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Type: Posts; User: CaptainForest

1. Question: Which of the items below does Not appear on the worksheet?

by CaptainForest
Answers
1
Views
9,896

Answer is C. You list all the accounts...

Answer is C.

You list all the accounts (unadjusted trial balance)
Then adjusting entries

Closing entries are not shown on worksheet
2. Question: The adjusting entry to record the depreciation of equipment for the fiscal period is

by CaptainForest
Answers
3
Views
18,364

You always debit the depreciation expense, and...

You always debit the depreciation expense, and credit accum depreciation

Therefore, answer B
3. Question: Adjusting entries are

by CaptainForest
Answers
1
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1,326

You are correct, B

You are correct, B
4. Question: Service revenue

by CaptainForest
Answers
2
Views
697

It would be an increae in the revenue accounts.

It would be an increae in the revenue accounts.
5. Question: What is the Expanded Accouting Equation and how is it useful?

by CaptainForest
Answers
1
Views
521

Assets = Liabilities + Equity

Assets = Liabilities + Equity
6. Question: Adjusting Entry

by CaptainForest
Answers
2
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4,314

So your books say you should have 880, and yet...

So your books say you should have 880, and yet you only have 325 left.

Therefore you used up 880-325 = 555

Therefore, the adjusting JE would be:
Dr. Supplies Expense 555
Cr. Supplies 555
7. Question: What is the journal entry?

by CaptainForest
Answers
2
Views
1,128

If you are investing Cash into the shares of a...

If you are investing Cash into the shares of a company, Able...

THen your cash will go down, and your capital stock will go up.

Therefore, answer A
8. Question: Trial balance

by CaptainForest
Answers
2
Views
2,434

True is the correct answer. One example could...

True is the correct answer.

One example could be, you debit Accounts Receivable for 200 instead of a debit to Cash
9. Question: Journals & general ledger

by CaptainForest
Answers
1
Views
500

Sure, why would it not be ethical? The...

Sure, why would it not be ethical? The transaction is being recorded.
10. Question: Financial accounting help

by CaptainForest
Answers
4
Views
6,622

So from your question, it sounds like you are...

So from your question, it sounds like you are specifically referring to just employee stock options. In that case, there is no reason not to. Do you know of some employees who aren’t taking...
11. Question: FIFO LIFO and Weighted Average

by CaptainForest
Answers
1
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1,926

Best way to show it to you would be an example. ...

Best way to show it to you would be an example.

Example 1. Costs are declining.

The first 100 units purchases on Jan 1 were at \$5 per unit. So a total value of \$500.
The next 100 units were...
12. Question: Captain forest Ch.11 Shareholder's equity

by CaptainForest
Answers
1
Views
570

2007 EPS: Net Income 762,500 – Preferred...

2007 EPS:
Net Income 762,500 – Preferred Dividends 65,000 = 697,500 (which is available to common shareholders). Divide that by how many shares you have which is 100,000, and you have how much...
13. Question: Captain Forest explain this to me

by CaptainForest
Answers
2
Views
619

2005 Amortization: 250,000 / 25 = 10,000 ...

2005 Amortization:
250,000 / 25 = 10,000

Therefore, it will also be 10,000 for the 2006 amortization expense.

2007 Amortization:
Value of the Machine to be amortized = 250,000 – 10,000 –...
14. Question: Ontario Statute of Limitations

by CaptainForest
Answers
3
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3,769

I agree with Gem_22205. SOL relates to how...

I agree with Gem_22205.

SOL relates to how long they can wait until they charge you with a crime. They have already charged you.

A bench warrant will NEVER expire. You could get arrested for...
15. Question: Debt problems for Ontario, Canada.

by CaptainForest
Answers
1
Views
710

You will NOT go to jail for not paying your...

You will NOT go to jail for not paying your debts. Well, maybe you will go to jail if you do not pay your taxes, but as for the debts you described, you won't go to jail.

I also see no reason...
16. Question: How do I deal with small capital gains & Schedule D?

by CaptainForest
Answers
9
Views
1,001

So let's say the house was worth 23,000 at the...

So let's say the house was worth 23,000 at the time of your wife's mother's death.

You sold it for 25,000.

Therefore, there is a capital gain of 2,000. Capital gains are taxed at 50%, so the...
17. Question: Need to find the total sales

by CaptainForest
Answers
1
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3,667

Yes, the sales are \$8 million

Yes, the sales are \$8 million
18. Question: Recording Legal Settlement Fees and Payments

by CaptainForest
Answers
1
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1,542

You would… Dr. Cash 1,000 Cr. A/R – Client...

You would…

Dr. Cash 1,000
Cr. A/R – Client 1,000

Dr. Legal Fees/Expense 300
Cr. Cash 300

You can write the above 2 JE as just 1 entry, netting the cash amount. I just broke it out so you...
19. Question: General ledger entry

by CaptainForest
Answers
3
Views
913

What happened to the vehicle? Did you sell it? ...

What happened to the vehicle? Did you sell it? Just take it to a garbage lot?

There is most likely accumulated amortization on it.

So, the JE is:

Dr. Accumulated Amortization...
20. Question: Balance sheet

by CaptainForest
Answers
3
Views
968

Yes, it is correct. Well done!

Yes, it is correct.

Well done!
21. Question: Net income re-iteration

by CaptainForest
Answers
1
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510

Yes, you are correct.

Yes, you are correct.
22. Question: Statue of limitations for Ontario

by CaptainForest
Answers
2
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1,192

First, you do have a contract with the collection...

First, you do have a contract with the collection agency (most likely).

For example, you owe money on a credit card. You have a contract with the credit card company. The credit card company...
23. Question: Journalizing prepaid rent for present and next month

by CaptainForest
Answers
1
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1,051

Let us assume Rent is \$100 a month. On Dec....

Let us assume Rent is \$100 a month.

On Dec. 1, the JE is
Dr. Prepaid Rent 200
Cr. Cash 200

This JE is made because you have prepaid 2 months rent, for the MONTH of Dec and Jan.
24. Question: How can I journalize accounts regarding down payments?

by CaptainForest
Answers
1
Views
1,055

Unearned Revenue most likely, assuming the cash...

Unearned Revenue most likely, assuming the cash received has not yet been earned.
25. Question: Amount of profit from company selling food.

by CaptainForest
Answers
1
Views
2,965

J 2oz – sell .05 R 1oz - .15 Did you get the...

J 2oz – sell .05
R 1oz - .15

Did you get the numbers wrong? You make more money per R biscuit….. and it takes LESS oz. of flour to use. So make 200 of the R biscuits.
26. Question: Gross profit rate

by CaptainForest
Answers
6
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9,219

The calculation is GM / Sales Dividends you...

The calculation is GM / Sales

Dividends you pay out have no barring on your Gross Margin.

So, 39.9% is the correct answer….GM / Sales
27. Question: # of outstanding stock

by CaptainForest
Answers
3
Views
810

So according to your chart…the outstanding shares...

So according to your chart…the outstanding shares would be:

6,000 shares from the \$2 pref

47,000 shares from Common Stock (53,000 total, - 6,000 that you have bought back)

So that would be...
28. Question: Sales return and some other questions

by CaptainForest
Answers
3
Views
855

1) Dr. Sales Returns and Allowances 800 Cr....

1)
Dr. Sales Returns and Allowances 800
Cr. Accounts Payable – Credit Note to customer 800

2)
Dr. Accounts Receivable
Cr. Purchase Returns and Allowances

3)
Since have received NO Cash,...
29. Question: Cost Accounting - How to compute the selling price.

by CaptainForest
Answers
2
Views
7,217

We know that the break even point is: Sales...

We know that the break even point is:

Sales 1,000,000
VC something (12 per unit)
FC 400,000
Net Income 0

Therefore, VC must be 600,000

Therefore, how many units were sold?
30. Question: IP - legal expenses

by CaptainForest
Answers
4
Views
1,111

The “indeterminate lives” refers to the actual...

The “indeterminate lives” refers to the actual asset.

So, a cost related to Goodwill for example. Goodwill has no specific end life. It could remain on the books forever.
31. Question: Purchase new car with trade in, how to book

by CaptainForest
Answers
2
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4,303

Dr. New Car Dr. Accumulated Amortization Old Car...

Dr. New Car
Dr. Accumulated Amortization Old Car
Cr. Old Car

And whatever other journal entries are needed based on the facts of the case...

So you will probably have a Cr. To Cash

And...
32. Question: Amortization of Patents?

by CaptainForest
Answers
1
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1,167

July 1, 1991 Bought Patent for 114,000 July 1...

July 1, 1991 Bought Patent for 114,000
July 1 ,1991 Legal Fees 6,000

Total July 1, 1991 120,000

Patent Life is 17 years.

Therefore, amortization expense per full year is: 120,000 / 17 =...
33. Question: What issues do I face against competing with a former employer?

by CaptainForest
Answers
1
Views
543

Since you have signed no such non-compete clause,...

Since you have signed no such non-compete clause, then you have no legal obligation once you leave. You may then compete against your former employer.
34. Question: Escape clauses

by CaptainForest
Answers
16
Views
1,565

So let me see if I understand this correctly. ...

So let me see if I understand this correctly.

A man representing a charity comes to your friends house. Your friend donates 2 parrots to the charity, in exchange that the man not disclose the...
35. Question: Not told before marriage

by CaptainForest
Answers
16
Views
1,958

Wait a second….you found this our right after you...

Wait a second….you found this our right after you married her, 16 years ago?

Then you should have left her then…not stuck around for 16 years and had not one, byt two children.

Sorry dude, you...
36. Question: Prepaid Insurance

by CaptainForest
Answers
1
Views
656

On March 31 you prepaid for 1 year. Therefore,...

On March 31 you prepaid for 1 year.

Therefore, on December 31, 9 months have passed, so 9 months out of 12 months have been used up of the insurance.

Therefore... insurance expense is 9/12 of...
37. Question: 16 girl - 21 guy legal?

by CaptainForest
Answers
10
Views
3,954

Scott, The age difference clause of 5 years...

Scott,

The age difference clause of 5 years pertains ONLY to 14 and 15 year old. The base age which was 14 is now 16. Therefore once a person turns 16, they can have sex with anyone they want...
38. Question: 16 girl - 21 guy legal?

by CaptainForest
Answers
10
Views
3,954

Let me clear up the Canadian law for you. The...

Let me clear up the Canadian law for you.

The age of consent is 16 (or soon to be 16). That means, if you are 16 or older, you can have sex with anyone. So a 57 year old can have sex with a 16...
39. Question: Detained at Wal-mart for shoplifting.

by CaptainForest
Answers
18
Views
1,990

They appeared to have done nothing wrong to me. ...

They appeared to have done nothing wrong to me.

Had you refused to go back in…they could have either only a) let you go or b) forcibly detained you.

If you stole from them, they can detain you....
40. Question: Term life

by CaptainForest
Answers
3
Views
599

No it will not. Here is why… If you die,...

No it will not.

Here is why…

If you die, and have not kept up on your premiums, then they don't have to pay out an insurance policy.

Therefore, they don't care about your financial history...
41. Question: Owner'ss Equity

by CaptainForest
Answers
1
Views
532

Please see the identical problem (and answer)...

Please see the identical problem (and answer) posted by user dora1223 at the following link:

https://www.askmehelpdesk.com/accounting/how-do-you-get-beggining-owners-equity-212783.html
42. Question: How do you get the beginning owners equity

by CaptainForest
Answers
1
Views
658

Opening + Investments - Withdrawals - Net Loss...

Opening
+ Investments
- Withdrawals
- Net Loss
= Closing

Therefore, Opening is 5,435
43. Question: Accounting home work

by CaptainForest
Answers
1
Views
1,064

Cash Collections in September: July = 10% x...

Cash Collections in September:
July = 10% x 100,000
August = 25% x 80,000
September = 65% of 110,000

Total = 101,500
44. Question: Theft Under 5000, first offender, 21 years old, Toronto, ON

by CaptainForest
Answers
16
Views
5,299

1) Maybe, consult with an attorney 2) lawyer and...

1) Maybe, consult with an attorney
2) lawyer and attorney is the same thing... yes, get one. Try legal aid. You said you are a student... most universities in canada (well here in ontario anyways)...
45. Question: Asset that was free

by CaptainForest
Answers
3
Views
606

So some random, unassociated person gave your...

So some random, unassociated person gave your company some asset for free?

Dr. Asset (at its fair market value)
Cr. Shareholder's Equity
46. Question: Journal Entry For Dividend Received

by CaptainForest
Answers
1
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18,331

Dr. Cash Cr. Dividend Revenue

Dr. Cash
Cr. Dividend Revenue
47. Question: Accounting entries and meanings

by CaptainForest
Answers
5
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24,775

Yeah, that is unearned revenue. (regarding the...

Yeah, that is unearned revenue. (regarding the income treated as a liability)

When someone pays you in advance, and you have not earned the revenue yet, but have received the cash upfront.
48. Question: Make or Buy/Rent Decision

by CaptainForest
Answers
1
Views
872

The first part is to determine what it currently...

The first part is to determine what it currently costs to manufacture this product.

They told us that the costs are:
(1) circuit boards and other components \$30,000
(2) wages for assembly line...
49. Question: Classified Balance Sheet

by CaptainForest
Answers
2
Views
797

Current Assets: Cash \$179,500 Accounts...

Current Assets:
Cash \$179,500
Accounts receivable \$123,000
Supplies \$3,750

Fixed Assets:
Buildings \$418,500
Land \$130,000
50. Question: SOL in Ontario

by CaptainForest
Answers
16
Views
1,135

I thought a judgment could only last for a...

I thought a judgment could only last for a maximum of 20 years in Ontario.
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