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linda_us, Master's Degree
Category: Business and Finance Homework
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Experience:  A tutor for Business, Finance, Accounts and other related topics.
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I really need help in accounting...This is my first time taking

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I really need help in accounting...This is my first time taking it. Can you help me?... I will pay you extra...
Submitted: 1 year ago.
Category: Business and Finance Homework
Expert:  linda_us replied 1 year ago.
I can help you. Is it timed assignment?
Customer: replied 1 year ago.


It is due Thrusday.


 


This is what I was suppose to read and what I read.



  1. Please read the following chapters in: Principles of Accounting: Volume I:


    1. Chapter 1: Introduction to Accounting

    2. Chapter 2: The Accounting System

    3. Now here is the discussion question

    4. As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.

      Guided Response:
      Review several of your peers’ postings and identify some core components that you feel should be included in every transaction.


  2. Here is what one of my peers/classmates put


To purchase Land for $295,000.00:


Land Dr $295,000.00 Asset Increase


Bank Loan Cr ($195,000.00) Liability Increase


Cash Cr ($100,000.00) Asset Decrease


Entry Total 0.00



To Sale Land for $400,000.00:


Land Cr ($295.000.00) Asset Decrease


Cash Dr $105,000.00 Asset Increase


Bank Loan Dr $295,000.00 Liability Decrease


Revenue Cr ($105,000.00) Owner’s Equity Increase


Entry Total 0.00


Payroll:


Expenses Dr $1,500.00 Owners’ Equity Decrease


Taxes Dr (698.00) Liability Increase (Employee Tax Payable)


Cash Cr (802.00) Asset Decrease


Entry Total 0.00

Expert:  linda_us replied 1 year ago.
I will post the solution by tomorrow.
Customer: replied 1 year ago.


Ok thanks so much:)!!!!!!!!

Expert:  linda_us replied 1 year ago.
You are welcome.
Customer: replied 1 year ago.

How is it going?

Expert:  linda_us replied 1 year ago.
I am working on it and will post the solution in an hour.
Customer: replied 1 year ago.


Ok thanks so much:)!!!!

Expert:  linda_us replied 1 year ago.
linda_us, Master's Degree
Satisfied Customers: 7014
Experience: A tutor for Business, Finance, Accounts and other related topics.
linda_us and 4 other Business and Finance Homework Specialists are ready to help you
Customer: replied 1 year ago.


Wonderful can you lock the file for me...And I need one more short question done for me,,,Here it is below...I will pay extra


 


 


What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.


I really need you to help me through this accounting class over these next 4 weeks thanks....

Expert:  linda_us replied 1 year ago.
I will work on it and post when I'm done.
Customer: replied 1 year ago.


Ok thanks:)!!!!.Lock the files for me please.

Customer: replied 1 year ago.


How is it going?

Expert:  linda_us replied 1 year ago.
I will post the solution by tomorrow evening. I hope this is not urgent.
Customer: replied 1 year ago.


yes it is due tonight.

Expert:  linda_us replied 1 year ago.
Ok I will post the solution in 2 hours.
Customer: replied 1 year ago.


That's okay...I will go ahead and submit what I already have done..I will get in touch with you sometime tomorrow...Have a great night:)!!!! Thanks anyway!!!

Expert:  linda_us replied 1 year ago.

So you want me work on the writing part or are we done with this post.

I am really sorry If we were late, from the next time always let me know your deadline in advance.

Customer: replied 1 year ago.


No do not work on the writing part. I have some other assignments I need help on and I will post them t you tomorrow....

Expert:  linda_us replied 1 year ago.
Thank you so much and sorry again.

Let me know whenever you need my help, I will do it on priority basis.
Customer: replied 1 year ago.


If you can ...I really need help with my

 

Balance Sheet Journal

The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?

