Week 6: Quiz: Part 1:

Auditing || fall20 Dashboard My courses  ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER  Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11:   The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.       YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.       The charity’s income is derived wholly from voluntary donations. Sources of donations include:   (i) Cash collected by volunteers asking the public for donations in shopping areas,   (ii) Cheques sent to the charity’s head office,   (iii) Donations…

Final Grade An instructor gives four 1-hour exams and one final exam, which counts as two 1 hour exams. Find a student's grade if she received 62, 77, 95, and 88 on the 1-hour exams and 84 on the final exam. Round your answer to one decimal place necessary.

Week Eleven Discussion Board-Chapter 10 125125 unread replies.126126 replies. Click on "Week Eleven Discussion Board ". Follow directions. They are as follows: (required) To start, click on "Week Eleven Discussion Board " and then click on "Reply". Take the time to answer the following question: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Explain. Discuss with your fellow classmates.

Academic access to the FASB Codification is available through university subscriptions, obtained from the American Accounting Association. This subscription covers an unlimited number of students within a single institution. Once this access has been obtained by your school, you should log in to prepare responses to the following exercises. CE1.1 Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.” CE1.2 Describe the procedures for providing feedback. CE1.3 Briefly describe the purpose and content of the “What’s New” link.

Wiam water supply services orders a water pump and expects the delivery in 30 days. The order was placed in 1st January, 2019 with an estimated cost of RO 8000. The water pump was delivered on time by the supplier on 30th January, 2019 with a voucher of RO 8,100. The voucher was approved on 6th February 2019 and the payment was settled on 7th February, 2019.  Based on the above case, answer the following six questions (Questions 45-50)     Question 45   Question text In the above case the disbursement is recorded on: a. 1st July, 2019 b. 30th January, 2019 c. 7th February, 2019 d. 6th February, 2019   Question 46   Question text Suppose the order made on 1st January is cancelled later on 10th January, which among the following will be the correct accounting treatment? a. A fresh encumbrance is made again on 10th January b. There will be no effect on the encumbrance control account c. The encumbrance made earlier is reversed. d. The available fund balance…

On instructions #1, the answers on a sample answer sheet show Jan 1st bal 7,500,000, Apr 10th 1,500,000, Aug 15th 360,000, and Dec 31st Bal 9,360,000. Can you explain how they calculated the 360,000 and where that figure came from? Thanks!

On January 1, Southwest College received $1,200,000 in Unearned Tuition Revenue from its students for the spring semester, which spans four months beginning on January 2. What amount of tuition revenue should the college recognize on January 31?  Group of answer choices $300,000. $800,000. $900,000. $600,000.

ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…

JOURNAL     Page  42             DATE DESCRIPTION POST. REF. DEBIT CREDIT 20--           Oct. 23 Administrative Salaries 51 2,307.69       Office Salaries 52 4,723.08       Sales Salaries 53 3,600.00       Plant Wages 54 5,219.60          FICA Taxes Payable - OASDI 20.1   982.72        FICA Taxes Payable - HI 20.2   229.84        Employees FIT Payable 24   871.00        Employees SIT Payable 25   486.63        Employees SUTA Payable 25.1   9.50        Employees CIT Payable 26   613.60        Group Insurance Premiums Collected 27   182.10        Union Dues Payable 28   16.00        Payroll Cash 12   12,458.98               23 Payroll Taxes 56 1,395.19          FICA Taxes Payable - OASDI 20.1   982.72        FICA Taxes Payable - HI 20.2   229.83        FUTA Taxes Payable 21   3.72        SUTA Taxes Payable - Employer 22   178.92             Nov. 4 Employees SIT Payable 25 486.63          Cash 11   486.63               6 Union Dues…

QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHSAccumulated fund (1/06/2019)23364000Massage Palour inventory at beginning (1/06/2019)4455000Massage Palour Purchases8382000Building (Cost)21153000Equipment (Cost)2640000Furniture and fittings (Cost)1650000Subscriptions1980000Affiliation Fees247500Savings Account5610000Venue of the "Weekend in Paradise Trip" 115500Executive Mens Club Entrance fees198000Massuer's Wages and Salaries825000Accumulated Depreciation Building 8461200Equipment 660000Furniture and Fittings 165000Salaries792000Rent 316800"Weekend in Paradise Trip" expenses198000Administrative expenses574200Interest on Savings account313500Sale of "Weekend in Paradise Trip" tickets2508000Bank account (Current)4125000Donation for "Weekend in Paradise Trip"610500Revenue from Massage Palour12540000Life membership fees610500Utilities326700102821400Additional Information1. Massage Palour inventory (31st May 2020)8910002. Subscription paid…

Problem # 7 What payment should be made on an invoice in the amount of $9,400 dated January 11 if the terms of sale are 2/15, 1/30, n/45 and the bill is paid on a. January 23? b. February 20?

arrow_forward   Question Asked Jun 24, 2020 1 views   Revenue Cycle DURAPLAST’s sales department consists of 17 full-time and part-time employees. They receive orders via traditional mail, e-mail, telephone, and the occasional walk-in. Because DURAPLAST is a wholesaler, the vast majority of its business is conducted on a credit basis. The process begins in the sales department, where the sales clerk enters the customer’s order into the centralized computer sales order system. The computer and file server are housed in DURAPLAST’s small data processing department. If the customer has done business with DURAPLAST in the past his or her data are already on file. If the customer is a first-time buyer, however, the clerk creates a new record in the customer file. The system then creates a record of the transaction in the open sales order file. When the order is entered, an electronic copy of it is sent to the customer’s e-mail address as confirmation.A…

Problem 1 – Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22  to 8/31/22. The following are selected transactions of Smith College;  6/1/22 Smith College collects $300,000 tuition for the 2022 summer session  6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester  6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session  7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session   Required: Prepare the journal entries for the above transactions assuming Smith College is a private sector  not for profit college Prepare the journal entries for the above transactions assuming Smith College is a State college

eBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00     8 8 8 8 8     45.00 226.78 Bills, D. 2,060.00         8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00     8 8 8     8 8 12.95 27.00 Dorn, J. 748.00           8 8     22.00 11.00 Edgar, L. 2,687.00     8 8 8     8 8 15.00 37.00 Fitzwilson, G. 4,150.00     8 8   8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…

(Learning Objective 5: Apply GAAP for uncollectible receivables) The September 30,2019, records of West Point Communications include these accounts:Accounts Receivable.................................... $249,000Allowance for Doubtful Accounts............... (8,000)During the year, West Point Communications estimates Uncollectible-account expense at 1%of credit sales. At year-end (December 31), the company ages its receivables and adjusts thebalance in Allowance for Uncollectible Accounts to correspond to the following aging schedule:LO 5Age of Accounts1–30 Days 31–60 Days 61–90 Days Over 90 Days$132,000 $52,000 $15,000 $36,000Accounts Receivable$235,000Estimated percent uncollectible 0.5% 2% 15% 35%During the last quarter of 2019, the company completed the following selected transactions:Nov 30 Wrote o as uncollectible the $1,200 account receivable fromLooper Carpets and the $800 account receivable from Williams Antiques.Dec 31 Adjusted the Allowance for Uncollectible Accounts and…

Every entry should have narration please   Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31.   Prepare all of the entries required for the note in 2020 and 2021.

Exercise 10-07 Steven Noll’s gross earnings for the week were $2,700, his federal income tax withholding was $486, and his FICA total was $207. There were no state income taxes.           What was Noll’s net pay for the week? Net pay   $       SHOW LIST OF ACCOUNTS LINK TO TEXT       Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable, not Cash.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit                             SHOW LIST OF ACCOUNTS LINK TO TEXT       Record the issuing of the check for Noll’s pay in the general journal. (Credit account titles are automatically…

JOURNAL     Page  43             DATE DESCRIPTION POST. REF. DEBIT CREDIT 20--           Nov. 6 Payroll Cash 12 12,296.97          Cash 11   12,296.97               6 Administrative Salaries 51 2,307.69       Office Salaries 52 4,677.85       Sales Salaries 53 3,600.00       Plant Wages 54 4,898.00          FICA Taxes Payable - OASDI 20.1   959.99        FICA Taxes Payable - HI 20.2   224.53        Employees FIT Payable 24   902.00        Employees SIT Payable 25   475.37        Employees SUTA Payable 25.1   9.27        Employees CIT Payable 26   599.41        Union Dues Payable 28   16.00        Payroll Cash 12   12,296.97               6 Payroll Taxes 56 1,362.30          FICA Taxes Payable - OASDI 20.1   959.98        FICA Taxes Payable - HI 20.2   224.51        SUTA Taxes Payable - Employer 22   177.81                           13 Payroll Cash 12 1,570.27          Cash 11   1,570.27             1.  What is the total gross…

For the university football program's Unearned Season Tickets account, list the debits and credits for each amount posted to the account and briefly describe each transaction. ACCOUNT Unearned Season Tickets ACCOUNT NO. 214           Balance Date Item Post. Ref. Debit Credit Debit Credit 20 --                                               Jan. 1 Balance ✔                               19 2 0 0 00 Oct. 15   J42           28 6 7 0 00           47 8 7 0 00 Nov. 1   J43           46 2 0 0 00           94 0 7 0 00 Dec. 31 Adj. J52 45 3 1 2 00                     48 7 5 8 00   1. Recorded sales for season’s ticket.2. Record the adjusting entry for the seasons tickets.3. Record the entry for season’s tickets cancelled. options(choose one): 1 and 2 1 and 3 2 and 3

16 - The Social Security Deductions of the employees in the management department, amounting to TL 8,450 for March, were paid from the bank on April 30, 2021. Accordingly, which of the following is true about the journal entry to be made?      a) 102 Banks Account is debited 8,450 TL  B) 361 Social Security Deductions Account Payable 8.450 TL  NS) 361 Social Security Deductions Payable Account 8.450 TL Debited.  D) 360 Taxes Payable and Funds Account 8.450 TL Receivable.  TO) 770 General administrative expense account is debited 8,450 TL