ACC 205 Week 2 Assignment Revenue And Expenses 1. Recognition of concepts. Ron Carroll 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) […]
Read More »Acc 205 Week 2 Assignment Solved Week Two Exercise Assignment 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) […]
Read More »ACC 205 Week 2 DQs and Journal DQ 1 Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each […]
Read More »Javier and Anita Sanchez purchased a home on January 1 of year 1 for $500,000 by paying $50,000 down and borrowing the remaining $450,000 with a 7 percent loan secured by the home. The loan requires interest-only payments for the first five years. The Sanchezes would itemize deductions even if they did not have any […]
Read More »The Johnson Corporation’s On 1/1/2012, Johnson purchased a bottling machine for $800,000 A) Straight-Line basis Depreciation for 5 years for tax purposes. (Use the half-year convention for tax purposes. Half a year of depreciation is allowable in the year of acquisition and in the year of disposition. A Company depreciates an asset to zero value […]
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Read More »Job 31 has a direct materials cost of $300 and a total manufacturing cost of $900. Overhead is applied to jobs at a rate of 200 percent of direct labor cost. Use the relationships among total manufacturing costs, conversion cost, and prime cost to determine the following costs for job 31: a .Conversion cost b.Direct […]
Read More »Jones Inc., Snapper Corp., Smith Jones, Tanner Bay, XYZ Corporation 1. Jones Inc. computes its predetermined overhead rate annually on the basis of machine hours. At the beginning of the year it estimated that its total manufacturing overhead would be $900,000 and the total machine hours (mh) would be 45,000. Its actual total manufacturing overhead for […]
Read More »John, Trey and Tim form JTT LLC in 2013 PROBLEM 4 John, Trey and Tim form JTT LLC in 2013 as a partnership by contributing cash (John – $60k, Trey – $30k, Tim – $10k). In 2013 JTT has the following activity: Ordinary Income $220,000 Charitable Contributions $15,000 ‘179 Expense $40,000 Distributions $90,000 […]
Read More »j=JAN v please Review the processes in your company and identify a decision that has recently been made or will be made in the near future in your organization. Next, please identify at least two relevant and two non-relevant costs for this decision. Your report should include The name and nature of the organization The activity and time […]
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