ACCT 212 (ACCT212)

Question: Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018(assume sales returns arenon-existent): Journalize Allegheny’s inventory transactions for the year under the perpetual system.The first transaction is the purchase of inventory. Record the entry. The next transaction is the sale of inventory. Do not yet record the cost related to the sale. We do this in the next journal entry. The last entry is recording the cost of inventory. Record...

ACCT212 - Week 2 - Quiz (100% CORRECT SOLUTIONS)

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 ...

Golden 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. 2. No insurance payments are made in December. In...

ACCT 212 Week 3 Homework Assignment (100%correct answers)

for a merchandising company - ANS the income statement reports the cost of the inventory sold During the period another term for gross profit - ANS gross margin a periodic inventory system - ANS D all of the above, is used for inexpensive Goods, is not an expensive to maintain, does not keep a running record of inventory on hand all of the following costs would be included in inventory except - ANS advertising the specific unit cost method - ANS is also known as the sp...

Course Project Overview The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is … in this Workbook. There are eight worksheets in the workbook you will need to complete. A list of July transactions A Chart of Accounts reference sheet A Gra...

1. Question: 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; Liab ilities = $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. 2. Question: Below are the account balances for a company at the end of December. Accounts Balances Cash $ 4,000 Salaries ex...

1. Question: 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; Liab ilities = $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. 2. Question: Below are the account balances for a company at the end of December. Accounts Balances Cash $ 4,000 Salaries ex...