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ACC 290 Week 1 Apply: Connect® Exercise (2019 Latest)

ACC 290 Week 1 Apply: Connect® Exercise (2019 Latest)
 

Review the Knowledge Check in preparation for this assignment.

Complete the Week 1 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

 

 
 

The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July.

 

 

 

Owes $18,900 to the Allen Equipment Company.
 

 

Has cash balance of $13,400.
 

 

Has dental supplies of $3,600.
 

 

Owes $4,130 to Contemporary Furniture Supply.
 

 

Has dental equipment of $26,450.
 

 

Has office furniture of $7,900.
 

 

 

Determine the amounts that would appear in Dr. Wells’ balance sheet.

 

Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Equipment
$
23,500
 
 
Rent Expense
$
6,000
 
Accounts Receivable
 
2,500
 
 
Cash
 
7,100
 
Fees Income
 
32,750
 
 
Salaries Expense
 
11,900
 
Boats
 
102,500
 
 
Utilities Expense
 
2,500
 
Gasoline Expense
 
8,700
 
 
Supplies
 
4,700
 
Loans Payable
 
81,000
 
 
Initial Investment
 
50,500
 
Owners’ Withdrawal
 
3,150
 
 
Accounts Payable
 
8,300
 
 
 

Prepare an income statement and a statement of owner’s equity for the month and a balance sheet as of August 31, 2019.

 

 
 

 

 
 

 

 
 

 

Required information
 

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,210; Prepaid Insurance, $510; Equipment, $36,300 and Cash, $40,700. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,100; Allen Office Equipment, $9,550.

 

The total assets for the SloMo Delivery Service are:
 

 

The total amount of Liabilities is:
 

 

 
 

 

 
 

 

Required information
 

On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Cash
 
Accounts Payable
 
Accounts Receivable
 
Shawn Dahl, Capital
 
Office Equipment
 
Revenue
 
Canoe and Kayak Equipment
 
Expenses
 
 
 

Transactions

 

 

 

Shawn Dahl invested $44,200 in cash to open the business
 

 

Paid $11,900 in cash for the purchase of kayak and canoe equipment
 

 

Paid $1,950 in cash for rent expense
 

 

Purchased additional kayak and canoe equipment for $4,700 on credit
 

 

Received $4,800 in cash for kayak rentals
 

 

Rented canoes and kayaks for $2,100 on account
 

 

Purchased office equipment for $215 in cash
 

 

Received $1,250 in cash from credit clients
 

 

Shawn Dahl withdrew $2,400 in cash for personal expenses
 

 

 

 

Based on the information shown above, what is the balance of Accounts Receivable for Whitewater Rentals at the end of September?
 

 

Based on the information above, complete the following accounting equation.
 

 

 
 

 

 
 

 

Required information
 

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $74,500 (Transaction 1).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets
=
Liab.
+
Owner’s Equity
 
Transaction
Cash
 
Accts. 

Rec.
 
Supp.
 
Equip.
 
Accts. 

Pay.
 
G. Sawyer, 

Capital
 
Rev.
 
Exp.
 
1
+74,500
 
 
 
 
 
 
 
 
 
+74,500
 
 
 
 
 
2
− 8,700
 
 
 
 
 
+8,700
 
 
 
 
 
 
 
 
 
3
 
 
+5,700
 
 
 
 
 
 
 
 
 
+5,700
 
 
 
4
 
 
 
 
 
 
+4,180
 
+4,180
 
 
 
 
 
 
 
5
−3,750
 
 
 
 
 
 
 
 
 
 
 
 
 
−3,750
 
6
+ 720
 
−720
 
 
 
 
 
 
 
 
 
 
 
 
 
7
−2,900
 
 
 
 
 
 
 
 
 
−2,900
 
 
 
 
 
8
−500
 
 
 
+500
 
 
 
 
 
 
 
 
 
 
 
Bal
59,370
+
4,980
+
500
+
12,880
=
4,180
+
71,600
+
5,700

3,750
 
 
 

 

What was the net income or net loss for Sawyer Architecture Services for the month of June?
 

 

Prepare the statement of owner’s equity for Sawyer Architecture Services for the month ended June 30, 2019.
 

 

 
 

Managerial accountants usually do which of the following?

Multiple Choice

 

audit financial statements

 

prepare and audit tax returns

 

prepare internal reports for management

 

investigate companies for possible violations of law

 

 
 

 

 
 

 

During October, a firm had the following transactions involving revenue and expenses.
 

Paid $1,050 for rent for October

Provided services for $2,450 in cash

Paid $190 for the October telephone service

Provided services for $1,600 on credit

Paid salaries of $1,525 to employees

Paid $290 for the monthly office cleaning service

Calculate the net income or net loss for the period?

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