п»їThe assessment will be placed SUNDAY, Sept 29th from 3 to 6 PM in Woodruff Auditorium of the Kansas Union. Full this box prior to participating in the assessment!!!
1 ) State the primary accounting formula.
2 . What are the two aspects of stockholder's collateral?
3. Precisely what is the method for current ratio, speedy ratio, personal debt ratio, and working capital?
some. What is the group that presently creates accounting requirements?
5. What gives the panel of administrators the right to modify a business CEO?
6. What three things do you need to recognize earnings according to the earnings recognition principle?
7. Precisely what is the purpose of altering entries?
eight. What is the revenue strategy and the matching concept?
on the lookout for. When do you recognize revenues and expenses under cash and accrual accounting?
twelve. When can you use reversing items?
11. Where do we close dividends to?
12. What is double taxation?
Caitlin began her own pet shop, specializing in Siberian Huskies. Associated with appropriate items for the transactions defined below. Caitlin closes her books about December thirty-one.
1 . About Jan you, Caitlin distributed common stock in the quantity of $100, 000 cash.
2 . About March thirty-one, Caitlin purchases a giant doggie washing machine. The appliance cost $250, 000. Caitlin paid hundred buck, 000 cash and authorized a note pertaining to the remaining amount. Interest of 10% is compounded yearly and because of in 12 months. The machine includes a useful existence of 10 years.
3. On August 1, Caitlin paid cash intended for prepaid insurance in the quantity of $9, 000. This will cover Caitlin's store for 3 years.
some. On September 1, Stephanie signed a contract with Caitlin to have her dog cleaned 5 times (on the last day time of every month). Stephanie paid out Caitlin the whole contracted volume of $1, 000 (it is a huge dog) upon affixing your signature to the contract.
5. In October thirty-one, Caitlin received and paid out her normal water bill of $1, five-hundred. 6. In November 15, Caitlin bought dog cookies on are the cause of $200.
7. Make the adjusting entry associated with the note.
almost 8. Make the altering entry associated with the machine.
being unfaithful. Make the adjusting entry connected with #4 previously mentioned.
10. Make the adjusting entry associated with #3.
11. Reverse any of the records above that could be reversed.
Altering and Closing Entries
A. Using the T-accounts on the subsequent page, show the adjusting articles for the four circumstances described listed below. Be sure to labeled each entry according to its quantity designation beneath.
1 . AC Business borrowed $1, 000, 500 on Mar 31 via a good good friend of one of
the owners. The interest charge is 12% annually with the first repayment to be manufactured
2 . AC Company started out this year with various products worth $150, 000. It
offers $50, 000 of those supplies left by the end of the season.
3. AIR CONDITIONING UNIT Company has rented its corporate head office for the last seven months of
this year from the uncle of one of the owners. The uncle features told these people that CT
can pay the $60, 000 annual rent after they have been in home for one season.
some. AC Organization earned $75, 000 of its unearned revenue in the past year.
More information: You only have to make the year-end adjusting entries for the above transactions. The original entries have been made for you. Believe AC Firm closes it is books every single December 23.
M. After making the modifying entries necessary in part A, use the T-accounts to find the finishing balance in each account and close all short-term accounts. Ingredients label each concluding entry c1, c2, c3, etc .
Unearned Rent Rev.
2 hundred, 000