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the accounting equation
Debit Compensation Expense - Stock Option
Credit Additional Paid in Capital - Stock Option
- What does this journal entry mean?
Debit Additional Paid in Capital - Stock Option
Credit Additional Paid in Capital - Expired Stock Option
- What does this journal entry mean?
Petra Paddles Company is budgeting for Quarter 3 (July, August and September). These are busy months, so it is important to get the numbers right and to come up with a good plan. This company sells kayaks and does 4-hour Kayak tours. Petra charges $120 for tours and kayaks are sold as a package for $3,000 each (includes a life jacket, a paddle, safety gear and the kayak). Based on last year’s sales, Petra estimates that she will sell 12 kayaks in July, 7 in August and 5 in September. All of these are expected to be cash sales. Each kayak package costs $2,700.
Every year, a large group of 20 people returns for a tour in July. This group has already prepaid for their booking. This tour and all other projected bookings are included below:
July
August
September
Budgeted number of tours to complete
445+20 =465
400
250
I
Total Revenue and Marginal Revenue. Also, explain the relationship between AR and MR?
Debit Pension Benefit Asset
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Asset Retirement Cost
Credit Asset Retirement Obligation
- What does this journal entry mean?
Debit Accretion Expense
Credit Asset Retirement Obligation
- What does this journal entry mean?
Debit Asset Retirement Obligation
Credit Cash
- What does this journal entry mean?
Get yourselves into group. Each group is going to initiate a Partnership business. Discuss the product line of partnership business your group would like to commence.
You are required to include below details in your assignment:
a)Describe the main features of the partnership agreement
-Name of the Firm/Partner’s names
-Type of business and business address
-The amount of capital contributed by each partner
-Ratio of profit/loss allocation between partners
-Salary for active partners
-Interest on capital to each partner
-Interest on drawing for each partner
b)Prepare the partnership income statement and profit and loss appropriation account for your business.(must include the journal, ledger and Trial balance)
c)Prepare the partnership Statement of Financial Position for your business
Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer's loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income (10 Marks)
Debit Pension Benefit Asset
Credit Cash
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Other Comprehensive Income
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Compensation Expense
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Net Periodic Pension Cost
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Debit Net Periodic Pension Cost
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Other Comprehensive Income
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Q.1.3 for each of the following statements indicate if the statement is true or false.
Q.1.3.1. management accountants use IFRS to prepare financial statements
Q.1.3.2. one of the essential functions of management is controlling
Q.1.3.3. the general ledger is a table used to summarise similar transactions so as to facilitate fewer postings into the bookkeeping system
Q.1.3.4. according to the business entity rule, the books of account of a business may reflect the personal affairs or wealth of the owner outside of the business
Q.1.3.5. the formal bookkeeping system is always done manually by the owner of the business
