ACC120 Final: sm01 Questions

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greenmuskrat329

21 Jan 2019

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Determine forms of business organization and types of accounting standards. Correlation chart between bloom"s taxonomy, learning objectives and end-of- Learning objective: identify the use and users of accounting and the objective of financial reporting, compare different forms of business organization , explain the building blocks of accounting: ethics and the concepts included in the conceptual framework. Learning objective: analyze the effects of business transactions on the accounting equation. Accounting is the financial information system that provides useful financial information to every person who owns and uses economic resources or otherwise engages in economic activity. Internal users are those who plan, organize, and run businesses and include managers, supervisors, directors, and company officers. External users work for other organizations but have reasons to be interested in the company"s financial position and performance, and include current or potential investors (owners), and creditors. Internal users may want answers to several types of questions.

Related Questions

Prepare month end adjusting journal entries and record in thegeneral journal.

Month End Adjustments

Adjustment Number

Adjustment Description

Record the expiration of one month's insurance.

Depreciation on Equipment for the month is $300.00.

After taking an inventory, it is determined there is $100 ofgas and oil on hand at the end of the month.

Nick cut the lawn for the Insurance Agency twice during themonth (refer to the November 14 business transaction).

The interest owed for the month is $150.

Complete the bank reconciliation and record any necessaryjournal entries.

Roberts LawnService
Unadjusted Trial Balance
For the Month ended November30, 2015

		Debit	Credit
1	Cash	$ 10,415.00		1
2	Accounts Receivable	2,850.00		2
3	Prepaid Insurance	-		3
4	Gas and Oil	-		4
5	Equipment	10,600.00		5
6	Accounts Payable		4,325.00	6
7	Notes Payable		15,000.00	7
8	Unearned Revenue		600.00	8
9	Roberts, Capital		5,000.00	9
10	Roberts, Withdrawal	1,500.00		10
11	Revenue		3,750.00	11
12	Advertising Expense	800.00		12
13	Mileage Expense	185.00		13
14	Gas and Oil Expense	605.00		14
15	Insurance Expense	1,200.00		15
16	Supplies Expense	90.00		16
17	Phone Expense	430.00		17
18				18
19				19
20				20
21				21
22	Totals	$ 28,675.00	$ 28,675.00	22

redguinea-pig327

Based on your analysis, what are the strengths and weakness of Bettancort Inc.?

Problem 15 (14)- 4 A Financial & Managerial Accounting 13 th edition p.742-743 Nineteen measures of solvency and profitability.



1.			Current Assets	-	Current Liabilities	=	Calculated Value
	1.	Working capital:	$1,100,000		$440,000		$660,000

		Ratio	Numerator	Ã·	Denominator	=	Calculated Value
2.
	2.	Current ratio	$ 1,100,000		$ 440,000		2.5
3.
	3.	Quick ratio	$ 880,000		$ 440,000		2.0
4.
	4.	Accounts receivable
		turnover	$ 1,200,000		$ 120,000		10.0
5.
	5.	Number of days'
		sales in receivables	$ 120,000		$ 3,288	*	36.5	*
6.
	6.	Inventory turnover	$ 500,000		$ 62,500		8.0
7.
	7.	Number of days'
		sales in inventory	$ 62,500		$ 1,370	*	45.6	*
8.
	8.	Ratio of fixed assets to
		long-term liabilities	$ 1,320,000		$ 1,100,000		1.2
9.
	9.	Ratio of liabilities to
		stockholders' equity	$ 1,540,000		$ 3,230,000		0.5
10.
	10.	Number of times
		interest charges earned	$ 446,000		$ 66,000		6.8
11.
	11.	Number of times
		preferred dividends earned	$ 300,000		$ 15,000		20.0
12.
	12.	Ratio of sales to
		assets	$ 1,200,000		$ 2,287,500		0.5
13.
	13.	Rate earned on total
		assets	$ 366,000		$ 4,562,500		8.0%
14.
	14.	Rate earned on stock-
		holders' equity	$ 300,000		$ 3,092,500		9.7%
15.
	15.	Rate earned on common
		stockholders' equity	$ 285,000		$ 2,892,500		9.9%
16.
	16.	Earnings per share
		on common stock	$ 285,000		10,000		$28.50
17.
	17.	Price-earnings ratio	$ 71.25		$ 28.50		2.5
18.
	18.	Dividends per share
		of common stock	$ 10,000		10,000		$1.00
19.
	19.	Dividend yield	$ 1.00		$ 71.25		1.4%

yellowgiraffe481

Business Law

Explain the following terms related to negotiable instruments,credit, secured transactions, and bankruptcy.

1) Promissory Note

2) Certificate of Deposit

3) Order Paper

4) Bearer Paper

5) Unqualified Indorser

6) Qualified Indorser

7) Certified Check

8) Cashier's Check

9) Writ of Attachment

10) Writ of Execution

11) After-acquired Property

12) Floating Lien

13) Chapter 7 Bankruptcy

14) Chapter 13 Bankruptcy

cyanwasp151

ACC120 Final: sm01 Questions

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