part of the accounting process is journalizing the…
Q: Mr. Qais started the business during the month of Jan 2020. The business named, Majestic Computers…
A: 1. Prepare the journal entries: Date Accounts title and explanation Debit (OMR) Credit (OMR)…
Q: Required E3-18 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the…
A: Net profit margin ratio=Net IncomeRevenues×100
Q: You have just been hired as a financial manager for BEE Inc. Management has provided you with the…
A: Please note that as per the guidelines, we are required to answer only the first three questions.…
Q: “Sharp Ltd supplies, installs and maintains burglar alarms systems for business clients. The…
A: The analysis for accounts receivable, inventory, and sales compared to the previous are as follows:…
Q: Prepare a trial balance at January 31, 2020. C) What is the amount of profit/loss for the month…
A: A ) Trial Balance at January 31 , 2020.
Q: QUESTION 4 Mr. Eddy is the sole proprietor of Eddyra Trading. The following information was obtained…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Required information E3-18 (Static) Analyzing the Effects of Transactions Using T-Accounts and…
A: calculation of net profit margin ratio are as follows
Q: Kay’s Delivery Service begun operation in 2020 and the owner of the company Karen Taylor has…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: your line manager wants to assess your understanding and ability to prepare and produce the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Subject: principle of accounting Question No 2 Assume that you are going to start a Business…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: Thank you for your help
A:
Q: please find the attachement and write the answers in details
A: Journal entries for the given transactions are as follows: Date Accounts title and explanation…
Q: E3-18 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Net…
A: In order to determine the net profit margin ratio, the net profit is required to be divided by the…
Q: 1. Prepare the general journal entry/ies that would have been processed on 1 January 2021
A: General Journal is the primary book of accounting where we record the…
Q: Record any 5 accounting transactions of your own choice for furniture business for the year 2019,…
A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…
Step by step
Solved in 2 steps
- Accounting Principles and Assumptions The following basic accounting principles and assumptions were discussed in the chapter: Economic entity Monetary unit Cost principle Going concern Time period Fill in each of the blanks with the accounting principle or assumption that is relevant to the situation described. ________________________________ 1. Genesis Corporation is now in its 30th year of business. The founder of the company is planning to retire at the end of the year and turn the business over to his daughter. ________________________________ 2. Nordic Company purchased a 20-acre parcel of property on which to build a new factory. The company recorded the property on the records at the amount of cash given to acquire it. ________________________________ 3. Jim Bailey enters into an agreement to operate a new law firm in partnership with a friend. Each partner will make an initial cash investment of $10,000. Jim opens a checking account in the name of the partnership and transfers $10,000 from his personal account into the new account. ________________________________ 4. Multinational Corp. has a division in Japan. Prior to preparing the financial statements for the company and all of its foreign divisions, Multinational translates the financial statements of its Japanese division from yen to U.S. dollars. ________________________________ 5. Camden Company has always prepared financial statements annually, with a year-end of June 30. Because the company is going to sell its stock to the public for the first time, quarterly financial reports will also be required by the SEC.Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions. 1. What art Hershey’s sales (in millions)?Codification Situation You are conducting an accounting research project for your boss. Your boss has asked you to determine the appropriate U.S. GAAP that specifies how your company should recognize revenues from the sales of products in a retail store. Your boss is confused because most customers pay cash, but some customers purchase on credit terms, and pay in cash 30 days later. Your manager also wants you to determine the GAAP guidance for how revenue should be recognized in income. Your manager has a lot of knowledge and experience in accounting and has heard about, but has never used, the FASB Accounting Standards Codification system. Directions Use the FASB Accounting Standards Codification system to conduct the research your manager has assigned to you. Use the Codification to determine how to recognize revenue from retail sales, including the right to return. Be prepared to show your manager the specific FASB ASC references that provide the appropriate guidance. Also prepare a brief memo explaining to your manager the different levels of the Codification and how to use the Codification system.
- Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions. What is the percentage of net income to sales for Hershey? Round to one decimal place.Return on assets Pfizer Inc. (PFE) discovers, produces, and distributes medicines, including Celebrex and Lipitor. Ford (F) Motor Co. develops, markets, and produces automobiles and trucks. Microsoft Corporation (MSFT) develops, produces. and distributes a variety of computer software and hardware products including Windows, Office, Excel, and the Xbox. The following data (in millions) were taken from recent financial statements 01 each company: Pfizer Ford Microsoft Compute the return on assets for each company using the preceding data, and rank the companies’ return on assets from highest to lowest. Round the return on assets to one decimal place.Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, cost of Goods sold, $31,000; Retained $20,000; Interest Expense, $3,200; Dividends, $5,000, Wages Expense $5,000, and Interest Payable, $2,100. Required: Prepare the closing entries for Aulani at December 31, 2019. How does the closing process affect Aulanis retained earnings?
- Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Prepare closing entries as of May 31, 2016.Comparing Two Companies in the Same Industry: Chipotle and Panera Bread Refer to the financial information for Chipotle and Panera Bread reproduced at the end of this book and answer the following questions: Required What is the dollar amount of inventories that each company reports on its balance sheet at the end of the most recent year? What percentage of total assets do inventories represent for each company? What does this tell you about the nature of their business? Refer to Note 1 in Chipotles annual report. What inventory valuation method does the company use? Refer to Note 2 in Panera Breads annual report. What inventory valuation method does the company use? How do both companies deal with situations in which the market value of inventory is less than its cost? Given the nature of their businesses, which inventory system, periodic or perpetual, would you expect both Chipotle and Panera Bread to use? Explain your answer.PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition