Accounting Purchases Transaction and Accounting Cycle Homework Help Service Online.

Accounting Purchases Transaction

1. What is the most important output of the accounting cycle? Do all companies have an accounting cycle? Explain using examples.

2. Blake Gillis, president of Wayside Enterprises, applied for a $175,000 loan from American National Bank. The bank requested financial statements from Wayside Enterprises as a basis for granting the loan. Blake has told his accountant to provide the bank with a balance sheet. Blake has decided to omit the other financial statements because there was a net loss during the past year. In groups of three or four, discuss the following questions:

1. Is Blake behaving in a professional manner by omitting some of the financial statements?

2.

a. What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide?
b. What types of information about a business would bankers want before extending a loan?
c. What common interests are shared by bankers and business owners?

3. If you had a nontrivial sum of money to invest and decided to invest it in a country index fund, in which country or countries identified in Exhibit 1-7 would you invest your money? What accounting issues would play a role in your decision?

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1.  Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations.

2. If total operating expenses were $1,350,000, could you determine net income?

3. Jefferson Jerome is interested in purchasing “Art Specialists Inc.”, an auction house. The company receives the right to sell art but not to purchase the art themselves for a 5% commission. Art Specialists rents office space and Chelsea and holds its auctions at local hotels. Art Specialist Inc. Unadjusted Trial Balance December 31, 2013 Cash $ 35,000.00 Accounts receivable $ 60,000.00 Supplies $ 8,000.00 Equipment $ 53,000.00 Accumulated Depreciation $ 14,500.00 Accounts payable $ 5,600.00 Dividends $ 50,000.00 Capital stock $ 25,000.00 Retained earnings $ 84,900.00 Commission income $ 244,000.00 Rent Expense $ 20,000.00 Wages Expense $ 70,000.00 Auction Expenses $ 56,000.00 Depreciation Expenses $ 7,000.00 Membership Expenses $ 6,000.00 Supplies Expense $ 9,000.00 TOTAL $ 374,000.00 $ 374,000.00 As Jefferson’s accountant, you have received the trial balance above as well as the general ledger.

The review has found the following errors: ? Year end bank reconciliation showed that the balance should be $30,000. A customer should have been billed for commissions earned but it was recorded as a cash payment of the commission income? Membership expenses are not related to the business and should be shown as a dividend to shareholder. ? Depreciation expense should be $3,500 for the year. ? Supplies expenses failed to record $2,000 in packing supplies used during the year. ? Accounts receivables that have not been billed $10,000.

Required:
1. Record the correcting entry.
2. Prepare financial statements
3. Current owners want $250,000 for the business. Jefferson does not want to pay more than Net Worth x 1.5. Should he buy? For how much?

4. Johnny Fuller owns and manages Johnny’s Restaurant, a 24-hour restaurant near the city’s medical complex. Johnny employs nine full-time employees and 16 part-time employees. He pays all of the full-time employees by cheque, the amounts of which are determined by Johnny’s public accountant, Mary Lake. Johnny pays all of his part-time employees in cash. He calculates their wages and withdraws the cash directly from his cash register.

Mary has repeatedly urged Johnny to pay all employees by cheque. But, as Johnny has told his competitor and friend, Steve Hill, who owns the Greasy Diner, ‘First of all, my part-time employees prefer the cash over a cheque and secondly I don’t withhold or pay any taxes or superannuation on those wages because they go totally unrecorded and unnoticed’.

5.You have taken over a set of accounting books for a small business as a part-time job. At the end of the first accounting period, you have partially completed the work sheet by entering the proper ledger accounts and balances in the Trial Balance columns. You turn to the manager and ask, “Where is the list of additional information I can use in entering the adjusting entries?” The manager indicates there is no such list. In all the text problems you have done, you have always been given this information. How would you obtain the information for this real-life situation?

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