Assignment 7.1 Handout
1. In Motion, your T-shirt business, is growing fast, and you need a better accounting system.
Consider the features of an effective system. Which features are most important? Why? Which
feature must you consider if your financial r
1. Hasselback, Krooch & Kinney, a partnership, is considering admitng Ken Rosenzweig as a new partner. On July 31 of the cur
Requirements Journalize the admission of Rosenzweig as a partner on July 31 for each of the following independent situatons:
Assignment 9.2 Handout
1. On May 31, 2011, Lilly Floral Supply had a $145,000 debit balance in Accounts receivable and
a $5,800 credit balance in Allowance for uncollectible accounts. During June, Lilly made:
R1. Journalize all June entries u
In this situation, we should tag our talks to the more extensive points of view to the
idea of interior controls. Interior control fundamentally involves the entire system of frameworks
set up in an association to give sensible confirmation that authorita
Assignment 8.2 Handout
This case is based on an actual situation. Centennial Construction Company, headquartered in
Dallas, built a Rodeway Motel 35 miles north of Dallas. The construction foreman, whose name
was Slim Chance, hired the 40 wo
PROBLEM 12-1 STATEMENT OF CASH FLOWSINDIRECT METHOD
1. Changes in account balances and explanations (in thousands of dollars):
Plant and equipment
PROBLEM 1-3 BALANCE SHEET
END OF THE YEAR
Liabilities and Stockholders Equity
Accounts receivable .
Office equipment .
Total assets .
Accounts payable .
PROBLEM 7-1 ALLOWANCE METHOD FOR ACCOUNTING FOR BAD DEBTS
Journal Accounts Receivable.
Sales Revenue .
To record sales for year: $1,050,000 80%
= $840,000* credit sales.
PROBLEM 6-1 BANK RECONCILIATION
Balance per bank statement, May 31
Add: Deposit in transit
Bank error: Deposit credited to wrong account
Deduct: Outstanding checks:
PROBLEM 4-1 ADJUSTMENTS
1. Adjustments on March 31, 2014:
a. The effect of the adjustment can be identified and analyzed as follows:
Interest Payable Increase Interest Expense Increase
PROBLEM 10-1 FACTORS THAT AFFECT THE BOND ISSUE PRICE
1. a. The bonds would be issued at par, since the face or coupon rate is equal to the
market rate of interest.
b. The bonds would be issued at a discount in this situation because investors would
R1 Costs included in the purchase of land
These are direct cost associated with the purchase of land and therefore form the cost of land
R2 Land and land improvements are not depreciated. The same applies to other costs capitalized.
Notes receivable are more formal than accounts receivable
Notes receivable include a charge for interest
Accounts receivable are current assets, notes receivable are current or long term assets
Notes receivable are evidenced by the debtor sig
\ I A 1 - v 4
, Financial Statement Case
This problem helps you develop skill in recording transactions by using a company's actual
account titles. Refer to the 2009 Amazon.com Financial Statements handout. Assume that
Assignment 3.2 Handout
Lee Nicholas has been the principal stockholder and has operated World.com Advertising, Inc.,
since its beginning 10 years ago. The company has prospered. Recently, Nicholas mentioned
that he would sell the business fo
(December 2015). The Overtime Pay in Public Accounting. The CPA Journal.
Web link: http:/eds.a.ebscohost.com.proxycs.researchport.umd.edu/eds/pdfviewer/pdfviewer?sid=75e7d6e3-8733-4143-997fe864ab6f2701
Assignment 4.2 Handout
1. The trial balance of Speedy G Internet, Inc., at May 31, 2011, follows:
Adjusting data at May 31:
R1. Journalize adjusting journal entries.
R2. Enter the trial balance on a work sheet and complete the work sheet of S
Assignment 5.1 Handout
1. You may have shopped at a Ronnys store. Suppose Ronnys purchased T-shirts on account
for $18,130. Credit terms are 3/15, n/45. Ronnys paid within the discount period.
R1. If Ronnys uses a periodic inventory system, w
Challenges of Diversity
in the Profession
Determinant Factors for the Dearth of Minority CPAs
By H elen Gabre, Dale L. Flesher, a nd F ra n k Ross
Although the CPA credential provides social and economic opportunities for its holde
Assignment 12.1 Handout
1. Study the characteristics of a partnership. Then, in your own words, write two short
paragraphs, as follows:
R1. Explain the advantages of a partnership over a proprietorship and a corporation.
R2. Explain the disad
20) If you are a job candidate interview for a job, you should follow a few
guidelines that most people consider basic. You will be more successful if you
do these things. One of the first t
TO: JOSEPH WILSON ([email protected]
FROM: LARAE BROWN ([email protected])
DATE: OCTOBER 21, 2016
SUBJECT: BROWNS OFFICE SUPPLIES
We are pleased to welcome you as a new customer of Browns
Office Supplies. We carry everything your office m