Short Essay 4 essays. This section gives you a chance to sh…
Short Essay 4 essays. This section gives you a chance to showcase what you’ve learned in class and from the reading assignments. Consider both when responding. It is not necessary to write ALL possible answers for some of the questions; limit your examples and expand on these to answer subsequent questions, depending on the nature of the question. You are not required to cite sources BUT you are encouraged to cite evidence that backs up your claims. You will be asked use evidence to support your claims and may NOT repeat examples between questions. Repeated/reused examples will receive no credit. For each essay, write 3-4 sentences (75-125 words) that address the question(s), using complete sentences and correct grammar, punctuation, spelling (misspellings of ancient names/places are accepted!), etc. Writing should be appropriate for a college level. This section is designed to assess your critical thinking, using themes and facts from class as base knowledge.
Read DetailsNofear Inc, provided the following data from the adjusted tr…
Nofear Inc, provided the following data from the adjusted trial balance as of 12/31/19 (unless stated otherwise). Nofear Corporation Adjusted Trial Balance Data December 31, 2019 Accounts Payable $12,000 Accounts Receivable 13,000 Accumulated Depreciation-Equipment 15,000 Common Stock 40,000 Cash 24,000 Copyrights 22,000 Dividends paid 12,000 Equipment (original cost) 100,000 Note Payable (due in 5 years) 40,000 Office Supplies Inventory (12/31/19) 1,000 Prepaid Insurance 3,000 Retained Earnings (1/1/19) 23,000 Wages Payable 2,000 Service Revenue 85,000 Wages Expense 32,000 Depreciation Expense 5,000 Office Supplies Inventory (1/1/19) 2,000 Interest Expense 4,000 Prepare a classified balance sheet at December 31, 2019. (Ignore income taxes).
Read DetailsFor the following transaction of XYZ Inc. during the month o…
For the following transaction of XYZ Inc. during the month of March: A client filed lawsuit against XYZ Inc. demanding damages of $1 million for injuries incurred in using the products sold by XYZ. The case is set for hearing in Court in the following year. Indicate how the following are affected at the time of the transaction (for each choose among the 3: I=increase, D=decrease, and N=no effect). Assets [1] Liabilities [2] Net Income [3] Cash flow [4]
Read DetailsSat Inc. started operations on 1/1/20. By the end of first…
Sat Inc. started operations on 1/1/20. By the end of first month, i.e. by January 31, 2020, the following transactions had taken place: Products sold and delivered to customers: $85,000; of this $15,000 is yet to be collected Cash borrowed from Bank $25,000 on 1/1/20 (Interest is due at an annual rate of 12%). Equipment purchased on January 1/1/2020 for $90,000. The firm uses straight line method depreciation and assumes a useful life of 3 years for the equipment. Wages earned by employees for work done during January $36,000. One-sixth of this amount is yet to be paid. Supplies inventory purchased during the month by paying cash $4,000. $1,000 of this remains unused on 1/31/20. Maintenance expenses for this month were $31,000. Payment has been made only for half this amount. Dividends paid during the month of January amounted to $500. Prepare the Income Statement for the month of January.
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