accounting project, Accounting Basics

Assignment Help:
journal entries and how to calculate entries

1. Braves estimates bad debt expense at 2% of net sales

2. At 12/31/11, 6 months of rent remains on the storage facility Braves leased on 7/1/10 when it paid $36,000 for a two-year rental.

3. Depreciation on the equipment (excluding the new computers) is computed at 8% per year with a $15,000 salvage value.

4. Depreciation on the Building is computed at 3% per year with a $50,000 salvage value.

5. Depreciation on the new computers is computed straight-line using a 4-year life and no salvage value. Braves’ policy is to record a full month’s depreciation when the assets are purchased and no depreciation in the month of disposal.

6. The 9% Note Payable was issued by Braves Corp. on 7/1/11 and is due on 7/1/12.

7. Salaries earned by employees from 12/19 to 12/31 amount to $12,000.

8. The December utility bill amounts to $2,000.

9. At year-end $20,000 of office supplies are on hand.

10. On 7/1/11, Braves Corp. purchased a three-year fire insurance policy for $36,000 paying the full amount on that day.

11. Braves’ income tax rate is 19%.

Related Discussions:- accounting project

Explain about traditional accounting theory, Q. Explain about Traditional a...

Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention

What do you mean by supplies on hand, Q. What do you mean by Supplies on ha...

Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al

Calculate the amount of accounts receivable, Cowhand's Bar-B-Q House went i...

Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009: Sales revenue for the year $30

Allowance for uncertain accounts, Normal 0 false false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Project, collection of data and methodology

collection of data and methodology

What are the various means of calculating depreciation, 1. Double declining...

1. Double declining method 2. Units of production method 3. Sum of year digit method 4. Straight-line method Depreciation Fund Method Insurance Method Annualy Method

What do you mean by" bank reconciliation"?, A Bank reconciliation manipulat...

A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of

Can you explain about liabilities, Q. Can you explain about Liabilities? ...

Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include

Reasonable accuracy, Some the other concepts, as for example: the Matching ...

Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take

Write Your Message!

Captcha
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