Reference no: EM13877190
On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $ 10,000 for 1,000 shares of OCC. On September 8, OCC borrowed $ 30,000 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $ 20,000 to acquire computer equipment. On September 15, OCC received $ 1,000 of supplies purchased on account and, on September 16, paid $ 1,500 for September rent. Through September 22, OCC billed its customers for $ 8,000 of services, of which OCC collected $ 6,000 in cash. On September 28, OCC paid $ 200 for Internet and phone service this month. On September 29, OCC paid wages of $ 4,000 for the month. Finally, on September 30, OCC submit-ted its electricity meter reading online and determined that the total charges for the month will be $ 300. This amount will be paid on October 14 through a pre authorized online payment.
Required:
1. Indicate the accounting equation effects of the September events, using a table similar to the one shown for Demonstration Case B on page 116. Reference each transaction by date.
2. Prepare journal entries to record the September events described above. Reference each trans-action by date.
3. Using your answer to requirement 1 or 2, calculate OCC's preliminary net income for September. Is OCC profitable, based on its preliminary net income?
4. Identify at least two adjustments that OCC will be required to make before it can prepare a final income statement for September.
Explain is this good business practice
: Provide an examples of ways in which "lifestyle become part of the financial statement" in small and entrepreneurial businesses. Is this good business practice? Explain why your opinion
|
What impact does the ruling have on each of them
: Who are the stakeholders in this case? What impact does the ruling have on each of them? Sup- pose Castro had been ?red after reporting health or safety violations in the workplace.
|
What is the model multiplier
: Assume a government expenditure of $2216.8 and a net export of -$615.4- determine the equilibrium national income, consumption and investment.
|
Experience neither plastic deformation
: A cylindrical rod 380 mm (15.0 in.) long, having a diameter of 10.0 mm (0.40 in.), is to be subjected to a tensile load. If the rod is to experience neither plastic deformation nor an elongation of more than 0.9 mm (0.035 in.) when the applied loa..
|
Calculate occs preliminary net income for september
: Using your answer to requirement 1 or 2, calculate OCC's preliminary net income for September. Is OCC profitable, based on its preliminary net income? Identify at least two adjustments that OCC will be required to make before it can prepare a final i..
|
Develop spreadsheet that is able to produce profit-variance
: Develop an Excel spreadsheet that is able to produce a profit-variance report similar to the one presented in text Exhibit.
|
Write a program that asks for the starting time
: Write a program that asks for the starting time and the number of minutes of the call, and display the charges. The program should ask for the time to be entered as a floating-point number in the form HH.MM. For example, 07:00 hours will be entered a..
|
From the worker''s gross pay
: An employee is paid at a rate of $16.78 per hour for the first 40 hours worked in a week. Any hours over the regular 40 hours are paid at the overtime rate of one-and-one-half times that. From the worker's gross pay
|
Organizational impact of a newly implemented erp system
: Describe the organizational impact of a newly implemented ERP system. Describe new organizational capabilities of typical ERP systems. Describe the ability of the organization to adapt to change on ERP implementation
|