ACC 556 Week 1 Assignment Help | Strayer University
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ACC 556 Week 1 Assignment Help | Strayer University
Exercise 1-01
Match the word or
phrase with the best description of it.
|
An expression about whether financial statements conform with
generally accepted accounting principles. |
|
A business that raises money by issuing shares of stock. |
|
The portion of stockholders’ equity that results from receiving cash
from investors. |
|
Obligations to suppliers of goods. |
|
Amounts due from customers. |
|
A party to whom a business owes money. |
|
A party that invests in common stock. |
|
A business that is owned jointly by two or more individuals but does
not issue stock. |
Brief Exercise 1-06
Income tax expense. |
Inventory. |
Accounts payable. |
Retained earnings. |
Equipment. |
Sales revenue. |
Cost of goods sold. |
Common stock. |
Accounts receivable. |
Interest expense. |
Eskimo Pie Corporation markets a broad
range of frozen treats, including its famous Eskimo Pie ice cream bars. The
following items were taken from a recent income statement and balance sheet.
In each case, identify whether the item would appear on the balance sheet or
income statement.
Brief Exercise 1-09
At the beginning of
the year, Sheridan Company had total assets of $817,000 and total
liabilities of $565,000. (Treat each item independently.)
(a) If total assets increased $177,000 during the year and total
liabilities decreased $85,000, what is the amount of stockholders’ equity at
the end of the year?
(b) During the year,
total liabilities increased $94,000 and stockholders’ equity decreased
$79,000. What is the amount of total assets at the end of the year?
(c) If total assets
decreased $81,000 and stockholders’ equity increased $108,000 during
the year, what is the amount of total liabilities at the end of the year?
Brief Exercise 1-01
Shared control, tax advantages, increased skills and resources. |
Simple to set up and maintains control with owner. |
Easier to transfer ownership and raise funds, no personal liability. |
Match each of the
following forms of business organization with a set of characteristics: sole
proprietorship, partnership, corporation.
Exercise 1-08
Accounts receivable | $2,500 | Cash | $6,310 | |||
Accounts payable | 4,800 | Supplies | 3,770 | |||
Interest payable | 590 | Unearned service revenue | 900 | |||
Salaries and wages expense | 5,200 | Service revenue | 41,400 | |||
Notes payable | 32,500 | Salaries and wages payable | 870 | |||
Common stock | 65,000 | Depreciation expense | 610 | |||
Inventory | 2,880 | Equipment (net) | 108,900 |
The following information is
available for Sunland Company
Using the information above, prepare a balance sheet as of December 31,
2022. (List assets in order of liquidity.)
Exercise 1-04
The Bonita Vista Golf
& Country Club details the following accounts in its financial statements.
Classify each of the following accounts as an asset, liability, stockholders’
equity, revenue, or expense item.
|
Accounts payable |
|
Accounts receivable |
|
Equipment |
|
Sales revenue |
|
Service revenue |
|
Inventory |
|
Mortgage payable |
|
Supplies expense |
|
Rent expense |
|
Salaries and wages expense |
Brief Exercise 1-08
Use the basic
accounting equation to answer these questions.
(a) The liabilities of Sheridan Company are $94,900 and the stockholders’
equity is $279,000. What is the amount of Sheridan’s total assets?
(b) The total assets of Pina Company are $194,000 and its stockholders’
equity is $90,000. What is the amount of its total liabilities?
(c) The total assets
of Concord Co. are $750,000 and its liabilities are equal to one-fourth of
its total assets. What is the amount of Concord’s stockholders’ equity?
Brief Exercise 1-03
Indicate to which
business activity, operating activity, investing activity , or financing
activity, each item relates.
|
Cash received from customers. |
|
Cash paid to stockholders (dividends). |
|
Cash received from issuing new common stock. |
|
Cash paid to suppliers. |
|
Cash paid to purchase a new office building. |
Brief Exercise 1-02
Match each of the
following types of evaluation with one of the listed users of accounting
information. (Note: There might be users who would be interested in more than
one evaluation, but choose the user who would be most interested.)
