MATH WORK SHEET CHAPTER 4

Size: px
Start display at page:

Download "MATH WORK SHEET CHAPTER 4"

Transcription

1 1 Name Date Class CHAPTER 4 Calculating New Account Balances Calculate and record the new balance for each of the following accounts. ACCOUNT Cash ACCOUNT NO , , , ACCOUNT Supplies ACCOUNT NO ACCOUNT Prepaid Insurance ACCOUNT NO ACCOUNT Accts. Pay. Hatch Company AC COUNT NO ACCOUNT John Robbins, Capital ACCOUNT NO , (continued on next page)

2 2 ACCOUNT Sales ACCOUNT NO , ACCOUNT Utilities Expense ACCOUNT NO

3 Math Work Sheets and Solutions 3 Name Date Class CHAPTER 5 PART A Calculating New Balances on a Check Stub Calculate the amounts needed to complete the following check stub information. Write your answers on the lines provided. Check No. 151: Check No. 152: Bal. Bro t For d Bal. Bro t For d Amt. Deposited... 12, Amt. Deposited -0- Subtotal Subtotal. Bank Charges Bank Charges Subtotal Subtotal. Amt. This Check 1, Amt. This Check Bal. Car d For d. Bal. Car d For d Check No. 153: Check No. 154: Bal. Bro t For d... Bal. Bro t For d Amt. Deposited Amt. Deposited Subtotal Subtotal. Bank Charges Bank Charges Subtotal Subtotal. Amt. This Check Amt. This Check Bal. Car d For d. Bal. Car d For d (continued on next page)

4 4 Math Work Sheets and Solutions PART B Reconciling Bank Statements Reconcile the bank statement received on September 29 of the current year using the following information. Bank Statement Balance $7, Outstanding Checks Bank Service Charge No. 161, $ Dishonored Check No. 163, $17.00 Outstanding Deposit, August 28, Balance on Check Stub No , PART C Calculating Amount of Petty Cash Replenishment Portman Products has a $ petty cash fund. The following petty cash slip amounts have been paid: $16.00, $22.50, $35.00, $7.00. Reconcile the petty cash fund. Petty cash on hand Total Petty cash of petty on hand cash slips Petty Total of cash petty fund cash total slips. Petty cash fund total. There is $ remaining in the petty cash fund.

5 Name Date Class CHAPTER 6 PART A Analyzing Adjustments Calculate the adjustment amounts for the following information. Supplies Account Balance Supplies on Hand Adjustment Amount $4, $2, $8, $7, $1, $1, Prepaid Insurance Value of Account Balance Prepaid Insurance Adjustment Amount $1, $1, $2, $ $ $ PART B Calculating Net Income/Net Loss Calculate the net income or net loss for the following work sheet Income Statement column totals. Put parentheses around net loss amounts. Income Statement Income Statement Debit Column Total Credit Column Total Net Income/(Loss) $3, $4, $7, $6, $2, $5, (continued on next page)

6 6 Math Work Sheets and Solutions PART CD Checking for Typical Arithmetic Errors Find and correct any errors in the following general ledger accounts. ACCOUNT Cash ACCOUNT NO , , , , , ACCOUNT Supplies ACCOUNT NO , , ACCOUNT Prepaid Insurance ACCOUNT NO , , , ACCOUNT A/P Best Supply Company ACC OUNT NO ACCOUNT A/P Wells Company ACCOUNT NO ACCOUNT Bart Nichols, Capital ACCOUNT NO , , ,330.00

7 Name Date Class CHAPTER 7 PART A Calculating Net Income Calculate net income for the following information. Total Revenue Total Expenses Net Income $ 5, $3, $ 2, $1, $11, $8, PART B Calculating Vertical Analysis Ratios Calculate vertical analysis ratios for the following information. Round percentage calculations to the nearest 0.1%. Vertical Analysis Total Sales Ratio $6, $4, total expenses $6, $1, net income $4, $3, total expenses PART C Calculating Owner s Equity Calculate owner s equity for the following information. Capital Account Balance Net Income Drawing Account Balance Current Owner s Equity $10, $ $ $15, $1, $ $32, $9, $1,500.00

8 8 Math Work Sheets and Solutions Name Date Class CHAPTER 9 PART A Calculating Purchases Discounts Calculate the trade discount and invoice amounts for the following five invoice items. List Price Trade Discount Rate Trade Discount Invoice Amount $ % $ % $ % $1, % $1, % Calculate the purchase discount and invoice amounts to be paid for the following five invoices. Invoice Purchases Discount Purchases Discount Invoice Amount Amount Rate Amount To Be Paid $2, % $1, % $8, % $1, % $2, % PART B Calculating Petty Cash Short and Over For each of the following companies, calculate the amount of petty cash short or petty cash over. Indicate petty cash short by an amount followed by an S. Use an O to designate petty cash over. Distribution of Payments Amount of Petty Cash Beginning Advertising Miscellaneous Cash in Short or Co. Balance Supplies Expense Expense Cash Box Over 1 $ $ $ $31.00 $ $ $ $ $10.80 $ $ $ $ $75.00 $ $ $ $ $33.00 $37.00

9 Math Work Sheets and Solutions 9 Name Date Class CHAPTER 10 PART A Calculating Sales Tax For each invoice subtotal, calculate the sales tax and invoice total. Invoice Sales Tax Sales Tax Invoice Subtotal Amount Total $ % $ % $17, % $ % $ % $ % $17, % $ % PART B Calculating Sales Discounts Calculate the sales discount for each of the following items. Sales Sales Sales Invoice Discount Discount Amount Rate Amount $ % $1, % $9, % $ % $ % $1, % $1, % $ % PART C Proving a Cash an Expanded Receipts Journal Prove the equality of of the debits debits and and credits for for the a cash following receipts expanded journal. journal totals. Write the totals under the columns and double rule them. Column Column Title Debit Totals Credit Totals No. 1 General Debit General Credit Accounts Receivable Credit... $ 9, Sales Credit... 27, Sales Tax Payable Credit 1, Sales Discount Debit $ Cash Debit. 38, Totals.. (continued on next page)

10 Name Date Class CHAPTER 11 Calculating Sales Tax on Sales Returns and Allowances Calculate the sales tax on the returned merchandise and the total amount of the return for each of the following items. Amount of Returned Merchandise Total Amount of Return Sales Tax Rate Sales Tax on the Return $ % $ % $2, % $ % $ % $ % $ % $ %

11 12 Math Work Sheets and Solutions Name Date Class CHAPTER 12 PART A Calculating Employee Hours Worked Use the following time card information for two employees. Calculate the hours worked each day, the total hours worked during the week, and the number of overtime hours. Overtime hours are hours over 40 hours in one week. Employee No. 1 Monday Tuesday Wednesday Thursday Friday Saturday IN :30AM 05:30AM 05:00AM 05:15AM 06:00AM OUT :30AM 09:45AM 10:00AM 09:45AM 10:00AM IN :15AM 10:15AM 10:30AM 10:30AM 10:30AM OUT :15PM 02:30PM 02:30PM 02:30PM 03:00PM Total Total Hours Overtime Hours Employee No. 2 Monday Tuesday Wednesday Thursday Friday Saturday IN 11:30AM 11:00AM 11:00AM 11:30AM 11:00AM 06:00PM OUT 03:30PM 03:30PM 03:00PM 03:15PM 03:30PM 11:30PM IN 04:00PM 04:00PM 03:30PM 03:45PM OUT 07:00PM 09:30PM 07:30PM 07:30PM Total Total Hours Overtime Hours PART B Calculating Employee Total Earnings Calculate Use the overtime the overtime salary salary rate rate for for each each of the of the following employees, using 1.5 times the regular rate. Then calculate regular, overtime, and and total total earnings for for each each employee. Empl. Hours Rate Earnings No. Regular Overtime Total Regular Overtime Regular Overtime Total $ $ $ $ $ 9.00 (continued on next page)

12 Math Work Sheets and Solutions 13 PART C Calculating Social Security and Medicare Taxes Calculate the social security and Medicare taxes to be withheld from each of the following earnings. Use a 6.5% social security tax rate and a 1.5% Medicare tax rate. Earnings Social Security Medicare Tax Tax Deduction Deduction $ $ $ $ $ $1, PART D Calculating Deductions in a Payroll Register Use the following payroll register information to calculate total deductions. Federal Social Medicare Health Dental Retirement United Total Income Tax Sec. Tax Tax Insurance Insurance Way Plan Other Deductions PART E Calculating Accumulated Earnings Calculate the accumulated earnings on June 10. Accumulated Total Earnings Accumulated Earnings for Pay Period Earnings June 3 Ending June 10 10, , , , , , PART F Calculating Net Pay in a Payroll Register Use the following payroll register information to calculate net pay. Total Total Net Earnings Deductions Pay

13 14 Math Work Sheets and Solutions Name Date Class CHAPTER 13 PART A Calculating Unemployment Taxes For each payroll amount, calculate the unemployment taxable earnings for federal and state unemployment tax for the April 1 payroll. Then calculate the federal and state unemployment taxes on those taxable earnings. Use a tax base of $7, accumulated earnings, 0.8% federal unemployment tax rate, and 5.4% state unemployment tax rate. Accumulated Total Earnings Unemployment Federal State Earnings for Pay Period Taxable Unemployment Unemployment March 25 Ending April 1 Earnings Tax Tax 2, , , , , , , PART B Calculating Employer Tax Liabilities Information about a payroll includes the following: Total earnings. $19, Federal income tax withheld from employees No employee has accumulated earnings over $7, Tax rates are: social security, 6.5%; Medicare, 1.5%; federal unemployment tax, 0.8%; state unemployment tax, 5.4%. Complete the calculations necessary to answer the following questions: 1. How much was withheld from employees for social security tax? 2. How much was withheld from employees for Medicare tax? 3. What is the amount of social security tax the employer must pay as the employer s payroll tax? 4. What is the amount of Medicare tax the employer must pay as the employer s payroll tax? 5. What is the employer s liability for federal unemployment tax? 6. What is the employer s liability for state unemployment tax? 7. What is the debit to Payroll Taxes Expense for this payroll?

14 Name Date Class CHAPTER 14 PART A Calculating Book Value of Accounts Receivable Calculate the book value of accounts receivable for each of the following items. Accounts Receivable Balance of Allowance for Uncollectible Accounts Book Value of Accounts Receivable $ 13, $ 1, $334, $ 50, $ 4, $ $ 70, $ 8, $ 71, $ 9, $280, $ 35, $629, $105, $ 75, $ 10, PART B Calculating Interest for a Year Calculate the interest for one year for the following amounts. Principal Interest Rate Interest $ 2, % $ 26, % $ 5, % $ 6, % $ 280, % (continued on next page)

15 PART C Calculating Interest for a Fraction of a Year Calculate the interest for the fractions of the years shown below. Use a 360-day year in your calculations. Principal Interest Rate Time Interest $ 2, % 30 days $ 26, % 90 days $ 5, % 30 days $ 6, % 180 days $ 280, % 60 days PART D Calculating the Maturity Date of a Note Calculate the maturity date for each of the following items. Assume that February has 28 days regardless of the year. Maturity Date day note dated January day note dated January day note dated February day note dated December 1 5. One-year note dated January 25 PART E Calculating the Maturity Value of a Note Calculate the maturity value for the following notes. Principal Interest Rate Time Maturity Value $ 3, % 30 days $85, % 90 days $13, % 1 year $12, % 30 days $12, % 30 days

16 Name Date Class CHAPTER 15 PART A Calculating Accrued Interest Income Calculate the accrued interest income on the following notes on December 31. Interest Date of Time of No. of Days Accrued Principal Rate Note Note to Dec. 31 Interest Income $4, % Aug days $2, % Nov days $5, % Oct days $3, % Sept days $1, % Dec days PART B Calculating Straight-Line Depreciation for a Year Calculate total depreciation expense and annual depreciation expense for each of the following assets using the straight-line method. Years of Asset Original Salvage Useful Total Annual No. Cost Value Life Depreciation Depreciation 1 $ 3, $ $ $ 2 $58, $8, $ $ 3 $ $ $ $ 4 $ 2, $ $ $ 5 $ $ $ $ (continued on next page)

17 PART C Calculating Net Income Before Federal Income Tax Expense Calculate net income before federal income tax for the following three companies. Company 1 Company 2 Company 3 Sales. $354,080 $57,280 $951,750 Cost of merchandise sold. 228,420 38, ,320 Total expenses 108,230 15, ,980 Net income before federal income tax. PART D Calculating the Adjustment for Federal Income Tax Expense Calculate the adjustment for federal income tax expense for the following information. Actual Tax for Total Tax Paid the Year Adjustment $ 59, $ 60, $ 60, $ 64, $159, $160, $296, $298, $629, $632,199.47

18 Name Date Class CHAPTER 16 PART A Calculating Cost of Merchandise Sold Calculate merchandise available for sale and the cost of merchandise sold for the following four companies. Company 1 Company 2 Company 3 Company 4 Beg. merchandise inventory, Jan. 1 $56,280 $ 7,982 $852,963 $ 458,258 Purchases 48,000 15, ,852 1,582,693 Merchandise available for sale Ending merchandise inventory, Dec. 31 3,981 18, , ,287 Cost of merchandise sold. PART B Calculating Vertical Analysis Ratios for an Income Statement Calculate vertical analysis ratios for the following information. Round percentage calculations to the nearest 0.1%. Total Sales Vertical Analysis Ratio $775, $385, cost of merchandise sold $775, $400, gross profit on sales $775, $152, net income $775, $240, total expenses PART C Calculating Retained Earnings Calculate the ending balance of retained earnings for the following three companies. Company 1 Company 2 Company 3 Retained earnings, January 1, 20-- $230,890 $458,790 $ 56,875 Net income after federal income tax 108, , ,530 Dividends declared during , ,000 75,000 Retained earnings, December 31, 20--

19 Name Date Class CHAPTER 17 PART A Analyzing a Balance Sheet Using Vertical Analysis Complete the vertical analysis of the comparative balance sheet. Round the percentage calculations to the nearest 0.1%. Current Year Prior Year Amount Percent Amount Percent Cash $ $ Accounts Receivable 1, , Inventory 2, , Total Assets $4, $4, Accounts Payable $ $ Capital Stock 2, , Retained Earnings 2, , Total Liabilities and Stockholders' Equity $4, $4, PART B Analyzing an Income Statement Using Horizontal Analysis Complete the horizontal analysis of the comparative income statement. Round the percentage calculations to the nearest 0.1%. Current Year Prior Year Sales $65, $62, Cost of Merchandise Sold 31, , Gross Profit 33, , Operating Expenses 24, , Income from Operations $ 9, $ 8, Increase (Decrease) Amount Percent Part C Calculating Working Capital and the Current Ratio Calculate working capital and the current ratio for each of the following. Round the current ratio to the nearest tenth. Total Current Assets Total Current Liabilities Working Capital Current Ratio $5,260, $3,854, $ 650, $ 263, $1,339, $ 733, $ 828, $ 301, $ 630, $ 384,555.48

20 Name Date Class CHAPTER 18 PART A Calculating Bond Interest Payments Calculate the semi-annual interest payment for the following bonds. Stated Face Value Interest Rate $10,000, % $ 5,000, % $ 8,000, % $50,000, % $25,000, % Interest Payment PART B Calculating Financial Leverage Calculate the rate of return for four proposed projects. Assume a federal income tax rate of 25%. A B C D Net Income before Federal Income Tax $ 6, $ 15, $ 9, $ 25, Federal Income Tax Net Income after Federal Income Tax Investment $50, $90, $40, $210, Rate of Return

21 Name Date Class CHAPTER 19 PART A Calculating Property Tax Calculate the annual property tax for each of the following items. Assessed Tax Annual Value Rate Property Tax $ 10, % $ 125, % $ 350, % $ 675, % $28,000, % PART B Calculating Gain or Loss on a Plant Asset Calculate the gain or loss on disposal of each of the following plant assets. Cash Original Accumulated Gain Loss Received Cost Depreciation on Sale on Sale $ $ 1, $ 1, $25, $78, $49, $ 2, $ 5, $ 4, (continued on next page)

22 PART C Calculating Depreciation Expense Using the Double Declining-Balance Method Calculate the declining-balance rate for the following items using two times the straight-line rate. Total Years of Depreciation Useful Straight-Line Declining-Balance Expense Life Rate Rate 100% 5 100% 4 100% 8 100% 10 Complete the following depreciation schedule for an asset bought on January 1 of the current year for $10, Its estimated salvage value is $1, and its estimated useful life is 5 years. Use the declining-balance method and twice the straight-line rate. Beginning Annual Ending Year Book Value Depreciation Book Value

23 20 Math Work Sheets and Solutions Name Date Class CHAPTER 19 Use the following data for Parts A, B, and C of this worksheet. 20 Beginning Periodic Model Inventory First Second Third Inventory Count No. January 1 Purchase Purchase Purchase December 31 A B C D PART A Calculating Inventory Using the First-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the fifo method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Fifo Cost PART B Calculating Inventory Using the Last-In, First-Out Inventory Costing Method Calculate the total cost of ending inventory using the lifo method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Lifo Cost (continued on next page)

24 Math Work Sheets and Solutions 21 PART C Calculating Inventory Using the Weighted-Average Inventory Costing Method Calculate the total cost of ending inventory using the weighted-average method. Model No. of Units Cost of Ending No. on Hand Unit Price Inventory A20 27 B40 15 C15 34 D11 17 Total Weighted-Average Cost PART D Estimating Inventory Using the Gross Profit Method Estimate ending inventory using the gross profit method. Use the following information. Beginning inventory, January 1 $ 42, Net purchases, first quarter.. 95, Net sales, first quarter 127, Previous year s gross profit percentage % Beginning inventory, January 1. Net purchases, January 1 to March 31 Cost of merchandise available for sale Net sales, January 1 to March 31. Previous gross profit percentage.. Estimated gross profit on operations Net sales, January 1 to March 31. Estimated gross profit on operations Estimated cost of merchandise sold. Cost of merchandise available for sale. Estimated cost of merchandise sold. Estimated ending merchandise inventory, March 31.

