The world would be simpler if the US Tax Code and US GAAP were the same, and thus two sets of books would not be needed. Discuss the reasons they are not and whether or not you think it necessary for the present system to remain as it is
In: Accounting
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In: Math
today the US dollar is the principal reserve currency. what is the proportion of US treasury notes that are held by foreign governments? list the top ten countries holding US dollars treasuries along with the amount and relative percentage?
In: Economics
You have conducted your economic analysis of the US markets and determined that the US is likely to be in a contractionary phase. Which of the following stock types should you be most likely to overweight in your portfolio?
Group of answer choices
A. cyclical stocks
B. growth stocks
C. technology stocks
D. defensive stocks
In: Finance
Perform research in the University library using at least 8–10 relevant peer-reviewed academic or professional journal articles that were published within the past 5 years, and complete the following to prepare your report: On Patient Abuse
You writing about patient abuse and answering the following that is required toward patient care and abuse
In: Nursing
[The following information applies to the questions
displayed below.]
The adjusted trial balance for Chiara Company as of December 31,
2017, follows.
| Debit | Credit | |||||
| Cash | $ | 176,900 | ||||
| Accounts receivable | 51,000 | |||||
| Interest receivable | 22,600 | |||||
| Notes receivable (due in 90 days) | 172,000 | |||||
| Office supplies | 16,000 | |||||
| Automobiles | 172,000 | |||||
| Accumulated depreciation—Automobiles | $ | 95,000 | ||||
| Equipment | 136,000 | |||||
| Accumulated depreciation—Equipment | 21,000 | |||||
| Land | 78,000 | |||||
| Accounts payable | 92,000 | |||||
| Interest payable | 20,000 | |||||
| Salaries payable | 17,000 | |||||
| Unearned fees | 40,000 | |||||
| Long-term notes payable | 156,000 | |||||
| Common stock | 29,580 | |||||
| Retained earnings | 266,220 | |||||
| Dividends | 45,000 | |||||
| Fees earned | 544,000 | |||||
| Interest earned | 26,000 | |||||
| Depreciation expense—Automobiles | 26,500 | |||||
| Depreciation expense—Equipment | 22,000 | |||||
| Salaries expense | 189,000 | |||||
| Wages expense | 44,000 | |||||
| Interest expense | 34,800 | |||||
| Office supplies expense | 34,000 | |||||
| Advertising expense | 62,000 | |||||
| Repairs expense—Automobiles | 25,000 | |||||
| Totals | $ | 1,306,800 | $ | 1,306,800 | ||
Required:
1(a) Prepare the income statement for the year ended
December 31, 2017.
1(b) Prepare the statement of retained earnings
for the year ended December 31, 2017.
1(c) Prepare Chiara Company's balance sheet as of
December 31, 2017.
Prepare the income statement for the year ended December 31, 2017.
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Prepare the statement of retained earnings for the year ended December 31, 2017.
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Prepare Chiara Company's balance sheet as of December 31, 2017.
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In: Accounting
Fred’s Fun-Time Arcade Rentals-Accounting Cycle On December 1, 2018, Fred and Patsy Forrest formed a corporation called Fred’s Fun-Time Arcade Rentals. The newly formed corporation rents retro video arcade games, pinball machines, dunk tanks, photo booths, moon bounces and more for businesses, community centers, schools, group events, and parties. Fred’s Fun-Time Arcade Rentals immediately began operations by taking over the location of Arcade Alley Games, a vintage classic arcade game rental company that closed. Fred’s Fun-Time Arcade Rentals, uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office Supplies Income Summary Arcade Game Machines Rental Fees Revenue Accumulated Depreciation: Salaries Expense Arcade Game Machines Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense: Arcade Game Machines Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions: Dec. 1 Issued to Fred and Patsy Forrest 30,000 shares of capital stock in exchange for a total of $300,000 cash. Dec. 1 Purchased for $240,000 all of the arcade game machines formerly owned by Arcade Alley Games. Paid $90,000 cash and issued a one-year note payable for $150,000. The note, plus all 12-months of accrued interest, are due November 30, 2019. Dec. 1 Paid $15,000 to Sunshine Realty as three months’ advance rent for warehouse used to store the arcade game machines and office formerly occupied by Arcade Alley Games. Dec. 4 Purchased office supplies on account from Office Depot, $1,300. Payment is due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) Dec. 8 Received $6,000 cash as advance payment on pinball arcade game rentals from Party Planners, Inc. (Credit Unearned Rental Fees.) Dec. 12 Paid salaries for the first two weeks in December, $5,400. Dec. 15 Excluding the advance from Party Planners, Inc., arcade game rental fees earned during the first 15 days of December amounted to $22,000, of which $14,000 was received in cash. Dec. 17 Purchased on account from Arcade Restoration, Inc., $400 in parts needed to repair a dunk tank machine. (Debit an expense account.) Payment is due in 10 days. Dec. 23 Collected $2,100 of the accounts receivable recorded on December 15. Dec. 26 Rented a video poker machine to O’Malley’s Pub at a price of $150 per day, to be paid when the video poker machine is returned. O’Malley’s Pub expects to keep the video poker machine for a month. Dec. 26 Paid biweekly salaries, $5,400. Dec. 27 Paid the account payable to Arcade Restoration, Inc., $400. Dec. 28 Declared a dividend of 10 cents per share, payable on January 15, 2019. Dec. 29 Purchased a 12-month insurance policy for $6,000. The policy goes into effect on January 1, 2018. Dec. 31 Received a bill from Verizon Communications for