Brief Exercise 1-04
|
|
Presented below are a
number of transactions. Determine whether each transaction affects common
stock, dividends, revenues, expenses, or does not affect stockholders’ equity.
Provide titles for the revenues and expenses. Select Not applicable for account
title if it is neither a revenue nor an expense.
|
Costs incurred for advertising. |
|
Cash received for services performed. |
|
Costs incurred for insurance. |
|
Amounts paid to employees. |
|
Cash distributed to stockholders. |
|
Cash received in exchange for allowing the use of the company’s
building. |
|
Costs incurred for utilities used. |
|
Cash purchase of equipment. |
|
Cash received from investors. |
Brief Exercise 1-08
(b) The total assets
of Pina Company are $194,000 and its stockholders’ equity is $90,000. What
is the amount of its total liabilities?Use the basic
accounting equation to answer these questions.
(a) The liabilities of Sheridan Company are $94,900 and the stockholders’
equity is $279,000. What is the amount of Sheridan’s total assets?
(c) The total assets
of Concord Co. are $750,000 and its liabilities are equal to one-fourth of
its total assets. What is the amount of Concord’s stockholders’ equity?
Brief Exercise 1-03
|
|
Indicate to which
business activity, operating activity, investing activity , or financing
activity, each item relates.
|
Cash received from customers. |
|
Cash paid to stockholders (dividends). |
|
Cash received from issuing new common stock. |
|
Cash paid to suppliers. |
|
Cash paid to purchase a new office building. |
Brief Exercise 1-02
Match each of the following types of evaluation with one of the listed users of accounting information. (Note: There might be users who would be interested in more than one evaluation, but choose the user who would be most interested.)
Brief Exercise 1-04
Costs incurred for advertising. |
Cash received for services performed. |
Costs incurred for insurance. |
Amounts paid to employees. |
Cash distributed to stockholders. |
Cash received in exchange for allowing the use of the company’s
building. |
Costs incurred for utilities used. |
Cash purchase of equipment. |
Cash received from investors. |
Presented below are a
number of transactions. Determine whether each transaction affects common
stock, dividends, revenues, expenses, or does not affect stockholders’ equity. Provide
titles for the revenues and expenses. Select Not applicable for account title
if it is neither a revenue nor an expense.
Brief Exercise 1-07
|
|
. |
Indicate which
statement you would examine to find each of the following items: income
statement, balance sheet, retained earnings statement, or statement of cash
flows.
Problem 1-05A a
Inventory | $ 24,700 | Cash paid to purchase equipment | $ 11,000 | |||
Cash paid to suppliers | 104,200 | Equipment | 39,200 | |||
Buildings | 201,200 | Service revenue | 103,500 | |||
Common stock | 49,000 | Cash received from customers | 132,600 | |||
Cash dividends paid | 5,100 | Cash received from issuing common stock | 22,800 | |||
Cash at beginning of period | 7,100 |
Presented below is
selected financial information for Pharoah Company for December 31, 2022.
(a)
Prepare the statement of cash flows for Pharoah Company. (Show amounts that
decrease cash flow either with a negative sign preceding the number e.g.
-15,000 or in parentheses e.g. (15,000).)
Problem 1-04A
Tamarisk Inc., a
provider of consulting services, was founded on October 1, 2022. At the end of
the first month of operations, the company decided to prepare an income
statement, retained earnings statement, and balance sheet using the following
information.
|
Accounts payable |
$ 3,900 |
Supplies |
$ 2,600 |
|||
|
Interest expense |
370 |
Supplies expense |
420 |
|||
|
Equipment (net) |
49,000 |
Depreciation expense |
340 |
|||
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Salaries and wages expense |
3,200 |
Service revenue |
20,480 |
|||
|
Bonds payable |
21,300 |
Salaries and wages payable |
450 |
|||
|
Unearned service revenue |
4,100 |
Common stock |
11,000 |
|||
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Accounts receivable |
1,300 |
Interest payable |
200 |
|||
|
Cash |
4,200 |
Using the information, answer the following questions.
USA 
India