Required: a. Use Excel to create an unadjusted trial balance for Post Plumbing, Inc. at January 31, 2019. b. Prepare the adjusting journal entries for the month of January. Create additional accounts as necessary. c. Post all adjusting journal entries necessary to your Excel trial balance. d. Use Excel to create the adjusted trial balance. e. Prepare an unclassified balance sheet at January 31, 2019.The following account balances are provided for Post Plumbing, Inc. at January 31, 2019:

Cash $ 372,100

Accounts Receivable 359,000

Investments 30,000

Spare parts and supplies 38,000

Prepaid salaries expense 9,000

Prepaid rent 36,000

Equipment 721,850

Accounts payable 18,200

Interest payable 280

Unearned Revenue 22,000

Notes payable 35,000

Bank loan 426,000

Common Stock 625,000

Retained Earnings 99,150

Service Revenue 413,000

Interest Revenue 300

Parts and supplies expense 16,000

Loss on sale of investments 2,980

Salaries expense 50,000

Utilities expense 1,200

Advertising expense 2,800

The following additional information is provided for the month ending January 31, 2019:

1. Rent is paid through March 31, 2019.

2. Depreciation expense for the month was $9,950.

3. $3,800 of services paid for in December were rendered during January.

4. A physical count showed $29,000 of supplies on hand on January 31, 2019.

5. $3,500 of wages earned from January 27-31 will be paid in February.

6. The interest rate on the $35,000 note payable is 5%.

7. Received a January phone bill for $480 on February 4.

8. The investment balance includes an $18,000 note receivable with an interest rate of 2%.

9. Company purchases long-term disability insurance for its employees. The monthly premium is .25% of salaries expense and is payable quarterly.

10. The income tax rate is 21%

Place the items listed below into either the Balance Sheet or the Income Statement.

Cash $10,300 Accounts Receivable $9,500 Supplies $2,000 Inventory $7,200 Building $78,000 Notes Receivable $20,000 Accounts Payable $7,700 Salaries Payable $5,300 Common Stock $79,000 Retained Earnings $19,700 Revenue $42,200 Cost of Goods Sold $24,500 Rent Expense $1,900 Utilities Expense $500

Module 7 Assignment #1

Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents.
This Homework is a two-step process:

1. Place the items listed below into either the Balance Sheet or the Income Statement.

2. Check your answers using the following formulas:
   1. REVENUE – COST OF GOODS SOLD = GROSS PROFIT – OPERATING EXPENSES = NET INCOME

2. ASSETS = LIABILITIES + OWNERS EQUITY

(OWNER’S EQUITY = RETAINED EARNINGS ENDING BALANCE + COMMON STOCK)

Review your assignments. If you have the items in the right places, you should be able to calculate an Owner’s Equity of $85,500 and a Gross Profit of $66,900. Be sure to include the Example: Trucks (4) in your calculations. If you don’t get those answers, then you’ve probably got something in the wrong place.

16. Which of the following would you expect to have the least market power?

A. A wheat farmer

B. A gasoline station in a small rural town

C. A small biotech company with a patent on a drug

D. All of the above would have equal market power

E. None of the above would have any market power

17. When a monopolist switches from charging the monopoly price to price discriminating, which of the

following is/are true?

A. producer surplus will increase.

B. consumers with high elasticity of demand will be charged a lower price than consumers with

low elasticity of demand.

C. if the quantity sold increases, then total surplus will increase.

D. all of the above.

E. none of the above.

18. Contracting around observable characteristics to try and solve information problems are examples of

A. first best efficient outcomes

B. second best efficient outcomes

C. positive externalities

D. negative externalities

E. creative destruction

19. If a firm with market power lowers its price,

A. it will increase total revenue regardless of the elasticity of demand.

B. it will decrease total revenue regardless of the elasticity of demand.

C. it will always increase its profits.

D. it will increase profits if the resulting marginal revenue is greater than the marginal cost.

20. The Coase Theorem can be summarized by saying the efficient allocation of resources will be guaranteed

as long as 2 conditions are met:

