Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Calculation of effect of transactions in financial statements.
Fifteen transactions or events affecting Computer Specialist, inc. are as follows: a.Made a yearend adjusting entry to accrue interest on a note payable. b.A liability classified for several years as long-term become due within the next twelve months. c.Recorded the regular biweekly payroll, including payroll taxes, amounts withheld from employees, and the insurance of paychecks. d.Earned an amount previously recorded as unearned revenue. e. Make arraignments to extend a bank loan due in 60 days for another eighteen months. f.Made a monthly payment on a fully immortalizing installment note payable. (Assume this note is classified as a current liability). g.Called bonds payable due in seven years at a price above the carrying value of the liability in the accounting records. h.Issued bonds payable at 97 on May 1, 2009. The bonds pay interest May 1st and November 1st. i.Recorded November 1st 2009, interest expense and made semiannual interest payment on bonds referred to in h. j.Recorded necessary adjusting entry on December 31. 2009, for bonds referred to in h. k.Issued bonds payable at 102 on July 31, 2009. The bonds pay interest July 31st and January 31. l. Recorded necessary adjusting entry on December 31, 2009 for bonds referred to in part K. m.Recorded an estimated liability for warranty claims. n.Entered into a two-year commitment to buy all hard drives from a particular supplier at a price 10 percent below market. o. Received notice that a lawsuit has been filed against the company for $7 million. The amount of the company's liability, if any, cannot be reasonably estimated at this time.
Instructions:
Indicate the effects of each of these transactions upon the following elements of the company's financial statement. Organize your answer in tabular form, using the column headings shown below. Use the following code letters to indicate the effects of each transaction on the accounting element listed in the column headings: I for increase, D for decrease and NE for no effect.
Explain how property taxes are treated differently in the governmental funds statements as opposed to the governmental wide statements? Do you agree with this solution? Why or why not?
Evaluate the total gross estate and determine the total gross estate deductions?
Decision making as to process further or sale out - Should MSB and CBL be processed further or sold immediately after initial milling
Show what information Captain Peachfuzz may provide to the auditor about Baddenoff possible claim against Natasha. (Assume that the amount involved is material to Natasha.)
Prepare the essential journal entries What is the Dollar Value of Cost of Goods Sold at January 31? What is the Dollar Value of Ending Inventory at January 31?
Evaluate the length of the firm's cash conversion cycle and Cash Conversion cycle Based On Balance Sheet
Likely level of equity financing and long-term debt - what is the likely level of its long-term debt and equity financing?
Sale on the financial statements What should Milley do?
Are the depreciation techniques used in the company's financial statements evaluated by existing income tax laws? If not, who is responsible for choosing these methods? Describe.
Evaluate the relevant costs of the old machine and the new machine.
Determine the average return for Treasury bills and the average annual inflation rate (consumer price index) for this period. (Do not include the percent sign (%). Round your answers to 2 decimal places, e.g. 32.16.)
Purpose a schedule of expected cash collections from sales, by month and in total, for the second quarter
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd