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Question
an event or transaction should be classified as an extraordinary item if it is unusual in nature or if it occurs infrequently.
Answer
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Related questions
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Below is a series of cost of goods sold sections for Mikey Inc., Nancie Co., and Oscar Inc.InstructionsFill in the lettered blanks to complete the cost of goods sold sections.
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from an accounting standpoint, the acquisition of long-lived assets is essentially a(n): a.accrual of expense b.accrual of revenue c.accrual of unearned revenue d.prepaid expense
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the difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a.market value of the asset b.blue book value of the asset c.book value of the asset d.depreciated difference of the asset
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which statement is correct? a.accumulated depreciation should always have a debit balance in the adjusted trial balance b.accumulated depreciation is added to the long-term liabilities on the balance sheet c.accumulated depreciation, office equipment represents the total cost of office equipment that has expired up to the date of the balance sheet d.accumulated depreciation is used to reveal the value of the related asset on the date of the balance sheet
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prepare a trial balance from the ledger accounts of swisher company as of january 31, 2014 .accounts payable1,500rent expense$ 500accounts receivable2,500service revenue3,500cash1,600supplies 200common stock2,200salaries and wages expense1,000dividends1,400
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which of the following errors, each considered individually, would cause the trial balance to be out of balance? a.a payment of $148 to a creditor was posted as a debit to accounts payable and a debit of $148 to cash. b.cash of $530 received from a customer on account was posted as a debit of $350 to cash and as a credit of $350 to accounts payable. c.a payment of $59 for supplies was posted as a debit of $95 to supplies and a credit of $95 to cash. d.a transaction was not posted.
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selected transactions from the journal of giambi inc. during its first month of operations are presented here.DateAccount TitlesDebitCreditAug. 1Cash10,000 Common Stock 10,00010Cash1,700 Service Revenue 1,70012Equipment8,200 Cash 1,200 Notes Payable 7,00025Accounts Receivable2,500 Service Revenue 2,50031Cash600 Accounts Receivable 600instructions(a)post the transactions to t-accounts.(b)prepare a trial balance at august 31, 2014 .
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the basic steps in the recording process are: _______________ each transaction, enter the transaction in a ______________, and transfer the _______________ information to appropriate accounts in the ________________.
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an adjusted trial balance proves the ______________ of the total debit and credit balances after all ______________ entries have been made.
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match the items below by entering the appropriate code letter in the space provided.A. Periodicity assumption B. Cash basis C. Revenue recognition principle D. Prepaid expenses E. Expense recognition principle F. Accrued revenuesG. DepreciationH. Post-closing trial balanceI. Accrued expensesJ. Book value
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The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
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in a service company, revenue is earned when the service is _______________.
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the ______________ assumption states that the economic life of a business can be divided into artificial time periods.
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On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.Instructions:(a) Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 2 of the next year.