A. Clearly defined property rights and no market power

B. No market power and low transaction costs

C. low transactions costs and clearly defined property rights

D. perfect competition and no government intervention in the market

E. government taxation of negative externalities and subsidies for positive externalities.

21. A Nash Equilibrium is

A. a best-response to a best-response

B. a set of strategies for which no player has an incentive to choose a different strategy

C. the guaranteed outcome of a game.

D. all of the above

E. A and B

Managers at Acme Doohickey Co. are considering two projects. Project A: purchase and operation of a new machine, called the Starpunch, for manufacturing Acme doohickeys. The life of this project is three years. Project B: purchase and operation of a new machine, called the Sunspot, for manufacturing Acme doohickeys. The life of this project is two years. The machines have identical capacity and produce the same doohickey. The company only has floor space in its machinists’ shop for one machine. Assume that the appropriate discount rate in 8%, compounded annually. Identify which project, if either, managers should accept, and explain why. Table: Expected Cash Flows for Projects A and B Year A revenue A costs A NCF B revenue B costs B NCF 0 ($35,000) ($30,000) 1 $25,000 ($10,000) $25,000 ($7,000) 2 $25,000 ($10,000) $25,000 ($8,000) 3 $25,000 ($10,000) Note: the table lists net revenue and net cost for each project and each year. But the table is incomplete; you will need to calculate the Net Cash Flows. Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $6,559 which is greater than the Project B NPV = $3,218. Accept Project B. Its NPV > 0. In addition, its cost in each year is less than the corresponding cost for Project A. Reject both projects. When both of the project lifetimes are correctly extended to 6 years, the NPV for each project is negative. Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $3,656 which is greater than the Project B NPV = $1,241. Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $9,373 which is greater than the Project B NPV = $t,662.

1. In a debt service fund

a. expenditures for interest are recognized as incurred

b. fund transferred from the general fund to cover debt payments are recorded as revenue

c. expenditures for interest and principal are recognized when they are due

d. long-term debt is reduced by principal payments

2. a private, not-for-profit hospital received the following restricted contributions and other receipts during the year ended December 31, 20X8

1) for research $300,000

2) for equipment acquisitions $200,000

3) income from endowment to be used for new addition to hospital plant $100,0000

none of the contributions r other receipts were expended during the year ended December 31, 20X8. For the year ended December 31,

20X8, what amount would be reported on the hospital's statement of changes in net assets as an increase in temporarily restricted net assets?

3. Pine city's year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The ff information pertains to Pine's property taxes for the period from July 1 year 1 to June 30 Year 2.

Levy Year 1 $2,000,000 Levy year 2 $ 2,400,000

Collected in:

May Year 1 $ 950,000 Year 2 $ 1,100,000

July Year 1 $ 50,000 Year 2 $ 60,000

October Year 1 920,000

December Year 1 80,000

The $40,000 balance due for the May year 2 installments was expected to be collected in August year 2. What amount should Pine recognize for property tax revenue for the year ended June 30, year 2?

a. $2,160,000

b. $2,400,000

c.$2,360,000

d.$2,200,000

4.

Expenditures $30,000

Cash $30,000

the above entry for a non  profit entity most likely to record

Journalize the five transactions for Mirmax Rentals described below:

August 1 Mirmax purchases two new saws on credit at $375 each. The saws are added to Mirmax’s rental inventory. Payment is due in 30 days.

August 8 Mirmax accepts advance deposits for tool rental of $75 that will be applied to the cash rental when the tools are returned.

August 15 Mirmax receives a bill from Macon Utility Company for $150. Payment is due in 30 days.

August 20 Mirmax charges Customers $750 for tool rentals. Payment is due in 30 days.

August 31 Mirmax receives $500 in payments from the customers that were bill for rentals on August 20.

Given the following balances for Garry’s Tree Service, prepare a Trial Balance

Financial Statements

Prepare an Income Statement, Statement of Owner’s Equity and Balance Sheet

Problem 3                              
Financial Statements                              
           Income Statement                  
                               
                              
                              
It should be in excel format could not upload the excel form that I had worked on boy should be in

Problem 3                              
Financial Statements      

Income Statement      
           Income Statement                  
                               

Managers at Acme Doohickey Co. are considering two projects.

• Project A: purchase and operation of a new machine, called the Starpunch, for manufacturing Acme doohickeys. The life of this project is three years.
• Project B: purchase and operation of a new machine, called the Sunspot, for manufacturing Acme doohickeys. The life of this project is two years.

The machines have identical capacity and produce the same doohickey. The company only has floor space in its machinists’ shop for one machine.

Assume that the appropriate discount rate in 8%, compounded annually. Identify which project, if either, managers should accept, and explain why.

Table: Expected Cash Flows for Projects A and B

Note: the table lists net revenue and net cost for each project and each year. But the table is incomplete; you will need to calculate the Net Cash Flows.

Group of answer choices

Reject both projects. When both of the project lifetimes are correctly extended to 6 years, the NPV for each project is negative.

A) Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $9,373 which is greater than the Project B NPV = $t,662.

B) Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $6,559 which is greater than the Project B NPV = $3,218.

C) Accept Project B. Its NPV > 0. In addition, its cost in each year is less than the corresponding cost for Project A.

D) Accept Project A. Its NPV > 0. Also, when both of the project lifetimes are correctly extended to 6 years, the Project A NPV = $3,656 which is greater than the Project B NPV = $1,241.

The income statement and additional data of Bayleaf Pty Ltd are as follows:

Income statement for the year ended 31 December 2016

Revenue:

Service Revenue R225 000

Dividend Revenue R6 300 (231 300)

Expenses:

Cost of goods sold R100 000

Salary Expense R52 000

Depreciation Expense R23 000

Advertising Expense R2 300

Interest Expense R2 400

Income tax expense R5 000 (R184 700)

Net income R46 600

Additional Data:

a) Acquisition of PPE was R170 000. Of this amount , R140 000 was paid in cash and R30 000 by signing a note payable

b) Proceeds from the sale of land totalled R48 000

c) Proceeds from issuance of shares totalled R31 000

d) Payment of long-term note payable was R16 000

e) Payment of dividends was R10 000

From the Balance Sheet:

Balance sheet as at 31 December

Currents Assets 2016 2015

Cash R32 000 R13 300

Accounts Receivable R41 000 R57 000

Inventory R48 000 R87 000

Prepaid expenses R9 100 R8 200

Current Liabilities

Accounts Payable R32 000 R17 000

Accrued liabilities R14 000 R43 000

Required:

1. Prepare Bayleaf 's statement of cash flow for year ended 31 December 2016, using indirect Method.

2. Evaluate Bayleaf's cash flow for the year ended 31 December 2016, including its free cash flow and cash realization ratio. In your evaluation, review all three categories of cash flows and give the reason for your evaluation.

3. When analyzing the cash flow patterns of the Company, what other three (3) important indicators of the health of the company 's cash flows do you look at?

The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet.

Additional information ($ in 000s):

1. Certain records that included the account balances for the patent and shareholders’ equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.1. That is, total liabilities are 110% of total shareholders’ equity. Retained earnings at the beginning of the year was $6,400. Net income for 2021 was $2,150 and $450 in cash dividends were declared and paid to shareholders.
2. Management intends to sell the investments in the next six months.
3. Interest on both the notes and the bonds is payable annually.
4. The notes payable are due in annual installments of $1,600 each.
5. Deferred revenue will be recognized as revenue equally over the next two fiscal years.
6. The common stock represents 600,000 shares of no par stock authorized, 370,000 shares issued and outstanding.

Required:
Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Jul

6 Cohen invested $149,000 in the business, which in turn issued its common stock to her

9 the business paid cash for land cost in $62,000 calling plans to build an office building on the land

12 The business purchased medical supplies for $1700 on account

15-31 During the rest of the month, Cohen treated patients and arned service revenue of $9,000, recieving cash fo rhalf the revenue earned.15 dr. Christine Cohen, P.C. officially opened for business

15-31 The business paid cash expenses: employee salaries, $3000:office rent, $700: utilities, $1100

31 The business sold supplies to another physician for the cost of $900 and recieved cash

31 The business borrowed $34,000, signing a note payable to the bank

31 The business paid $700 on account

1. After journalizing the transactions in the previous exercise, post the entries to the ledger, using T-accounts. Key transactions by date.

2. Prepare the trial balance of Dr Kristine COhen, P.C., at July 31, 2016.

3. From the trial balance, determine total assets, total liabilities, and total stockholders' equity on July 31.

Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr.

Cohen​,

Begin with the first transaction on

July

6. ​(Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box​ empty; do not enter a zero. Enter the transactions in the same order as they appear in the original​ list.)

please tell me type of equity: Types of equity transactions: Dividends, Issued Stock, Rent Expense, Salary Expense, Service Revenue, Utilities Expense