phone service for the month of December, $700. Payment is due in 30 days. Dec. 31 Arcade game rental fees earned during the second half of December amounted to $25,000, of which $19,000 was received in cash. Data for Adjusting Entries a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to Arcade Alley Games is 6 percent. c. The arcade game machines are being depreciated by the straight-line method over a period of eight years. d. Office supplies on hand at December 31 are estimated at $700. e. During December, the company earned $3,700 of the rental fees paid in advance from Party Planners, Inc. on December 8. f. As of December 31, six days’ rent on the pinball machines rented to O’Malley’s Pub on December 26 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $1,600 as of month-end. h. It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be paid in 2019. Instructions Perform the following steps of the accounting cycle for the month of December: 1. Journalize the December transactions. Do not record adjusting entries at this point. 2. Post the December transactions to the appropriate ledger accounts. 3. Prepare the unadjusted trial balance. 4. Prepare the necessary adjusting entries for December. 5. Post the December adjusting entries to the appropriate ledger accounts. 6. Prepare an income statement and statement of retained earnings for the year ended December 31, and a balance sheet (in report form) as of December 31 7. Prepare closing entries and post to ledger accounts. 8. Prepare an after-closing trial balance as of December 31.
In: Accounting
Describe a situation or situations where individual would look for the services of a coach. Discuss when an individual look for a coach as opposed to a state board licensed counselor.
In: Psychology
Sheffield Company began operations on January 2, 2019. It
employs 9 individuals who work 8-hour days and are paid hourly.
Each employee earns 9 paid vacation days and 7 paid sick days
annually. Vacation days may be taken after January 15 of the year
following the year in which they are earned. Sick days may be taken
as soon as they are earned; unused sick days accumulate. Additional
information is as follows.
|
Actual Hourly |
Vacation Days Used |
Sick Days Used |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2019 |
2020 |
2019 |
2020 |
2019 |
2020 |
|||||||
| $6 | $7 | 0 | 8 | 5 | 6 | |||||||
Sheffield Company has chosen to accrue the cost of compensated
absences at rates of pay in effect during the period when earned
and to accrue sick pay when earned.
1. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
2019 |
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for vacations) |
|||
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for sick pay) |
|||
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enter an account title to record payment for compensated time when used by employees |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record payment for compensated time when used by employees |
enter a debit amount |
enter a credit amount |
|
|
(To record payment for compensated time when used by employees) |
|||
|
2020 |
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for vacations) |
|||
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for sick pay) |
|||
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
(To record vacation time paid) |
|||
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
(To record sick leave paid) |
2. Compute the amounts of any liability for compensated absences
that should be reported on the balance sheet at December 31, 2019
and 2020.
|
2019 |
2020 |
|||
|---|---|---|---|---|
|
Vacation Wages Payable |
$enter a dollar amount | $enter a dollar amount | ||
|
Sick Pay Wages Payable |
$enter a dollar amount | $enter a dollar amount |
PLEASE PROVIDE STEPS AND EXPLANATION WITH ANSWERS. THANK YOU!
In: Accounting
Swifty Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
|
Actual Hourly |
Vacation Days Used |
Sick Days Used |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2019 |
2020 |
2019 |
2020 |
2019 |
2020 |
|||||||
| $7 | $8 | 0 | 9 | 4 | 5 | |||||||
Swifty Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
Prepare journal entries to record transactions related to
compensated absences during 2019 and 2020. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
2019 |
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for vacations) |
|||
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for sick pay) |
|||
|
enter an account title to record payment for compensated time when used by employees |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record payment for compensated time when used by employees |
enter a debit amount |
enter a credit amount |
|
|
(To record payment for compensated time when used by employees) |
|||
|
2020 |
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
enter an account title to accrue the expense and liability for vacations |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for vacations) |
|||
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to accrue the expense and liability for sick pay |
enter a debit amount |
enter a credit amount |
|
|
(To accrue the expense and liability for sick pay) |
|||
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record vacation time paid |
enter a debit amount |
enter a credit amount |
|
|
(To record vacation time paid) |
|||
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record sick leave paid |
enter a debit amount |
enter a credit amount |
|
|
(To record sick leave paid) |
Compute the amounts of any liability for compensated absences
that should be reported on the balance sheet at December 31, 2019
and 2020.
|
2019 |
2020 |
|||
|---|---|---|---|---|
|
Vacation Wages Payable |
$enter a dollar amount | $enter a dollar amount | ||
|
Sick Pay Wages Payable |
$enter a dollar amount | $enter a dollar amount |
In: Accounting