Accounting help 2 please? related questions

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Accounting Help!?0nnn2012-08-20 03:18:02
Two students bought a cart for $ 4000 that was created for the sale of food . This cost , along with the cost of supplies and licenses brought their initial expenses to $ 5,200. We used $ 700 of personal savings , and a loan of $ 4,500 from the parents of Nancy . They agreed to pay interest on the loan balance each month based on an annual rate of 6% . They return the capital in the next two years . Their average monthly income is $ 6,400 and out-of -pocket expenses of 3,900 for ingredients , supplies , exclusive of interest . They believe that the car will last at least three years , after which it is expected to sell for $ 500. MedlinePlus MedlinePlus a) Prepare the annual pro forma income statement , balance sheet and cash flow statement for the first year in business .
Need help with accounting?1Tseday2012-11-01 20:21:02
The answer below is correct , but just does not make sense to me. Why not cash 202,300 debt , we are asking the company to borrow 202,300 . and why the finance charge is not 4046 ? Thanks ( Accounts Receivable Assignment) On April 1, 2010 , the company allocated $ 427,100 Prince of accounts receivable at Third National Bank as collateral for a loan of $ 202,300 maturing on July 1, 2010 . The transfer agreement requires the company to continue the prince, to collect. Third National Bank assesses a finance charge of 2 % of accounts receivable and interest on the loan is 10 % ( a real rate of interest for a note of this type) . ( A) Prepare the April 1, 2010 , diary entry of the Prince's company . Description / debit credit account 193,758 Cash 8542 Finance Charges Notes payable 202.300
Accounting help 2 please?0karie2012-09-07 01:16:02
Which of the following is true about reporting cash under IFRS ? MedlinePlus A. cash accounts include loans to customers , but not to related parties. MedlinePlus Discovered B. typically can not be offset by surplus cash in various accounts of the balance sheet . MedlinePlus C. Cash overdrafts are not allowed. MedlinePlus D. Overdrafts are not normally shown as a current liability on the balance sheet .
Accounting help hw please?0Morgan Rosell2012-08-12 04:51:39
Green Plains Supply Co. has the following transactions related to notes receivable in the last 2 months. November 1 cash loan $ 63,450 to B. young at 1 year, 8% note . December 11 products sold RP Meier, Inc. , to receive a $ 5,700, 90 days , 7% . Received December 16 a note of $ 13,400 , 6 months , 9 % to settle into an account from M. Chen. December 31 accrued income receivable interest on the notes. What is the interest receivable and interest income ? How do you do ?
Do you think Accounting is for me?1XOCHIL2012-09-11 19:09:03
I've been looking to further my education in pursuit of a better career, but I have no desire to attend college for 4 years. I am currently doing a bit more than $ 26,000 a year with my high school diploma only, so I've been investigating two-year degrees and most salary ranges or are similar to what you currently earn, or not enough to justify more debt loans. However, I recently discovered a technical college right nonprofit, near where I work, offering a fully online two years aimed at AAS in accounting. I did some research and found that on average, an accountant can earn more than $ 30 + / hr right college with the opportunity to rise steadily, which I find amazing. This is my fight, I have always dreaded math. I never enjoyed my math classes in high school, and struggled to understand the more complicated equations. With that said, I DO manage finances well, managing money and have a basic understanding of the assets and equity and interest in learning tax preparation work. After some research I found that many students take courses in accounting indicate that also do not like mathematics, however, enjoy the logic of numbers and the focus of a counter style - mathematics. I currently work a job that involves medical billing, so I have experience with basic math, and billing and, if that helps. Based on what I said, do you think that accounting can be in my future? I am in no way a guy who has the numbers naturally to my head, but I really like the credit management money management debt, and financing. Your thoughts? Much appreciated!
Accounting HW HELP!!!!!?0tink2012-09-10 19:17:02
Green Plains Supply Co. has the following transactions related to notes receivable during the last 2 months. MedlinePlus MedlinePlus November 1 cash loan of $ 60,000 to B. Younger by 1 year, 8% note . MedlinePlus Sold on December 11 RP Meier , Inc. , receiving a $ 3,600, 90 days , 7% . MedlinePlus December 16 received a $ 12,000, 6 months , 9 % to settle an open account of M. Chen . MedlinePlus Dec. 31 Accrued interest revenue on all notes receivable . MedlinePlus MedlinePlus Journal entries for transactions Green Plains Supply Co. MedlinePlus MedlinePlus Journal entries are required for each day ! THANKS !
NEED HELP WITH ACCOUNTING!!?0Walt2012-09-11 23:32:03
The following trial balance is for Moon Star Company , a retail store , to January 1, 2010 : MedlinePlus MedlinePlus MedlinePlus MedlinePlus Cash $ 49.950 - Debit MedlinePlus Debit Accounts receivable 14,000 MedlinePlus Provision for doubtful accounts $ 2.600 -Credit MedlinePlus Merchandise inventory 20200 - Debit MedlinePlus Land 50,000 - Debit MedlinePlus Buildings 81,000 - Debit MedlinePlus accumulated depreciation
Accounting help 10 pts!!!!!!?0I need ENGLISH help2012-09-22 16:20:03
Billy Bob Incorporated has a line of credit from Down South National Bank that is due to be renewed on February 1. The bank has asked the company reports earnings and balance currents below. MedlinePlus MedlinePlus Billy Bob Incorporated MedlinePlus MedlinePlus Income Statement At December 31 MedlinePlus (In thousands) MedlinePlus MedlinePlus Income: MedlinePlus MedlinePlus MedlinePlus Sales $ 60,000 MedlinePlus MedlinePlus MedlinePlus Other MedlinePlus 4500 MedlinePlus MedlinePlus Total revenues MedlinePlus 64,500 MedlinePlus Expenses: MedlinePlus MedlinePlus Cost of goods sold MedlinePlus MedlinePlus 40,500 MedlinePlus Selling and Administrative MedlinePlus MedlinePlus 11,625 MedlinePlus Depreciation and amortization MedlinePlus MedlinePlus 1875 MedlinePlus MedlinePlus interest 1500 MedlinePlus MedlinePlus MedlinePlus total expenses MedlinePlus 55,500 MedlinePlus Income before income taxes MedlinePlus MedlinePlus 9000 MedlinePlus Income tax MedlinePlus MedlinePlus 3600 MedlinePlus MedlinePlus net income MedlinePlus 5400 MedlinePlus Dividends to common shareholders ($ 3.86 per share) MedlinePlus: Less MedlinePlus 2550 MedlinePlus Net income added to retained earnings MedlinePlus MedlinePlus 2850 MedlinePlus Retained earnings, beginning of year MedlinePlus MedlinePlus 8550 MedlinePlus Retained earnings at end of year MedlinePlus MedlinePlus $ 11,400 MedlinePlus Earnings per share MedlinePlus MedlinePlus $ 8.18 MedlinePlus Billy Bob Incorporated MedlinePlus Balance Sheet MedlinePlus At December 31 MedlinePlus (In thousands) MedlinePlus MedlinePlus This MedlinePlus Year MedlinePlus Last Year MedlinePlus MedlinePlus Assets MedlinePlus MedlinePlus MedlinePlus Current assets: MedlinePlus MedlinePlus Cash and marketable securities MedlinePlus MedlinePlus $ 1,950 MedlinePlus $ 1,575 MedlinePlus Accounts receivable, net MedlinePlus MedlinePlus 3600 MedlinePlus 3750 MedlinePlus Inventories MedlinePlus MedlinePlus 4875 MedlinePlus 4650 MedlinePlus MedlinePlus prepaid items 375 MedlinePlus 225 MedlinePlus MedlinePlus Total current assets MedlinePlus MedlinePlus 10,800 MedlinePlus 10,200 MedlinePlus Non-current assets: MedlinePlus MedlinePlus Investments, at cost MedlinePlus MedlinePlus 7950 MedlinePlus 7950 MedlinePlus Deposits MedlinePlus 750 MedlinePlus 600 MedlinePlus MedlinePlus Property, plant and equipment MedlinePlus MedlinePlus 21,000 MedlinePlus 19,500 MedlinePlus MedlinePlus total assets MedlinePlus $ 40,500 MedlinePlus $ 38,250 MedlinePlus MedlinePlus Liabilities and Shareholders
Please Help with accounting :)?0VICTOR2012-08-24 10:42:21
1. Kile Company borrows $ 90,000 on July 1 from the bank by signing a $ 90,000, 8% , 1-year note. Prepare journal entries to record ( a) the proceeds of the note and ( b ) accrued interest at December 31 assuming adjusting entries are made only at the end of the year . MedlinePlus MedlinePlus one . a current asset . MedlinePlus b. an intangible asset . MedlinePlus c. long-term investment . MedlinePlus d. property, plant and equipment. MedlinePlus MedlinePlus 2. MedlinePlus Collection $ 600 Accounts receivable MedlinePlus one . decreases an asset $ 600; decreases a liability $ 600 MedlinePlus . b. assets increased $ 600 , $ 600 decreases MedlinePlus asset . c. decreases a liability $ 600 . ' Equity increased $ 600 MedlinePlus d. increase $ 600 of assets, liabilities decreased $ 600 MedlinePlus . MedlinePlus 3.Howard Company had a transaction resulting in an increase of $ 5,000 in assets and total liabilities . This operation could have been a ( n ) : MedlinePlus MedlinePlus one . Purchase of office equipment for $ 5,000 cash . MedlinePlus b. Purchase of office equipment for $ 12,000, paying $ 7,000 cash and the issuance of a promissory note for the balance . MedlinePlus c. Investment of $ 5,000 cash in the business of shareholders . MedlinePlus d. Repayment of a bank loan of $ 5,000.
Accounting help please?0aran2012-09-20 13:14:03
Below is selected information for Alpha- Beta - Gamma Corporation for the fiscal year ended October 31, 2010 . MedlinePlus MedlinePlus Cash received from customers MedlinePlus MedlinePlus MedlinePlus MedlinePlus $ 300,000 MedlinePlus Income from MedlinePlus MedlinePlus MedlinePlus MedlinePlus 350000 MedlinePlus Cash paid for expenses MedlinePlus MedlinePlus MedlinePlus MedlinePlus 170000 MedlinePlus Cash paid for computers on November 1, 2009 to be used MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus for 3 years ( annual depreciation is $ 16,000) MedlinePlus MedlinePlus MedlinePlus MedlinePlus 48,000 MedlinePlus Expenses incurred , not including depreciation MedlinePlus MedlinePlus MedlinePlus MedlinePlus 200000 MedlinePlus The income of a bank loan , part of which was used to pay MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus Computers MedlinePlus MedlinePlus MedlinePlus 100000 MedlinePlus MedlinePlus Based on the accrual basis , which is Alpha - Beta - Gamma Corporation
Accounting II need help.?0synester2012-09-26 15:32:03
His client, Good Time Adventures , has decided to obtain the bank loan for $ 2.7 million to start their adventure camps . Analysis of customer you
Accounting Help Please?!?0Motsatsi2012-09-26 02:19:04
I need to know what explains these transactions affect : MedlinePlus MedlinePlus 1. A loan of $ 6,000 from the USDA Agricultural Research Bank 2. We paid $ 1500 for rent MedlinePlus 3. Alisha Dodds , the owner, invested $ 4,000 in the business MedlinePlus 4. Purchased $ 800 of supplies due to MedlinePlus Percy Office Outfitters 5. Services sold for $ 1,200 cash MedlinePlus 6. We paid $ 160 for the monthly telephone charges MedlinePlus 7. Sold services on account of $ 2,500 to Saragh McNeil MedlinePlus 8. Paid salaries $ 1,800 9.Alisha Dodds , the owner withdrew $ 1,400 for personal use MedlinePlus 10. Received a hydro bill Northern Utilities for $ 400 , due at 15 days MedlinePlus These are the accounts that are affected : MedlinePlus MedlinePlus Bank Sarah McNeil A/R- MedlinePlus MedlinePlus supplies MedlinePlus Bank Loan A / P - Percy ' s Office Outfitters MedlinePlus Northern Utilities A/P- MedlinePlus A.Dodds , Capital MedlinePlus MedlinePlus Here is an example : MedlinePlus We obtain a loan from the Canada Trust $ 100,000 MedlinePlus MedlinePlus descends Bank MedlinePlus Loan Bank rises MedlinePlus MedlinePlus PLEASE HELP !

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