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Financial Accounting: Key Concepts, Transactions, and Analysis

A comprehensive assignment on fundamental financial accounting concepts and transaction analysis.

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    Financial Accounting Answers highlighted in Bold Black! Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries. Paid $60,000 to purchase office equipment. Paid $15,000 for utilities. Paid $6,000 in dividends. Collected $245,000 from customers. What was Jackson’s net cash provided by operating activities? $89,000 $35,000 $110,000 $95,000 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? Liability, credit Asset, debit Revenues, credit Expense, debit

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    Posting accumulates the effects of journalized transactions in the individual accounts . involves transferring all debits and credits on a journal page to the trial balance. should be performed in account number order. is accomplished by examining ledger accounts and seeing which ones need updating. Multiple Choice Question 78 The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000 Revenue earned 390,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 216,000 Proceeds from a bank loan, part of which was used to pay for the computers 100,000 Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014? $204,000 $174,000

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    $220,000 $158,000 La More Company had the following transactions during 2013. • Sales of $4,500 on account • Collected $2,000 for services to be performed in 2014 • Paid $1,325 cash in salaries • Purchased airline tickets for $250 in December for a trip to take place in 2014 What is La More’s 2013 net income using cash basis accounting? $425 $4,925 $675 $5,175 Which one of the following is no t a justification for adjusting entries? Adjusting entries are necessary to ensure that the expense recognition principle is followed. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. Adjusting entries are necessary to ensure that the revenue recognition principle is followed. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.

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