I need help with some accounting hw questions?
2. Which of the following assets is not subject to depreciation, depletion, or amortization? a. equipment b. land c. building d. land improvements such as parking lots and fences 5. The portion of a group purchase of 320000 to be allocated to land when the land is appraised at 90000 and the building on the land is appraised at 270000 is A. 90000 B. 240000 C. 106667 D. 80000 7.Which of the following most appropriately describes depreciation? a. decline in market value b. physical deterioration of plant asset c. allocation of cost od plant asset d. gradual obsolecense of plant asset 8. All of the following are needed for the computation of depreciation except a. residual value b. cost c. estimated useful life d. actual disposal date.
Financial Accounting HW question help needed!?
Brangelina Adoption Agency's general ledger shows a cash balance of $4,373. The balance of cash in the March-end bank statement is $7,025. The bank statement reveals the following information: checks outstanding of $2,700, bank service fees of $80, and interest earned of $32. Calculate the correct balance of cash at the end of March. --------------------------------------... I have done everything I can think of to add/subtract different values from the company and bank's records and cannot seem to get the right answer when I click, "check my answer," on Connect. Does anyone know the answer and could give an explanation as to how I do this sort of problem? I'm interested in learning this, and the textbook is too dry to pick anything up in it. Thanks in advance.
Need help on Accounting HW?
1 - C 2 - B
ACCOUNTING HW QUESTION PLEASE HELP!!!!!?
Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands): 2009 2008 Current assets: Receivables, less allowances of $20,991 in 2009 and $23,314 in 2008 $837,010 $758,200 A disclosure note accompanying the financial statements reported the following ($ in thousands): Year Ended 2009 2008 (In thousands) Trade accounts receivable, net: Receivables $ 858,001 $ 781,514 Less: allowance for doubtful accounts (8,863) (8,915) Less: reserve for product returns (12,128) (14,399) Trade accounts receivable, net: $ 837,010 $ 758,200 Assume that the company reported bad debt expense in 2009 of $1,500 and had products returned for credit totaling $3,155 (sales price). Net sales for 2009 were $6,149,800 (all numbers in thousands). Required: (1) What is the amount of accounts receivable due from customers at the end of 2009 and 2008? (Enter your answers in thousands. Omit the "$" sign in your response.) 2009 2008 Accounts receivable $ $ (2) What amount of accounts receivable did Symantec write off during 2009? (Enter your answer in thousands. Omit the "$" sign in your response.) Accounts receivable write off $ (3) What is the amount of Symantec's gross sales for the 2009 fiscal year? (Enter your answer in thousands. Omit the "$" sign in your response.) Gross sales $ (4) Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year? (Enter your answer in thousands. Omit the "$" sign in your response.)
Accounting hw question please help!!?
So I asked this question earlier but I didnt put the amounts I got and I was having difficulty finding the turnover ratio and average collection period, and Im still having trouble So this is the rest of the problem with some of my solution, Can someone please help and explain to me how to do the turnover ratio, dont just give me the formula please Im having trouble seeing where to get my numbers from. Thanks. At December 31, 2009, Kelso Imports reported this information on its balance sheet. Accounts receivable $618,529 Less: Allowance for doubtful accounts 42,922 During 2010 the company had the following transactions related to receivables. 1. Sales on account $2,584,050 2. Sales returns and allowances 43,230 3. Collections of accounts receivable 2,211,270 4. Write-offs of accounts receivable deemed uncollectible 54,494 5. Recovery of bad debts previously written off as uncollectible 15,616 --------------------------------------... Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. 1.A/R 2584050 sales 2584050 2.SR&A 43230 A/R 43230 3.Cash 2211270 A/R 2211270 4.ADA 54494 A/R 54494 5.A/R 15616 ADA 15616 cash 15616 A/R 15616 --------------------------------------... Enter the January 1, 2010, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances. (after doing T accounts this is what I got) Account receivable balance 893585 Allowance for doubtful Accounts 4074 --------------------------------------... Prepare the journal entry to record bad debts expense for 2010, assuming that aging the accounts receivable indicates that estimated bad debts are $49,546 Bad debt expense....45472 Allowance for doubtful accounts....45472 --------------------------------------... Compute the receivables turnover ratio and average collection period. (Round answers to 3 decimal places, e.g. 2.515.)????????????????? Receivable turnover ratio_________times Average collection period_________days
ACCOUNTING HW HELP!!!!?
Here are some useful rules: BASIC DOUBLE ENTRY RULES: ASSETS: Increase in value ---> Debit the a/c Decrease in value --> Credit the a/c LIABILITIES: Increase in value ---> credit the a/c Decrease in value --> debit the a/c CAPITAL: Increase in value ---> credit the a/c Decrease in value --> debit the a/c 1. Identify the names of the account being affected (usually 2 a/cs) 2. Identify the type of a/cs (that is Assets/ Liabilities/ Capital) 3. Determine the MOVEMENT on the account, (that is Increases/Decreases) then APPLY DOUBLE ENTRY RULES. FUTHER DOUBE ENTRY RULES: There are four (4) types of stock a/cs: 1. PURCHASES a/c ---> Records good purchased for re-sale purposes DR - Purchases CR - Creditors/ cash/ bank a/c 2. PURCHASES RETURNS/ RETURNS OUTWARDS a/c ---> Records goods returned to suppliers. DR - Creditors/ Cash/ Bank a/c CR - Returns Outwards a/c 3. SALES a/c ---> Records goods sold. DR - Debtors/ Cash/ Bank a/c CR - Sales a/c 4. SALES RETURNS/ RETURND INWARDS a/c ---> Records good returned to us by customers. DR - Returns Inwards a/c CR - Debtors/ Cash/ Bank
ACCOUNTING HW QUESTION PLEASE HELP!!!!! Homework..Please I need help!?
The FASB has adopted a global view that all exchanges that have "commercial substance" (i.e. future cash flows of the entity are expected to change because of the exchange) should be accounted for at fair value. Given that: Robers' Entries are: Debit Equipment $70,000 Debit Cash $5,000 Debit Accumulated Depreciation $55,000 Credit Equipment $120,000 Credit Gain on Exchange of Asset $10,000 Phifer's Entries: Debit Equipment $75,000 Debit Loss on Exchange of Asset $7,000 Debit Accumulated Depreciation $63,000 Credit Equipment $140,000 Credit Cash $5,000
Accounting 101 HW question , please help?
Hi everyone, i ran across a question and i don't know how to categorize the "paid in cash" parts of it, and WHY does "buildings" have a question mark if they tell you the answer in the question? if you answer can you please explain how you did it. My textbook isn't helping at all because there aren't any questions like this .. Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000 Accounts receivable 2,000 Land 14,000 Buildings ? Unearned service revenue 4,000 Cash 6,000 Total stockholders' equity ? If the balance of the Buildings account was $28,000 and $2,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity?
Which is the best website for accounting homework help?
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
Principles of accounts h.w. help topic depreciation?
1st:open a delivery van account 2nd:write $16,000(8000x2) on the debit side 3rd:write $3,200(20% of $16,000 because there are 2 vans) on credit side 4th:write Bal c/d on the credit side and the amount is $12,800 5th:write year 2002 on the date side 6th:write Bal b/d on the debit side and the amount is 12,800 7th:write $3,200 on the credit side (bcoz its str8 line method so the depreciation rate is the same every year) 8th:write Bal c/d of $9,600 on credit side 9th:write year 2003 on both the 'date' side 10th:write Bal b/d on the debit side of $9,600 E.N.D P.S: i suppose u know how to balance off the amount at the end of the year and write the reason for each transaction....