This question has been answered
Question

Hello! I have another accounting assignment I need help with, hope you can help! Thank you! 

2 Attachments
1. For the Ratelif Corporation, what net income would the company report in its ±nancial statements? 2. For the Ratelif Corporation, what ending retained earnings would the company report in its ±nancial statements? 3. For the Ratelif Corporation, what amount o² total assets would the company report in its ±nancial statements? 4. For the Ratelif Corporation, what amount o² total liabilities would the company report in its ±nancial statements? 5. When the Ratelif Corporation records the sale o² equipment in the accounting ²ramework, the transaction would include a ____(A)_____ o² ____(B)______. (A) (B) Loss on sale 8,000 7,200 875 Gain on sale (8,000) (7,200) (875) 6. For Nguyen & Company, what net income would the company report in its ±nancial statements? 7. For Nguyen & Company, what ending retained earnings would the company report in its ±nancial statements? 8. For Nguyen & Company, what amount o² total assets would the company report in its ±nancial statements? 9. For Nguyen & Company, what amount o² total liabilities would the company report in its ±nancial statements? 10. When Nguyen & Company records the sale o² equipment in the accounting ²ramework, the transaction would include a ____(A)_____ o² _____(B)_____. (A) (B) Loss on sale 10,000 11,360 1,140 Gain on sale (10,000) (11,360) (1,140)
Background image of page 1
The University of Texas at Austin McCombs School of Business Foundations of Accounting (ACC 310F) Assignment 4 Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas (in the Assignments area); not all answers will be turned in. Once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. The teaching assistants and I can help you on Part A of the assignment, but not on Part B. Unlike a quiz, you may work with other classmates if you wish, but you must submit your own work. You should keep a copy of your answers outside of Canvas. Part A (20 points) The Rateliff Corporation had the following accounting framework available: Required: 1. Using the accounting framework above, record each of the following transactions/events for the month: May 1 Received $50 from customers on account May 1 Borrowed $10,000 on a long-term note payable May 1 Purchased equipment for $7,200, which is expected to be useful for 7 years at which time, it should be worth $900 May 3 Purchased $2,400 of inventory on account May 8 Paid suppliers $180 for purchases previously made on account May 10 Paid an insurance premium of $210 May 13 Received and paid utility bill for $600 May 19 Sold 25% of all inventory to a customer for $8,400 May 24 Sold a customer a gift card for $120 May 30 Paid employee salaries of $4,800 May 31 Insurance of $80 expired 2. Use the resulting accounting framework to prepare an income statement, statement of retained earnings and a balance sheet for the company at the end of the month. 3. Record the necessary transaction related to the equipment assuming it was sold for $8,000 on June 1 st of the same year. -- Page 1 of 2 --
Background image of page 1
Part B (30 points) Nguyen & Company had the following account balances available: Required: 1. Using the accounting framework above, record each of the following transactions/events: March 1 Services previously sold in advance of $300 were performed. March 1 Purchased equipment for $11,360; management expects it will be useful for 4 years at which time it should be worth $800. March 1 Performed $4,000 of consulting services for customers; sent bill. March 1 Borrowed $2,600 on a note payable. March 12 Paid advertising of $640. March 18 Purchased supplies of $130 on account. March 20 Received $600 from customers on account. March 23 Paid utility bill of $150. March 30 Paid employee payroll of $1,400. March 30 Supplies on hand reported at $190. March 30 Insurance of $150 expired. 2. Use the resulting accounting framework to prepare an income statement, statement of retained earnings and a balance sheet for the company for the month. 3. Record the necessary transaction related to the equipment assuming it was sold for $10,000 on April 1 st of the same year. -- Page 2 of 2 --
Background image of page 2
Answered by Expert Tutors
2 Attachments
Assignment 4 Questions.docx
docx
p1 and p2.xlsx
xlsx
The student who asked this rated it
Subject: Accounting, Business
1. For the Rateliff Corporation, what net income would the company report in its financial statements? 2. For the Rateliff Corporation, what ending
Get unstuck

356,961 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses