1 / 8

ACC 205 Exceptional Education / snaptutorial.com

For more classes visit<br>www.snaptutorial.com<br><br>Exercises 2. <br> <br> Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:<br>a. Determine Rossi's total assets as of December 31.<br>

Chambers4
Download Presentation

ACC 205 Exceptional Education / snaptutorial.com

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ACC 205 Week 1 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Exercises 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: a. Determine Rossi's total assets as of December 31. b. Determine the company's total liabilities as of December 31. c. Compute 20X3 net income or loss. 5. Repair revealed the following financial data on January 1 and December 31 of the current year. Accounting equation; analysis of owner's equity. Sportscar Assets Liabilities January 1 $45,000 $20,000

  2. December 31 49,000 31,000 a. using the accounting equation. Compute the change in owner's equity during the year by b. during the year. What is the probable cause of the change in owner's equity from part (a)? Assume that there were no owner investments or withdrawals c. If the owner withdrew $17,000, determine and compute the company's net income or net loss. Be sure to label your answer. Assume that there were no owner investments during the year. d. and $2,000, respectively, determine whether the company operated profitably during the year. Show appropriate calculations. If owner investments and withdrawals amounted to $13,000 8. appeared on the financial statements of the Altoona Repair Company: Financial statement relationships. The following information 1. the financial statements, determine the following: By picturing the content of and the interrelationships among a. Total revenues for the year b. Total owner investments c. Total assets Problems 3.

  3. Statement preparation. The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 20X1. Accounts Payable $14,700 Surgery Revenue $175,000 Surgical Expenses 80,000 Cash 60,000 Surgical Equipment 37,000 Office Equipment 118,000 2. Conversations with the practice's bookkeeper revealed the following data: All equipment was acquired just prior to year-end. Rose Grimball, capital (January 1, 20X1) $300,000 19X1 owner investments 2,000 19X1 owner withdrawals 22,000 3. Instructions a. good form. Prepare the income statement for Grimball Cardiology in b. Prepare a statement of owner's equity in good form. c. Prepare Grimball's balance sheet in good form.

  4. 5.Financial statement preparation. On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,000 cash, 60% of which was acquired via an owner investment. The remaining amount was obtained from a bank loan. A review of the accounting records for October revealed the following: • decorator (household) furnishings, $17,000. These amounts were paid in cash except for $2,100 that is still owed for the furnishings acquisition. Asset purchases: Van, $16,000; office equipment, $4,000; and Instructions d. 20X6. Prepare an income statement for the month ending October 31, e. October 31, 20X6. Prepare a statement of owner's equity for the month ending f. Prepare a balance sheet as of October 31, 20X6. Chapter 2 Exercise 3 3. to the Jennifer Royall Company: Basic journal entries. The following April transactions pertain 4/1: Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business. 4/5: Provided $1,200 of services to Jason Ratchford, a client.

  5. 4/5: Ratchford agreed to pay $800 in 15 days and the remaining amount in May. 4/9: Paid $250 in salaries to an employee. 4/24: Borrowed $7,500 from Best Bank by securing a 6-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. Chapter 2 Exercise 4 4. operation on March 1 of the current year. The following account balances were extracted from the general ledger on March 31; all accounts have normal balances. Trial balance preparation. Brighton Company began Accounts Payable $ 12,000 Interest Expense $ 300 Fees Earned 18,900 a. balance. Determine the cost of the company's land by preparing a trial b. 31. Determine the firm's net income for the period ending March *****************************

  6. ACC 205 Week 1 Chapter 1 2 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz 1. In accounting the concept of materiality refers to ________________. Question 2. 2. Typically accounting transactions are recorded and reported at _______________. Question 3. 3. The accounting equation is ____________________________. Question 4. 4. An accountant should be able to work in the profession in the ___________________. Question 5. 5. In accounting, a debit means ________________________. Question 6. 6. All of the following accounts are decreased with a credit except______________________. Question 7. 7. A T-account is ________________________. Question 8. 8. In accounting the General Journal is ___________________________.

  7. Question 9. 9. In accounting a chart of accounts refers to _______________________. Question 10. 10. If the Trial Balance is in balance at the end of the accounting period this insures that________. (Points : 1) Part 2 Question 1. 1. The accounting equation will appear on every published financial statement. Question 2. 2. Accounting has its own language. Question 3. 3. Assets identify what a firm owes. Question 4. 4. Liabilities identify what a firm owns. Question 5. 5. All accounting must be done using an Excel spreadsheet. 1. A balance sheet reveals the assets, liabilities and equity of a particular business over a designated period of time. Question 2. 2. An Income Statement reveals a firms assets, liabilities and equity at a particular moment in time. Question 3. 3. The Statement of Retained Earnings builds a bridge between the retained earnings that existed at the beginning and the end of the accounting period.

  8. Question 4. 4. A Cash Flow Statement is identical to the firm’s bank account and is used to reconcile the checking account each month. Question 5. 5. GAAP is the organization that makes the rules for accounting that all firms follow. 1. Journal entries must be prepared before financial statements can be created for a firm. Question 2. 2. T-accounts are part of the published financial reporting package of statements each month. Question 3. 3. An Income Statement will explain the value of current assets a firm has acquired. Question 4. 4. Liabilities will be listed on a firm’s balance sheet. Question 5. 5. Dividends are part of current assets for a firm since they will be paid with cash. Question 1. 1. In accounting a debit indicates an increase in an account. Question 2. 2. In accounting a credit increases a liability account. Question 3. 3. In accounting a credit increases an asset account. Question 4. 4. In accounting there are no debits or credits entered in the equity accounts. Question 5. 5. A trial balance is a listing of all accounts and their balances at a given moment in time.

More Related