Accounting Help for College and University Students

Accounting

P3-4B Rebecca Sherrick Management Services Inc. began business on January 1, 2002, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the work sheet at the end of th ...continues

Accounting

Grant Advertising Agency Inc. was organized in January 2002. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2002... Instructions (a) Journalize the annual adjusting entries that were made. (b) Prepare an income statement and a retained earnings statement for the year ending December ...continues

ABC Manufacturing is thinking of launching a new product.

ABC Manufacturing is thinking of launching a new product. The company expects to sell $900,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and materials will be 55% of sales. Indirect incremental costs are estimated at $80,000 a year. The project will require a new plant ...continues

Net income and cash flows

1) XYZ has sales of $100,000 a year, and the sale price will increase with inflation. Inventory valuation is such that the effective cost of goods sold is the purchase price 3 months prior to sale. Depreciation is fixed, and other operating costs are increase proportionately with inflation. The company sells on terms of net 30 ...continues

Balance sheets and Trial Balance Sheet Preparation

#1. Can you please show me how to do this...The night manager of Majestic Limousines Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2002. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet con ...continues

Balance sheets and Trial Balance Sheet Preparation 2

Preparing a Balance Sheet The balance sheet items of the Prosser Company as of December 31, 2002, follow in random order. You are to prepare a balance sheet for the company, using a similar sequence for assets as illustrated in Exhibit 2-9. You must compute the amount for Retained Earnings. Financial Statement Preparat ...continues

Calculating Ratios etc

1. Calculating Ratios. Here are simplified financial statements of Phone Corporation from a recent year. Income Statement (Figures in millions of dollars) Net Sales 13,193 Cost of goods sold 4,060 Other Expenses 4,049 Depreciation 2,518 Earings before interest and taxes (EBIT) 2,566 Int ...continues

Account Adjustments

Adjustment and closing process Basic entries: Selected ledger counts used by Alvarez Truck Rental, Inc are listed long with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, you are to indicate the proper accounts to be debited and credited. Please se ...continues

Accounting

Effects of errors on financial statements: Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code: O = Overstated, U= Understated; NE = No Effect. Please see attachment for table.

Accounting: work sheet, classified balance sheet, adjusting entries, closing entries, post-closing trial balance

Rebecca Sherrick Management Services Inc. began business on January 1, 2002, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the work sheet at the end of the firs ...continues