Client uses Accrual Method of Accounting. 1. Enter the trial balance into an Excel Spreadsheet.
2. Record adjustments through a General ledger. Create adjusting entry journals and T-Bar accounts.
3. Make an adjusting trial balance worksheet including the changes affecting the Balance Sheet and Income Statement.
4. Create a final Income Statement, Balance Sheet, and Statement of Retained Earnings for the month ended.
Adjusted amounts should be linked to their corresponding financial statement. The idea is to make all your changes and adjustments on the trial balance worksheet so that the financial statement will automatically change accordingly.
Adjustments to the Trial Balance at 11/30/20XX1.
Estimated bad debts is one-half of 1 percent of sales
2. Insurance expired for the month of November -$480
3. Interest accrued on notes receivable for the month of November -$725
4. Downtown Cabinet Company purchased 10 computers for $15,000 on a no interest 5 year loan. Record this purchase and one loan payment was paid in the month of November.
5. The accounting department discovered an overpayment of rent in the amount of $1,000
6. Property taxes accrued for the month of November should be at $5,000
7. Income taxes are estimated to be 22% of net income.
Data:
Debit credit
Cash 1140
Notes Receivable 16000
Accounts Receivable 41000
Merchandise Inventory 40000
Prepaid Insurance 960
Furniture and Equipment 67000
Accumulated Dep. - furniture and Equp. 12000
Notes Payable 20000
Accounts Payable 17500
Bonds Payable 30000
Common Stock 50000
Retained Earnings 1/1/2016 16200
Dividends 2000
Sales 400000
Cost of Goods Sold 316000
Sales Salaries Expense 20000
Advertising Expense 2200
Traveling Expense 8000
Salaries, office and general 19000
Telephone and Internet Expense 2600
Rent Expense 4800
Property Tax Expense 3300
Interest Expense 1700
Totals 545700 545700

Which certificate is the lowest level certification that a personal finance manager requires to sell mutual funds, trusts, and variable annuities? a. series 2 b. series 6 c. series 5 d. series 7 e. series 8

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)

This problem has been solved! see the answerchapter 19 problem #8. quality and financial control (connect, perform)part one: geometrica designs and builds domes and space frames for large buildings. while the company had developed quality standards over time to respond to different client problems and training needs, it lacked a unified quality system, and its global client base wanted assurance that geometrica met an established international standard for quality. which of the following was an appropriate step for this company to take? a) reform its accounting and financial reporting systems to comply with sarbanes-oxleyb) establish and document a quality management system to comply with iso 9000management at workyou are the new fleet manager at xpressship, a package delivery company. as your first project, your boss has asked that you to look into implementing an electronic monitoring system for the fleet of 2,000 trucks your company owns. a recent internal audit on maintenance and repair costs on the company’s vehicles revealed while maintenance was performed regularly on the trucks, mileage or use had not been taken into account. this resulted in approximately $20,000 of unneeded repairs. you know that telematics have been used by other companies with fleets of cars or trucks and it will allow your company to not only track mileage and use, but also part replacement needs, vehicle oil pressure, and drivers’ speed and real time location. tracking these items can reduce maintenance costs while improving efficiency. you find that a simple computer can be installed in each vehicle. when the drivers return at the end of the day, the telematics information from each vehicle will be uploaded to a master computer where a software program will generate a report with results on the variables you have selected.early one morning as you are getting a cup of coffee, a few drivers that have been with the company for many years approach you with some concerns. eldon, the most senior driver says, “i heard you’re installing some type of computer to track our driving. my buddy works over at parcel and post package delivery and he said they’ve got these computers, too. he said managers are writing people up and firing drivers for speeding or not wearing seat belts. are you going to do that to us, too? ”part two: as a manager, which of the following statements would be effective in maintaining a positive relationship with company drivers? check all that apply.a) at this time, xpressship will be using telematics to monitor maintenance and repair needs, not drivers’ motoring habitsb) although the company isn’t doing so now, when xpressship begins to monitor driver motoring habits, the company will encourage them to keep a separate daily log where they can document any unusual circumstancesc) while xpressship could monitor things like speed, location, and idle time, the company trusts their drivers and will not be using that data in disciplinary decisionsd) xpressship executives are happy with their technology and believe that implementation is ideal for your organization