Search for: Exercises: Chapter 4 SHORT-ANSWER QUESTIONS, EXERCISES, AND PROBLEMS. Salaries earned since the last payday but unpaid at December 31 amount to $ 5,000. Alternate problem A The trial balance of Caribbean Vacation Tours, Inc., at December 31 of the current year includes, among other items, the following account balances: The balance in the Prepaid Insurance account is the advance premium for one year from September 1 of the current year. Prepaid Rent was debited. Simple 40–50 ... 4-4 ANSWERS TO QUESTIONS 1. The prepaid insurance was for the 12-month period beginning April 1. INSTRUCTOR’S SOLUTIONS MANUAL FOR PRINCIPLES OF FINANCIAL ACCOUNTING 12TH EDITION BY NEEDLES. _____ 5. The physical inventory of the office supply stockroom indicates that the supplies on hand cost $3,000. Insurance expense for the year is $2,400. Post your entries to T-accounts or ledger cards (your choice). Accounting, Chapters 1-15 (Financial chapters) Plus NEW MyLab with Pearson eText -- Access Card Package 9th Edition Author: M Suzanne Oliver , Charles T. Horngren ISBN: 9780132959698 SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS. SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS. The pdf version of the solutions manual also includes links to the video solutions. ➢ You notice that the Supplies on Hand account has a debit balance of $2,700 at the end of the accounting period. Chapter 4 8. The ethical aspects of decision making need to be more fully addressed. Our passion it to empower students to success by giving them the tools and the motivation they need to excel in their accounting courses and their future careers. accounting and bookkeeping principles, practices, concepts and methods featured in the unit and there was good evidence of preparation and practice with regard to structure, format and presentation of accounting data and information among the sound financial statements, double-entry bookkeeping and cash budgets submitted. 27 Printing costs applicable equally to the next six issues beginning with the December issue were paid in cash, $144,000. 4 marks) c) Term loans. Problem D The following adjusted trial balance is for Jasper Appliance Repair Company: Prepare the closing journal entries at the end of the fiscal year, June 30 and the post closing trial balance. Yet there seemed to be barely enough cash available from the business to cover immediate personal needs. No adjusting entries were made prior to preparing the financial statements for December. Their combined income from the auto manufacturer had been $45,000. (4 marks) Total 20 marks Question aims To test the candidate’s knowledge and understanding of the different types of finance available to organisations to finance their activities in the short, medium or long-term. A decision was made to refund the remaining unearned ticket revenue to its ticket holders, and this was done on July 20. Chapter 17: Introduction to Managerial Accounting ; Chapter 18: Cost-Volume-Profit and Business Scalability Then show the adjusting entry that would be necessary, assuming that $ 2,500 of the supplies remained at the end of the year and the beginning balance for supplies was $500. Financial Accounting. ACCT 201 Principles of Financial Accounting Practice Exam - Chapter 4 Reporting & Analyzing Merchandising Activities Dr. Fred Barbee Write a report to your instructor summarizing the results of the project. Comment on whether the trend is favorable or unfavorable. Using the Internet—A view of the real world. 15 Received $216,000 cash for two-year subscriptions starting with the December issue. 31 Sales on account of December issue, $14,000. The building has an estimated useful life of 40 years and an estimated residual value of $200,000. Please click on Make Payment to receive the answers at your email id in the next 30 minutes. Prepare the year-end adjusting journal entries at December 31. ➢ Give an example of a journal entry for each of the following: ➢ A fellow student makes the following statement: “You can easily tell whether a company is using the cash or accrual basis of accounting. Principles of Accounting Principles of Accounting Solutions Manual is an interesting book. financial accounting seventh edition homework help consumer. The Unearned Rent account arose through the prepayment of rent by a tenant in the building for 12 months beginning 2010 October 1. Principles of Accounting I. Assignment 4-2: Week 4 Analysis Write-Up Kylie Keener ACCT715-Q1WW Financial Accounting Theory Michael Miller 13 June 2012 1. The end of the chapter homework problems need to be increased not only in number but also increased complexity. Why not treat every cash disbursement as an expense and every cash receipt as a revenue when the cash changes hands? How? The importance of business liquidity and the concept of an operating cycle. 