Prepare journal entries and financial statements

Assignment Help Accounting Basics
Reference no: EM131195936

Accounting Help

You have formed a new sole proprietorship and your primary business is buying and selling fine art. Your business is not publicly traded so you can choose to use the cash basis method or the accrual method for your business. Which would you use and why? Since your business is not publicly traded, is it important for you to prepare journal entries and financial statements? Explain why or why not. Research computer systems methods you can use to record your transactions and create your financial statements.

Reference no: EM131195936

Questions Cloud

Find the collusive prices : An industry consists of two ?rms. The demand function for the product of ?rm i is qi =24−5pi +2pj. The marginal cost of production for each ?rm is zero. Find the price best-response function for ?rm i. Find the collusive prices. What are collusive pr..
Find for each country expressions for the equilibrium price : Find for each country expressions for the equilibrium price and ?rm pro?ts and quantity under the assumption that no trade between the two countries occurs.
Identify connection and relationships of principles included : Identify connections and relationships of the principles included. Explain how the 6 principles relate to those identified in your analysis of the codes of conduct of the 3 chosen companies.
Explain the two factors you think are the most important : Compare and contrast the two definitions of advanced practice nursing as defined by the American Association of Colleges of Nursing (AACN) DNP Essentials, the APRN consensus model, and as defined in your textbook.
Prepare journal entries and financial statements : Prepare journal entries and financial statements? Explain why or why not. Research computer systems methods you can use to record your transactions and create your financial statements.
Best option for your company banking needs : As a finance manager, you must select the best option for your company's banking needs. You have two options to consider: a service fee banking model or a holding balance banking model. Choose one and discuss the following:
When might trying to adjust your firm ratios : When might trying to adjust your firm's ratios to the industry averages not be a good idea?
What mode of transport do you recommend : Safety inventory of coal and MRO materials is kept at twice the consumption during the lead time of supply. What mode of transport do you recommend for each of the two products? Why?
Short-term financing for current assets : A company should use a maturities matching approach to use only short-term financing for current assets and long-term financing sources for fixed assets. Do you agree or disagree and why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Disastrous weather conditions often occur

Suppose a company has a facility located where disastrous weather conditions often occur. Should it report a probable loss from a future disaster as a liability on its balance sheet? Why or why not?

  Compute the inventory value of the units

Compute the inventory value of the units unsold in the hands of the consignee. (Round answer to 0 decimal places, e.g. 5,275.)

  Identify each receivable and payable

Prepare journal entries to record the following merchandising transactions of Blink Company, which applies the perpetual inventory system.

  Hedging a portfolio or increasing the returns

Either hedging a portfolio or increasing the returns, managers use one or a combination of five option strategies: spreads, straddles, strangles, covered calls, and condors. Select two of these strategies, explain how it works, and provide a speci..

  Frank erlacher an inventory control specialist is

frank erlacher an inventory control specialist is interested in better understanding the accounting for inventories.

  Distributions is non-taxable

Which one of the following distributions is nontaxable?

  Matter of accountability

Classify the controls that you just identified above as either preventive, detective, or corrective controls. How does the matter of accountability (tracing transactions to specific agencies) affect the problem?

  Prepare an income statement in its proper format

Prepare an income statement in its proper format ending on June 30, 2009. You should include the heading and left align it so the formatting is understandable.

  Profitability index of the project

The present value of the cash inflows would be $56,500. The profitability index of the project is closest to: (Round your answer to 2 decimal places.)

  Assessment of additional tax

In May 2015, Hernando, a resident of California, has his 2013 Federal income tax return audited by the IRS. An assessment of additional tax is made because he had inadvertently omitted some rental income. In October 2015, California audits his st..

  Andy had agi of 80000 for 2010 he was injured in a

andy had agi of 80000 for 2010. he was injured in a rock-climbing accident and paid 5200 for hospital expenses and 2800

  Compute the number of regular cruises and executive cruises

Compute the number of regular cruises and executive cruises

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd