What is La More’s 2013 net income using cash basis accounting?

La More Company had the following transactions during 2013.

• Sales of $4,500 on account

• Collected $2,000 for services to be performed in 2014

• Paid $1,325 cash in salaries

• Purchased airline tickets for $250 in December for a trip to take place in 2014



What is La More’s 2013 net income using cash basis accounting?

 $4,925

 $675

$425

$5,175

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What is L Corporation’s net income

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Cash received from customers  $300,000

Revenue earned              390,000

Cash paid for expenses 170,000

Cash paid for computers on November 1, 2013 that will be used for 3 years          48,000

Expenses incurred including any depreciation     216,000

Proceeds from a bank loan, part of which was used to pay for the computers     100,000

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?

 $204,000

 $220,000

$174,000

 $158,000

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Classification and normal balance of the Unearned Rent Revenue accoun

Question 2

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Asset, debit

 Expense, debit

Liability, credit

Revenues, credit

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What was Jackson’s net cash provided by operating activities?

Question 1

Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.

Paid $60,000 to purchase office equipment.

Paid $15,000 for utilities.

Paid $6,000 in dividends.

Collected $245,000 from customers.



What was Jackson’s net cash provided by operating activities?

$89,000

 $95,000

$110,000


$35,000

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WileyPLUS

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable		$ 7,580		Notes payable		$ 12,160
Accounts receivable		4,580		Rent expense		12,580
Advertising expense		4,320		Retained earnings		?
Cash		5,680		Service revenue		30,160
Common stock		17,580		Supplies		4,480
Dividends		5,080		Supplies expense		1,380
Equipment		29,380

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

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Question 2

 
The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

Question 3 This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014 $75,703 Advertising expense 2,034 Dividends 6,779 Rent expense 11,751 Service revenue 65,534 Utilities expense 2,712 Salaries and wages expense 33,897 After analyzing the data, prepare an income statement for the year ending December 31, 2014. After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.) Question 4 For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings, decrease retained earnings, increase common stock, or decrease common stock. Question 5 The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.) To get this or a similar paper done by an expert writer at EssaySharkWriters.Com, Click here

Responsibilities In Management Accounting

Review the rights and responsibilities of Certified Management Accountants:

http://www.imanet.org/PDFs/Public/CMA/RIghts_Responsibility_CMA.pdf

What are some of the ethical responsibilities and obligations that management accountants have within an organization? Provide some examples. Are these responsibilities different than the obligations for financial accountants?

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Long-Term Decision Making

List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements.

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