ACCT-101; PRINCIPLES OF ACCOUNTING


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ACCT-101; PRINCIPLES OF ACCOUNTING

2nd ASSIGNMENT

Last Date for Submission 18thMarch 2017

Total of 10 Marks

 

Note: You are required to work in this assignment individually and you should use your own words to solve this assignment. If you cheat from your classmate or copy from any sources (Plagiarism), your assignment will be forward to the College with cheating code!

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Question 1:

 

You are the financial officer for N.A.E Fun Store, a retailer that sells toys for kids. The business owner, Abdullah recently reviewed the annual financial statements you prepare and sent you an email stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system. (3 marks)

Required:Prepare a two paragraphs memorandum that responds to the owner’s concerns.

 

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Question 2:

 

  • On May 11, Salam Co. accepts delivery of $30,000 of merchandise it purchases for resale from Hiyyah Corporation.With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Hiyyah $20,000.
  • On May 11, when the goods are delivered, Salam pays $335 to Express Shipping for delivery charges on the merchandise.
  • On May 12, Salam returns $1,200 of goods to Hiyyah, who receives them one day later and restores them to inventory. The returned goods had cost Hiyyah$800.
  • On May 20, Salammails a check to Hiyyah Corporation for the amount owed. Hiyyah receives it the following day.

Required:

  • Please prepare entries that Salam Co. records for these transactions.(2 marks)(Note: Salam Company and Hiyyah Corporation use a perpetual inventory system.)

 

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Question 3

 

Use the following adjusted trial balance of Juffali Trading Est. to answer the below:
Juffali Trading Est

Adjusted Trial Balance

For Year Ended December 31, 2016


Account Title                                                                       Debit  Credit
Cash                                                                                     $7,000
Accounts receivable                                                             16,500
Office supplies                                                                  2,000
Trucks                                                                               170,000
Accumulated depreciation—Trucks                     .                                   $35,000
Land                                                                                     75,000
Accounts payable                                                                                        11,000
Interest payable                                                                                             3,000
Long-term notes payable                                                                            52,000
Common Stock                                                                                           10,000
Retained Earnings                                                                                     151,000

Dividends                                                                         19,000
Sales Revenue                                                                                           128,000
Depreciation expense—Trucks                                         22,500
Salaries expense                                                                60,000
Office supplies expense                                                      7,000
Repairs expense—Trucks                                      _11,000_         ____       
Totals                                                                                $390,000$390,000

 

 Required:

  • Prepare the Single-Step Income Statement as of December 31, 2016. (2 marks)
  • Prepare the Classified Balance Sheet as of December 31, 2016. (3 marks)

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