PM-1 Future Value of an Investment Using the future value tables, solve the following: Required 1. What is the future value on December 31, 2014 of a deposit of $35,000 made on December 31, 2010, assuming interest of 10% compounded annually? 2. What is th
918.9015 Exercise 5-15. ANSWBI
Exercise 5— 15
Prepare a statement of cash ﬂows for 2014 for Zubin Mehta Corporation. (Show amounts that decrease
cash ﬂow with either a - sign 9.9, 45,000 or in parenthesis e.g. (15,000).)
Print by: Sheri Wisniewski
ACBDO: Intermediate Accounting I — 1503 5—01 / ACBOD Unit 6 Assignment
*Brief Exercise 6—4
at; Your answer is correct.
Bo Newman will invest $9,180 today in a fund that earns 6% annual interest. (Use the
Brief Exercise ﬁ":
Tony Bautista needs $21,030 in 3 years. (Use the tables beiow.)
TABLE 6-2 PRESENT VALUE OF 1 [PRESENT VALUE OF A SINGLE SUM]
Brief Emcise 62. Answer
Perieds ' ‘33 23% 3‘11. .1923 5% 6%
Exercise 36. Answer
' Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of
operations, the following transactions occurred.
Prepare the adjusting entries on January 31
Bercise 31. Answer
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole
proprietorship), the following events and transactions occurred.
P6-3 Interim Reporting The Schultz Company prepares interim financial statements at the end of each quarter. The income statement presented at the end of the first quarter of 2010 is as follows: Sales (net) Cost of goods sold Gross profit Operating expens
P5-9 Misclassifications The bookkeeper for the Olson Company prepared the following income statement and retained earnings statement for the year ended December 31, 2010: OLSON COMPANY December 31, 2010 Expense and Profits Statement Sales (net) Less: Sell
P4-4 Balance Sheet The following is a list (in random order) of the December 31, 2010 balance sheet accounts of the International Products Company: Additional paid-in capital on preferred stock Accounts receivable Dividends payable Buildings Bonds payable
P3-11 Worksheet The Fiorillo Company has the following account balances on December 31, 2010 prior to any adjustments: Debit $1,900 4,700 8,700 600 4,100 38,000 11,500 10,700 3,100 4,300 Credit $60 Notes payable (due March 1, 2011) Unearned rent Mortgage
C2-5 Cost and Expense Recognition (AICPA Adapted) An accountant must be familiar with the concepts involved in determining earnings of a company. The amount of earnings reported for a company is dependent on the proper recognition, in general, of revenue
C1-9 GAAP Hierarchy A friend of yours says, "I understand there are `rules' for financial reporting. But what are these rules, where can a person find them, and which ones are more important?" Required Prepare an answer for your friend.
C1-9 GAAP Hierarch