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Neo, Tutor
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Experience:  BS Accounting
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for neo                                                                                        5) A company made the following merchandise purchases and sales during the month of May:
May 1 purchased   380 units at       \$15 each
May 5 Purchased   270 units at       \$17 each
May 10 Sold           400 units sold   \$50 each
May 20 purchased 300 units at       \$22 each
May 25 sold           400 units at       \$50 each
There was no beginning inventory. If the company uses the FIFO periodic inventory method, wht would be the cost of the ending inventory?

HelloCustomer

Good day!

The Cost of Ending Inventory is \$3,300 (150 units x \$22).

***The 150 units is the remaining inventory purchased on May 20.

I hope this could help.

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 8 years ago.
can you be more easy to explaining this.

FIFO Inventory Method means First in-First Out. This means that every inventory that was first purchased will be the ones that must be sold first.

On May 1, the company purchase 380 units of inventory that cost \$15 each.

On May 5, the company purchased additional 270 units that cost \$17 each.

On May 10, the company sold 400 units. Thus, the one that should be depleted first will be the inventory purchase on May 1 (380 units) and the remaining 20 units will be taken from the purchased made on May 5.

Thus, as of May 10, inventory on hand composed of 250 units costing \$17 each.

On May 20, additional inventory was purchased @ \$22 each.

On May 25, the company sold another 400 units. Thus, the one that should be depleted first will be the ending inventory as of May 10 (250 units @\$17) and the remaining 150 units will be taken from the purchased made on May 20.

Thus, as of May 25, inventory on hand composed of 150 units costing \$22 each. This will be the ending balance 150 units x \$22 = \$3,300.

Customer: replied 8 years ago.

for NEO

1. Why should the person who keeps the records of an asset not be the person responsible for its custody?
2. What is a petty cash receipt? Who should sign it?
3. Why should cash receipts be deposited on the day of their receipt?
4. Name and explain at least five ways that assets can be protected by internal controls.
5. What aspect of accounting principles is causing you difficulties at this point?

HelloCustomer

Good day!

Thank you! :)

Customer: replied 8 years ago.

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 8 years ago.

for neo:1. Brown Company's bank statement for September 30 showed a cash balance of \$1,350. The company's Cash account in its general ledger showed a \$995 debit balance. The following information was also available as of September 30.
a. A customer's check for \$100 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a \$25 processing fee.
b. The September 30 cash receipts, \$1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.
c. A \$15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks.
d. Outstanding checks amounted to \$1,145.
e. A customer's note for \$900 was collected by the bank. A collection fee of \$25 was deducted by the bank and the difference was deposited in the account.
f. Included with the canceled checks was a check for \$275, drawn on another company, Browne Inc.
(a) Prepare a bank reconciliation as of September 30.
(b) Prepare any necessary adjusting journal entries necessary as a result of the bank reconciliation.

2.Use the following to answer the following problem

On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of \$185,600; Sales Revenue of \$1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of \$1,600 (credit balance).

Prepare the adjusting journal entry to record the estimate for bad debts assuming:

1. 6% of the accounts receivable balance is assumed to be uncollectible.

2. Bad debts expense is estimated to be 1.5% of credit sales.

HelloCustomer

Good day!

Bank Recon

Allowance

If you have any question, please let me know.

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 8 years ago.
hey neo I have few pretty easy for you. I should do it myself but I like you:
 1. Internal control procedures include: A) Procedures to ensure reliable financial reports. B) Safeguards to protect company assets. C) Policies to direct operations toward common goals. D) Methods to achieve compliance with laws and regulation. E) All of the above.

 2. The special journals of many accounting systems include the: A) Sales journal. B) Purchases journal. C) Cash receipts journal. D) Cash disbursements journal. E) All of the above.

 3. The sales journal is used for recording: A) Credit purchases. B) Credit sales. C) Cash sales. D) Cash purchases. E) Cash receipts.

 4. The Accounts Payable account in the general ledger is: A) A controlling account for the subsidiary accounts payable ledger. B) The account that controls the purchases journal. C) The subsidiary account to the purchases journal. D) Part of a special journal. E) Part of a subsidiary ledger.

 5. An internal control system consists of the policies and procedures managers use to : A) Protect assets. B) Ensure reliable accounting. C) Promote efficient operations. D) Urge adherence to company policies. E) All of the above.

 6. A company's internal control system: A) Eliminates the risk of loss. B) Monitors and controls business activities. C) Eliminates human error. D) Eliminates the need for audits. E) All of the above.

 7. Cash equivalents: A) Are readily convertible to a known cash amount. B) Include short-term investments purchased within 3 months of their maturity dates. C) Have a market value that is not sensitive to interest rate changes. D) Include U. S. treasury bills. E) All of the above.

 8. Credit card expense may be classified as: A) A "discount" deducted from sales to get net sales. B) A selling expense. C) An administrative expense. D) All of the above. E) Only a and b.

 9. The materiality principle: A) States that an amount can be ignored if its effect on financial statements is unimportant to user's business decisions. B) Requires use of the allowance method for bad debts. C) Requires use of the direct write-off method. D) States that bad debts not be written off. E) Requires that expenses be reported in the same period as the sales they helped produce.

 10. Electron borrowed \$75,000 cash from TechCom by signing a promissory note. TechCom's entry to record the transaction should include a: A) Debit to Notes Receivable for \$75,000. B) Debit to Accounts Receivable for \$75,000. C) Credit to Notes Receivable for \$75,000. D) Debit Notes Payable for \$75,000. E) Credit to Sales for \$75,000.

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 8 years ago.
 1. A credit sale of \$2,500 to a customer would result in: A) A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger. B) A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger. C) A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger. D) A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger. E) A credit to Sales and a credit to the customer's account in the accounts receivable ledger.

 2. On October 29 of the current year, a company concluded that a customer's \$4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? A) Decrease in net income; no effect on total assets. B) No effect on net income; no effect on total assets. C) Decrease in net income; decrease in total assets. D) Increase in net income; no effect on total assets. E) No effect on net income; decrease in total assets.

 3. Plant assets are: A) Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B) Current assets. C) Held for sale. D) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E) Tangible assets used in the operation of business that have a useful life of less than one accounting period.

 4. A depreciation method that produces larger depreciation expense during the early years of an asset's life and smaller expense in the later years is a (an): A) Accelerated depreciation method. B) Book value depreciation method. C) Straight-line depreciation method. D) Units-of-production depreciation method. E) Unrealized depreciation method.

Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May:

May 1 Purchased merchandise for cash from zill co. \$5400, check No.1133.

2 Purchased office equipment from echo co. on credit \$7200 terms n/60. Invoice dated May1.

6 Paid fox Inc. \$4900 cash for previous purchases on account, which is net of a \$100 discount, check No. 1134.

9 Purchased merchandise from Inca, Inc. on credot , terms 1/15, n/30, \$24,600 Invoice dated May 8.

10 Paid Echo co. cash for May 2 check No. 1135.

18 Purchased office supplies on credit \$230 terms net EOM from howe , Inc. Invoice dated May 17.

Record these transaction in the following jourarls: they put purchase journal on the left top corner, and under that they want these differents thing first Date account, date of invoice, term PR, Accounts Payable Cr., Inventory Dr. Office supplies Dr. and Other accounts Dr. In another box they want me to put : Cash disbursements Journal in the top left corner, under that they want me to put the date, CK. No, Payee, Account debited, PR, Cash Cr. InventoryCr Other Accounts Dr, Account Payable Dr, and that is it, I hope you help me out dude. Thank you man. You are the man.

HelloCustomer

Good day!

Thank you! :)

Customer: replied 8 years ago.
i hope is this,http://www.mediafire.com/?sharekey=140ce16e79201dffab1eab3e9fa335ca3f82757824532ba5

Yes; that's it. :)

I'll post the solution once done.

