Reference no: EM13754449
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through d and the adjusting entries as of its December 31 period-end for items e through g.
a. Supplies are purchased on December 1 for $3,600 cash.
b. The company prepaid its insurance premiums for $2,340 cash on December 2.
c. On December 15, the company receives an advance payment of $29,000 cash from a customer for remodeling work.
d. On December 28, the company receives $5,300 cash from another customer for remodeling work to be performed in January.
e. A physical count on December 31 indicates that the Company has $2,000 of supplies available.
f. An analysis of the insurance policies in effect on December 31 shows that $500 of insurance coverage had expired.
g. As of December 31, only one remodeling project has been worked on and completed. The $5,730 fee for this project had been received in advance.
|
Examine various qualitative and quantitative analytics
: Examine various qualitative and quantitative analytics and Conduct an Internet search for a report that compares different analytics tools. The report must not be more than three years old
|
|
Definition of a term sheet and explain its purpose
: Provide a definition of a term sheet and explain its purpose.
|
|
Compute the total dividends paid to preferred shareholders
: The company has 10,000 shares of 6%, $100 par preferred stock outstanding. In addition, the company has 100,000 shares of common stock outstanding. The company started business on January 1, 20Y1. Total cash dividends paid during 20Y1 and 20Y2 were $..
|
|
The discount rate
: An investor has two options to choose from a)$7000 after 1 year b)$10000 after 3 years.assuming the discount rate of 9% which alternative he should opt for?
|
|
Decided to debit expense accounts
: Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Suppli..
|
|
Members of the audit committee to serve indefinitely
: Discuss how an audit committee can help combat financial statement fraud. What are the disadvantage and advantages of allowing members of the audit committee to serve indefinitely?
|
|
Valuation of the asset at disposal
: For this task, define capital asset and discuss the purpose of depreciation of assets, and why depreciation directly affects valuation of the asset at disposal.
|
|
Identify any deficiencies over cash receipts
: For each receipts transactions related audits objective identify one or more existing controls. Identify any deficiencies over cash receipts
|
|
Expand to the west coast market
: •* From the scenario, cite your forecasting conclusions that support TFC's decision to expand to the West Coast market. Speculate as to whether or not the agency conflict discussed in the scenario could become a roadblock to your conclusions. Provide..
|