Premium Essay

Accounting Homework September 16 2014

In: People

Submitted By marcocarrizosa
Words 813
Pages 4

Toolbox Practice Problem 1
Elaine Consulting incorporated on February 1, 2015. The company engaged in the following transactions during its first month of operations.
Feb. 1 Issued capital stock in exchange for $800,000 cash
Feb. 5 Borrowed $100,000 from the bank by issuing a note payable.
Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance.
Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months.
Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18.
Feb. 20 Several of the inkjet printer cartridges that were purchased on February 11 were defective. The cartridges were returned and the office supply store reduced the company’s outstanding A/P balance by $200.
Feb. 22 Performed consulting services for $14,000 cash.
Feb. 24 Billed clients $16,000.
Feb. 25 Paid salaries of $12,000
Feb 28 Paid the entire outstanding balance owed for office supplies purchased on February 11.

REUIRED 1. Prepare journal entries for the above transactions. 2. Post each entry to the appropriate ledger accounts (use the T-account format). 3. [Prepare a trial balance—we will do this during class]

Toolbox Practice Problem 2
Hult Lawn Care Service began operations in July 2015. The Company engaged in the following transactions during its first month of operations.
July 18 Issued 500 share of capital stock to Bob Hult for $1,500.
July 22 Purchased office supplies on account for $100.
July 23 Purchased mowing equipment for $2,000, paying $400 cash and issuing a 60-day note payable for the remaining balance.
July 24…...

Similar Documents

Premium Essay

Syllabus of 614

...UNIVERSITY OF MASSACHUSETTS BOSTON COLLEGE OF MANAGEMENT DEPARTMENT OF ACCOUNTING AND FINANCE I. COURSE AND FACULTY IDENTIFICATION AF614 FINANCIAL AND MANAGERIAL AUDITING Fall 2015 INSTRUCTOR: PROF. T. HOGAN CONSULTING HOURS: Th 4:30-5:30 OFFICE M 5-412 or by appointment OFFICE PHONE (617) 287-7689 e-mail II. COURSE MATERIALS Messier Jr., William F., Steven M. Glover and Douglas F. Prawitt. Auditing and Assurance Services, ninth edition , 2014, ISBN 978-0-07-786233-6. McGraw-Hill \ Irwin publishers. Note: The ACL software will be used in an extra-credit assignment. Whittington, O. Ray. Wiley CPA excel Exam Review 2015, Auditing and Attestation ISBN: 978 111 891 7664 (paperback). III. COURSE BACKGROUND The course involves study of the theory and practice of professional auditing. The successful completion of the course provides a basic understanding of the nature of auditing, the responsibilities of auditors, and generally accepted auditing standards. It will provide a basic foundation to facilitate further study for those who wish to take professional examinations such as the Certified Public Accounting Exam, and the Certified Internal Auditing Exam. IV. LEARNING OBJECTIVES This course is concerned with the technical and conceptual skills involved in an audit or examination of financial statements. You will learn about Auditing Standards......

Words: 1259 - Pages: 6

Premium Essay

Acct 301a Csuf

...SYLLABUS: Intermediate Accounting I- ACCT 301A (11636) FALL 2015 Department of Accounting Mihaylo College of Business and Economics California State University – Fullerton PART I: COURSE INFORMATION |Class time and location |: |MW 11:30AM-12.45PM, SGMH 2201 | |Instructor |: |Kristin Y. Li | |Office |: |SGMH 4385 | |Phone |: |657-278-3938 | |Email |: | | |Office Hours |: |T 1:00-4:00PM (Subject to Change) | | | | | REQUIRED TEXT AND MATERIALS Kieso, D. E., J. J. Weygandt and T. D. Warfield, 2014 FASB Update Intermediate Accounting, 15th edition, John Wiley and Sons, 2014. We will use WileyPLUS ( for homework; WileyPLUS is required. If you......

