Monthly Archives: February 2014

Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR) (A+)

Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b. To record annual depreciation expense. c. … Continue reading

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The following is selected financial information for Affiliated Company as of December 31, 2011 (A+)

The following is selected financial information for Affiliated Company as of December 31, 2011: liabilities, $68,378; equity, $110,622; assets, $179,000. Required: Prepare the balance sheet for Affiliated Company as of December 31, 2011. Click here for the SOLUTION

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The following is selected financial information for Sun Energy Company for the year ended December 31, 2011 (A+)

The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $115,000; expenses, $89,470; net income, $25,530. Required: Prepare the 2011 calendar-year income statement for Sun Energy Company. Click here for the SOLUTION

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2. Your examination of the records of a company that follows the cash basis of accounting (A+)

Your examination of the records of a company that follows the cash basis of accounting tells you that the company\’s reported cash basis earnings in 2012 are $39,784. If this firm had followed accrual basis accounting practices, it would have … Continue reading

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As a newly hired financial analyst at HappyLand Software your boss has asked you to determine the firm’s free cash flow for the coming year (A+)

As a newly hired financial analyst at HappyLand Software your boss has asked you to determine the firm’s free cash flow for the coming year. HappyLand\’s earnings are $1,715,174 and expected to grow by 5%. Accounts receivables are expected to … Continue reading

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Using the table below create a Cash Flow Statement for 2009 (A+)

Using the table below create a Cash Flow Statement for 2009. Based on the information from your Cash Flows Statement what is firm’s ending cash balance for 2009? 2008 2009 Revenue $4,000 4,268 Cost of Goods Sold 1,600 1,700 Depreciation … Continue reading

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Compute the current ratio and acid-test ratio for each of the above separate cases (A+)

Compute the current ratio and acid-test ratio for each of the above separate cases Case A Case B Case C Cash $800 $510 $3,200 Short-term investments 0 0 1,100 Current receivables 0 790 800 Inventory 2,000 1,600 1,900 Prepaid expenses … Continue reading

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ACCT 2301 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011 (A+)

ACCT 2301 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Deacon Co. uses a perpetual inventory system. Debit … Continue reading

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ACCT 2301 Using your accounting knowledge, find the missing amounts in the following separate income statements a through e. (A+)

ACCT 2301 Using your accounting knowledge, find the missing amounts in the following separate income statements a through e. (Amounts to be deducted should be indicated with a minus sign. Omit the \”$\” sign in your response.) a b c … Continue reading

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4. The following information is available for Wonderway, Inc., for 2010 (A+)

The following information is available for Wonderway, Inc., for 2010. Factory rent $28,800 Company advertising 19,400 Wages paid to laborers 83,600 Depreciation for president\’s vehicle 8,140 Indirect production labor 1,860 Utilities for factory 30,100 Production supervisor salary 31,600 President\’s salary … Continue reading

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