Homework Answers
Solution:
To convert a balance sheet in quick books form accrual basis to cash basis "Click the appropriate box on the customize report screen"
Hence option a is correct.
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6. To convert a balance sheet in Quickbooks from accrual basis to cash basis a. Click...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
The following information relates to questions 37, 38, and 39: DEF Cous accrual basis accounting. It...
The following information relates to questions 37, 38, and 39: DEF Cous accrual basis accounting. It pays $15,000 to cover a 3-year insurance pre- mium and debits "insurance expense." One (1) year has elapsed. 37. How much insurance expense has DEF Co. incurred this year? a. $15,000 d. $0 b. $10,000 c. $5,000 38. How much has DEF Co. paid for insurance this year? a. $15,000 b. $10,000 c. $5,000 d. $0 39. What is the adjusting journal entry (omitting...
Goal: Ch 1, Cash-basis vs. accrual-basis accounting equation (pp. 14-15). 1. Consider the following two cash-basis...
Goal: Ch 1, Cash-basis vs. accrual-basis accounting equation (pp. 14-15). 1. Consider the following two cash-basis equations: 1 Assets/Resources = Shareholders’ Equity (SHE) 2 Cash = Contributed Capital + Earned Capital a. The second equation simply portrays assets (or resources) from the first equation as containing one component, Cash; and Shareholders’ Equity from the first equation as containing two components: 1) contributed capital, and 2) earned capital. b. Owners contribute capital to the business, with the expectation that managers will...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is more useful than cash basis f or most business decisions. B) Is flawed because it gives complete information about cash flows. C) Recognizes revenues when received in cash. D) Recognizes expenses when paid in cash. E) Eliminates the need for adjusting entries at the end of each period. 37) The difference between the cost of an asset and the accumulated depreciation for that asset...
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the...
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Requirements 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Requirement 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits. Exclude explanations from any journal entries.)...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
1. Construct an accrual basis Income Statement BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
Required information E3-13 Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance...
Required information E3-13 Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4] [The following information applies to the questions displayed below.] Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 5,900 Accounts Payable $ 12,750 Accounts Receivable 17,250...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
The following information relates to questions 37, 38, and 39: DEF Cous accrual basis accounting. It pays $15,000 to cover a 3-year insurance pre- mium and debits "insurance expense." One (1) year has elapsed. 37. How much insurance expense has DEF Co. incurred this year? a. $15,000 d. $0 b. $10,000 c. $5,000 38. How much has DEF Co. paid for insurance this year? a. $15,000 b. $10,000 c. $5,000 d. $0 39. What is the adjusting journal entry (omitting...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is more useful than cash basis f or most business decisions. B) Is flawed because it gives complete information about cash flows. C) Recognizes revenues when received in cash. D) Recognizes expenses when paid in cash. E) Eliminates the need for adjusting entries at the end of each period. 37) The difference between the cost of an asset and the accumulated depreciation for that asset...
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Requirements 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Requirement 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits. Exclude explanations from any journal entries.)...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
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