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On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:

During January 2018, the following transactions occur:
  

January 2 Provide services to customers for cash, $49,100.
January 6 Provide services to customers on account, $86,400.
January 15 Write off accounts receivable as uncollectible, $3,300.
January 20 Pay cash for salaries, $32,800.
January 22 Receive cash on accounts receivable, $84,000.
January 25 Pay cash on accounts payable, $6,900.
January 30 Pay cash for utilities during January, $15,100.

Record each of the transactions listed above.

a. The company estimates future uncollectible accounts. The company determines $4,300 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible.
b. Supplies at the end of January total $950.
c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
d. Unpaid salaries at the end of January are $34,900.

2. Record adjusting entries on January 31 for the above transactions.

3. Prepare an adjusted trial balance as of January 31, 2018.

Do you think there are situations when insurances companies should not spread the risk of loss?

1. Discuss the reasons for the accounting profession to adopt a code of professional conduct.
2. Explain the difference between an adverse and a qualified audit report
3. Is it ethical for an auditor to work extended hours on an audit and not charge it to the client? Explain your answer.
4. Do interim financial statement reports give management opportunities to manipulate results of operations for a quarter? Explain the reasons for your answer or give an example.

1. Explain the difference between debt and equity
2. What factors affect the return on common stockholder’s equity?
3. Discuss the entity theory rationale for making no distinction between debt and equity
4. Explain the term “treasury stock” and why the companies acquire them

what is the Background of emigration from Rheinhessen,  and Chain migration process

should your ethical policies be aligned with your social responsibilities as an organization explain

1. Discuss the international benefits of harmonization of the IFRS and the United States generally accepted accounting principles.
2. Why is the analyst report important to an investor?
3. What has been the impact of the key provisions in the Sarbanes Oxley Act on the way financial reports are currently done?
4. Discuss the difference between rules based and principle based approach towards standard settings. Which method would you recommend and why?

Chelsea Inc. reports tax revenues (income) using the installment method (cash basis), but reports book revenues on an accrual basis. As a result, it has a book-tax difference in that it is recording book revenues prior to recording tax revenues (income). Assume the tax rate is 40%

Chelsea INC. GAAP Reporting

Chelsea INC. Tax Reporting

Based on the information provided, complete the following charts and answer the related questions:

GAAP versus Tax Reporting

A) In this situation, do GAAP Revenues and Tax Revenues in 2014 reverse out in future years? YES / NO

B) In this situation, the differences result in a deferred tax liability. Which of the following statements below best describes why?

a. The difference is temporary and results in a future tax obligation

b. The difference is temporary and results in a future tax benefit

c. The difference is permanent and results in a future tax obligation

d. The difference is permanent and results in a future tax benefit

C) How much will be reported for the deferred tax liability at the end of each of the following three years:

2014: ___________________

2015: ___________________

2016: ___________________

1. Explain how academic research has influenced the development of accounting theories and the need for accounting information. Give examples.

2. Discuss the goals objectives of the conceptual framework of accounting.

3. What are the major disciplines that have influenced the development of accounting theory?

1. What is the importance of working capital in the financial statements and for financial statement analysis?

2. Discuss the matching concept and its importance to income reporting.

3. How is the balance sheet useful to investors?

4. Explain how comprehensive income is consistent with the all-inclusive concept of accounting.

5. Explain how comprehensive income is consistent with the financial capital maintenance concept. Give examples to support your decision.

Governmental Accounting

Government investment policies including those demonstrated by Orange Country, CA that led to their bankruptcy have been sharply criticized because of significant losses incurred by certain governments. What is the nature of the problem that is being criticized? What should be the role of accounting in determining and reporting investment strategies?

Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2021, a new roof was installed at a cost of $300,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $160,000. Instructions a. What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-line depreciation.) b. What entry should be made in 2021 to record the replacement of the roof? c. Prepare the entry in January 2021 to record the revision in the estimated life of the building, if necessary. d. What amount of depreciation should be charged for the year 2021?

List the names of 4 Emotional Intelligence Domains with your scores - select and list one of the options on Pg 23 for Growing your Emotional Intelligence

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts.

On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31.

The following information relates to year-end adjusting entries as of December 31, 2021.

1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,380.
2. Six months’ of the one-year insurance policy purchased on July 1 has expired.
3. Four months of the one-year rental agreement purchased on September 1 has expired.
4. Of the $1,900 of office supplies purchased on July 4, $320 remains.
5. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded.
6. Of the $2,100 of racing supplies purchased on December 12, $180 remains.
7. Suzie calculates that the company owes $14,600 in income taxes.

Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated.

1. Describe the factors that determine whether expenditure relating to property, plant and equipment already in use should be capitalized.

2. Describe how to account for the gain or loss on the sale of property, plant and equipment.