25 Name Date Class CHAPTER 21 Calculating Accrued Interest Expense Calculate the accrued interest expense on the following notes on December 31. Interest Date of Time of No. of Days Accrued Principal Rate Note Note to Dec. 31 Interest Expense $4, % Aug days $2, % Nov days $5, % Oct days $3, % Sept days $1, % Dec days

Century 21 Accounting, 8e General Journal Chapter Outlines

Century 21 Accounting, 8e General Journal Chapter Outlines Century 21 Accounting, 8e General Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting

More information

CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives

CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting

More information

Sample Test for entrance into Acct 3110 and Acct 3310

Sample Test for entrance into Acct 3110 and Acct 3310 Sample Test for entrance into Acct 3110 and Acct 3310 1. Which of the following financial statements could properly have the following in the date line: For the Year Ended December 31, 2010"? a. Balance

More information

Classifying assets, liabilities, and owner s equity

Classifying assets, liabilities, and owner s equity Drill 1-D1 Classifying assets, liabilities, and owner s equity Classify each item listed below as an asset, liability, or owner s equity by placing a check mark in the Asset, Liability, or Owner s Equity

More information

In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

In the event of a tie, the score on the last ten questions will be used as a tie-breaker. NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING II 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the

More information

A+ 97% B+ 87% C+ 77% D+ 67% A 93% B 83% C 73% D 63% A- 90% B- 80% C- 70% D- 60%

A+ 97% B+ 87% C+ 77% D+ 67% A 93% B 83% C 73% D 63% A- 90% B- 80% C- 70% D- 60% General Goal This course is designed to give students an introduction to accounting. In it, we will explore many topics including: accounting for a service business organized as a proprietorship, accounting

More information

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation account: a record summarizing all the information pertaining

More information

Accounting Skills Assessment Practice Exam Page 1 of 10

Accounting Skills Assessment Practice Exam Page 1 of 10 NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +

More information

ACCOUNTING 105 CONCEPTS REVIEW

ACCOUNTING 105 CONCEPTS REVIEW ACCOUNTING 105 CONCEPTS REVIEW A note from the tutors: This handout is designed to help you review important information as you study for your cumulative final exam. While it does cover many important

More information

PART A: TRUE/FALSE (1 point each):

PART A: TRUE/FALSE (1 point each): CHABOT COLLEGE General Accounting (BUS-7) Dmitriy Kalyagin PART A: TRUE/FALSE (1 point each): EXAM #4 (Chapters 10, 12, 13) 1. Employees who are exempt from the FLSA are entitled for overtime pay for hours

More information

Study Guide - Final Exam Accounting I

Study Guide - Final Exam Accounting I Study Guide - Final Exam Accounting I True/False Indicate whether the sentence or statement is true or false. 1. Entries in a sales journal affect account balances in both the accounts receivable ledger

More information

UIL ACCOUNTING REGIONAL 2011-R

UIL ACCOUNTING REGIONAL 2011-R GROUP 1 UIL ACCOUNTING REGIONAL 2011-R A--Current Asset--Assets that are either used up or converted to cash during the normal operating cycle of the business, usually 1 year. B--Plant Asset--Long-lived

More information

The Statement of Cash Flows Direct Method

The Statement of Cash Flows Direct Method 23 The Statement of Cash Flows Direct Method DEMONSTRATION PROBLEM The financial statements of Bolero Corporation follow. Copyright Houghton Mifflin Company. All rights reserved. 1 Bolero Corporation Income

More information

13 Financial Statements and Closing Procedures

13 Financial Statements and Closing Procedures 13-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 13 Financial Statements and Closing Procedures Section 1: Preparing the Financial Statements Section Objectives 1. Prepare

More information

ADVANCED ACCOUNTING (02) REGIONAL 2006

ADVANCED ACCOUNTING (02) REGIONAL 2006 13 Pages Contestant Number Time Rank ADVANCED ACCOUNTING (02) REGIONAL 2006 Objective Questions (30 @ 2 points each) Job 1 Income Statement Job 2 Statement of Retained Earnings Job 3 Balance Sheet (60

More information

國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 )

國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 ) 國 立 體 育 大 學 100 學 年 度 學 士 班 轉 學 考 試 試 題 休 閒 產 業 經 營 學 系 二 年 級 會 計 學 ( 本 試 題 共 8 頁 ) 注 意 : 1. 答 案 一 律 寫 在 答 案 卷 上, 否 則 不 予 計 分 2. 請 核 對 試 卷 准 考 證 號 碼 與 座 位 號 碼 三 者 是 否 相 符 3. 試 卷 彌 封 處 不 得 汚 損 破 壞 4. 行

More information

Financial Accounting Study Guide Fall 2013 CH1 & 2 PART VI RATIOS

Financial Accounting Study Guide Fall 2013 CH1 & 2 PART VI RATIOS Financial Accounting Study Guide Fall 2013 CH1 & 2 PART VI RATIOS Name: Selected information from the financial statements of Miller Company for the year ended December 31, 2012, appears below: 2012 Current

More information

ACCOUNTING DICTIONARY

ACCOUNTING DICTIONARY ACCOUNTING DICTIONARY A Account a record summarizing all the information pertaining to a single item in the accounting equation Account balance the amount in an account Account number the number assigned

More information

Completed Journals Test. What are the advantages of using special journals?

Completed Journals Test. What are the advantages of using special journals? Advanced Accounting 1 Career Opportunities Recognize the different Workbook types of jobs. Define the education required for each. September Special Journals Discounts Bank Statement Journalize entries

More information

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000

More information

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system.

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system. Accounting II True/False Indicate whether the sentence or statement is true or false. 1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is

More information

PROFESSOR S NAME ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8)

PROFESSOR S NAME ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) Page 137 NAME ANSWER KEY PROFESSOR S NAME SECTION SCORE ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) INSTRUCTIONS: COMPLETE ALL

More information

2-8. Identify whether each of the following items increases or decreases cash flow:

2-8. Identify whether each of the following items increases or decreases cash flow: Problems 2-8. Identify whether each of the following items increases or decreases cash flow: Increase in accounts receivable Increase in notes payable Depreciation expense Increase in investments Decrease

More information

COMPUTERIZED ACCOUNTING II Curriculum Content Frameworks

COMPUTERIZED ACCOUNTING II Curriculum Content Frameworks COMPUTERIZED ACCOUNTING II Curriculum Content Frameworks Please note: All assessment questions will be taken from the knowledge portion of these frameworks. Prepared by Loretta Burgess, Greenbrier High

More information

ANSWERS TO SAMPLE TEST #4

ANSWERS TO SAMPLE TEST #4 ANSWERS TO SAMPLE TEST #4 PART A: 1 F 21 C 41 B 2 T 22 D 42 A 3 T 23 D 43 A 4 F 24 A 44 C 5 T 25 B 45 B 6 F 26 A 46 D 7 F 27 C 47 C 8 T 28 B 48 A 9 T 29 B 49 C 10 F 30 C 50 A 11 T 31 A 12 F 32 D 13 F 33

More information

Financial Accounting (Sole Proprietorship)

Financial Accounting (Sole Proprietorship) Financial Accounting (Sole Proprietorship) This course covers the topics shown below. Students navigate learning paths based on their level of readiness. Institutional users may customize the scope and

More information

RAPID REVIEW Chapter Content

RAPID REVIEW Chapter Content RAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit

More information

Chapter Review Problems

Chapter Review Problems Chapter Review Problems Unit 17.1 Income statements 1. When revenues exceed expenses, is the result (a) net income or (b) net loss? (a) net income 2. Do income statements reflect profits of a business

More information

Job Ready Assessment Blueprint. Accounting-Advanced. Test Code: 3900 / Version: 01

Job Ready Assessment Blueprint. Accounting-Advanced. Test Code: 3900 / Version: 01 Job Ready Assessment Blueprint Accounting-Advanced Test Code: 3900 / Version: 01 Measuring What Matters Specific Competencies and Skills Tested in this Assessment: Journalizing Journalize an opening entry

More information

COMPONENTS OF THE STATEMENT OF CASH FLOWS

COMPONENTS OF THE STATEMENT OF CASH FLOWS ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling

More information

Vol. 1, Chapter 3 - Accounting Adjustments

Vol. 1, Chapter 3 - Accounting Adjustments Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January

More information

TOPIC LEARNING OBJECTIVE

TOPIC LEARNING OBJECTIVE Topic Mapping 1 Transaction Analysis Understand the effect of various types of transactions on the accounting equation, accounting journal and accounting ledger. Concepts and Skills Accounting Equation

More information

Chapter 6 Statement of Cash Flows

Chapter 6 Statement of Cash Flows Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions

More information

Unit 1: Accounting for a Service Business Organized as a Proprietorship (Chapters 2 10)

Unit 1: Accounting for a Service Business Organized as a Proprietorship (Chapters 2 10) Unit 1: Accounting for a Service Business Organized as a Proprietorship (Chapters 2 10) I. Analyzing Business Transactions A. Effect of business transactions on the fundamental accounting equation B. Principles

More information

ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET

ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET Important: PRINT your response (A,B,C,D or E) that best completes the statement

More information

國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題

國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題 國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題 會 計 學 ( 本 試 題 共 8 頁 ) 注 意 :1 答 案 一 律 寫 在 答 案 卷 上, 否 則 不 予 計 分 2 請 核 對 試 卷 准 考 證 號 碼 與 座 位 號 碼 三 者 是 否 相 符 3 試 卷 彌 封 處 不 得 汚 損 破 壞 4 行 動 電 話 或 呼 叫 器 等 通 訊 器 材 不

More information

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2 Chapter 7 Solutions EXERCISES Exercise 7 2 Cash and cash equivalents includes: Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total

More information

Exercises: Set B. 50 chapter 12 Statement of Cash Flows

Exercises: Set B. 50 chapter 12 Statement of Cash Flows 50 chapter 12 Statement of Cash Flows Classify transactions by type of activity. (LO 2), C Classify transactions by type of activity. (LO 2), C Exercises: Set B E12-1B Strawn Corporation had these transactions

More information

ACCOUNTING COMPETENCY EXAM SAMPLE EXAM. 2. The financial statement or statements that pertain to a stated period of time is (are) the:

ACCOUNTING COMPETENCY EXAM SAMPLE EXAM. 2. The financial statement or statements that pertain to a stated period of time is (are) the: ACCOUNTING COMPETENCY EXAM SAMPLE EXAM 1. The accounting process does not include: a. interpreting d. observing b. reporting e. classifying c. purchasing 2. The financial statement or statements that pertain

More information

Review of the Accounting Process THE BASIC MODEL

Review of the Accounting Process THE BASIC MODEL THE BASIC MODEL The accounting information system is designed to collect and organize data into information that is useful for stakeholders. The Accounting Equation The basic accounting equation is what

More information

University of Rio Grande Fall 2010

University of Rio Grande Fall 2010 University of Rio Grande Fall 2010 Financial Management (Fin 20403) Practice Questions for Midterm 1 Answers the questions. (Or Identify the letter of the choice that best completes the statement if there

More information

中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試

中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試 中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試 7 月 12 日 14:00~15:30 商 學 群 組 二 年 級 科 目 : 會 計 學 ( 共 七 頁 第 一 頁 ) 可 使 用 計 算 機, 惟 僅 限 不 具 可 程 式 及 多 重 記 憶 者 一 MULTIPLE CHOICE QUESTIONS: (50%) 誠 實 是 我 們 珍 視 的 美 德, 我 們 喜

More information

Statement of Cash Flows

Statement of Cash Flows PREPARING THE STATEMENT OF CASH FLOWS: THE INDIRECT METHOD OF REPORTING CASH FLOWS FROM OPERATING ACTIVITIES The work sheet method described in the text book is not the recommended approach. We will provide

More information

Accounting II Second Semester Final

Accounting II Second Semester Final Name: Class: Date: Accounting II Second Semester Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Profit is the difference between:

More information

Advanced Accounting (02)

Advanced Accounting (02) 10 Pages Contestant Number Time Rank Advanced Accounting (02) Regional 2009 Multiple Choice (15 @ 3 points each) Short Answer (10 @ 3 points each) Matching (10 @ 2 points each) Production Portion Problem

More information

CHAPTER 3. The Accounting Information System. 3. Trial balance. 6, 10 2, 3, 4 1, 2, Adjusting entries. 8, 11, 13, 14 3, 4, 5, 6, 7, 8, 9, 10

CHAPTER 3. The Accounting Information System. 3. Trial balance. 6, 10 2, 3, 4 1, 2, Adjusting entries. 8, 11, 13, 14 3, 4, 5, 6, 7, 8, 9, 10 CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5, 6, 7, 8 1, 2 1, 2,

More information

Principles of Financial Accounting ACC-101-TE. TECEP Test Description

Principles of Financial Accounting ACC-101-TE. TECEP Test Description Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial

More information

YAVAPAI COLLEGE/PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide (DIG) Year-Long Semester Pacing Guide 2015/2016 School Year

YAVAPAI COLLEGE/PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide (DIG) Year-Long Semester Pacing Guide 2015/2016 School Year YAVAPAI COLLEGE/PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide (DIG) Year-Long Semester Pacing Guide 2015/2016 School Year School: Prescott High dual enrolled with Yavapai College Grade

More information

Gold Run Snowmobile. Adjusting Entries and Closing Entries For The Quarter Ended December 31. Final Project Evaluation. 5 th Edition.

Gold Run Snowmobile. Adjusting Entries and Closing Entries For The Quarter Ended December 31. Final Project Evaluation. 5 th Edition. Gold Run Snowmobile 5 th Edition Adjusting Entries and Closing Entries For The Quarter Ended December 31 and the Final Project Evaluation Page 1 ADJUSTING ENTRIES FOR THE QUARTER Using a copy of the December

More information

Course pack Accounting 202 Chapter 13: Cash Flow Statement

Course pack Accounting 202 Chapter 13: Cash Flow Statement Course pack Accounting 202 Chapter 13: Cash Flow Statement Value Chapter Included 13 Purpose of Cash Flow Understand Operating, Investing, Financing activities Prepare a Cash Flow Statement indirect only

More information

Advanced Accounting. Chapter 4: Financial Reporting for a Departmentalized Business

Advanced Accounting. Chapter 4: Financial Reporting for a Departmentalized Business Advanced Accounting Chapter 4: Financial Reporting for a Departmentalized Business Financial statements are used to summarize financial info and then are used to evaluate the financial position and progress

More information

Self-test Comprehensive Problems II 综 合 自 测 题 II

Self-test Comprehensive Problems II 综 合 自 测 题 II Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制

More information

a. $ 65,000. b. $ 80,000. c. $130,000. d. $145,000.

a. $ 65,000. b. $ 80,000. c. $130,000. d. $145,000. 注 意 1. 本 試 題 卷 共 50 題, 總 分 100 分 第 01-15 題, 每 題 1.75 分, 合 計 26.25 分 ; 第 16-35 題, 每 題 2 分, 合 計 40 分 ; 第 36-50 題, 每 題 2.25 分, 合 計 33.75 答 錯 不 倒 扣 2. 請 將 答 案 按 試 題 題 號, 依 序 填 入 答 案 卡 1.FastForward had cash

More information

Dr. M.D. Chase Accounting Principles Examination 2J Page 1

Dr. M.D. Chase Accounting Principles Examination 2J Page 1 Accounting Principles Examination 2J Page 1 Code 1 1. The term "net sales" refers to gross sales revenue reduced by sales discounts and transportation-in. 2. The cost of goods available for sale in a given

More information

Learn Accounting Understand Business: Course Review Answers

Learn Accounting Understand Business: Course Review Answers Learn Accounting Understand Business: Course Review Answers 1. What type of accounting measures the activity of the company by looking at economic events regardless of when cash transactions occur? A.

More information

CHAPTER 3. Understanding the Accounting Information System. 3. Trial balance. 6, 10 3, 4, 5 1, 2, Closing , 15, 16 1, 4, 8, 9, 11

CHAPTER 3. Understanding the Accounting Information System. 3. Trial balance. 6, 10 3, 4, 5 1, 2, Closing , 15, 16 1, 4, 8, 9, 11 CHAPTER 3 Understanding the Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5, 6, 7,

More information

SAMPLE XYZ Contracting Corporation Financial Statements December 31, 20XX

SAMPLE XYZ Contracting Corporation Financial Statements December 31, 20XX Name SAMPLE Financial Statements December 31, 20XX CPA Accounting Firm Name Table of Contents Page Accountant s Review Report 1 Financial Statements Balance Sheet 2 Income Statement 3 Schedule of General

More information

Chapter 8 Accounting for Receivables

Chapter 8 Accounting for Receivables Chapter 8 Accounting for Receivables Accounts Receivable Accounts Receivables are current assets. They are usually expected to be collected within 30 days. Allowance Method and Bad Debt Expense 2 methods:

More information

Web Appendix A The Merchandising Work Sheet and Closing Entries

Web Appendix A The Merchandising Work Sheet and Closing Entries Web Appendix A The Merchandising Work Sheet and Closing Entries This appendix shows how to prepare the work sheet and closing entries for merchandising companies. The work sheet for a merchandising company

More information

Merchandise Inventory, Cost of Goods Sold, and Gross Profit. Pr. Zoubida SAMLAL

Merchandise Inventory, Cost of Goods Sold, and Gross Profit. Pr. Zoubida SAMLAL Merchandise Inventory, Cost of Goods Sold, and Gross Profit Pr. Zoubida SAMLAL 1 Accounting for Inventory Inventory (balance sheet) = Number of units of inventory on hand X Cost per unit of inventory Cost

More information

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01 JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT Test Code: 4100 Version: 01 Specific Competencies and Skills Tested in this Assessment: Journalizing Apply the accounting equation to journalize

More information

Grade 11 or 12 Mathematics for Business

Grade 11 or 12 Mathematics for Business Grade 11 or 12 Mathematics for Business Strands 1. Basic Mathematics 2. Basic Business Applications 3. Mathematics of Retailing 4. Mathematics of Finance 5. Accounting and Other Applications Strand 1:

More information

Chapter 13 Financial Statements and Closing Procedures

Chapter 13 Financial Statements and Closing Procedures Chapter 13 - Financial Statements and Closing Procedures Chapter 13 Financial Statements and Closing Procedures TEACHING OBJECTIVES 13-1) Prepare a classified income statement from the worksheet. 13-2)

More information

ACC 120 PRINCIPLES OF FINANCIAL ACCOUNTING

ACC 120 PRINCIPLES OF FINANCIAL ACCOUNTING ACC 120 PRINCIPLES OF FINANCIAL ACCOUNTING COURSE DESCRIPTION: Prerequisites ENG 090, and RED 090 or DRE 098; MAT 070 or DMA 010, 020, 030, 040, or satisfactory score on placement test Corequisites: None

More information

Chapter 5 Accounting for Merchandising Operations

Chapter 5 Accounting for Merchandising Operations Chapter 5 Accounting for Merchandising Operations Purchase Transactions Purchaser records goods at cost. When goods are returned, purchaser reduces Inventory. On September 5, De La Hoya Company buys merchandise

More information

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals ACCT 652 Accounting Week 3 Merchandisers and special journals Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights of

More information

Equity The remainder is the shareholders claim on the assets-equity. It is often referred to as residual equity.

Equity The remainder is the shareholders claim on the assets-equity. It is often referred to as residual equity. ACT 1600 Fundamental of Financial Accounting Chapter 1 The Basic Accounting Equation Asset = Liabilities + Equity Asset Assets are resources a business owns. The common characteristic possessed by all

More information

Advanced District Concepts: More Fun With the Worksheet! 2014 Student Activity Conference

Advanced District Concepts: More Fun With the Worksheet! 2014 Student Activity Conference ACCOUNTING Advanced District Concepts: More Fun With the Worksheet! 2014 Student Activity Conference UIL Accounting 2014 SAC Advanced District Concepts: Worksheet -2- Suggested Solving Strategy and Detailed

More information

Page 1 FBLA: ACCOUNTING II

Page 1 FBLA: ACCOUNTING II Competency: Financial Statements 1. Describe the different types of financial statements; explain their purpose and compare the difference. 2. Prepare a trial balance, a worksheet (8 and 10 columns), and

More information

CHAPTER 3. The Accounting Information System. 1. Transaction identification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, Trial balance. 6, 10 2, 3, 4 1, 2, 7

CHAPTER 3. The Accounting Information System. 1. Transaction identification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, Trial balance. 6, 10 2, 3, 4 1, 2, 7 CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, 17

More information

Long Island University C.W. Post GBA 521. Final Exam - review

Long Island University C.W. Post GBA 521. Final Exam - review Long Island University C.W. Post GBA 521 Name: _ (Last name) (First name) Date: _ Final Exam - review Multiple Choice Following are 14 multiple choice questions, worth 3 points each. Clearly identify the

More information

7 Accounting for Sales and Accounts Receivable

7 Accounting for Sales and Accounts Receivable 7-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 7 Accounting for Sales and Accounts Receivable Section 1: Merchandise Sales Section Objectives 1. Record credit sales in

More information

Acct 3110 Qualifying Exam Sample Questions as of May 31, 2016

Acct 3110 Qualifying Exam Sample Questions as of May 31, 2016 Acct 3110 Qualifying Exam Sample Questions as of May 31, 2016 1. The primary objective of financial reporting is to provide financial information about the reporting company that is useful: *a. to existing

More information

* * * Chapter 15 Accounting & Financial Statements. Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall

* * * Chapter 15 Accounting & Financial Statements. Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall Chapter 15 Accounting & Financial Statements Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall Bookkeeping vs. Accounting Bookkeeping Accounting The recording of business transactions.

More information

The Recording Process

The Recording Process HOSP 1210 (Financial Acct) Learning Centre The Recording Process The focus of this worksheet is the recording process which shows how s change during transactions using a system of debits and credits.

More information

T-Account Approach to Preparing a Statement of Cash Flows Indirect Method

T-Account Approach to Preparing a Statement of Cash Flows Indirect Method 266 Part 1 E M Foundations of Financial Accounting With these adjustments to the income statement, we can now present the operating activities section of the statement of cash flows using either the direct

More information

Assets=Liabilities + Owner s Equity. Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss

Assets=Liabilities + Owner s Equity. Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss Chapter 1~3 Important formulas Assets=Liabilities + Owner s Equity An expansion: Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss [Note: Owner s capital includes investments by the

More information

Financial Statements for a Corporation

Financial Statements for a Corporation CHAPTER 19 Financial Statements for a Corporation BEFORE YOU READ 1. 2. 3. 4. 5. 6. What You ll Learn Explain how to record ownership of a corporation. Explain the relationship between the work sheet and

More information

Do not turn this page until the start signal is given!