Words: 3025 - Pages: 13

Premium Essay

6805 Syll

...ACG 6805 Accounting Theory Fall 2015 Professor: Greg Trompeter Office: 323 BA I Phone: 407.823.2150 Office hours: Tuesday before class; as announced in class; and by appointment. Required texts: Readings available as noted below. • Trueblood cases from Deloitte. Available at: • FASB codification—password to be handed out in class. You may log in at Objectives This course examines: • How accounting principles are established and monitored by standard setters. • The strengths and weaknesses of various accounting methods and how applications of such methods affect decisions of users and preparers of financial statements. • Current issues facing standard setters and the profession. Grades will be determined as follows: 1. Class participation 45 possible points 2. Financial reporting timeline 5 possible points 3. Mini-cases (Trueblood, FASB, HBS or similar) 35 possible points 4. Problem sets and discussion question write-ups 30 possible points 5. Group presentation 10 possible points 6. Research paper 20 possible points 7. Final exam 5 possible points 150 possible points NOTE: I assume that you should plan to invest—at a......

Words: 8209 - Pages: 33

Premium Essay

Business Plan for School successful campaign to launch a career as a consultant, especially if that school was a high-profile prep school. * Finally, start-up and office expenses are minimal.  Since clients never visit the firm, a home office will easily suffice.  A good voice mail system can give the impression of a much larger, more established firm.  Many one-man firms have been established for less than $5,000. In short, it is relatively easy to establish an independent firm.  But if an organization is going to grow, it must retain qualified personnel. To do this, it must be more attractive for consultants to stay than to leave.  This is the central issue we will discuss later. 1.4 Products and Services Infant Jesus Academy School will provide students (age 10-16 through JUNIOR SECONDARY1-3 AND SENIOR SECONDARY 1-3) with a specialized form of education that will be developed by Dr. Okocha Daniel. Unlike traditional teaching methods, this style provides students with an interactive approach to learning that focuses on independent problem solving, self-discovery, and nature intensive learning. This teaching method has become extremely popular over the last one hundred years, and has proliferated worldwide. 1.5 Services Below is a description of the services offered by the Infant Jesus Academy School. Infant Jesus Academy School Services The Company provides students with an alternative style of education developed by Maria, Infant Jesus Academy, MD. This unique methodology of......

Words: 5139 - Pages: 21

Premium Essay

Management Trainee

...Lethbridge – Faculty of Management MANAGEMENT 3100 Intermediate Financial Accounting I Course Outline – Fall 2014 Instructor: Carla Carnaghan, Ph.D., CISA, CMA Office & Hours: Calgary Campus office, 5:00 – 6:00pm Thursdays. Please email for appointment, and for alternative times. Office hours may be done in person, with Webex, or by phone, and for smaller issues with email. E-mail: (emails received in the evening, particularly after 10 PM, may not be responded to until the next day) Telephone: 1- 403-329-2351 (Lethbridge office – Please use e-mail where possible) Class Times: Y Section: Th 1800-2050 (S6013A) Course Web Page: on Moodle Course Pre-requisites* Prerequisites: MGT 2400; ECON 1010 and 1012 and STAT 1770 or admission to the CA Bridging Program/Professional Diploma in Accounting; a minimum C- grade is required in all prerequisite courses; MGT 3040 (co-requisite) * It is the responsibility of students to check the prerequisites for courses before registration. If students are registered in a course for which they do not have the prerequisites, and they have not received prior permission from the appropriate program chair, they can be de-registered. If this occurs after the drop/add date, tuition will not be refunded. Course Objectives Building from MGT 2100, this course examines the accounting concepts, principles, judgments, and techniques used in......

Words: 6524 - Pages: 27

Premium Essay

Semester Paper

...I DEVELOPMENT OF AN ACCOUNTING INFORMATION SYSTEM FOR INTERNATIONAL MARKET ENTRIES Taking the accounting information system of Milkiland Intermarket as a base of research PROJECT THESIS Faculty of Business Field of Study: International Business Cooperative State University Baden-Wuerttemberg Mannheim Handed in by: Vladyslava Zhurenkova Address: Plumstruk 3, 23617 Obernwohlde Course: WIB-bi 13BI Student ID-Number: 8658655 Academic Tutor: Prof. Dr. Thomas Schuster Supervising Tutor at Milkiland Volodymyr Gontar Intermarket: Corresponding Company: Milkiland Intermarket Kyiv, Ukraine, 10th September 2014 II CONFIDENTIALITY STATEMENT The Project thesis on hand “Development of an accounting information system for international market entries Taking the Accounting information system of the Milkiland Intermarket as a base of research” Contains internal resp. confidential data of Milkiland Intermarket. It is strictly forbidden,  To distribute the content of this paper (including data, figures, tables, charts etc.) as a whole or in extracts,  To make copies or transcripts of this paper or of parts of it,  To display this paper or make it available in digital, electronic virtual form. Exceptional cases may be considered through permission granted in written form by the author and the Milkiland Intermarket. Kyiv, Ukraine, 10th September 2014 ___________________ Signature III ABSTRACT This paper is focused on...

Words: 10652 - Pages: 43

Free Essay

Education Business Plan

...Plan…………………………………………………………………………… 22 VI. Financial Plan 32 VII. Exit Strategy 39 VIII. Appendices & References 41 Executive Summary Brilliant Minds Academy, LLC (BMA) will be a private school that offers group tutoring, individual tutoring, and a student supply store. BMA is scheduled to open on August 13th, 2012 at 113 Cumberland Avenue in Madison, Tennessee. The school and tutoring programs are on a year round schedule where the classes will meet for 45 days and break for 15 days. The owners chose a year round schedule so students have a more cohesive learning environment than the traditional 3 month summer break schedule. The Brilliant Minds Academy owners are [Names of everyone in your group]. These entrepreneurs have accounting, management, marketing, and technology backgrounds. Cinnamon Turner is the Chief Executive Officer, Rachel Blank is the Chief Operating Officer, Cynthia Buntin is the Chief Financial Officer, and Jonathon Ray is the Chief Marketing Officer. Brilliant Minds Academy is operating as a Limited Liability Corporation so that the owners have a set amount invested in the company. Each owner invested $100,000 for start up expenses. The owners took this risk because private schools are in a long-lasting industry, which has been around in middle Tennessee since the 1800s (The Webb School, 2009). Due to the continuous failing grades of many Metro Nashville Public School students (TN Department of Education, 2010), parents choose other......

Words: 6972 - Pages: 28

Premium Essay

Corporate Ethics and Government

...Corporate Ethics and Government assignment Name: Grade Course: Tutor’s Name: (16, April, 2012) Corporate Ethics and Government assignment Introduction In recent past, corporate ethics and governance has attracted a great deal of public interest due to its apparent importance in the economic health of corporations and society. In general, corporate ethics and governance include the relationship of the company to its shareholders as well as the society. It also includes promotion of fairness, transparency, accountability in references to the mechanism used in the governance so that the actions taken are consistent with the shareholders interest. Therefore, to ensure that corporate ethics and governance is properly addressed, issues of transparency, accountability, measures of risk management, proper information flow both vertical and horizontal should be properly addressed. This will help the companies to adopt the appropriate legal compliance mechanisms to ensure that ethics and conduct of issues are formally addressed. However, compliance of corporate ethics and governance do not come in handy. There are several issues hurdles that several companies and organizations have undergone in achieving these milestones. This has made this topic to be widely discussed especially in the media as will be demonstrated in the articles that will be discussed here after. Most of the newspapers have taken this issue with a lot of seriousness and dedicated their time to......

Words: 5001 - Pages: 21

Premium Essay

Tax Prep

...Muskoka area cottage has been owned for 16 taxation years (including both 1998 and 2013). Average annual gain for Hamilton home = ($470,000 - $135,000) / 27 years = $12,407 Average annual gain for Muskoka area cottage = ($450,000 - $200,000) / 16 years = $15,625 The optimal solution would be to allocate as much of the principal residence exemption as possible to the property with the highest average annual gain. Therefore, allocate the principal residence exemption to the Hamilton home for all the years from 1987 to 1997, inclusive (11 years) and to the Muskoka area cottage from 1998 to 2013, inclusive (16 years). The allocation limit is 16 years for the Muskoka area cottage since it was not owned by Richard prior to 1998. The amount of the capital gain that is shielded as a result of the principal residence exemption is determined by the following formula: Gain x (1 + the number of years as principal residence)/number of years owned = $335,000 x (1 + 11)//27 = $148,889 Therefore, the taxable portion of the gain is ($335,000 - $148,889) x ½ = $93,056. © Densmore Consulting Services Inc. Taxation Self Assessment Tool 2. It is January 15, 2014 and you are the tax manager for Bowry Ltd. (Bowry). Bowry has a December 31st year-end and historically has only paid Part I tax. The Part I tax liability for 2013 has just been determined to be $240,000; it was $210,000 for 2012. You estimate the liability to be $270,000 for 2014. Bowry is not considered an......

Words: 15408 - Pages: 62

Premium Essay

Financial Accounting

...Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. For more information, please visit our website: Copyright © 2014, 2012, 2010, 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774,......

Words: 56249 - Pages: 225

Premium Essay


...CHAPTER 5 ACCOUNTING FOR MERCHANDISING BUSINESSES DISCUSSION QUESTIONS 1. Merchandising businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a merchandising business different from the activities of a service business. Yes. Gross profit is the excess of (net) sales over cost of merchandise sold. A net loss arises when operating expenses exceed gross profit. Therefore, a business can earn a gross profit but incur operating expenses in excess of this gross profit and end up with a net loss. The date of sale as shown by the date of the invoice or bill. a. b. c. 5. 6. a. 1% discount allowed if paid within 15 days of date of invoice; entire amount of invoice due within 60 days of date of invoice. Payment due within 30 days of date of invoice. Payment due by the end of the month in which the sale was made. A credit memo issued by the seller of merchandise indicates the amount for which the buyer’s account is to be credited (credit to Accounts Receivable) and the reason for the sales return or allowance. A debit memo issued by the buyer of merchandise indicates the amount for which the seller’s account is to be debited (debit to Accounts Payable) and the reason for the purchases return or allowance. The buyer The seller 2. 3. 4. Sales to customers who use MasterCard or VISA cards are recorded as cash sales. b. 7. 8. 9. 10. a. b. Examples of such accounts include the......

Words: 15281 - Pages: 62

Premium Essay

Primary Air Pollution Sources in China

...pollutants in China On the date 16th September 2015, API value i Shanghai was 53 and corresponding concentration of PM 2.5 was 36 , and this shows us that the air in Shanghai was acceptable and normal life conditions were enabled. Comparing with other cities we can see that Shanghai at that date had smaller level of pollution from other cities. Shanghai API 53 PH2.5 36 Beijing API 202 PH2.5 151 Guangzhou API 81 PH2.5 57 Primary pollutant in Shanghai on that date was ozone (O3). AQI Air Pollution Level Health implications Air quality is considered satisfactory and poses little or no risk Air quality is acceptable; however, for some pollutants, there may be a moderate health concern 51 – 100 Moderate for a very small number of unusually sensitive individuals. Symptoms of sensitive groups may increase slightly, Unhealthy for 101 – 150 sensitive groups the general public is likely to have irritant symptoms Everyone may begin to experience health effects; 151 – 200 Unhealthy members of sensitive groups may experience more serious health effects Health warnings of emergency conditions. The 201 – 300 Very unhealthy entire population is more likely to be affected. Health alert: everyone may experience more serious 300 + Hazardous health effects Table 2 – Categories of Air Quality Index (AQI) and corresponding Air Quality Conditions ,source Shanghai Environmenthal Monitoring Center 0 – 50 Good From table 2 we can see that on 16th September in Shanghai most of the citizens......