12 Paid the annual rent on the building, $36,000, effective through 2011 November 30. 1.4 End-of-Chapter Exercises; Chapter 2: What Should Decision-makers Know So That Good Decisions Can Be Made about an Organization? The balance in the Prepaid Rent account is for a 12-month period that started October 1 of the current year. The prepaid rent is for the 12 months beginning July 1. accounting and bookkeeping principles, practices, concepts and methods featured in the unit and there was good evidence of preparation and practice with regard to structure, format and presentation of accounting data and information among the sound financial statements, double-entry bookkeeping and cash budgets submitted. 2 Explain the accrual basis of accounting. Chapter 7 14. Also, look at some of the other data provided by the company in preparing your comments. ANSWERS TO QUESTIONS 1. You discovered the following: Of the supplies purchased in 2010, $24,000 were used on jobs billed to customers in 2010; no supplies were used for any other work. Accounting Principles: A Business Perspective. You can access these resources in two ways: Using the menu at the top, select a chapter. Beginning as of this date, salaries will be paid on the 5th and 20th of each month for the preceding two-week period. The Accounting Period Exh. Learn and improve your skills at our online platform for free AccountingCoaching. All fundamentals are deeply explained with examples. Also, calculate the current ratio. They spent $10,500 for a sewing machine (expected life, 10 years) and $12,000 for other miscellaneous tools and equipment (expected life, 5 years). Rialto has a June 30th year-end. Suggested answer Erasmus Universiteit Rotterdam. Universiteit / hogeschool. Go through the given attachments provided below to download Question and answer … ... simply looking up the answers from the WileyPlus answer key is not something I can advice. Acc 201 principles of financial accounting full course all discussion. Chapter 4: Cash. 4 Accrual Accounting and Financial Statements 2. ➢ What does the word accrued mean? The equipment is expected to last 10 years with no salvage value. The cost was $36,000. Principles of Accounting Questions and Answers : Download Principles of Accounting Questions and Answers for exam. When an amount is paid for future rent or insurance services, a firm that is using the cash basis debits an expense account while a firm that is using the accrual basis debits an asset account.” Is the student correct? Choose from 500 different sets of principles of accounting chapter 4 flashcards on Quizlet. Prob. If financial statements are prepared only on December 31 of each year, what adjusting entry is necessary on December 31 of the first year, to bring the accounts involved to their proper balances? ➢ How is a classified balance sheet different than an unclassified balance sheet? BE1 ... Accounting Principles, 11/e, Solutions Manual (For Instructor Use Only) ANSWERS TO QUESTIONS 1. Chapter 5 10. Give the necessary adjusting entry on January 31. Chapter 4: Cash. Financial accounting seventh edition homework help consumer. To do this, they invested $120,000 cash in their business. On July 15, Rialto Theater discovered that the group that was to perform the July and August musicals could not do so. A separate chapter on financial statement analysis should be added, or each chapter should incorporate these concepts. WEYGANDT ACCOUNTING PRINCIPLES 11E CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE Number LO BT Difficulty Time (min.) ( 4 marks) d) Factoring. Answer Self-Study Questions Complete Assignments DO IT! ➢ What is the fundamental difference between deferred items and accrued items? Principles of Financial Accounting is licensed under a Creative Commons Attribution- ShareAlike 4.0 International License. ➢ Describe the difference between the cash basis and accrual basis of accounting. Exercise C Assume that rent of $12,000 was paid on September 1, to cover a one-year period from that date. ➢ What is the purpose of a post-closing trial balance? 20 Salaries for the period December 1–15 were paid. Chapter 5 10. Accounting, Chapters 1-15 (Financial chapters), Student Value Edition, MyAccountingLab with Pearson eText -- Instant Access -- for Accounting, Chapters 1-15 (Financial chapters), and MyAccountingLab Access Card (1- semester access) Package 9th Edition What adjusting entry is needed on December 31 to record the $20,000 depreciation for the entire year? Is there a conceptual difference between interest payable and accrued interest payable? Broader perspective – Writing experience C Read the “A broader perspective: Skills for the long haul”. One of the advantages Rachel Hipp would enjoy is that ownership of a corporation is represented by transferable shares of stock. 