Accounting Help for College and University Students

Financial Accounting: Effect of transactions on measurements (cash basis, accrual basis)

For each of the following transactions, indicate by what amount each of these types of measurements would be affected. Use parentheses to indicate that an event would cause a decrease. If an event does NOT involve an operating activity, place a zero in the spaces provided. The time period covered is the current month. ...continues

Analyzing a company and determining who has an economic interest in it.

Tree Top Airlines began as a small commuter line * years ago but has grown into the seventh largest airline in America, with a strong regional route system. In addition, it has many routes to America's commercial centers and a few selected international routes. Tree Top has a fleet of 350 planes and approximately 7,000 employees ...continues

Daisy Political Consultants has been in existence for many years.

Daisy Political Consultants has been in existence for many years. During the month of November, the following events occurred. 1) The owners contributed an additional $6,500 to the business to finance an expansion of operations. 2) Consulting Services totaling $11,000 were performed on credit during November and billed t ...continues

Financial Accounting: Recording of expenses

Helping Hands uses accrual basis accounting. For which of the events above should an expense be recorded in May? In each case, how much expense should be recorded? If an event does not involve and expense, specify why not. See attached file for full problem description.

Jill and Phil have just established a security alarm maintenance service.

For each Transaction, describe the event (including amounts) that caused the entry to be made. See attached file for the complete question. Jill and Phil have just established a security alarm maintenance service. They charge $20 per hour per person and are usually paid by check upon completion of the job. For certain custom ...continues

Financial Accounting: A) Set up a simple accounting system and record transactions (1) through (10). B) Prepare an income statement for the first month of operations. C) Prepare a balance sheet as of the end of the first month.

Assume that you began a small business by (1) investing $10000 and (2) borrowing $30000 from a bank. You (3) purchased equipment for $25000 cash and (4) purchased merchandise for $12000 on credit. During the first month of operations, your company (5) sold merchandise for $24000 in cash. (6) Credit sales were $3000. (7) The cost ...continues

Finacial Accounting: A) Place a mark in the appropriate column to indicate the type of account B) Place a mark in the appropriate column to indicate on which financial statement that account is reported.

A) Place a mark in the appropriate column to indicate the type of account B) Place a mark in the appropriate column to indicate on which financial statement that account is reported. Financial Statement Type of Account: Asset ...continues

Financial Accounting: Water Fun Store; prepare income statement and cash flows

The Water Fun Store is a retailer of water sports products for backyard swimming pools. During August, the firm had the following operating activities: Date Event Aug. 1 Bought $5000 of goods for resale from Pinetree Wholesalers on credit 5 Paid $450 to the local newspaper for advertising that ran during July. 6 Paid $ ...continues

Financial Accounting: Parrot Company, corrections to income statement

Just after preparing the adjusting entries for the year, the long-time controller at Parrot Company suffered a massive heart attack and died instantly. Her inexperienced assistant did his best to prepare financial statements from the information the controller had left behind. He had particular difficulty with the income stateme ...continues

Financial Accounting: Ceramics, Inc; corrections to balance sheet

Ceramics, Inc. reported the following balance sheet for the year 2001. Balance Sheet For the Year Ending December 31, 2001 Assets: Cash $2000 Accounts Payable 500 Inventory 900 Equipment 1000 Land 1500 Total Assets $6000 Liabilities: Accounts Receivable $3000 Accrued Li ...continues