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All agency action can be classified in three categories: quasi-adjudication: order making, judicial quasi-legislation: rulemaking executive
Posted On: Nov. 3, 2017
Author: Shipra

A ACG 2022 – Principles of Financial Accounting – Homework Portfolio REQUIREMENT: Your Homework Portfolio should be done in Microsoft Excel and/or Microsoft Word. Upload the complete portfolio (no more than one spreadsheet and one word document) to dropbox on or before the due date (see syllabus). The Accounting Resource Center has Excel and Word on its computers and these programs are also available at all campuses in the Computer Commons and various labs. 1. On May 1, 2007, the amount of Mary Beth's capital in Beth’s Services Company was $101,000. During May, she withdrew $15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable $ 8,900 Accounts receivable 25,950 Cash 11,390 Fees earned 70,800 Insurance expense 1,475 Land 74,400 Miscellaneous expense 1,510 Prepaid insurance 2,000 Rent expense 8,000 Salary expense 35,300 Supplies 950 Supplies expense 825 Utilities expense 3,800 Present, in good form, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31. 2. Record the following selected transactions for March in a two-column journal, identifying each entry by letter: (a) Received $10,000 from Shirley Knowles, owner. (b) Purchased equipment for $35,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $1,000 for rent for March. (d) Purchased $8,500 of supplies on account. (e) Recorded $2,500 of fees earned on account. (f) Received $11,000 in cash for fees earned. (g) Paid $200 to creditors on account. (h) Paid wages of $1,250. (i) Received $1,150 from customers on account. (j) Recorded owner's withdrawal of $1,850. 3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended October 31 for Shore Co., journalize the four closing entries. Cash $ 21,500 Accounts Receivable 45,200 Supplies 5,000 Equipment 169,900 Accumulated Depreciation $ 69,000 Accounts Payable 42,500 Stan Shore, Capital 152,600 Stan Shore, Drawing 30,000 Fees Earned 404,500 Salary Expense 300,500 Rent Expense 60,000 Depreciation Expense 25,000 Supplies Expense 9,500 Miscellaneous Expense 2,000 $668,600 $668,600 4. Prepare a multiple-step income statement for Goodwin Co. from the following data for the year ended December 31, 2007. Sales, $925,000; cost of merchandise sold, $560,000; administrative expenses, $30,000; interest expense, $10,000; rent revenue, $20,000; sales returns and allowances, $55,000; selling expenses, $110,000. 5. Prepare an Income Statement using the following data for Spiritlight Ventures for the current fiscal year ended December 31: Net Sales $21,500,000 Cost of Merchandise Sold 10,900,000 Operating Expenses 6,300,000 Losses from Asset Impairment 2,000,000 Restructuring Charge 800,000 Income Tax Expense 500,000 Loss on Discontinued Operations 200,000 Net Loss on Extraordinary Item 100,000