On May 19, Integrity Repair Service extended an offer of $335,000 for land that had
been priced for sale at $363,000. On June 4, Integrity Repair Service accepted the
sellers counteroffer of $345,000. On October 10, the land was assessed at a value of
PE 2-1A Rules of debit and credit and normal balances
State for each account whether it is likely to have (a) debit entries only, (b) credit
entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Receivable will
When comparing a retail business to a service business, the financial
statement that changes the most is the Income Statement
Using the following information, what is the amount of merchandise
available for sale?
Evaluate Long Beach Plastics current strategies.
Long Beach Plastics produces plastic forming machines and is one of the leading producers in the
industry. They have enjoyed a steady growth since the 1970s to its current position of $50 million in
Accounting 1A Final Exam Information and Study Guide
Final Exam Study Guide Part Two
You may use this study guide during your exam. Every topic may not be covered here, but
this will assist you greatly, use it!
Payroll: Most employers are levied a tax on
Indicate with a Yes or No whether or not each of the following accounts normally
requires an adjusting entry.
a. Accumulated Depreciation - Yes
b. Dividends - No
c. Land - No
d. Salaries Payable - Yes
e. Supplies - Yes
f. Unearned Rent - Yes
Chapter 6 303
1) 20 I 4 Cengagc Lamina. All Rights Reserved. May not be scanned. copied Ur duplicated, or posted to a publicly accessible website, in whole or in part, 304 Name Raﬁ ﬁuegf.+€£~.
PROBLEM 6-5 ﬂ, Continued
Statement of Owner
19 August, 2015
Conference Page 1
Classify each of the following accounts as a liability, owners equity, or asset.
Money in the Bank
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2,
Examples of Key Differences between US GAAP and the International
Financial Reporting Standards
(1) Where US GAAP upholds SECs 3-year comparative financial statement presentation, IFRS
requires only 1-year presentation of comparative financial informatio
Final Exam Study Guide Part One
You may use this study guide during your exam. Every topic may not be covered
here, but this will assist you greatly, use it!
Final Exam Week!
The Exam is Proctored. Students CANNOT login to the
Final Exam (it wo