ACC 211 Week 1 Assignment Help

ACC 211 Week 1 Assignment Help | excelsior-college

M1: Practice Homework Questions

Michael McNamee is the proprietor of a property management​ company, Apartment​ Exchange, near the campus of Penscola State College. The business has cash of​ $8,000 and furniture that cost​ $9,000 and has a market value of​ $13,000. The business debts include accounts payable of​ $6,000. Michael's personal home is valued at​ $400,000, and his personal bank account has a balance of​ $1,200. Identify the principle or assumption that best matches the​ situation:

2

For each of the users of accounting​ information, identify whether the user is an external decision maker​ (E) or an internal decision maker​ (I):

3.

Begin by identifying the accounting equation and the formula to calculate the change in the​ stockholders' equity during a period. ​(Abbreviations used: Beg. equity​ = beginning​ equity; End. equity​ = ending​ equity.)

For each of the following situations that occurred in​ June,

2018

with regard to common stock and dividends of a​ corporation, compute the amount of net income or net loss during June

2018.

​(Use a minus sign or parentheses for a net​ loss.)

a. The company issued

$25,000

of common stock and paid no dividends.

b. The company issued no common stock. It paid cash dividends of

$7,500.

c. The company issued

$5,000

of common stock and paid cash dividends of

$12,000.

Requirement 1. Analyze the effects of the events on the accounting equation of

CPA.

Analyze the events​ chronologically, one transaction at a​ time, beginning with the transaction on the 5th. For each transaction that follows​ the transaction on the​ 5th, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on the

30​th,

calculate total assets and total liabilities and equity. ​(Complete only the necessary answer boxes for your transaction lines.​ [Do not enter any zeros for your transaction​ lines.] Carry down all balances to the​ "Bal." line, including zero balance​ accounts, entering a​ "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations​ used: A/P​ = Accounts​ Payable; A/R​ = Accounts​ Receivable; Com.​ = Common; Contr.​ = Contributed; Div.​ = Dividends; Exp.​ = Expense; Furn.​ = Furniture; Liab​ = Liabilities; Rev.​ = Revenue; Sup.​ = Supplies; Util.​ = Utilities.)

Requirement 2. Prepare the financial statements.

a. Income statement. ​(If a box is not used in the table leave the box​ empty; do not select a label or enter a​ zero.)

Review the ending balances of the accounts from Requirement 1.

b. Statement of retained earnings.

Enter any increases in retained earnings prior to the subtotal and any decreases in retained earnings below the subtotal. ​(Complete all answer boxes. Enter a​ "0" for any zero​ balances.)

c. Balance sheet. ​(Only include balance sheet accounts with a balance at

April

30.

​[Do not include any​ zero-balance accounts.]​ (If a box is not used in the table leave the box​ empty; do not select a label or enter a​ zero.)

3.

Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For​ example, the first asset account will be 100 and the next asset account will 110. ​(Use the first available line under each​ section, Asset,​ Liabilities, etc., when selecting the accounts. If a box is not​ used, leave the box​ empty; do not select any​ labels.)

Requirement 1. For each of these​ errors, state whether total debits equal total credits on the trial balance.

For each error determine whether total debits are​ "Greater than"​ (>), "Equal​ to" (=), or​ "Less than"​ (<) total credits.

Requirement 2. Identify each account that has an incorrect​ balance, and the amount and direction of the error​ (such as​ "Accounts Receivable​ $500 too​ high").

8.

Calculate the debt ratio for Jake Hill, M.D. Select the debt ratio formula on the first line and then calculate the ratio. ​(Round the percentage to the nearest whole​ percent.)

9.

Requirement 1. Record each transaction in the journal using the following account​ titles: Cash; Accounts​ Receivable; Office​ Supplies; Prepaid​ Insurance; Land;​ Furniture; Accounts​ Payable; Utilities​ Payable; Unearned​ Revenue; Common​ Stock; Dividends; Service​ Revenue; Salaries​ Expense; Rent​ Expense; and Utilities Expense. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.)

Sep. 1: Received $44,000 cash and issued common stock to

Stanley.

Sep. 4: Purchased office​ supplies, $1,000​, and​ furniture, $1,800​, on account.

Sep. 6: Performed services for a law firm and received $1,300

Sep. 7: Paid $21,000 cash to acquire land to be used in operations

Sep. 10: Performed services for a hotel and received its promise to pay the

$1,600 within one week.

Sep. 14: Paid for the furniture purchased on September 4 on account.

Sep. 15: Paid​ assistant's semimonthly​ salary, $1,400.

Sep. 17: Received cash on​ account, $1,400.

​(Assume the collection was received from a customer for a previous sale on​ account.)

Sep. 20: Prepared a design for a school on​ account, $680.

Sep. 25: Received $2,500 cash for design services to be performed in

October.

Sep. 28: Received $2,700 cash for consulting with Plummer​ & Gordon.

Sep. 29: Paid $720 cash for a​ 12-month insurance policy starting on

October 1.

Sep. 30​: Paid​ assistant's semimonthly​ salary, $1,400.

Sep. 30​: Paid monthly rent​ expense, $900.

Sep. 30​: Paid cash dividends of $3,300.

Sep. 30​: Received a bill for​ utilities, $400. The bill will be paid next month.

Requirement 2.​ T-accounts have been opened for each of the accounts. Post the journal entries to the​ T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.

We will post to the accounts one transaction at a time. Begin by posting the events from the 1st.

Sep. 1: Received $44,000 cash and issued common stock to Stanley.

​(We will post to the accounts one transaction at a time. Post only the transaction from

September 1 in this​ step.)

Sep. 4: Purchased office​ supplies, $1,000​, and​ furniture, $1,800​, on account. ​(Post only the transaction from September 4 in this​ step.)

Sep. 6: Performed services for a law firm and received $1,300 cash. ​(Post only the transaction from September 6 in this​ step.)

Sep. 7: Paid $21,000 cash to acquire land to be used in operations. ​(Post only the transaction from September 7 in this​ step.)

Sep. 10: Performed services for a hotel and received its promise to pay the$1,600 within one week. ​(Post only the transaction from September 10 in this​ step.)

Sep. 14: Paid for the furniture purchased on September 4 on account. ​(Post only the transaction from September 14 in this​ step.)

Sep. 15: Paid​ assistant's semimonthly​ salary, $1,400.

​(Post only the transaction from September 15 in this​ step.)

Sep. 17: Received cash on​ account, $1,400. (Post only the transaction from

September 17 in this​ step.)

Sep. 20: Prepared a design for a school on​ account, $680. (Post only the transaction from September 20 in this​ step.)

Sep. 25: Received $2,500 cash for design services to be performed in October. (Post only the transaction from September 25 in this​ step.)

Sep. 28: Received $2,700 cash for consulting with Plummer​ & Gorden. ​(Post only the transaction from September 28 in this​ step.)

Sep. 29: Paid $720 cash for a​ 12-month insurance policy starting on

October 1. ​(Post only the transaction from September 29 in this​ step.)

Sep. 30​: Paid​ assistant's semimonthly​ salary, $1,400. (Post only the first transaction from September 30 in this​ step.)

Sep. 30​: Paid monthly rent​ expense, $900. (Post only the second transaction from September 30 in this​ step.)

Sep. 30​: Paid cash dividends of $3,300. (Post only the fourth transaction from September 30 in this​ step.)

Calculate the account balances. Use a​ "Bal." posting reference on the proper side of each account to show the ending balances of the accounts.

Requirement 3. Prepare the trial balance of Donna Stanley​, Designer, as of September 30​, 2018.