Here is the example sheet my instructor gave below:

 

[Company Name]Balance Sheet
Date:
Assets20122011[42]
Current Assets
Cash12,500
Accounts receivable
Inventory
Prepaid expenses
Short-term investments
Total current assets12,500-
Fixed (Long-Term) Assets
Long-term investments14,000
Property, plant, and equipment25,000
(Less accumulated depreciation)(4,500)
Intangible assets
Total fixed assets34,500-
Other Assets
Deferred income tax
Other
Total Other Assets--
Total Assets47,000-
[42]Liabilities and Owner's Equity
Current Liabilities
Accounts payable17,000
Short-term loans4,000
Income taxes payable6,000
Accrued salaries and wages2,500
Unearned revenue5,000
Current portion of long-term debt1,000
Total current liabilities35,500-
Long-Term Liabilities
Long-term debt6,000
Deferred income tax1,000
Other
Total long-term liabilities7,000-
Owner's Equity
Owner's investment1,000
Retained earnings3,500
Other
Total owner's equity4,500-
Total Liabilities and Owner's Equity47,000-
{42}
Accounting Equation
Accounting Equation is Assets = Liabilities + Owner's Equity
AssetsLiabilitiesOwner's Equity
AssetsCurrent + Long-Term LiabilitiesOwner's Equity
47,00042,5004,500
47,00047,000

 

Next with my Basic Accounting Equations

Please complete each of the exercises below in a word document. Save the document, and submit to in week using the Assignment Submission button.
Here is the exercise below:

Week One Exercise Assignment

Basic Accounting Equations

 

  1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

 

  1. The inventory of boating supplies owned by the company.
  2. Monthly rental charges paid for store space.
  3. A loan owed to Citizens Bank.
  4. New computer equipment purchased to handle daily record keeping.
  5. Daily sales made to customers.
  6. Amounts due from customers.
  7. Land owned by the company to be used as a future store site.
  8. Weekly salaries paid to salespeople.

 

2. Analysis of transactions.

Set up the following headings across a piece of paper:

Assets = Liabilities + Owner's Equity

By using "+" and "-," indicate the effect of each of the following transac­tions on total assets, liabilities, and owner's equity:

 

  1. Processed a $5,000 cash withdrawal for the owner.
  2. Recorded the receipt of May's utility bill, to be paid in June.
  3. Provided services to customers on account.
  4. Paid the current month's advertising charges.
  5. Purchased a $27,000 delivery truck by paying $5,000 down and securing a loan for the remaining balance.
  6. Received $11,000 cash from the owner as an investment in the business.
  7. Returned a new computer and printer purchased earlier in the month on account. The bill had not as yet been paid.
  8. Paid the utility bill recorded previously in (b).

 

3. Balance sheet preparation.

The following data relate to Preston Company as of December 31, 19XX:

 

Building $44,000 Accounts receivable $24,000

Cash 17,000 Loan payable 30,000

J. Preston, capital 65,000 Land 21,000

Accounts payable ?

 

Prepare a balance sheet in good form as of December 31, 19XX.

 

4. Statement preparation

The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 19X1:

 

Accounts payable

$ 14,700

Surgery revenue

$175,000

Surgical expenses

80,000

Cash

60,000

Surgical equipment

37,000

Office Equipment

118,000

Salaries expense

30,000

Rent expense

15,000

Accounts receivable

135,000

Loan payable

10,300

Utilities expense

5,000

 

All equipment was acquired just prior to year-end. Conversations with the practice's bookkeeper revealed the data that follow.

 

Rose Grimball, capital (January 1, 19X1) $300,000

19X1 owner investments 2,000

19X1 owner withdrawals 22,000

Instructions

  1. Prepare the income statement for Grimball Cardiology in good form.
  2. Prepare a statement of owner's equity in good form.
  3. Prepare Grimball's balance sheet in good form.

 

5. Recognition of normal balances

The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

 

  1. The albums, tapes, and CDs held for sale to customers.
  2. A long-term loan owed to Citizens Bank.
  3. Promotional costs to publicize a concert.
  4. Daily receipts for merchandise sold,
  5. Amounts due from customers,
  6. Land held as an investment,
  7. A new fax machine purchased for office use.
  8. Amounts to be paid in 10 days to suppliers,
  9. Amounts paid to a mall for rent.

 

6.Basic journal entries

The following transactions pertain to the Jennifer Royall Company:

 

Apr. 1

Received cash of $15,000 and land valued at $10,000 from

Jenni­fer Royall as an investment in the business.

