Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
  

Apr.		2				Purchased $14,300 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60.
		3		(a)		Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000).
		3		(b)		Purchased $1,480 of office supplies on credit from Custer, Inc. Invoice dated April 2, terms n/10 EOM.
		4				Issued Check No. 587 to World View for advertising expense, $899.
		5				Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500).
		6				Received an $80 credit memorandum from Custer, Inc., for the return of some of the office supplies received on April 3.
		9				Purchased $12,125 of store equipment on credit from Hal’s Supply, invoice dated April 9, terms n/10 EOM.
		11				Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000).
		12				Issued Check No. 588 to Noth Company in payment of its April 2 invoice less the discount.
		13		(a)		Received payment from Page Alistair for the April 3 sale less the discount.
		13		(b)		Sold $5,100 of merchandise on credit to Page Alistair (cost is $3,600), Invoice No. 763.
		14				Received payment from Paula Kohr for the April 5 sale less the discount.
		16		(a)		Issued Check No. 589, payable to Payroll, in payment of sales salaries expense for the first half of the month, $10,750. Cashed the check and paid employees.
		16		(b)		Cash sales for the first half of the month are $52,840 (cost is $35,880). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
		17				Purchased $13,750 of merchandise on credit from Grant Company, invoice dated April 17, terms 2/10, n/30.
		18				Borrowed $60,000 cash from First State Bank by signing a long-term note payable.
		20		(a)		Received payment from Nic Nelson for the April 11 sale less the discount.
		20		(b)		Purchased $830 of store supplies on credit from Hal’s Supply, invoice dated April 19, terms n/10 EOM.
		23		(a)		Received a $750 credit memorandum from Grant Company for the return of defective merchandise received on April 17.
		23		(b)		Received payment from Page Alistair for the April 13 sale less the discount.
		25				Purchased $11,375 of merchandise on credit from Noth Company, invoice dated April 24, terms 2/10, n/60.
		26				Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the discount.
		27		(a)		Sold $3,170 of merchandise on credit to Paula Kohr, Invoice No. 764 (cost is $2,520).
		27		(b)		Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765 (cost is $4,305).
		30		(a)		Issued Check No. 591, payable to Payroll, in payment of the sales salaries expense for the last half of the month, $10,750.
		30		(b)		Cash sales for the last half of the month are $73,975 (cost is $58,900).

Required:

1-a. Review the transactions of Wiset Company and enter those that should be journalized in the sales journal.
1-b. Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30. Prepare a general ledger

2 & 3. Enter the March 31 balances for Cash ($85,000), Inventory ($125,000), Long-Term Notes Payable ($110,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.

4-a. Prepare a trial balance of the general ledger.
4-b. Prepare a schedule of accounts receivable.

One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 5.2% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity?

John and Jessica are married and have one dependent child, Liz. Liz is currently in college at State University. John works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessica’s craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessica spends considerable time and effort on her craft business and it has been consistently profitable over the years. John and Jessica own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie’s college expenses (balance of $35,000).

Neither John and Jessica is blind or over age 65, and they plan to file as married-joint. Based on their estimates, determine John and Jessica’s AGI and taxable income for the year and complete pages 1 and 2 of Form 1040 (through taxable income, line 43) and Schedule A. Assume that the employer portion of the self-employment tax on Jessie’s income is $808. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:

Income:
Your salary	$119,100
Spouse's craft sales	18,400
Interest from certificate of deposit	1,650
Interest from Treasury bond funds	727
Interest from municipal bond funds	920
Expenditures:
Federal income tax withheld from your wages	$13,700
State income tax withheld from your wages	6,400
Social Security tax withheld from your wages	7,482
Real estate taxes on residence	6,200
Automobile licenses (based on weight)	310
State sales tax paid	1,150
Home mortgage interest	14,000
Interest on Masterdebt credit card	2,300
Medical expenses (unreimbursed)	1,690
Your employee expenses (unreimbursed)	2,400
Cost of Spouse's craft supplies	4,260
Postage for mailing crafts	145
Travel and lodging for craft shows	2,230
Meals during craft shows	670
Self-employment tax on Spouse's craft income	1,615
College tuition paid for your child	5,780
Interest on loans to pay your child's tuition	3,200
Your child's room and board at college	12,620
Cash contributions to the Red Cross	525

[The following information applies to the questions displayed below.]

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

Accounts	Debit			Credit
Cash	$	26,700
Accounts Receivable		15,000
Allowance for Uncollectible Accounts				$	3,600
Supplies		3,900
Notes Receivable (6%, due in 2 years)		18,000
Land		80,300
Accounts Payable					8,500
Common Stock					98,000
Retained Earnings					33,800
Totals	$	143,900		$	143,900

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

	2014	2015	2016	Total
Revenues	130000	130000	130000
Expenses	60000	60000	60000
Pretax Financial Income	70000	70000	70000	210000
Income Tax Expense (40%)	28000	28000	28000	84000

Chelsea INC. Tax Reporting

	2014	2015	2016	Total
Revenues	100000	150000	140000
Expenses	60000	60000	60000
Taxable Income	40000	90000	80000	210000
Income Taxes Payable (40%)	16000	36000	32000	84000

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

GAAP versus Tax Reporting

		GAAP Versus Tax Reporting
	2014	2015	2016	Total
GAAP Revenues
Tax Revenues
Book-Tax Difference

	Income	Expense and	Income Tax	Payable Reporting
	2014	2015	2016	Total
Income Tax Expense
Income Tax Payable
Book-Tax Difference

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?