Acct212 - Study guides, Class notes & Summaries

Acct212 Final Exam Questions With 100% Correct Answers Clothing frontier engages in the following transactions -Jan 1 -> issues 600 shares of common stock for $40 a share -April 1 -> Issues 100 additional of common stock for $44 a share Record the transactions assuming clothing frontiers has NO-PAR value common stock - answerJan 1. Cash............. 24,000 .......Common Stock..........24,000 April 1. Cash. 4,400 ......Common stock 4,400 Clothing frontier engages in the followin...

Acct212 final

ACCT212 WEEK 1 HOMEWORK Assignment (100%correct answers)

ACCT212 - Week 3 – Homework – Graded A+ Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account informatio n: Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 3,000 The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500. 2. No insurance payments are made in Dec...

ACCT 212 Week 3 Homework. Question 1 Red Rentals Company faced the following situations: Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact sep arately. (Record debits first, then credits. Exclude explanations from any journal entries) Solution: Accrual accounting records the impact of a business transaction as it occurs. When the business performs a service, makes a sale, or incurs an expense, the transaction is recorded even if the business recei...

Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $50,000; Liabilities = $27,000; Dividends = $3,000; Revenues = $14,000; Expenses = $9,000. Required: 1. Calculate net income. 2. Calculate stockholders' equity at the end of the period. Explanation 1. Revenues − Expenses = Net Income $14,000 − $9,000 = $5,000 2. Assets = Liabilities + Stockholders' Equity ...

ACCT212 - Week 7 – Quiz – With 100% Correct Answers 1. The advantages of a corporation compared to a sole proprietorship or partnership include: 2. Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to: 3. When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include: 4. Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 pe...

olden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 3,000 The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.

ACCT212 - Week 3 - Quiz (100% CORRECT SOLUTIONS)

1. Question: Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Requ ired: Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) 2. Question: Required information [The following information applies to t...