Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Fifteen transactions or events affecting Computer Specialist, inc. are given below:

a. Made a yearend adjusting entry to accrue interest on note payable.
b. Liability classified for several years as long-term become due in next twelve months.
c. Recorded regular biweekly payroll, comprising payroll taxes, amounts withheld from employees, and insurance of paychecks.
d. Earned an amount previously recorded as unearned revenue.
e. Make arraignments to extend bank loan due in 60 days for another eighteen months.
f. Made monthly payment on a fully immortalizing installment note payable. (Suppose this note is classified as current liability).
g. Called bonds payable due in seven years at price above the carrying value of liability in accounting records.
h. Issued bonds payable at 97 on May 1, 2009. Bonds pay interest May 1st and November 1st.
i. Recorded November 1st 2009, interest expense and made semiannual interest payment on bonds referred to in h.
j. Recorded essential adjusting entry on December 31. 2009, for bonds referred to in h.
k. Issued bonds payable at 102 on July 31, 2009. Bonds pay interest July 31st and January 31.
l. Recorded essential adjusting entry on December 31, 2009 for bonds referred to in part K.
m. Recorded estimated liability for warranty claims.
n. Entered into two-year commitment to purchase all hard drives from particular supplier at price 10 percent below market.
o. Received notice that lawsuit has been filed against company for $7 million. Amount of company's liability, if any, cannot be reasonably evaluated at this time.

Instructions:

Point out the effects of each of these transactions upon following elements of company's financial statement. Organize answer in tabular form, using column headings given below. Use following code letters to point out the effects of each transaction on accounting element listed in column headings: I for increase, D for decrease and NE for no effect.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920647

Have any Question? 


Related Questions in Accounting Basics

Infrastructure and gasb statement1 answer the following

Infrastructure and GASB Statement 1. Answer the following questions with regard to infrastructure: A) What is infrastructure? B) What are two methods that might be used to record infrastructure expense from year to year? ...

Assignmentresearch the foreign corrupt practices actaddress

Assignment: Research "THE FOREIGN CORRUPT PRACTICES ACT" Address, at a minimum, the following: The rationale for the Act (i.e. why was it implemented) What the Act prohibits How the Act impacts businesses nationally, and ...

1 a title page replace this page with your title page

1. A title page (replace this page with your title page), proper grammar and a reference list. 2. A 2-3 page summary of the article - here's a suggested method for writing the summary: a. Read the article and make sure y ...

Construct a time series plot what type of pattern exists in

Construct a time series plot. What type of pattern exists in the data? Quarter Year 1 Year 2 Year 3 1 923 1112 1243 2 1056 1156 1301 3 1124 1124 1254 4 992 1078 1198 Use a multiple regression model with dummy variables a ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "free cash-flow valuations" please respond to the following: • Create an argument that use of the ...

Comprehensive problem differential apportionmentmortar

Comprehensive Problem: Differential Apportionment Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non-controlling interest was $43 ...

1 is a trial balance that gives you the balances to use to

1) is a Trial Balance that gives you the balances to use to prepare the financial statements; 2) is a Template that you can use, note there are drop down choices - but, you can definitely use your own on Excel or similar ...

Problemin an annual audit on december 31 2016 novelty

Problem In an annual audit on December 31, 2016, Novelty company provided the following transactions: 1. Merchandise was received on January 8, 2017, and related purchase invoice recorded on January 5, 2017. The invoice ...

International accounting1 tax jurisdiction and double

INTERNATIONAL ACCOUNTING 1. Tax Jurisdiction and Double Taxation Basis for taxation come from three common bases for taxation...they are source, citizenship, and residence. (Fill in the blanks below) a. The citizenship b ...

1 weighted average cost method with perpetual inventory

1. Weighted average cost method with perpetual inventory (Page 349 of Accounting 25e Warren-Reeve-Duchac) The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro