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ACCT 251 SIM3: PREPARING YOU
Instructions for Completion of Assignment:
Working together with others in the class is encouraged, t
Instructions for Completion of Assignment:
Play 10 more days (for a total of 20 days played) in the prepare a Trial Balance, Multi-Step Income Statement, Use the Accounting Reports (particularly the General Le
to complete the three financial statements.
Detailed Instructions
You may also choose to delete or hide the Sim2 Inst
4. Now working in the new Sim3 file, ensure all label an
Trial Balance:
Row 26- cells D, E and F:
Income Statement:
Row 10 - cell H & I
Row 18 - cell H & I
Row 21 - cell H & I
Row 23 - cell H & I
Statement of Stockholders Equity:
Row 14 - cells K, L, M & N
Endin
Balance Sheet:
Row 16- cells P and Q:
Row 11- cells R and S:
Row 15 - cells R and S:
Row 16 - cells R and S:
5. Copy the Prof IT Co worksheet (second tab) to creat
6. Name the tab of the new (copied) worksheet with you
7. Now working in the new third tab named for your com
9. Using the data from the Accounting Reports in YOUR
The accounting period will be "For the 20 Days ende
1. Create a duplicate copy of your Sim2 Excel Financial
2. Open the newly created
"Your Name
Sim3.xlsx" file.
3. Copy this worksheet titled "Sim3 Instructions" from th
8. Delete out all of the amounts in Columns E and F, E
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Home > Math 173-4 Spring 2024> Assessment
Quiz 2 (Sec. 1.5-1.7)
54 points possible 5/12 answered
Question 6
The graph of the function
y = f(x - 39)
can be obtained from the graph of
y = f(x)
by one of the following actions:
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Oshifting the graph of f(x) to the right 39 units
shifting the graph of f(x) to the left 39 units
shifting the graph of f(x) upwards 39 units
shifting the graph of f(x) downwards 39 units
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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
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a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the
portion of credit sales to sales id relatively constant, the…
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
( Previou:
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Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
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O Exercise 13-01
Problem 13-01A a-c
(Part Level Submission)
Problem 13-05A
Z Your answer is partially correct. Try again.
Fouts Corporation purchased 2,000 shares of its $10 par value common stock for $130,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation
sold 1,200 shares of treasury stock for cash at $72 per share.
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Review Score
Review Results by Study
Objective
Date
Account Titles and Explanation
Debit
Crea
Aug. 1 Treasury Stock…
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You are an auditor and you have been asked to review the December 31, 2024, balance sheet for Locust Point Incorporated. After
four days of hard work, you have completed the review and you meet with your supervisor to discuss the following 3 items:
Determine the appropriate classification of each of these items.
Note: If no entry is required for classification, choose "No entry".
1. Investment
2. Installment note
3. Deferred revenue
→
Items
3
E
с
1. An investment of $34,000 is included in current assets. Management has indicated it has no intention of liquidating the investment
in 2025.
2. A $140,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual
installments with the first installment due on March 31, 2025.
3. Deferred revenue of $72,000 is…
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QUESTION 6
Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced,
and its product sells for $3.00 per unit. What is the company's break-even point, i.e., at what unit sales
volume would income equal costs?
O 211,000 units
O 296,000 units
O 200,000 units
250,000 units
QUESTION 7
Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096
capacity. In millions, how large could sales have been if the company had operated at full capacity?
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Brief Exercise 10-02
Chapter 10 Homework
Brief Exercise 10-01
Brief Exercise 10-02
Brief Exercise 10-3 a1-
a2
Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y
(a) Prepare the journal entry to record the proceeds of the note.
Brief Exercise 10-04
Brief Exercise 10-05
Brief Exercise 10-06
(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting
at the end of the year.
Brief Exercise 10-07
Brief Exercise 10-08
Brief Exercise 10-09
(Credit account titles are automatically indented when amount is entered. Do n
Brief Exercise 10-10 a-c
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1. Use the accounting equation to compute the missing financial statement amounts.
2. Use the expanded accounting equation to compute the missing financial statement amounts.
2
Complete this question by entering your answers in the tabs below.
$
Use the expanded accounting equation to compute the missing financial statement amounts.
Common
Stock
Assets
44,000 =
83,800 =
Liabilities
Question 2- Requi X O Mail-Alsadoon, H X
$
$
17,000
33,000
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22,000
46,000
14,000
26,000
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9,000
19,000
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
820
910
Inventory
2,100
2,500
Accounts payable
1,900
2,500
a. Compute the quick ratio on December 31 for each year. Round to one decimal place.
20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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1. EX.07.02.ALGO
Income Statements under Absorption Costing and Variable Costing
Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during
2. TMM.07,01
the first month. The following data summarize the results for July:
3. EX.07.12.ALGO
Sales (18,500 units)
$2,405,000
Production costs (24,000 units):
4. EX.07.05.ALGO
Direct materials
$1,154,400
5. TMM.07.05
Direct labor
554,400
Variable factory overhead
276,000
Fixed factory overhead
184,800
2,169,600
Selling and administrative expenses:
Variable selling and administrative expenses
$336,300
Fixed selling and administrative expenses
130,200
466,500…
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Chapter Summary Assignment #3 (Ch 5 & 6) D2L quiz questions will be asked in
class based on your completion of this preparation guide. Example in class question: What is
the debit account in Question 2? You will not have time to complete this guide in class! You
are required to handwrite your answers to this assignment.
My answers
Part 1: Prepare Bluth Co.'s journal entries for each of the following transactions. Assume that
a perpetual inventory method is used.
Recording Purchases of Merchandise
1. Bluth Co. purchases $75,000 of inventory on account, terms 2/10 net
30 from Sitwell Enterprise.
2. Bluth Co. returns $5,000 of inventory to Sitwell Enterprise from the
initial purchase.
3
3. Bluth Co. pays the balance owed to Sitwell Enterprise, taking the
discount.
Recording Sales of Merchandise (new scenario)
4. Bluth Co. sells merchandise on account for $29,000 (terms 3/10 net
30) to Franklin Inc. The merchandise had cost Bluth Co. $15,500.
Show Transcribed…
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Zachary Services Company has 61 employees, 36 of whom are assigned to Division A and 25 to Division B. Zachary incurred $364,170
of fringe benefits cost during year 2.
20
points
Required
Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.
O Answer is complete but not entirely correct.
Allocated
Cost
Division
A
s 160,420 O
B
$ 172,760
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8)
Instructions
In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference.
Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
Feedback
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The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
The…
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The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual
inventory system.
July
Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30.
1
3
Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid
freight of $75 was added to the invoice.
5.
Purchased merchandise from Schnee Co., $8.000, terms FOB destination, 2/10, n/30.
6.
Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from
purchase on July 5.
13
Paid Saxon Co. for invoice of July 3.
14
Paid Schnee Co. for invoice of July 5, less debit memo of July 6.
19
Purchased merchandise from Southmont Co., $18.900, terms FOB shipping point, n/eom.
19
Paid freight of $140 on July 19…
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Unit VI Assignment Instructions: This assignment involves answering a series of questions, and each question provides you with an opportunity to accomplish the following course learning outcome: 8. Critique interview techniques. Be sure to answer each question, save all of your work in this template, and submit it in Blackboard for grading. 1. After answering the last question, Jason said thank you and the interview was over. Briefly describe one or more techniques that Jason could have used to improve the conclusion of his interview. Your response should be at least 75 words. 2. Danielle was interviewing for a position, and the interviewer asked for her salary requirements. As Danielle was not expecting to hear that question, she mumbled for a minute before eventually saying $40,000.00, which is low for someone with her experience. Briefly describe one or more techniques…
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Comprehensive Problem 1Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Account Name
Post. Ref.
Debit
Credit
fill in the blank 2
fill in the blank 4
b. Supplies…
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Professional Fees Earned Budget for a Service Company
Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been
estimated for the month ending January 31, 20Y7:
Billable Hours
Audit Department:
Staff
27,900
Partners
4,200
Tax Department:
Staff
20,400
Partners
2,600
Small Business Accounting Department:
>
Staff
3,300
Partners
500
The average billing rate for staff is $115 per hour, and the average billing rate for partners is $235 per hour.
Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the month ending January 31, 20Y7.
ROLLINS AND COHEN, CPAS
Professional Fees…
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Exercise 9-04 a-f (Part Level Submission)
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At the beginning of the current period, Vaughn had balances in Accounts Receivable of $273,000 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of
$870,000 and collections of $826,500. It wrote off as uncollectible accounts receivable of $6,700. However, a $3,000 account previously written off as uncollectible was recovered before the end of
the current period. Uncollectible accounts are estimated to total $25,200 at the end of the period. (Omit cost of goods sold entries.)
(a - d)
(a) Prepare the entries to record sales and collections during the period.
(b) Prepare the entry to record the…
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(Part1-3 posted just before)
Comprehensive Problem 1Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Date
Account Name
Post. Ref.
Debit
Credit
May 31
b.…
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Instructions
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 25,000 shares of preferred 2% stock
$100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
July
Issued 220,000 shares of common stock at par for cash.
1.
Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing the
1.
corporation.
Issued 68,700 shares of common stock in exchange for land, buildings, and equipment with fair
Aug.
7.
market prices of $153,800, $458,110 and $164,400 respectively.
Issued 18,200 shares of preferred stock at $115 for cash.
Sept.
20.
Journalize the transactions. Refer to the Chart of Accounts for…
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[The following information applies to the questions displayed below.]
Determine the amount of the late filing and late payment penalties that apply for the following taxpayers.
As
b. Oscar filed his tax return and paid his $4,400 tax liability seven months late.
Saved
Answer is complete but not entirely correct.
Late filing and late payment penalties $ 1,100 x
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A compound journal entry involves
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The information for preparing a trial balance on a worksheet is obtained from
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business documents.
general ledger accounts.
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Goremann Corp (GC) has a total market value of $524 million. The market value of equity is $300 million and the company carries debt valued at $224 million. The before-tax cost of debt is 9
percent and the cost of equity is estimated at 14 percent. The statutory company tax rate is 35 percent. What is the weighted-average cost of capital for the company closest to?
O A. 9.34%.
O B. 10.52%.
3 points
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O C. 11.63%.
O D. 12.05%.
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