Financial Accounting - 1584 Words

Week 2 I)Frontier Park was started on April 1 by C.J Mendez and associates. The following selected events and transactions occurred during April. April 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employee $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one –year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each.Each book contains 10 coupons that†¦show more content†¦IV) NEOSHO RIVER RESORT, INC. Trial Balance August 31,2008 Account Number Debit Credit 101 Cash $19,600 126 Supplies 3330 130 Prepaid Insurance 6000 140 Land 25000 143 Cottages 125000 149 Furniture 26000 201 Accounts Payable $6,500 208 Unearned Rent 7400 275 Mortgage Payable 80000 311 Common Stock 100000 332 Dividends 5000 429 Rent Revenue 80000 622 Repair Expense 3600 726 Salaries Expense 51000 732 Utilities Expense 9400 273,900 273,900 In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No.112 Accounts Receivable, No. 144 Accumulated Depreciation-Cottages, no. 150 accumulated Depreciation-Furniture, No.212 Salaries payable, No 230 Interest Payable, No. 320 Retained Earnings, No.620 Depreciation Expense-Cottages No. 621 Depreciation Expense-Furniture , No.631 Supplies Expense , No 718 Interest Expense, and No. 722 Insurance Expense. Other Data: 1.Insurance expires the rate of $400 per month. 2.A count on August 31 shows $600 of supplies on hand. 3.Annual depreciation is $6,000 on cottages and $2400 on furniture 4.Uneraned rent of $4100 was earned prior to august 31. 5.Salaries of $400 were unpaid at August 31.(Use Accounts Receivable.) 7.The mortagage interest rate is 9% per year(The mortgage was taken out on august 1.)Show MoreRelatedFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who directRead MoreThe Financial Accounting Standards Board1346 Words   |  6 PagesEarnings per share is introduced by the Financial Accounting Standards Board as the functionality used to calculate an institutions’ earnings for the year-end financial statements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for reports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASBRead MoreAccounting Analysis On Financial Accounting1185 Words   |  5 PagesAccounting has many branches that it can be divided into. It can be divided into several areas of activities. Accountings main branches are financial accounting, Management accounting, Cost accounting, Auditing, Tax accounting, Accounting systems, Fiduciary accounting and Forensic accounting. Financial accounting: This branch of accounting measure’s and records the transactions of a business. Financial accounting focuses on the preparation of the five basic financial statements namely statementsRead MoreFinancial and Managerial Accounting628 Words   |  3 PagesBoth financial and managerial accounting analyze economic data, however the major differences between the two strands include; user groups, information type, regulatory control and reporting frequency (Atrill and McLaney, 2012) User Groups: Financial accounting mostly provides information for external stakeholders such as shareholders, lending institutions, prospective investors and creditors, whereas managerial accounting mostly make available information for internal users such as managers andRead MoreFinancial Accounting Standards903 Words   |  4 PagesFASB IFRS Financial Accounting Standards The Financial Accounting Standards Board (FASB) has been around since 1973 and their organization’s duty and task is to set and provide effective and reliable financial accounting standards in the United States. The Financial Accounting Standards Board is also a private sector and is a not for profit organization, also recognized as U.S. Generally Accepted Accounting Principles (GAAP). The Securities and Exchange Commission (SEC) and The American InstituteRead MoreFinancial Accounting1203 Words   |  5 PagesBUSINESS AND LAW ACFI2002 – FINANCIAL ACCOUNTING SEMESTER 2, 2012 ASSIGNMENT 01 Student Name: Tran Thi Ngoc Hanh Student Number: C3173300 Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial Statements’. (85 marks) Part I: Accounting Standard AASB138 Intangible AssetsRead MoreFinancial Accounting1609 Words   |  7 PagesFinancial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediatelyRead MoreFinancial Accounting1510 Words   |  7 PagesUNIVERSITY Jennifer Lapus MODULE 2/ Case Assignment 2 ACC201 Financial Accounting/Case 2 29 August 2012 Case Assignment: There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I.      * Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? * Explain the difference between a product andRead MoreFinancial Accounting8263 Words   |  34 Pagesï » ¿1.  Accounting is an information and measurement system that:   A.  Identifies business activities. B.  Records business activities. C.  Communicates business activities. D.  Helps people make better decisions. E.  All of these.    2.  Technology   A.  Has replaced accounting. B.  Has not changed the work that accountants do. C.  Has closely linked accounting with consulting, planning, and other financial services. D.  In accounting has replaced the need for decision makers. E.  In accounting is onlyRead MoreInternational Accounting Standards Board And Financial Accounting1307 Words   |  6 PagesIt all began on October 2002 where the International Accounting Standards Board and Financial Accounting Board signed a memorandum of understanding that has come to be known as the â€Å"Norwalk Agreement†. Here the two boards met and decided to make their standards fully compatible and put it into practice and once they conquer their goal, they have to make sure it is maintained. But before I divulge into details regarding the future and presently achieved goals of the convergence, I would like to throw