Trial Balance as at 30 September 2012 Account Dr. Cr. $ Cash 9,415 Bank 39,355 Sales 17,085 Purchases 9,000 Returns in 300 Returns out 400 Soo Trusty Will Pay 600 1,050 Justin Fever 1,500 KG Traders 4,000 Batta Co. 2,100 Capital 20,000 28,500 Loan Rent 4,000 Fixtures 3,000 Wages 2,000 Drawings 750 Telephone 560 Electricity 410 Interest 145 72,085 72,085

Interim financial reports should be published  a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basis

A fiscal period is any period of time covering a complete accounting cycle. A fiscal year consists of 12 consecutive months. The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period.   Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply) August 1, 20-- to November 30, 20--   January 1, 20-- to December 31, 20--   May 1, 20-- to April 30, 20--   July 1, 20-- to June 30, 20--

Prepare an Income Statement for year ended 30 June.

Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A.   Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.

company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability. 1. Interest payable (due in 90 days) Item 2. Unearned revenues (to be earned over next 3 months) 3. Employee Union Dues Payable 4. Pension liability (to be paid to employees retiring in 2 to 5 years) 5. Warranty liability (6 months of coverage) 6. FICA-Social Security Taxes Payable 7. FICA Medicare Taxes Payable 8. Prepaid Insurance (6 months of coverage) 9. Sales taxes payable. 10. Pension liability (to be fully paid to retired employees in next 11 months) Classification

Question: Use the following information: Month Revenue Billed in the Month Revenue From the Month that is Outstanding at End of Quarter (i.e., on March 31) January $200,000 February $250,000 March $300,000 $50,000 $100,000 $200,000 On the Uncollected Balances Schedule, what percent of the uncollected accounts are from January?

On 15 July, an analyst is examining a company with a fi scal year ending on 31 December. Use the following data to calculate the company’s trailing 12 month earnings (forthe period ended 30 June 2010):• Earnings for the year ended 31 December, 2009: $1,200;• Earnings for the six months ended 30 June 2009: $550; and• Earnings for the six months ended 30 June 2010: $750.

Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yetrecorded at the end of the year, what will the adjustingjournal entry include?a. Debit to Advertising Expense of $10,000.b. Credit to Advertising Expense of $10,000.c. Debit to Accrued Liabilities of $10,000.d. Need more information to determine