Thank you! :)

Customer: replied 8 years ago.
o. dude thank you bro.
Customer: replied 8 years ago.
o. dude thank you bro. hey Neo do you remenber when I send you a problem about dec 31 allowance this is what they want :
 Assume that this company's bad debts are estimated and recorded as 1.5% of credit sales.1. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the balance sheet after adjustment.2. Prepare the entry to write off a \$1,500 account receivable on January 1 of the next year.3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the balance sheet immediately after writing off the account in part 2.

I s in the sept 27 #2

Is this the one:

On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of \$185,600; Sales Revenue of \$1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of \$1,600 (credit balance).

Customer: replied 8 years ago.
YES IS THAT ONE.
ok.
Customer: replied 8 years ago.
o.k.

1. A

2. B

3. A

4. A

Renton

Allowance II

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 7 years ago.
for neo: hey whats up dude? I have some easy shit for you I am so fking lazy to do it:
 1. The accounting principle that requires revenue to be reported when earned is the: A) Matching principle. B) Revenue recognition principle. C) Time period principle. D) Accrual reporting principle. E) Going-concern principle.

 2. Adjusting entries are journal entries made at the end of an accounting period for the purpose of: A) Updating liability and asset accounts to their proper balances. B) Assigning revenues to the periods in which they are earned. C) Assigning expenses to the periods in which they are incurred. D) Assuring that financial statements reflect the of revenues earned and the expenses incurred. E) All of the above.

 3. The total amount of depreciation recorded against an asset or group of assets during the entire time the asset or assets have been owned: A) Is referred to as depreciation expense. B) Is referred to as accumulated depreciation. C) Is shown on the income statement of the final period. D) Is only recorded when the asset is disposed of. E) Is referred to as an accrued asset.

 4. If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include: A) A debit to Cash and a credit to Salaries Payable. B) A debit to Cash and a credit to Prepaid Salaries. C) A debit to Salaries Payable and a credit to Cash. D) A debit to Salaries Payable and a credit to Salaries Expense. E) No entry would be necessary on January 5.

Problem

 5 Pfister, Co. leases an office to a tenant at the rate of \$5,000 per month. The tenant contacted Pfister and arranged to pay the rent for December 2004 on January 8, 2005. Pfister agrees to this arrangement. a.) Prepare the journal entry that Pfister must make at December 31, 2004 to record the accrued rent revenue. b.) Prepare the journal entry to record the receipt of the rent on January 8, 2005.
 1. Accounting is an information and measurement system that: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Helps people make better decisions. E) All of the above.

 2. Internal users of accounting information include: A) Shareholders. B) Managers. C) Lenders. D) Suppliers. E) Customers.

 3. A Certified Public Accountant A) Must meet education and experience requirements B) Must pass an examination C) Must exhibit ethical character D) May also be a Certified Management Accountant. E) All of the above.

 4. A corporation: A) Is a legal entity separate and distinct from its owners. B) Is controlled by the FASB. C) Has shareholders who have unlimited liability for the acts of the corporation. D) Is the same as a limited liability partnership. E) All of the above.

 5. The account used to record the transfers of assets from a business to its owner is: A) A revenue account. B) The withdrawals account. C) The capital account. D) An expense account. E) A liability account.

 6. A ledger is: A) A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. B) A journal in which transactions are first recorded. C) A collection of documents that describe transactions and events entering the accounting process. D) A list of all accounts with their debit balances at a point in time. E) A list of all accounts a company uses and includes an identification number assigned to each account.

 7. A simple account form widely used in accounting to illustrate how debits and credits work is called a: A) Withdrawals account. B) Capital account. C) Drawing account. D) T-account. E) Balance column sheet.

 8. The main purpose of adjusting entries is to: A) Record external transactions and events. B) Record internal transactions and events. C) Recognize assets purchased during the period. D) Recognize debts paid during the period. E) Correct errors.

 9. The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: A) Cash basis accounting. B) The matching principle. C) The time period principle. D) Accrual basis accounting. E) Revenue basis accounting.