Do not turn this page until the start signal is given! Contestant # UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM District 2015-D1 Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either upper case

More information

Vol. 1, Chapter 5 The Balance Sheet

Vol. 1, Chapter 5 The Balance Sheet Vol. 1, Chapter 5 The Balance Sheet Problem 1: Solution Assets Construction in progress Cash advance to affiliated co. Petty cash Trade receivables Building Cash surrender value of life insurance Notes

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

The Key to Solving UIL Accounting Puzzle Problems

The Key to Solving UIL Accounting Puzzle Problems 2013 UIL Capital Conference The Key to Solving UIL Accounting Puzzle Problems by: LaVerne Funderburk, CPA UIL Accounting State Contest Director UIL Capital Conference / UIL Accounting / Puzzle Problems

More information

Summary of Financial Report for the FY ending March 2015 (Non-Consolidated)

Summary of Financial Report for the FY ending March 2015 (Non-Consolidated) Summary of Financial Report for the FY ending March 2015 (Non-Consolidated) April 30, 2015 Listed Company Name: Japan Tissue Engineering Co., Ltd. Listed Securities Exchange: JQ Stock Code: 7774 URL http://www.jpte.co.jp

More information

Financial Accounting. (Exam)

Financial Accounting. (Exam) Financial Accounting (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials Take a quick tour by visiting wwwaccountingcoachcom/quicktour Table of Contents (click to

More information

Week 9/ 10, Chap7 Accounting 1A, Financial Accounting

Week 9/ 10, Chap7 Accounting 1A, Financial Accounting Week 9/ 10, Chap7 Accounting 1A, Financial Accounting Reporting and Interpreting Cost of Goods Sold and Inventory Instructor: Michael Booth Understanding the Business Primary Goals of Inventory Management

More information

1. Analyze the following T-account in the ledger of Moxy Pool Supply Company

1. Analyze the following T-account in the ledger of Moxy Pool Supply Company Name: Date: 1. Analyze the following T-account in the ledger of Moxy Pool Supply Company Mdse. Inventory 5,000 400 If $5,000 in the Inventory account represents merchandise purchased from a supplier, we

More information

University of Waterloo Final Examination. Term: Fall Year: 2005. Core Concepts of Accounting Information

University of Waterloo Final Examination. Term: Fall Year: 2005. Core Concepts of Accounting Information University of Waterloo Final Examination Term: Fall Year: 2005 Student Name Solution UW Student ID Number Course Abbreviation and Number AFM 101 Course Title Core Concepts of Accounting Information Section(s)

More information

Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET

Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET Answers to Review Questions 1. No, the work sheet cannot be used as a substitute for the financial statements. It is a tool used in preparing

More information

Introductory Financial Accounting Course Outline

Introductory Financial Accounting Course Outline Aboriginal Financial Officers Association of Alberta Introductory Financial Accounting Course Outline ACCT 210: INTRODUCTORY FINANCIAL ACCOUNTING I... 1 ACCT 240: INTRODUCTORY FINANCIAL ACCOUNTING II...

More information

Bookkeeping Quiz = + For each account listed below, indicate whether it normally has a debit or a credit balance: III.

Bookkeeping Quiz = + For each account listed below, indicate whether it normally has a debit or a credit balance: III. ookkeeping Quiz I. Match the account titles with the appropriate financial statement classification: A Current Assets Sales Property, Plant and Equipment Cash in Checking C Other Assets Accumulated Depreciation

More information

MASTER BUDGET - EXAMPLE

MASTER BUDGET - EXAMPLE MASTER BUDGET - EXAMPLE Sales IN UNITS for the previous two months (of last quarter), as well as the sales forecast for next quarter are as follows: Sales Budget Units May sales (ACTUAL) 20 June sales

More information

02.Murray Company debited Prepaid Insurance for $960 on July 1, 1998 for a one-year

02.Murray Company debited Prepaid Insurance for $960 on July 1, 1998 for a one-year 八 十 八 學 年 度 會 計 學 考 古 題 題 目 難 易 的 順 序 ( 難 易 ) 為 : I III II I Multiple Choice (74%) 01.The purchase of office equipment for $15,000 cash a. is a cash outflow from financing activities. b. is a cash outflow

More information

Accounting Lesson to Prepare for UIL Accounting Contest

Accounting Lesson to Prepare for UIL Accounting Contest Accounting Lesson to Prepare for UIL Accounting Contest Lesson Plan Title: The Accounting Equation for the Corporation Goal of Lesson: To analyze the components of the accounting equation from the beginning

More information

BUSINESS BOOKS. Accounting SIXTH EDITION. Peter J. Eisen Assistant Principal Retired Accounting & Business Practice N.YC. Department of Education

BUSINESS BOOKS. Accounting SIXTH EDITION. Peter J. Eisen Assistant Principal Retired Accounting & Business Practice N.YC. Department of Education BUSINESS BOOKS Accounting SIXTH EDITION Peter J. Eisen Assistant Principal Retired Accounting & Business Practice N.YC. Department of Education BARRON'S CONTENTS Preface ix 1 THE ACCOUNTING EQUATION I

More information

Income Measurement and Profitability Analysis

Income Measurement and Profitability Analysis PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance

More information

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL)

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Page 1 ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Complete these sample exam problems/objective questions and check your answers with the solutions at the end of the review file and identify where

More information

Financial Statements Tutorial

Financial Statements Tutorial Financial Statement Review: Financial Statements Tutorial There are four major financial statements used to communicate information to external users (creditors, investors, suppliers, etc.) - 1. Balance

More information

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue Accounting Concept: A source document is prepared for each transaction Objective Evidence Accounting Concept: Business transactions are stated in numbers that have common values; that is, using a common

More information

William B. Pollard, Appalachian State University, Boone, NC 28608, pollardwb@appstate.edu INTRODUCTION

William B. Pollard, Appalachian State University, Boone, NC 28608, pollardwb@appstate.edu INTRODUCTION TEACHING PRINCIPLES OF ACCOUNTING: HELPING STUDENTS IDENTIFY TEN DIFFERENCES WHEN COMPARING A TRIAL BALANCE, AN ADJUSTED TRIAL BALANCE AND A BALANCE SHEET William B. Pollard, Appalachian State University,

More information

1. Operating, Investment and Financial Cash Flows

1. Operating, Investment and Financial Cash Flows 1. Operating, Investment and Financial Cash Flows Solutions Problem 1 During 2005, Myears Oil Co. had gross sales of $1 000,000, cost of goods sold of $400,000, and general and selling expenses of $300,000.

More information