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What would you do as controller You are the Controller for WNC Home Media. During the beginning of January 2011, when the company was adjusting and closing the accounting records for the calender year, you were home sick with the flu. You therefore relied on your assistant to complete much of the work. The company reported net income for 2011 of $125,000, down from $140,000 in 2010. In February, after the financial statements have bee ...

Other / Other 01 Apr 2016

The account balances appearing in the adjusted trial balance 1. The first step in preparing a worksheet is to prepare a ______________ from the general ledger accounts. 2. The account balances appearing in the adjusted trial balance columns are extended to the ______________ columns and the ______________ columns. 3. The process of transferring net income (or loss) for the period to Retained Earnings is accomplished by making _ ...

Other / Other 01 Apr 2016

A part of equity in a corporation MATCHING Match the items below by entering the appropriate code letter in the space provided. A. Worksheet F. Share Capital-Ordinary B. Permanent accounts G. Current assets C. Closing entries H. Operating cycle D. Income Summary I. Non-current liabilities E. Reversing entry J. Correcting entries 1. Obligations that a company expects to pay after one year. 2. A part of equity in a ...

Other / Other 01 Apr 2016

Enter the adjusted trial balance data in T-accounts On December 31, 2011 the adjusted trial balance of the High Country Match Service shows the following selected data: Commissions Receivable, $7,000 Commission Revenue, $70,000 Salaries Expense, $10,500 Salaries Payable, $2,500 Insurance Expense, $4,800 Income Tax Expense, $6,400 Income Tax Payable, $2,400 Analysis indicates that adjusting entries were made for (a) $7,00 ...

Other / Other 01 Apr 2016

Journalizing and posting closing entries Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. If closing entries were not made, how would the preparation of financial statements be affected? Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Cours ...

Other / Other 01 Apr 2016

The following account balances appeared in the adjusted trial balance The following account balances appeared in the adjusted trial balance for Nguyen Inc.: Supplies ¥2,500; Invontories ¥3,000; Accounts Receivable ¥15,200; Cash ¥14,500; Prepaid Insurance ¥6,300; and Short-term Investments ¥7,600; . Prepare the current assets section of the 2011 statement of financial position in proper format. Business Management ...

Other / Other 31 Mar 2016

Prepare reversing entries on January 1, 2012, for the adjusting entries North Company prepared the following adjusting entries at year end on December 31, 2011: (a) Interest Expense 200 Interest Payable 200 (b) Unearned Revenue 1,500 Service Revenue 1,500 (c) Insurance Expense 1,200 Prepaid Insurance 1,200 (d) Interest Receivable 100 Interest Revenue 100 (e) Supplies Expense 250 Supplies 250 ( ...

Other / Other 31 Mar 2016

Prepare a classified statement of financial position for Dr. Gumbo’s Catering Company The financial statement columns of the worksheet for Dr. Gumbo’s Catering Company as of December 31, 2011are as follows: DR. GUMBO’S CATERING COMPANY Worksheet For the Year Ended December 31, 2011 Statement of Income Statement Financial Position Accounts Debit Credit Debit Credit Cash ...

Other / Other 31 Mar 2016

The trial balances of Barola Company The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company. Trial Balances Unadjusted Adjusted Post-Closing Accounts Payable $10,000 $10,000 $10,000 Accounts Receivable 2,200 3,200 3,200 Accumulated Depreciation 13,000 17,000 17,000 Advertising Expense 0 16, ...

Other / Other 31 Mar 2016

Indicate the proper sequence of the steps Indicate the proper sequence of the steps in the accounting cycle by placing numbers 1-8 in the blank spaces. ____ a. Analyze business transactions. ____ b. Journalize and post adjusting entries. ____ c. Journalize and post closing entries. ____ d. Journalize the transactions ____ e. Prepare a post-closing trial balance. ____ f. Prepare a worksheet. ____ g. Prepare financial statements. __ ...

Other / Other 31 Mar 2016