External link to Understanding the closing process

# Understanding the closing process

Understanding the closing process. Examine the following list of accounts:   Note Payable Accumulated Depreciation: Building   Alex Kenzy, Drawing Accounts Payable   Product Revenue Cash   Accounts Receivable Supplies Expense   Utility Expense Which of the preceding accounts a. appear on a post-closing trial balance? b. are commonly known as temporary, or nominal, accounts? c. generate a debit to Income Summary in the closing […]

External link to Revenue and Expenses Assignment paper

# Revenue and Expenses Assignment paper

Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books enter­tainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) pre­paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a Interest owed on the company’s bank […]

External link to Depreciation computations change in estimate

# Depreciation computations change in estimate

Depreciation computations: change in estimate. Aussie Imports purchased a specialized piece of machinery for \$50,000 on January 1, 20X3. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of \$5,000. During the 5 years of operations (20X3 – 20X7), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 […]

External link to Depreciation computations assignment

# Depreciation computations assignment

Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost \$2,000, had an estimated residual value of \$100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following: a. The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation method b. Depreciation expense for 20X4, […]

External link to Depreciation methods assignment paper

# Depreciation methods assignment paper

Depreciation methods. Mike Davis Enterprises purchased a delivery van for \$40,000 in January 20X7. The van was estimated to have a service life of 5 years and a resid­ual value of \$6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods: a. Units-of-output, assuming 17,000 miles were driven during 20X8 b. […]

External link to Inventory valuation methods computations and concepts

# Inventory valuation methods computations and concepts

Inventory valuation methods: computations and concepts. Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:   Date Quantity Unit Cost Total Cost   1/3 100 \$125 \$12,500   4/3 200 \$135 \$27,000   6/3 100 \$145 \$14,500   7/3 100 \$155 \$15,500   Total 500 \$69,500 Wild Riders sold 400 boards at \$250 per board […]

External link to Depreciation methods discussion Paper

# Depreciation methods discussion Paper

Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Reference the Discussion Forum Grading Rubric for guidance on how your discussion will be evaluated.   Depreciation A variety of depreciation methods are used to allocate […]

External link to Perpetual inventory system journal entries

# Perpetual inventory system journal entries

Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow: · 1/2/20X3 Purchases on account: 500 units @ \$6 = \$3,000 · 1/15/20X3 Sales on account: 300 units @ \$8.50 = \$2,550 · 1/20/20X3 Purchases on Account: 200 units @ 5 = \$1,000 · 1/25/20X3 Sales on Account: 300 […]

External link to Basic computations Of  Inventory valuation methods

# Basic computations Of  Inventory valuation methods

ccc: basic computations. The January beginning inven­tory of the White Company consisted of 300 units costing \$40 each. During the first quarter, the company purchased two batches of goods: 700 Units at \$44 on February 21 and 800 units at \$50 on March 28. Sales during the first quarter were 1,400 units at \$75 per unit. The White Company uses a periodic inventory system. Using […]

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