5

Provided $1,200 of services to Jason Ratchford, a client.

Ratchford agreed to pay $800 in 15 days and the remaining amount in May.

9

Paid $250 of salaries to an employee.

14

Acquired a new computer for $3,200; Royall will pay the dealer in May.

20

Collected $800 from Jason Ratchford for services provided on April 5.

24

Borrowed $7,500 from BestBanc by securing a six-month loan.

 

Prepare journal entries (and explanations) to record the preceding transactions and events.

 

7. Journal entry preparation

On January 1 of the current year, MuniServ began operations with $100,000 cash. The cash was obtained from an owner investment by Peter Houston of $70,000 and a $30,000 bank loan. Shortly thereafter, the company ac­quired selected assets of a bankrupt competitor. The acquisition included land ($15,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $20,000 (an account payable) by February 15.

 

During January, the company had additional cash outlays for the follow­ing items:

 

Purchases of store equipment

$4,600

Loan payment, including $100 interest

500

Salaries expense

2,300

Advertising expense

700

The January utilities bill of $200 was received on January 31 and will be paid on February 10. MuniServ rendered services to clients on account amounting to $9,400. All customers have been billed; by month-end, $3,700 had been received in settlement of account balances.

 

Instructions

  1. Present journal entries that reflect MuniServ's January transactions, in­cluding the $100,000 raised from the owner investment and loan.
  2. Compute the total debits, total credits, and ending balance that would be found in the company's Cash account.
  3. Determine the amount that would be shown on the January 31 trial balance for Accounts Payable. Is the balance a debit or a credit?

 

8. Balance Sheet Review - Select a public company and down a copy of the company’s most recent annual report. You will use these financial statements throughout the rest of this course. As you are aware of the Balance Sheet lists the assets, liabilities, and owner’s equity of the company. Review the company’s balance sheet over a period of three years. Based on your review, what account experienced the largest increase? What account experienced the largest decrease? As a potential investor would either the increase or decrease be considered a positive or negative? Write a 150-200 word summary of the results of your balance sheet analysis.

 

I will definetely pay you extra:)I f you would please help me with this thanks so much Linda!!!

 

 

Can you help me with my Week 3 Assignments please:)!!!!

 

Expert:  linda_us replied 1 year ago.
Thank you for requesting me. I will review them and get back to you. What is your deadline?
Customer: replied 1 year ago.


Thrusday...thanks so much!!!!!!!!!

Customer: replied 1 year ago.


but i have to go out of town so can you have it by tuesday or wednesday......thanks so much!!!!!!!!!

Expert:  linda_us replied 1 year ago.
I will let you know in a an hour. Thanks
Customer: replied 1 year ago.

Will you be able to complete these assignments below for me Tuesday or Wednesday?


 


Discussions
To participate in the following discussions, go to this week's


Discussion link in the left navigation.



  1. 1. LIFO vs. FIFO

    The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?

    Guided Response:
    Analyze several of your peers’ posts. Let at least two of your peers know if a company is better off it switches from a LIFO method to a FIFO method? Explain your reasoning.

  2. 2. Depreciation

    A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

    Guided Response:
    Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns. Why do you believe this would be the case?


 





3. Journal
To complete the following journal entry, go to this week's Journal link in the left navigation.


Inventory Journal

Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?

Expert:  linda_us replied 1 year ago.
Do you need the answer to above 2 questions (1. LIFO vs. FIFO and 2. Depreciation) only or 1-8 posted earlier or both?
Customer: replied 1 year ago.


yes please everything all above

Customer: replied 1 year ago.


Are you there?

Expert:  linda_us replied 1 year ago.
I won't be able to complete this assingment by your deadline. Request you to post this as open questions so that other experts can help you.
Customer: replied 1 year ago.

I really need help can you help me with this below and 4 questions I need only 100 words please


 


Most Important Ratio Journal


Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position.

Expert:  linda_us replied 1 year ago.
Yes I will be able to help you. Please create a new post and do write FOR LINDA at the start of the post.

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