Accounting/business homework questions? help!?
As buildings and equipment wear out or become obsolete, their value decreases. To reflect decreasing value, accountants use _____. [a] prepaid expenses [b] depreciation [c] subtracting methods [d] licensing _____requires that financial statements include not only numbers, but also management’s interpretations and explanations of those figures [a] Compliance [b] Matching [c] Revenue recognition [d] Full disclosure Sometimes a bank will perform such tasks as making monthly bills payments, managing investment portfolios, or managing the estates of decreased persons. What are such services called? [a] amalgamation [b] public services [c] trust services [d] special banker’s services
Accounting HW-pls help?
Atlantis Inc. produces and sells voltage regulators. On July 1, 2007, Atlantis Inc. issued $800,000 of lO-year, 14% bonds at an effective interest rate of 13%, receiving proceeds of $844,077. Interest on the bonds is payable semiannually on December '31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2007, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2008, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 2. Determine the total interest expense for 2007.
Accounting homework question please help!?
Yes the answer is B. If they failed to record an expense (say for $50), then the total amount of expenses will be understated by $50. This will OVERSTATE net income by $50 because they aren't including all of their expenses (so D is wrong). Expenses don't affect assets or stockholder's equity, so C and A are wrong.
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I always had an issue with balance sheets and income statements while pursuing my course. To study accounting you should know the basic rules of it. It is a subject in which if you leave a topic unattended, it will affect the rest of your study. And there I was having no basic idea of assets, liabilities, net worth, balance sheets, payments, depreciation etc. Doing accounting homework was a big nightmare for me. I tried my best to do my home works but due to the heavy schedule of lectures and lack of basic knowledge of accounting always held me back. I needed a considerable amount of time to do my homework thus my submission always passed the deadline. It resulted in the deduction of marks from my assignments. I was frustrated and sought internet to find accounting homework help.As you have asked I also searched for the best site. Believe it's hard to say which service provider is best for you. Some of the service providers have the reputation of providing good assignments at designated time but only a few of them provide assignments for accounting. I searched first for some reputed companies because these companies will never compromise in the quality of their content otherwise it will impact on their reputation. I then looked at their sample solutions of their solutions on accounting. I must say that the solutions provided by most of the sites were not that much relevant. I eliminated all the service providers with irrelevant solutions from my list. I came up with a very brief list of the service providers.Now I verified the most important criteria, The REWORK, and REFUND policy. I had a bitter experience from one of the company and they charged me for the rework I assigned them to do. Actually, the rework is assigned because the customer is not satisfied with the work. There is no logic in providing a below-par solution to the customer and imposing rework charge if he is not satisfied.I also checked for 24X7 customer service response. That helps us to contact with the expert and recommend urgent updates in the assignment. I came up with a service provider which was perfect for me after checking the above criteria. If you are having a problem with your assignments and going through great pressure then I suggest you try accounting homework help online.Thank you for your help. Good Luck with your assignments.
Accounting Homework Help!?
I am a new student to accounting and have not received my book in the mail yet...my assignment is due tomorrow 8am so I would appreciate any help! Thanks! (Using the following transactions, calculate the following for the period. Use T Accounts.) A. Business opened by issuing stock to investors, $40,000. B. Billed customer for service performed, $3,000. C. Paid for advertisements in advance, $1,400. D. Received telephone bill, to be paid next month, $400. E. Declared and paid dividend of $400. F. Received $1,000 from customer billed in B above. G. Paid half of the telephone bill, $200. H. Received $2,000 in advance of performing service. *Total assets? *Total of trial balance? *The ending balance of cash? *Net income for the period? I would appreciate ANY help and explanation! Thanks!
I don't understand my accounting homework question, could someone help me understand what it means?
It's wrong because you'd then show accounts which are not true and fair. That's why you won't do it.
Accounting Homework Question - Help with difficult Problem?
Problem 11-8A On January 1, 2014, Everett Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 76,400 shares issued and outstanding) $764,000 Paid-in Capital in Excess of Par Value 501,200 Retained Earnings 633,600 During the year, the following transactions occurred. Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. Dec. 31 Determined that net income for the year was $441,200. Part 1: Journalize the transactions. Part 2: Enter the beginning balances and post the entries to the stockholders’ equity T-accounts. Part 3: Prepare the stockholders’ equity section of the balance sheet at December 31. Part 4: Calculate the payout ratio and return on common stockholders’ equity.
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Accounting is the recording of the financial transactions of a business or organization. It also involves the process of summarizing, analyzing, and reporting these transactions in financial statements. These financial statements are critical for the work of bookkeepers at a business or organization. It is a highly regulated field and accounting must be conducted according to standard accounting principles such as accrual, conservatism, consistency, cost, economy entity, full disclosure, going concern, matching, materiality, monetary unit, reliability, revenue recognition, and time period. The accrual principle is the idea that accounting transactions must be recorded in the period in which they occur not simply in the period in which there are associated cash flows. This principle is vital to creating accurate financial statements. Ignoring this principle could mean that the expenses reported only upon payment would lead to a delay caused by the payment terms for the associated supplier’s invoice.For More Help Click Here
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d. in the Balance Sheet columns of the work sheet The accounts and balances in the work sheet's income statement columns transfer directly to the income statement, which is prepared first. Next, from the work sheet's balance sheet columns, use the owner's capital and drawing account balances and the company's net income or loss to complete the statement of owner's equity. http://www.cliffsnotes.com/WileyCDA/Clif... b. Capital account http://www.cliffsnotes.com/WileyCDA/Clif... d. must be journalized and posted When an accountant closes an account, the account balance returns to zero. Starting with zero balances in the temporary accounts each year makes it easier to track revenues, expenses, and withdrawals and to compare them from one year to the next. http://www.cliffsnotes.com/WileyCDA/Clif...