HUMBER COLLEGE THE BUSINESS SCHOOL ACT 103- FINANCIAL ACCOUNTING I ACCOUNTING CYCLE ASSIGNMENT – INDIVIDUAL GRADE VALUE DUE DATE: OCTOBER 2013 EACH STUDENT IS REQUIRED TO SUBMIT THE HARD COPY (TYPED) OF THE ASSIGNMENT AT THE BEGINNING OF THE CLASS. DAUE DATE IS NOT NEGOTIABLE. PRACTICE SET – (YOUR NAME) ACCOUNTING SERVICES Service Business Accounting Cycle Assume that you are starting a new business, (YOUR NAME) Accounting Services, with a new partner, Harry Fowl. Harry has had some existing business and you are leaving a position at a larger firm. You’ve decided for liability purposes to set yourself up as a small corporation. You agree to set up shop at the start of December to allow yourselves time to get ready for the …show more content…
21 Issued Check 1012 for $1,275 for pay for maintenance work on the office equipment. 22 Issued Check 1013 for $150 to pay for advertisements in the local newspaper. 23 Received the monthly telephone bill for $215 and paid it with Check 1014. 23 Collected a total of $1,560 on account from credit customers during the fourth week of December. 26 Driving through town you notice that one of your new customers, a used book store, has put up a going “OUT OF BUSINESS” sign in its window. You look and notice that the business still owes you approximately $500 for work you’ve completed and invoiced. 28 Sent Check 1016 for $235 in payment of the monthly bill for utilities. 29 Sold services for $5,890 in cash and $675 on credit during the fourth week of December. 30 Issued Checks 1017-1022 for $5,400 to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1023 for $415 to pay for cleaning services for the month. 31 Purchased additional equipment for $6,000 from Master Equipment Company; issued Check 1024 for $1,250 and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 Received advance payment for tax work for new clients in the amount of $2,500. 31 Sold services for $545 in cash and $325 on credit on December 31. ACCOUNTING CYCLE ASSIGNMENT Kerwin Leopold Accounting Services
Net Sales – totaled $4,485,000.00 for year 6, and grew +33.3% or $1,495,000.00 between years 6 to 7.
An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.
Payton Approved, a new dog bakery opened in July 2014. To measure the businesses success the first six months are reviewed. The first topic will discover the steps of the accounting cycle with descriptions of each process. Next, one will learn and analyze a report of the importance of each step for the accounting process to measure success. The last analyzed step will discuss how the omission of one step can impact the success of the company.
Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays
Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud.
The purpose of accounting cycle report is to keep the best accounting records up to date. It also assist in producing the best possible financial statement that shows the true pictures of the business or organization and help making a good call whether business is profitable or not.
(d) Received $800 from customers in payment of their accounts. Cash 800/ Net Income 800
a service department’s costs have been allocated, costs are not reallocated back to it under
Within this organization, revenue is generated from the services given to patients and the medication given to them. Services such as, Social services, dietary, physical therapy, occupational therapy, speech therapy and nursing services. Medication distributions and ancillary services impact revenue and reimbursements.
You may omit explanations of the transactions. Skip a line between eah set of journal entries.
Goal 1b has not been achieved and still, 300 million workers are living below the poverty line. The global employment to population ratio which is the amount of working age people who are employed in the world has only fallen from 62% in 1991 to 60% in 2015. This shows very little change. The 2% fall was affected by the global economic crisis from 2008 to 2009, and the aftershocks. Since 1991 there has been a drop of 10% in the amount of men and women aged 15-24 who are employed. From 5/10 employed in 1991 to 4/10 employed in
31, 2004) was computed, then the total Accounts Receivable balance would be $4,578,008.14. This indicates
b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii, b-i)
Received $800 from a customer in partial payment of his account receivable which arose as a result of sales during June.
Accounting is the art of measuring and communicating financial information. To maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules or principles are classified as concepts and conventions. One of the important concept in accounting is “Measurement” (Mattessich, 1977)