Homework Answers
1. Organisations had contributed significantly to the development and growth of the accounting knowledge
****** incomplete question it requires more information to select appropriate one from the given options *******
2. Measurement is the Process of identifying, categorizing and quantifying economic activities.
Option C
3. The rate of exchange used to translate the Dividend for the December 31, 2019 financial statements is 121 Yen to $1. (Oprtion C)
Given that dividend was declared and paid on October 15, 2019 so the dividend should be shown by Sharp company as they received (i.e, 121 Yen per $1) in the Financial statements ended on 31 December, 2019.
4. Account receivable account should be revalued at the end of every year.
so that it should be revaluated to $0.80 as on december 31, 2019.
Initially recognised on november 15, 2019 as $0.75, therefore we have to increase the receivable account by $0.05.
Journl entry in the books of US company on 31 december, 2019 is
Dr Account Receivable $1500
Cr Exchange Gain $1500 ( 30,000 pounds * $0.05).
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***** organizations had contributed significantly to the development and growth of the accounting knowledge. Select one:...
Markham Industries is completing the accounting process for the year just ended, December 31, 2018. The...
Markham Industries is completing the accounting process for the year just ended, December 31, 2018. The transactions during 2018 have been analyzed, journalized and posted to the general ledger. The data below with respect to adjusting entries are available. Identify each transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense. Also, identify the appropriate account(s) to be debited and credited. One-third of the basement space is rented to Howard Specialty Shop for $1,640 per month, payable monthly....
thx as soon as possible Q.056 Angie Company has the following accounts that were extracted from...
thx
as soon as possible
Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
I need help with where to start with this D ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS н ....
I need help with where to start with this
D ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS н . Present entries in general journal form, to record the following for an enterprise that makes advance provisions for uncollectible receivables. Record the adjusting entry at April 30th, 2019 the end of the fiscal year, to provide for bad debt expense. The accounts receivable account has a debit balance of $540,000 and the allowance account, before adjustment has a credit balance of $2,000. The allowance...
please answer questions 1-9 Question 1 1 pts The Financial Statement that uses the Basic Accounting...
please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
Existing Subsidiary—Translation (see related P7.2) Refer to the information in P7.2 and assume SuperValu’s functional currency...
Existing Subsidiary—Translation (see related
P7.2) Refer to the information in P7.2 and assume
SuperValu’s functional currency is the krona.
Exchange rates in 2019 were:
Translate SuperValu’s 2019 ending trial balance into U.S.
Dollars. Include a schedule calculating the 2019 translation gain
or loss, appearing in other comprehensive income tax 2019.
Dr (Cr) Account Balances December 31 January 1 Cash.................... Accounts receivable, net .. Plant and equipment, net .... Accounts payable......... Notes payable............ Capital stock........ Retained earnings, January Sales.... Depreciation expense......
Question 9 In a statement of cash flows, cash transactions are classified into three major categories....
Question 9 In a statement of cash flows, cash transactions are classified into three major categories. Which of the following is NOT one of these three categories? Select one: O a. Operating activities. O b. Financing activities. O c. Investing activities. O d. Managing activities. Not yet answered Marked out of 1 Flag question Question 10 Hayden, Inc. purchased knobs from a Greek company for 185,000 euros. On the purchase date the exchange rate was $0.80 per euro, but when...
Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On...
Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm’s general ledger contained the accounts and balances that follow. ACCOUNTS AND BALANCES Cash $ 30,900 Dr. Accounts Receivable 36,000 Dr. Allowance for Doubtful Accounts 500 Cr. Merchandise Inventory 86,800 Dr. Supplies 11,200 Dr. Prepaid Insurance 6,360 Dr. Office Equipment 10,000 Dr. Accum. Depreciation—Office Equipment 2,730 Cr. Warehouse Equipment 38,400 Dr. Accum. Depreciation—Warehouse Equipment 11,200 Cr. Notes Payable—Bank 36,000 Cr....
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods...
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm's general ledger contained the accounts and balances that follow. $ 29, 300 Or. 34,400 Dr. 340 Cr. 85,200 Dr. 9,600 Or rences 8,200 Dr. 2,570 kr. 23,200 Dr. 8,900 Cr 28,000 Cr. 11,400 Cr. ACCOUNTS AND BALANCES Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $720,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $3,600 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $72,200. 4. Uncollectible accounts to be written off, December 31, 2020, $4,200. 5....
Markham Industries is completing the accounting process for the year just ended, December 31, 2018. The transactions during 2018 have been analyzed, journalized and posted to the general ledger. The data below with respect to adjusting entries are available. Identify each transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense. Also, identify the appropriate account(s) to be debited and credited. One-third of the basement space is rented to Howard Specialty Shop for $1,640 per month, payable monthly....
thx
as soon as possible
Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
I need help with where to start with this
D ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS н . Present entries in general journal form, to record the following for an enterprise that makes advance provisions for uncollectible receivables. Record the adjusting entry at April 30th, 2019 the end of the fiscal year, to provide for bad debt expense. The accounts receivable account has a debit balance of $540,000 and the allowance account, before adjustment has a credit balance of $2,000. The allowance...
please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
Existing Subsidiary—Translation (see related
P7.2) Refer to the information in P7.2 and assume
SuperValu’s functional currency is the krona.
Exchange rates in 2019 were:
Translate SuperValu’s 2019 ending trial balance into U.S.
Dollars. Include a schedule calculating the 2019 translation gain
or loss, appearing in other comprehensive income tax 2019.
Dr (Cr) Account Balances December 31 January 1 Cash.................... Accounts receivable, net .. Plant and equipment, net .... Accounts payable......... Notes payable............ Capital stock........ Retained earnings, January Sales.... Depreciation expense......
Question 9 In a statement of cash flows, cash transactions are classified into three major categories. Which of the following is NOT one of these three categories? Select one: O a. Operating activities. O b. Financing activities. O c. Investing activities. O d. Managing activities. Not yet answered Marked out of 1 Flag question Question 10 Hayden, Inc. purchased knobs from a Greek company for 185,000 euros. On the purchase date the exchange rate was $0.80 per euro, but when...
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm's general ledger contained the accounts and balances that follow. $ 29, 300 Or. 34,400 Dr. 340 Cr. 85,200 Dr. 9,600 Or rences 8,200 Dr. 2,570 kr. 23,200 Dr. 8,900 Cr 28,000 Cr. 11,400 Cr. ACCOUNTS AND BALANCES Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $720,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $3,600 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $72,200. 4. Uncollectible accounts to be written off, December 31, 2020, $4,200. 5....
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