Words: 3448 - Pages: 14

Free Essay


...Senior School Prospectus 2014 Yr 10/VCE/VCAL/VET 2013 College Captains [pic] Madeline Hallett, Jake Thomas, Arnela Dug, Elias Joseph Contents |Contact Details |Page 3 | |Glossary of Terms |Page 4 | |Key Dates |Page 5 | |Year 10 overview |Pages 6 -10 | |Core Unit Descriptions |11 -30 | |Vocational Pathway Course Overview |31 - 32 | |Victorian Certificate of Education (VCE) Overview |33 - 37 | |Victorian Certificate of Education (VCE) Subjects |38 - 66 | |Victorian Certificate of Applied Learning (VCAL) Overview ...

Words: 29014 - Pages: 117

Free Essay


...Fourth Edition Financial & Managerial Accounting for MBAs Peter D. Easton Robert F. Halsey Mary Lea McAnally Al L. Hartgraves Wayne J. Morse Cambridge Business Publishers To my daughters, Joanne and Stacey —PDE To my wife Ellie and children, Grace and Christian —RFH To my husband Brittan and my children Loic, Cindy, Maclean, Quinn and Kay. —MLM To my wife Aline. —ALH To my family and students. —WJM Cambridge Business Publishers FINANCIAL & MANAGERIAL ACCOUNTING FOR MBAs, Fourth Edition, by Peter D. Easton, Robert F. Halsey, Mary Lea McAnally, Al L. Hartgraves, and Wayne J. Morse. COPYRIGHT © 2015 by Cambridge Business Publishers, LLC. Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Student Edition ISBN 978-1-61853-102-5 Bookstores & Faculty: to order this book, call 800-619-6473 or email Students: to order this book, please visit the book’s website and order directly online. Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 About the......

Words: 33010 - Pages: 133

Premium Essay


...#2: The Nature of Sound, Melody. handout. | WEEK 3: AUGUST AND SEPTEMBER:08/31/15 - 09/23/15 | Day 5: Assignment #2: The Nature of Sound, Melody due. Chapter 2: The Materials of Music: Rhythm and Meter. Day 6: Chapter 2: The Materials of Music: Rhythm and Meter (continued) | WEEK 4: SEPTEMBER09/07/15 – 09/10/15 | Day 7: Monday 09/07/15: Labor Day, no class (NMC).Tuesday 09/08/15: Faculty and Staff in Service Day, no class (MC).Day 8: CLASSES RESUME: Wednesday 09/09/15 (NMC) and Thursday 09/10/15 (MC). TEST # 1: The Nature of Sound, Chapter 1: Melody.Assignment #3: Rhythm and Meter handout. Chapters 3/4: Musical Harmony. | WEEK 5: SEPTEMBER09/14/15 - 09/17/15 | Day 9: Assignment #3: Rhythm and meter due. Chapters 3/4: Musical Harmony (continued). Chapter 52: Schoenberg and Atonality.Day 10: Chapters 3/4: Musical Harmony (continued). Assignment #4: Musical Harmony handout. | WEEK 6: SEPTEMBER09/21/15 - 09/24/15 | Day 11: Assignment #4: Musical Harmony due.Chapter 5: Musical Texture. Chapter 16: The Renaissance Madrigal.Day 12: Chapter 5: Musical Texture (continued). Chapter 27: Bach and the Fugue.Assignment #5: Musical Texture handout. | WEEK 7: SEPTEMBER/OCTOBER09/28/15 - 10/01/15 | Day 13: Assignment #5: Musical Texture due.Chapter 6: Musical Form. Day 14: Chapter 6: Musical Form. | WEEK 8: OCTOBER10/05/15 - 10/08/15 | Day 15: TEST #2: Chapters: 2: Rhythm and Meter and 3: Musical Harmony. Day 16: Chapter 8: Voices and Musical Instrument......

Words: 4691 - Pages: 19