ACCT 698: Doctoral Practicum in Teaching_Winter 2024

Published: 11 months ago

ACCT 698: Doctoral Practicum in Teaching_Winter 2024

1. Problem 9-4 Flamboyant Company Problem 3-4 (ACP) Flamboyant Company prepared the following ban recon

Problem 9-4 Flamboyant Company

Problem 3-4 (ACP) Flamboyant Company prepared the following ban reconciliation on October 31: 990,000 5,000 45,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by bank against entity's account 10,000 60,000 930,000 125,000 45,000 Balance Add: Checks outstanding Unrecorded collections Bank statement balance 170,000 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits Bank debits 1,100,000 500,000 1,000,000 Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month. Required: a. Prepare bank reconciliation statement on November 30 showing adjusted balances. b. Prepare one adjusting entry only on November 30, 88

2. Journalize the April transactions using a perpetual inventory system.

Adam Nichols, a former disc golf star, operates Adam"s Discorama. At the beginning of the current season on April 1, the ledger of Adam"s Discorama showed Cash $1,800, Inventory $2,500, and Owner"s Capital $4,300. The following transactions were completed during April.

The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner"s Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.

Instructions

(a) Journalize the April transactions using a perpetual inventory system.

(b) Enter the beginning balances in the ledger accounts and post the April transactions.

(c) Prepare a trial balance on April 30, 2014.

3. The December 31, 2011, adjusted trial balance of Business Solutions (reflecting its transactions...

The December 31, 2011, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2011) follows. Required

1. Record and post the necessary closing entries for Business Solutions.

2. Prepare a post-closing trial alance as of December 31, 2011.

4. Julia Dumars is a licensed CPA. During the first month of operations of her business, Julia Dumar...

Julia Dumars is a licensed CPA. During the first month of operations of her business, Julia Dumars, Inc., the following events and transactions occurred May 1 Stockholders invested $20,800 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,900 per month. Purchased $2,610 of supplies on account from Vincent Supply Company. Paid office rent of $770 cash for the month. Completed a tax assignment and billed client $3,400 for services performed. 11 Received $3,930 advance on a management consulting engagement. Received cash of $1,340 for services performed for Orville Co. Paid secretary-receptionist $2,900 salary for the month. 31 Paid 41% of balance due Vincent Supply Company. 31 Julia uses the following chart of accounts: No. 101 cash, No. 112 Accounts Receivable, No. 126 Supplies No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. PLEASE CORRECT THE RED Journalize the transactions. (Round answers to O decimal places, e.g. 5.275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

5. PR 7-5A Bank reconciliation and entries Beeler Furniture Company deposits all cash receipts each...

PR 7-5A Bank reconciliation and entries

Beeler Furniture Company deposits all cash receipts each Wednesday  and  Friday  in  a night  depository,  after  banking  hours.  The  data  required  to  reconcile  the  bank   statement

as of June 30 have been taken from various documents and records and are  reproduced

as follows. The sources of the data are printed in capital letters. All checks were written for  payments  on account.

CASH ACCOUNT:

Date and amount of each deposit in June:

CHECKS WRITTEN:

Number and amount of each check issued in June:

Total amount of checks issued in  June                                                                                                                               $8,395.66

BANK RECONCILIATION FOR PRECEDING  MONTH:

Beeler Furniture Company Bank Reconciliation

May 31, 2016

Instructions

1.    Prepare a bank reconciliation as of June 30. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.

2.    Journalize the necessary entries. The accounts have not been closed.

3.    What is the amount of Cash that should appear on the balance sheet as of June 30?

4.    Assume that a canceled check for $390 has been incorrectly recorded by the bank as $930. Briefly explain how the error would be included in a bank reconcilia- tion and how it should be corrected.

6. Rhonda Brennen found her first job after graduating from college through the classifieds of the...

Rhonda Brennen found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $18.50 per hour. She completed her w-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours. Calculate her take home pay for her first check.

7. Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.

Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. 138 Chapter 3 The Accounting Information System PROBLEMS P3-1 402,4,5) (Transactions, Financial Statements-Service Company) Listed below are the transactions of Yasunari Kawa- bata, D.DS, for the month of September Sept. Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. 4 Pays rent for office space, $680 for the month. 4 Employs a receptionist, Michael Bradley 5 Purchases dental supplies for cash, $942 8 Receives cash of S1,690 from patients for services performed. 10 Pays miscellaneous office expenses, $430. 14 Bills patients $5820 for services performed. 18 Pays Green Jacket Co. on account, $3,600. 19 Withdraws $3,000 cash from the business for personal use 20 Receives 9980 from patients on account 25 Bills patients $2,110 for services performed 30 Pays the following expenses in cash salaries and wages $1,80; miscellaneous office expenses $85 30 Dental supplies used during September, s33x0 1 Instructions (a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Pay able, Owner's Capital, Service Revenue. Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account. (b) Prepare a trial balance (c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet. (d) Close the ledger. (e) Prepare a post-closing trial balance

8. The following selected transactions were completed by Amsterdam Supply Co., which sells office...

PR 5-2A Sales-related transactions

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

9. Managerial Accounting, Canadian Edition

Obama Company sells its product for $25 per unit. During 2012, it produced 20,000 units and sold 15,000 units (there was no beginning inventory). Costs per unit are: direct materials $5, direct labour $4, and variable overhead $3. Fixed costs are: $300,000 manufacturing overhead, and $50,000 selling and administrative expenses. The per unit manufacturing cost under variable costing is

10. 48.Which financial statement is prepared as of a specific date? A. The balance sheet...

48.Which financial statement is prepared as of a specific date? 

 

 

A. The balance sheet

B. The income statement

C. The statement of cash flows

D. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date.

49.In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to: 

 

 

A. Be used by decision makers outside of the business organization.

B. Focus upon the operation results of the most recently completed accounting period.

C. View the entire organization as the reporting entity.

D. Be tailored to the specific needs of an individual decision maker.

50.Which of the following decision makers is least likely to be among the users of management accounting reports developed by Sears Roebuck and Co.? 

 

 

A. The chief executive officer of Sears.

B. The manager of the Automotive Department in a Sears' store.

C. The manager of a mutual fund considering investing in Sears' common stock.

D. Internal auditors within the Sears organization.

51.Which financial statement is primarily concerned with reporting the financial position of a business at a particular time? 

 

 

A. The balance sheet.

B. The income statement.

C. The statement of cash flows.

D. All three statements are concerned with the financial position of a business at a particular time.

52.Financial statements are prepared: 

 

 

A. Only for publicly owned business organizations.

B. For corporations, but not for sole proprietorships or partnerships.

C. Primarily for the benefit of persons outside of the business organization.

D. In either monetary or nonmonetary terms, depending upon the need of the decision maker.

53.Financial statements may be prepared for which time period? 

 

 

A. One year.

B. Less than one year.

C. More than one year.

D. Any time period.

54.Which of the following is generally not considered an external user of accounting information? 

 

 

A. Stockholders of a corporation.

B. Bank lending officers.

C. Financial analysts.

D. Factory managers.

55.Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of: 

 

 

A. Investors and creditors.

B. Government agencies such as the Internal Revenue Service.

C. Customers.

D. Trade associations and labor unions.

56.Investors may be described as: 

 

 

A. Individuals and enterprises that have provided credit to a reporting entity.

B. Individuals and enterprises that own a reporting entity business.

C. Anyone that has an interest in the results of the operations of the reporting entity.

D. Those whose primary economic activity consists of buying and selling stocks and bonds.

57.Of the following objectives of financial reporting, which is the most specific? 

 

 

A. Provide information useful in assessing amount, timing, and uncertainty of future cash flows.

B. Provide information useful in making investment and credit decisions.

C. Provide information about economic resources, claims to resources, and changes in resources and claims.

D. Provide information useful to help the enterprise achieve its goals, objectives, and mission.