User Account

All Pages

accounting project, Accounting Basics

Assignment Help:
journal entries and how to calculate entries

1. Braves estimates bad debt expense at 2% of net sales

2. At 12/31/11, 6 months of rent remains on the storage facility Braves leased on 7/1/10 when it paid $36,000 for a two-year rental.

3. Depreciation on the equipment (excluding the new computers) is computed at 8% per year with a $15,000 salvage value.

4. Depreciation on the Building is computed at 3% per year with a $50,000 salvage value.

5. Depreciation on the new computers is computed straight-line using a 4-year life and no salvage value. Braves’ policy is to record a full month’s depreciation when the assets are purchased and no depreciation in the month of disposal.

6. The 9% Note Payable was issued by Braves Corp. on 7/1/11 and is due on 7/1/12.

7. Salaries earned by employees from 12/19 to 12/31 amount to $12,000.

8. The December utility bill amounts to $2,000.

9. At year-end $20,000 of office supplies are on hand.

10. On 7/1/11, Braves Corp. purchased a three-year fire insurance policy for $36,000 paying the full amount on that day.

11. Braves’ income tax rate is 19%.

Related Discussions:- accounting project

5 multiple choice questions, 1. PDQ Corp. has sales of $4,000,000; the firm...

1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the

Calculate price earnings ratio and payout ratio, Discuss and give reasons w...

Discuss and give reasons why a business would act in a socially responsible manner. Part A:  'Two of the key accounting reports available to users of accounting informati

Why are you expecting 50% growth scalar, I am expecting 50 growth because o...

I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit

Classify the following items as, Classify the following items as (a) defer...

Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven

Desrocher ltd. issued an instalment note on january 1, Desrocher Ltd. issue...

Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent

Miss, what is the implications of applying accounting concepts wrongly

what is the implications of applying accounting concepts wrongly

Net present value, Having trouble with word problem: Planned Acquisition ...

Having trouble with word problem: Planned Acquisition cost $2.1M Salvage Value $0 16% discount rate savings = year end Savings: year 1 150k year 2 175k year 3 300K year

Project, collection of data and methodology

collection of data and methodology

Liz marett is the chief financial officer, Liz Marett is the chief financia...

Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5

Uses of technology in accounting, Q. Uses of technology in accounting? ...

Q. Uses of technology in accounting? The computers of persons in a given building or department are frequently connected in a Local Area Network (LAN). These persons are able t

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd