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Principles of Acct I ACCT1010 Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the Accounting Equation grid to record the following transactions and T-accounts. Include your fee. Prepare financial statements for a bonus. July 1 Invested $15,000 in the business. July 1 Paid $4,000 for July rent. July 3 Paid $400 for July's janitorial services July 3 Bought office supplies for $870 using a company credit card which is recorded as Accounts Payable. July 5 Bought 2 computers and printers on account for $2,500. July 6 Paid a Certified Public Accountant $200 to balance the books. July 6 Signed up for a monthly internet connection to the computers & immediately paid $25 for July. July 9 Completed plans for a home & quickly collected $6,000 architectural fee. July 12 Completed plans for a commercial building but did not immediately collect the fee of $15,000 due to financing problems with the builder. July 14 Purchased stamps at the U. S. Post Office for $250 using a credit card. July 16 Charged on account an advertisement announcing the opening of the architectural firm at the Commercial Appeal, $175. July 17 Completed plans for a home, and the builder, Angel Builders, asked for a month's extension to pay the bill $2,500. July 22 Collected the fee of July 12 as the complications have been resolved. July 23 Paid the month's telephone bill, $250. July 24 Paid the month's utility bill of $450. July 31 Mary withdrew $2,500 of business cash for personal use. July 31 Paid $2,400 to a secretary-receptionist.
The ending WIP inventory on May 31 consisted of 10,000 units. These latter units were 100% complete with respect to materials and 80% complete with respect to conversion. Costs added during the month were $330,000 for materials and $503,750 for co..
AVPR Company sets up a qualifying SPE to sell their accounts receivable (A/R) to the SPE. The SPE meets the unconsolidated requirement under GAAP. The most likely outcome of using the SPE by AVPR will be to:
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%.
Milton Company provides this information for the month of November, 2007: sales on credit $150,000; cash sales $50,000; sales discount $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement base..
Paul Dobson Company sponsors a defined benefit plan for its 100 employees. On January 1, 2010, the company's actuary provided the following information.
On January 1, Year 3, Starlight Construction Co. began a construction project qualifying for capitalization of interest. The total amount spent on this project during Year 3 was $250,000,
October Corporation reported net income of $46,000 in 2012. Depreciation expense was $17,000 and unrealized holding losses on temporary investments (FV-NI) were $3,000. The following accounts changed as indicated in 2012:
What three ratios would you list as the most important? Why? Which ratios would external users be most interested in? Why? Which ratios would best help internal users manage the business?
January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transacti..
Prepare an analysis showing the annual dollar advantage or disadvantage of accepting the outside supplier's offer.
The slowing economy in 2000 combined with Home Depot's aggressive expansion efforts was the reason for Home Depot's poor financial performance.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
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