2-2 Generally accepted accounting principles are accounting principles which have substantial authoritative support, such as approval by the Governmental Accounting Standards Board or the Financial Accounting Standards Board. Depreciation expense is office equipment, $912, and office furniture, $3,000. By December 31, $300 of interest had been incurred. Give the adjusting entry that is necessary on December 31, if financial statements are prepared at the end of each month. This company markets a broad range of laundry, cleaning, paper, beauty care, health care, food, and beverage products in more than 140 countries around the world. What company did you choose? Fundamentals of Accounting 1.01 MEANING AND DEFINITION OF ACCOUNTING Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are of a financial character and interpreting the result thereof. The heading of the memorandum should contain the date, to whom it is written, from whom, and the subject matter. Alternate Problem H Jupiter Publishing Company began operations on 2010 December 1. Give examples of asset and liability accounts for which this statement is true. The Prepaid Insurance account balance represents the remaining cost of a four-year insurance policy ending on June 30 of the next year, having a total premium of $ 12,000 (hint: record 1 year worth of insurance). The ethical aspects of decision making need to be more fully addressed. Chapter 7 14. Exercise E Assume that a company acquired a building on January 1, at a cost of $1,000,000. Question Number Answer Level 1 Head Reference for Answer Difficulty 1 A – Feedback. Examination of the financial data indicates that the following items were ignored: Based on this information, (a) what adjusting journal entries should have been made at December 31, and (b) what is the correct net income? Prepaid Rent was debited. Find over 1,500 Q&A for accounting and finances at AccountingCoach blog. Identify the classifications (or categories) of assets and liabilities used by the company in its balance sheet. Financial Accounting is often called the language of business; it is the language that managers use to communicate the firm's financial and economic information to external parties such as shareholders and creditors. The use of a worksheet is an optional step in the accounting cycle. The comments include useful suggestions for improving your spreadsheet skills. Exercise I A firm borrowed $30,000 on November 1. After studying this chapter, you should be able to: 1 Explain the time period assumption. Approximately what percentage of the depreciable assets under property, plant, and equipment has been depreciated as of the end of the most recent year shown? Annual depreciation expense is $3,300. Chapter 15: Financial Reporting and Concepts ; Chapter 16: Financial Analysis and the Statement of Cash Flows ; Chapters 17-20 Managerial/Cost. All temporary accounts are closed at end of the accounting period. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that have not been recorded but belong in the current period. 7 pages chapter 6 practice test and solutions. Chapter 6 12. Group project F With a small group of students and using library sources, write a paper comparing the features of three different accounting software packages (such as Peachtree Complete, Quikbooks Pro, DacEasy, MYOB Business Essentials, NetSuite Small Businee and Cougar Mountain ). ➢ Matching expenses incurred with revenues earned is more difficult than matching expenses paid with revenues received. Also, they will improve your performance and grades. The $30,000 of services would be billed to the clients in January of next year. Exercise N After adjustment, these selected account balances of Cold Stream Campground are: Prepare the journal entries to close the books for the period. Alternate problem C The following adjusted trial balance is for Dream Home Realty Company: Prepare the closing journal entries at the end of the June 30 fiscal year. (4 marks) e) Retained profits. The business seemed successful from the start, as the Holts received orders from many customers. Exercise F On September 1, Professional Golfer Journal, Inc., received a total of $120,000 as payment in advance for one-year subscriptions to a monthly magazine. Chapter 4 8. Completing the Accounting Cycle and Classifying Accounts CHAPTER 4 PowerPoint Slides to accompany Fundamental Accounting Principles, 14ce Prepared by Joe Pidutti, Durham College 2. 2 K 120. WEYGANDT ACCOUNTING PRINCIPLES 11E CHAPTER 3 ADJUSTING THE ACCOUNTS Number LO BT Difficulty Time (min.)
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