2. Examine Metro’s Statement of financial position and identify which accounts you think will require adjusting...
2. Examine Metro’s Statement of financial position and identify which accounts you think will require adjusting entries at the year end. Explain why this would be required.
3. A customer purchases $150 of goods at a Metro store using a $100 gift card with the remaining amount in cash. Prepare the journal entry for this transaction.
4. Looking at Note 4 explain why it is necessary for Metro to make judgements and estimates. Using fixed assets as an example, explain how estimates may produce different amounts in the financial statements.
Homework Answers
2) The accounts - Accounts Receivable, Prepaid Insurance, Inventory, Accumulated depreciation, Accounts Payable, Common shares, Bank Loans, and Retained earnings require adjustments in accrual accounting because the entries record past, present and future transactions.
3) Debit Purchases $150
Credit Cash (A+) $100
Credit Unearned Revenue (L+) 50
4) It’s important for Metro to make judgements as well as estimates while preparing financial statements as it impacts the value and recognition of assets, liabilities, sales, income and expenditure.
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2. Examine Metro’s Statement of financial position and identify
which accounts you think will require adjusting...
AP9-1 statement of financial position at December 31, GUIT. ALTERNATE PROBLEMS LO9-1,9-2,4-6 AP9-1 Exxon Mobil Corporation...
AP9-1
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financial accounting 10th 2. Where, if at all, would each transaction be reported on the statement...
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Could you help me to complete the classified statement of Financial Position? Attention that you need to use FIFO_perpetual inventory system, thank you. ASSIGNMENT GROUP 2: Information to process Jun...
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Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $25,665 Utilities Payable $0 Accounts receivable 14,200 Common stock 50,000 Prepaid Advertising Expense 0 Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000 Office Supplies 9,000 Service Revenue 250,000 Store...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting...
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AP9-1
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will create adjusting entries for various situations, prepare
annual financial reports, calculate ratios, and develop a brief
report for management explaining accounting ratios and the effects
of interest rates on the future value of money. You will build on
this milestone in subsequent modules leading up to the final
project. Prompt: First, review the Final Project Scenario document
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develop...
Financial Statement worksheet (Journal Entries, T-Accounts,
Adjusted Trial Balance, Income statement, Retained Earnings,
Balance Sheet and following questions)
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Could you help me to complete the classified statement of
Financial Position? Attention that you need to use
FIFO_perpetual inventory system, thank you.
ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs...
You just began a position as a financial accountant at Peyton
Approved. In this role, your first task is to prepare the company’s
financials for the year-end audit. Additionally, the company is
interested in expanding its business within the next year. They
would like your support in assessing their ability to meet their
goals.
ITEMS TO COMPLETE FOR THIS MILESTONE (Blue Tabs): GENERAL You just began a position as a financial accountant at Peyton Approved. In this role, your first...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $25,665 Utilities Payable $0 Accounts receivable 14,200 Common stock 50,000 Prepaid Advertising Expense 0 Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000 Office Supplies 9,000 Service Revenue 250,000 Store...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $24,950 Utilities Payable $0 Accounts receivable 21,700 Common stock 50,000 Prepaid Advertising Expense 0 Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000 Office Supplies 9,000 Service Revenue 250,000 Store...
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