 10. An adjusting entry could be made for each of the following except: A) Prepaid expenses. B) Depreciation. C) Owner withdrawals. D) Unearned revenues. E) Accrued revenues.

HelloCustomer

Good day!

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 7 years ago.

for neo: http://www.mediafire.com/sharekey=140ce16e79201dffab1eab3e9fa335ca7aff7bc769d02281 hey neo do yo know who good with Macroeconomics

HelloCustomer

Good day!

I am not good with macroeconomics.

By the way, the link isn't working.

Customer: replied 7 years ago.
No problem. I'll post the solution once done. Thank you! :)
Customer: replied 7 years ago.
nice
Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 7 years ago.
whats up dude???
 1. If the assets of a business increased \$89,000 during a period of time and its liabilities increased \$67,000 during the same period, equity in the business must have: A) Increased \$22,000. B) Decreased \$22,000. C) Increased \$89,000. D) Decreased \$156,000. E) Increased \$156,000.

 2. A trial balance prepared after adjustments have been recorded is called a(n) : A) Balance sheet. B) Adjusted trial balance. C) Unadjusted trial balance. D) Classified balance sheet. E) Unclassified balance sheet.

 3. Which of the following statements is true? A) Owner's capital must be closed each accounting period. B) A post-closing trial balance should include only permanent accounts. C) Information on the work sheet can be used in place of preparing financial statements. D) By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts. E) Closing entries are only necessary if errors have been made.

 4. An account used in the perpetual inventory system that is not used in the periodic inventory system is A) Merchandise Inventory B) Sales C) Sales Returns and Allowances D) Accounts Payable E) Purchases

 5. The special journals of many accounting systems include the: A) Sales journal. B) Purchases journal. C) Cash receipts journal. D) Cash disbursements journal. E) All of the above.

 6. If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in: A) An increase in the expenses of the current period. B) A reduction in current assets. C) A reduction in equity. D) No effect on the expenses of the current period. E) A reduction in current liabilities.

 7. The useful life of a plant asset is: A) The length of time it is productively used in a company's operations. B) Never related to its physical life. C) Its productive life, but not to exceed one year. D) Determined by the FASB. E) Determined by law.

 8. Obsolescence: A) Occurs when an asset is at the end of its useful life. B) Refers to a plant asset that is no longer useful in producing goods and services. C) Refers to the insufficient capacity of a company's plant assets to meet the company's productive demands. D) Occurs when an asset's salvage value is less than its replacement cost. E) Does not affect plant assets.

 9. Accounts payable: A) Are amounts owed to suppliers for products and/or services purchased on credit. B) Are long-term liabilities. C) Are estimated liabilities. D) Do not include specific due dates. E) Must be paid within 30 days.

 10. An employee earnings report: A) Is the W-2. B) Is the W-4. C) Is the cumulative record of an employee's hours worked, gross earnings, deductions, and net pay. D) Shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for every pay period. E) Is used to compute the federal income taxes withheld from each employee's gross pay.

Good day!

Thank you! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 7 years ago.
already it better be right !!!

Er, I hope so. :)

Customer: replied 7 years ago.

hahaha. Did I already pay you for that???

Not yet.
Payment, Bonus and Feedback received. Thank you so much! :)
Customer: replied 7 years ago.
I am gonna send you the hard ones now. Here we go. http://www.mediafire.com/?sharekey=140ce16e79201dffab1eab3e9fa335ca01081075d4b57d52 but you have to use what she send to use.

I agree. This is a hard one. :)

I'll post the solution once done.

Thank you! :)

Customer: replied 7 years ago.
yeah alright,!!!o.k. whatever.

You need to spend \$3 to view this post. Add Funds to your account and buy credits.
Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting
Customer: replied 7 years ago.
hey neo do you know somebody who knows microeconomics

HelloCustomer

Sorry but none. But I believe there is someone here in JA but I do not know specifically who. Please try post it and let see.

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