Accounting Answers

 Key Insurance Agency was organized on October 1, 2020. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, October 1. The trial balance for Key Insurance Agency at December 31 is shown below.

Cash $22,565

Accounts Receivables 7.050

Office Equipment 9,600

Accumulated Depreciation: Office Equipment 160

Accounts Payable 2,260

Income Taxes Payable 4,965

Capital Stock 20,000

Retained Earnings 7,450

Dividends 2,500

Commissions Earned 31,080

Advertising Expense 2,400

Salaries Expense 18,000

Rent Expense 3,800

Totals $65,915 $65,915

a. Prepare the adjusting entry to record depreciation of the office equipment for the month of December, using the straight line method of computing depreciation expense.

b. adjusted trial balance.

How to calculate the annual cash flow arising from the production of both goods

1. Create five questions covering one question from each of the below topics along with ideal answers that you would expect to be on an assignment.: a) Functions (Continuity and inverse of a function), b) Functions (Equilibrium) 

You have been hired as an account for the OPQ Distribution Company. The company sells medical supply products to hospitals and doctor offices used for a resale or merchandising operation. The types of medical products sold are gloves, thermometers, and wheelchairs. OPQ Distribution Company has hired you because there have been financial issues with accounting for the inventory and expensing the inventory. The company wants you to resolve the inventory problems by selecting the best inventory valuation method to ensure that the company can operate successfully and meet their customers´ needs.

Discuss three inventory valuation methods that can be applied in terms of the international financial reporting standards

a manufacture has 15 years, 8.5 percent mortgage for 100,000 birr on a building. payments are made monthly.

a. find the monthly payment

b. how much interest will be paid?

You have been hired as an account for the OPQ Distribution Company. The company sells medical supply products to hospitals and doctor offices used for a resale or merchandising operation. The types of medical products sold are gloves, thermometers, and wheelchairs. OPQ Distribution Company has hired you because there have been financial issues with accounting for the inventory and expensing the inventory. The company wants you to resolve the inventory problems by selecting the best inventory valuation method to ensure that the company can operate successfully and meet their customers´ needs.

• Propose the inventory valuation method you would advise the company to use.
• Explain why you think it is the best suited for the business.
• Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors.

For this discussion, the focus will be on accounts receivable. Imagine you are the owner of any business of your choice. For your initial post explain the following:

What is the business that you have chosen? Why did you choose this type of business?

What products or services will your firm sell?

Would you extend trade credit to your customers? (Do not discuss credit card payments, but rather, direct credit to your customers.) Why or why not?

How will this decision affect your sales and profits?

If you choose to extend credit, how would you ensure that your firm is paid by its customers?

How would you account for customers who fail to pay their debt to your business?

Analyse each of soldiers statement and indicate to him the effect on the accounting equation.

1.Paid R48 000 to SARS as a second provisional tax payment

2. Bought back 70 000 shares from the deceased estate of a shareholder at 65 cents per share above the average share price

3.A final dividend of 14 cents per share was declared on the 1 140 000 issued shares on 28 February 2021

4. The directors fees of two members earning R300 000 each are outstanding at the end of the accounting period

On June 5 of the current year, Adam established an interior decorating business, AA Designs. During the remainder of the month, Adam completed the following transactions related to the business. June 5Adam transferred cash from a personal bank account to an account to be used for the business, $18,000

- Paid rent for period of June 6 to end of the month $2,000

-Purchased office equipment on account $10,500

-Purchased a used truck for $18,000, paying $10,000 cash and taking a bank loan for the remainder

-Purchased supplies for cash $1,315

-Received cash for job completed $7,300

- Paid annual premium on property insurance $1,200

Requirement: Journalise the transactions during the month.