Exercise 1-21 Effects of transactions on the accounting equation .pdf

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Exercise 1-21 Effects of transactions on the accounting equation LO6, 7 Malin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant. The following activities occurred during March 2023, her first month of business a. Moon invested $2,800 worth of equipment into her business along with $3,300 cash b. Submitted a series of articles to The Globe and Mall and recelved $6,800 cash. c. Purchased supplies on credit: $750. d. Paid the part-time administrative assistant's salary of $1,480 e. Moon ordered $3,300 of office equipment from the IKEA catalogue, It is scheduled to arrive in April or May. f. Paid the rent for the first month; $1,700. g. Submitted an article to Report on Business, will recelve $4,800 next month Show the effects of the activities listed in (o) through (g). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, rent expense, and salaries expense). (Enter all amounts as positive values. If the transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.).

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BWeek One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in 10 days to suppliers. c. A new fax machine purchased for office use. d. Land held as an investment. e. Amounts due from customers. f. Daily sales of merchandise sold. g. Promotional costs to publicize a concert. h. A long-term loan owed to Citizens Bank. i. The albums, tapes, and CDs held for sale to customers. 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jennifer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX: Building $40,000 Accounts receivable $24,000 Cash 21,000 Loan payable 30,000 J. Preston, Capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4) 4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ( ...

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. Basic transaction processing . On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: 1: Simmons invested $32,000 into the business for $32,000 in common stock. 2: Paid $5,000 to acquire a used minivan. 3: Purchased $1,800 of office furniture on account. 4: Performed $2,100 of consulting services on account. 5: Paid $300 of repair expenses. 6: Received $800 from clients who were previously billed in item 4. 7: Paid $500 on account to the supplier of office furniture in item 3. 8: Received a $150 electric bill, to be paid next month. 9: Simmons withdrew $800 from the business. 10: Received $250 in cash from clients for consulting services rendered. Instructions a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5) b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items. c. Answer the following questions for Simmons. (1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? (2) Did the company have a “good” month from an accounting viewpoint? Briefly explain. 5. Transaction analysis and statement preparation . The transactions that follow relate to Burton Enterprises for March 20X1, the company’s first month of activity. 3/1 Joanne Burton, the owner, invested $20,000 cash into the business. 3/4 Performed $2,400 of services on account. 3/7 Acquired a small parcel of land by paying $6,000 cash 3/12 Received $500 from a client who was billed previously on March 4. 3/15 Paid $200 to the Journal Herald for advertising expense. 3/18 Acquired 9,000 of equipment from Park Central Outfitters by Paying $7,000 down and agreeing to remit the balance owed within two weeks (A/P). 3/22 Received $300 cash from clients for services. 3/24 Paid $1,500 on account to Park Central Outfitters in partial settlement of the balance due from the transaction on March 18. 3/28 Rented a car from United Car Rental for use on March 28. Total charges amounted to $125, with United billing Burton for the amount due. 3/31 Paid $600 for March wages 3/31 Processed a $600 cash withdrawal (dividend) from the business for Joanne Burton Instructions a. Determine the impact of each of the preceding transactions on Burton’s assets, liabilities, and owner’s equity. See exhibit 1.5. Use the following format: Assets = Liabilities + Owner’s Equity Cash, Accounts Receivable, Land, Equipment Accounts Payable (+)Common Stock (+) Revenues (-) Dividends (-) Expenses a. Record each transaction on a separate line. Calculate balances only after the last transaction has been recorded. b. Prepare an income statement, a statement of retained earni.

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Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a. Amounts paid on June 30 for a 1-year insurance policy b. Professional fees earned but not billed as of June 30 c. Repairs to the firm’s copy machine, incurred and paid in June d. An advance payment from a client for a performance next month at a convention e. The payment in part (d) from the client’s point of view f. Interest owed on the company’s bank loan, to be paid in early July g. The bank loan payable in part (f) h. Office supplies on hand at year-end 2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2: Insurance expense $4,350 Prepaid insurance, December 31, 20X2 1,900 Cash outlays for insurance during 20X2 6,200 Compute the balance in the Prepaid Insurance account on January 1, 20X2. 3. Understanding the closing process. Examine the following list of accounts: Interest Payable Accumulated Depreciation: Equipment Alex Kenzy, Drawing Accounts Payable Service Revenue Cash Accounts Receivable Supplies Expense Interest Expense Which of the preceding accounts a. appear on a post-closing trial balance? b. are commonly known as temporary, or nominal, accounts? c. generate a debit to Income Summary in the closing process? d. are closed to the capital account in the closing process? 4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises: · The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned. · Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31. · Salaries owed to employees at year-end amounted to $1,650. · The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period. · The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1. Fixation’s accounting year ends on December 31. Instructions Analyze the five preceding cases individually and determine the following: a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.) b. The year-end journal entry to adjust the accounts c. The income statement impact of each adjustment (e.g., increases total revenues by $500) 5. Adjus.

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AWeek Five Exercise Assignment Financial Ratios 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid expenses 800 800 800 Accounts payable 200 200 200 Notes payable: short-term 3,100 3,100 3,100 Accrued payables 300 300 300 Long-term liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc: 20X5 20X4 Net credit sales $832,000 $760,000 Cost of goods sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Average Accounts receivable 180,000 140,000 Average Inventory 70,000 50,000 Accounts payable, Dec. 31 115,000 108,000 a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest expense $120,000 Income tax expense $80,000 Preferred dividends $25,000 Net income $130,000 Average assets $1,100,000 Average common stockholders' equity $400,000 a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places. b. Does the firm have positive or negative financial leverage? Briefly explain. 4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $76,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work. 6. Ratio computation. The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparat ...

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FOR MORE CLASSES VISIT www.acc205outlet.com Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Here is a breakdown of the sections within the body of the assignment: Company Overview

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