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Winter Accounting Discussion Help
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2. Select three services: one high in search attributes, one high in experience attributes, and one...Select three services: one high in search attributes, one high in experience attributes, and one high in credence attributes. Specify what product characteristics make them easy or difficult for consumers to evaluate, and suggest specifi c strategies that marketers can adopt in each case to facilitate evaluation and reduce perceived risk.
3. Which of the following items is not included in the adjustment of net income to cash flows from...
Which of the following items is not included in the adjustment of net income to cash flows from operating activities?
1. Increase in deferred taxes
2. Amortization of goodwill
3. Depreciation expense for the period
4. Amortization of premium on bonds payable
5. Proceeds from selling land
4. Prepare the debit-credit analysis for each transaction as illustrated on pages 64–69.
Presented below is information related to Hanshew Real Estate Agency. Oct. 1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $1,900, on account.
6 Sells a house and lot for B. Kidman; bills B. Kidman $3,200 for realty services provided.
27 Pays $700 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,500 in salary for October.
Instructions
Prepare the debit-credit analysis for each transaction as illustrated on pages 64–69.
5. Complete the required federal individual income tax return forms for Magdalena Schmitz for the...
Complete the required federal individual income tax return forms for Magdalena Schmitz for the 2015 tax year. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.
Tax information provided by client:
Magdalena Schmitz has undergone some major changes in her life recently. In 2014, at the age of 46, her husband, Roger, passed away. Magdalena has not remarried as of the end of 2015. Magdalena currently lives in Bedford, Pennsylvania. She was living in Pittsburgh when her husband passed away but she moved back to her childhood home so she could get help from her family raising her children. Magdalena was employed in Pittsburgh early in the year but left that job and relocated 100 miles away to pursue a life and start her new job.
6. Gramado Company was created as a wholly owned subsidiary of Porto Alegre Corporation on January...
Gramado Company was created as a wholly owned subsidiary of Porto Alegre Corporation on January 1, Year 1. On that date, Porto Alegre invested $42,000 in Gramado’s capital stock. Given the exchange on that date of $0.84 per cruzeiro, the initial investment of $42,000 was converted into 50,000 cruzeiros (Cz). Other than the capital investment on January 1, there were no transactions involving stockholders’ equity in Year 1. Gramado’s cruzeiro-denominated financial statements for Year 2 are as follows:
The cruzeiro is the primary currency that Gramado uses in its day-to-day operations. The cruzeiro has steadily fallen in value against the dollar since Porto Alegre made the investment in Gramado on January 1, Year 1. Relevant exchange rates for the cruzeiro for Years 1 and 2 are as follows:
Required:
a. Translate Gramado Company’s Year 2 financial statements into dollars.
b. Compute the translation adjustment for Year 1 and for Year 2 and reconcile these amounts to the cumulative translation adjustment reported on the translated balance sheet at December 31, Year 2.
7. Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the ...
Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,600. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period. Rent of $2,100 expired during the month. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Required: Complete the worksheet for the month. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month. Journalize and post the adjusting entries. Analyze: If the adjusting entries had not been made for the month, would net income be overstated .
With this I need
req 1
Req 2 Inc Stmt
Req 2 stmt of OE
Req 2 Bal Sheet
Req 3 Gem Journal
Req 3 Ledgers
Analyze net income
( what do you mean? like the table?) Imnot usre how to upload pictures on to this.)
But... it goes like this- (It is the whole work table with trial Balance, Adjustments, Adjusted Trail Balance, Income Statemnet, Balance sheet)
8. Unit Code and Title FNSACC311 Process financial transactions and extract interim reports Student...
Unit Code and Title FNSACC311 Process financial transactions and extract interim reports
Student Details
Student Name Student ID
Instructions to Students: Please read the following instructions carefully.
? The purpose of this assessment is to assess your knowledge and skills.
? This assessment is to be completed according to the instructions given by your assessor.
? To be deemed satisfactory in this assessment, you must write the answers to all written questions correctly or meet all the performance criteria for activity based assessments by the due date.
? Submission after the due date will result in a penalty fee.
? Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmission in showing your competence with this unit.
? If you feel the decision made by your assessor was incorrect please refer to your Student Handbook for information on assessment appeal for the required steps to appeal the decision.
? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
? Please refer to the College re-submission and re-sit policy for more information.
? If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
? Please read the tasks carefully then complete all tasks.
? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.
? Remember, that it must be your own work and if you use other sources then you must reference these appropriately.
? Submitted document should follow the given criteria. Font should be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document should be printed double sided.
? This is individual Assessment. Once you have completed the assessment, please provide the hard copy of the Assessments to your Trainer/ Assessor.
? Plagiarism is copying someone else’s work and submitting it as your own. Any plagiarism will result in NYC.
For Assessor Use Only
Assessor’s Name
Assessment Decision: To be accessed as satisfactory in this assessment task, the student must address ALL assessment items/questions satisfactorily.
All individual assessment tasks of this unit must be completed satisfactorily for a student to achieve an overall grade of competent for this unit.
The Student’s Performance is SATISFACTORY
NOT SATISFACTORY
Student Declaration: I declare that I have read and agreed to the instructions mentioned above and declare that the work submitted is my own and has not been copied or plagiarized from any person or source. I have been assessed in this unit and advised of my result. I am aware of my appeal rights.
Signature:
Date: / /
Assessor Declaration: I declare that I have conducted a fair, valid and flexible assessment with this student and I provided appropriate feedback.
Signature:
Date: / /
ASSESSMENT 3 - STUDENT INFORMATION
For this task, students are to batch the sales records in Appendix 1. Students are to follow banking procedure for cash & cheque purchases as required for Unique Office Supplies Inc. Students must:
• Batch the cash and cheques in Appendix 1 - 3
• Ensure accuracy at all times
• Match the batch items to initial receipts records as listed in Appendix 1 - 3
• Batching must be done using spreadsheets or appropriate accounting software.
Once batching has been done as appropriate, students should prepare the banking slip found in Appendix 3 as required and follow safe banking procedures.
• This should be filled in on a daily basis or as set by the manger (Multiple copies of the bank slip should be printed for this purpose)
• Again, students must ensure careful data entry to ensure accuracy.
• Proof of lodgement should be sought and filed as set by the manager (This proof of lodgement should be obtained by the instructor as appropriate)
• Balance batches with UOS Bank Statement found in Appendix 2.
• Students should ensure security measures taken including but not limited to:
- Banking on day received
- Posting batches on day of receipt
Assessment Summary
• Your assessor will observe you undertaking the above task
• Submit the completed batch spreadsheets and bank slip
ASSESSMENT 3 – STUDENT SELF ASSESMENT CHECKLIST
This checklist is similar to the one being used by your assessor during this assessment. This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.
Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed. Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced.
You may refer to this checklist at any stage PRIOR to the commencement of your assessment. You may not refer to this checklist whilst you are being assessed.
Student Assessment Criteria I feel I can demonstrate this
Communication | Are you able to:
o Communicate clearly with others
o Clarity the task requirements
o Ask for help when needed
o Follow instructions
o Give and receive feedback as appropriate
o Answer questions and clarify concerns that arise
o Explain rational on decisions effectively ? Yes ? No
Safety | Are you able to:
o Work safely at all times ? Yes ? No
o Ensure your actions do not put the safety of yourself or others at risk ? Yes ? No
Task requirements | Are you able to:
Follow banking procedure for cash & cheque purchases ? Yes ? No
Correctly batch the cheque and cash items in provided to you ? Yes ? No
Match the batch items to initial receipts records ? Yes ? No
Use spreadsheet software or appropriate accounting software to perform batching ? Yes ? No
Correctly prepare each banking slip ? Yes ? No
Correctly entered all data ? Yes ? No
Seek proof of lodgement as required ? Yes ? No
Ensure batches balance with bank statement ? Yes ? No
Utilise deposit facilities ? Yes ? No
Perform all batching and balancing without error ? Yes ? No
Accurately analyse and interpret data ? Yes ? No
Complete task on time ? Yes ? No
9. Which of the following accounts would not appear on a conventional balance sheet?
A. Which of the following accounts would not appear on a conventional balance sheet?
1. Accounts Receivable
2. Accounts Payable
3. Patents
4. Gain from Sale of Land
5. Common Stock
B. Current assets typically include all but which of the following assets?
1. Cash restricted for the retirement of bonds
2. Unrestricted cash
3. Marketable securities
4. Receivables
5. Inventories
10. Problem 8-4A Prepare a bank reconciliation and record adjustments LO P3 [The following informatio...
Problem 8-4A Prepare a bank reconciliation and record adjustments LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2013. a. On July 31, the company’s Cash account has a $25,754 debit balance, but its July bank statement shows a $28,625 cash balance. b. Check No. 3031 for $1,740 and Check No. 3040 for $862 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $646 and Check No. 3069 for $2,508, both written in July, are not among the canceled checks on the July 31 statement. c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. A credit memorandum enclosed with the July bank statement indicates the bank collected $8,500 cash on a non-interest-bearing note for Branch, deducted a $43 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement. e. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. Enclosed with the July statement is a $13 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received. g. Branch’s July 31 daily cash receipts of $9,652 were placed in the bank’s night depository on that date, but do not appear on the July 31 bank statement. References Section BreakProblem 8-4A Prepare a bank reconciliation and record adjustments LO P3 5.value: 1.11 pointsRequired information Problem 8-4A Part 1 Required: 1. Prepare the bank reconciliation for this company as of July 31, 2013. rev: 01_02_2014_QC_43145 ReferenceseBook & Resources WorksheetDifficulty: Medium Problem 8-4A Part 1Learning Objective: 08-P3 Prepare a bank reconciliation. Check my work 6.value: 1.11 pointsRequired information Problem 8-4A Part 2 2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) rev: 03_28_2013_QC_28572, 04_18_2013_QC_29132, 04_22_2013_QC_29132 ReferenceseBook & Resources WorksheetDifficulty: Medium Problem 8-4A Part 2Learning Objective: 08-P3 Prepare a bank reconciliation.
11. Olongapo Sports Corporation is the distributor in the Philippine
Olongapo Sports Corporation is the distributor in the Philippines of two premium golf balls—the Flight Dynamic and the Sure Shot. Monthly sales, expressed in pesos (P), and the contribution margin ratios for the two products follow:
Fixed expenses total P183,750 per month.
Required:
1. Prepare a contribution format income statement for the company as a whole. Carry computations to one decimal place.
2. Compute the break-even point for the company based on the current sales mix.
3. If sales increase by P100,000 a month, by how much would you expect net operating income to increase? What are yourassumptions?
12. Discuss the motivation for excluding “nonproductive” assets from invested capital when computing...
Discuss the motivation for excluding “nonproductive” assets from invested capital when computing return. What circumstances justify excluding intangible assets from invested capital?
13. King Company produces a single product. During March, the company had net operating income under...
King Company produces a single product. During March, the company had net operating income under absorption costing that was $3,500 lower than under variable costing. The company sold 7,000 units in March, and its variable costs were $7 per unit, of which $3 was variable selling expense. If fixed manufacturing overhead was $2 per unit under absorption costing, then how many units did the company produce during March?
A) 5,250 units
B) 8,750 units
C) 6,500 units
D) 6,125 units
14. Francisco Company uses the columnar cash journals illustrated in the textbook. In April, the...
Francisco Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred.
Indicate the journal, and the columns in the journal that should be used in recording each transaction. (Enter answers in alphabetical order.)
15. total number of units
The Geurtz Company uses standard costing. The company makes and sells a single product called a Roff. The following data are for the month of August:
' Actual cost of direct material purchased and used: $88,400
' Material price variance: $3,400 unfavorable
' Total materials variance: $23,900 unfavorable
' Standard cost per pound of material: $5
' Standard cost per direct labor-hour: $5
' Actual direct labor-hours: 8,100 hours
' Labor efficiency variance: $2,500 favorable
' Standard number of direct labor-hours per unit of Roff: 2 hours
' Total labor variance: $1,550 unfavorable
The total number of units of Roff produced during August was:
1 .3,800
2. 4,300
3. 4,100
4. 4,050
16. A bondholder that owns a $1,000, 10%, 10 year bond has: Ownership rights. The right to receive ...
A bondholder that owns a $1,000, 10%, 10 year bond has: Ownership rights. The right to receive $10 per year until maturity. The right to receive $1,000 at maturity. The right to receives $10,000 at maturity. When a bond sells at an amount higher than the par value: It has sold at a discount Similar bonds are offering a higher interest rate The contract rate is below the market rate. It has sold at a premium Adidas issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. Adidas received $206, 948 in cash proceeds. Which of the following statements is true. Adidas must pay $200,000 at maturity and no interest payments. Adidas must pay $206, 048 at maturity and no interest payments. Adidas must pay $200,000 at maturity plus 20 interest payments of$8,000 each. Adidas must pay $200,000 at maturity plus 20 interest payments of $7, 500 each. The purchase of long-term assets by issuing a note payable for the entire amount is report on the statement of cash flows in the: Operating activities. Financing activities. investing activities. Schedule of noncash financing and investing activities. Par value of a stock refers to the: Issue price of the stock. Value assigned to a share of stock by the corporation. Market value of the stock on the date of the financial statements. Maximum selling price of the stock. Owners of preferred stock often do not have: Ownership rights to assets of the corporation. Voting rights. Preference to dividends. Preference to assets at liquidation. An advantage of bond financing is: Bonds do not affect owners' control. Interest on bonds is tax deductible. Bonds can increase return on equity. All of these
