Microsoft Word - Fall 2020 Final Exam Question 2

January 15            You conducted the webinar with Fran Barr.  When you were done, you sent her an electronic invoice (bill) for $75.  She asked if she could electronically pay you $35 at that point and the remainder the following week.  While you would have much preferred to collect all of the money right then, you agreed to let her pay the remainder on January 22.   Consulting Revenue   35                     January 15             Jenny Chen came into your store to discuss an interesting proposal.  She asked your store to provide graphic design training/consultations to a group of local non-profit organizations.  Jenny said that you would be “on call” for 3 months, and the organizations were willing to pay you in advance for 3 months.  You negotiated a fee of $800 per month, and you will begin providing consulting services on 1/16.  Jenny wrote your company a check for the upcoming 3 months.    Consulting Revenue   2400…

A CPA prepares tax returns for clients and bills them after the work is completed. It usually takes two weeks of work to prepare the tax returns. It takes 30 days on average to receive payment from the clients. The CPA uses cash-basis accounting. The revenue should be recorded when the CPA: O A. receives payments from the clients O B. bills the clients. OC. starts working on the tax returns O D. completes working on the tax returns. Click to select your answer. 11-50nm 99+

On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to completea project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year. Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

Cheepie Freund is a dear friend of yours, and of course she knows you are a tax accountant working for a large local accounting firm. April 15 ^ (th) is soon approaching, and you and Cheepie just happen to be sharing some friendly gossip when she asks you to consider preparing her tax return. You are more than happy to help out your friend and schedule an appointment to do her return in a couple of days. You meet later in the week, and you complete her return while at home. She has a somewhat complicated tax return, and you decide to charge her $250 for the work. She is very happy with both the return and your work and pays you in cash. Find three ethical dilemmas and explain your reasoning.

Assume you are the accounting manager for Logan’s Landscaping & Design.  On December 1,  2013, Logan Karver, the owner,  presents you with a check for $15,000 from a customer, Anna DeJuliet, to do a landscape design at her residence as soon as the ground thaws in the spring of 2014.  No work on this project can be done until then.  Logan wants you to deposit the check and include the $15,000 in the 2013 income statement.  He is expecting to include the $15,000 in his 2013 net income in order to secure a loan from the bank in January 2014 for some new equipment.  Explain how this check should be accounted for and why. (short answer)

2. Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

Please answer in details, also explain why other options are wrong . Please answer within 30 minutes. its urgent. What role is most likely to be involved in preparing tax documents? A. Information security analyst B. HR specialist C. Accountant D. Financial examiner

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 194 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $310. Flying would require her to rent a car for $40 per day and pay an airport parking fee of $24 for the day. The company pays a per diem of $36 incide ls the employee spends at least six hours out of town. (The per diem would be…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 194 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $100 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $34 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 192 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $102 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $290. Flying would require her to rent a car for $40 per day and pay an airport parking fee of $24 for the day. The company pays a per diem of $36 for incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 192 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run Inn and conference center across the street from campus that charges $102 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $310. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $26 for the day. The company pays a per diem of $35 for Incidentals if the employee spends at least six hours out of town. (The per diem…

Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 192 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $290. Flying would require her to rent a car for $40 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $36 for incidentals if the employee spends at least six hours out of town. (The per diem…

I am so lost on this, not sure how to make journal entries. Help appreciated.9. You are a financial planner. In July you drafted a financial plan for $2,800 and delivered it to the client. Since you know the client well and she has good credit, you will accept full payment in August. Prepare the appropriate entry for July.   10. Your company issued bonds several years ago (borrowed money) and interest payments of $600 are made twice a year on July 1, and January 1. Prepare the appropriate journal (adjusting journal entry) entry for the month of February 2007 to recognize one month of interest expense. 11. On November 14, your company declared dividends of $7,000,000 to be paid on January 19 of the next year. Prepare the appropriate journal entry for November. 12. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31, it purchased $50,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n 30. Prepare the…

Bridget Youhzl works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society's annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Br university is 192 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the the return trip is four hours or more. There is a student-run Inn and conference center across the street from campus that charges $102 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $310. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $26 for the day. The company pays a per diem of $35 for Incidentals If the employe least six hours out of town. (The per diem would be for one 24-hour period…

Evaluate Pete Donaldson’s ethical behavior. b. Suppose that you have been hired as the chief finance officer for Donaldson Mining Supplies. You have been told that the $30,000 has been donated to the company. During the second week of your employment, the father-in-law drops in unexpectedly and introduces himself. He then asks you how the company is doing and wants to know if his $30,000 loan is still likely to be repaid in 3 years. Suppose also that same day you overhear an employee mention that the safety equipment is no longer usable because regulations now require a newer and different model. b.1 Assume that you have yet to prepare the financial statements for the loan application. What should you do? b.2 Suppose that the financial statements have been prepared and submitted to the bank. In fact, that morning, you had received a call from the bank, indicating that a decision was imminent and that the line of credit would likely be approved. What should you do under these…

You have just been hired as a financial manager for BEE Inc.  Management has provided you with the information below and has asked you to provide a brief explanation for each of the following questions.  Your answer must be a minimum of one sentence and no longer than two or three sentences.  One word answers or an answer of "good" or "bad" only will receive zero marks.     2021 2020 2019         Current ratio  .99 1.32 1.69         Total debt ratio 0.540 0.495 0.489         Profit Margin 0.10 0.11 0.14         Inventory Turnover 2.60 3.14 4.18   a.  Based on the results of the past three years, how is the company doing in regards to their ability to pay their short-term debts?  Please refer to the specific ratio you would point out to management that backs up your answer.    b. The benchmark industry average for the debt ratio is ,490.  What does this mean for BEE Inc.?    c. The benchmark industry average for the profit margin is .15.  What advice would you give…

Required information [The following information applies to the questions displayed below] Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,000 for transportation, $800 for lodging, and $450 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? Deductible amount

Required information Skip to question   [The following information applies to the questions displayed below.] Melissa recently paid $595 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $380 fee to register for the conference, $295 per night for three nights' lodging, $180 for meals in restaurants, and $420 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.   d. Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $380 for the registration fee. She drove 169 miles over the course of three days and paid $106 for parking at the conference hotel. In addition, she spent $375 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she…

Question 17 of 50 Read the scenario below and answer the following question. Chen at Chen Construction works on new neighbourhood developments that take many months to complete. They often cross a fiscal year. He typically requires a deposit from the homeowners. When a 3rd customer called to complain that they had recently overpaid for a home build, Chen discovered that their $200,000 deposit was still sitting in the Customer Deposits liability account. Due to this and other errors, he has just fired his bookkeeper and hired you to review and fix his books. He's looking for you to advise him on correct procedures to use going forward. What step was missed from the Unearned Income workflow to cause this scenario? A Recording the customer deposit into the Customer Deposits liability account B Recording a credit memo to reflect the amount of the deposit CO Writing a cheque to refund the overpayment DO Recording the deposit as a negative amount on invoices E Mapping the Customer Deposit…

Required information Skip to question   [The following information applies to the questions displayed below.] Melissa recently paid $595 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $380 fee to register for the conference, $295 per night for three nights' lodging, $180 for meals in restaurants, and $420 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.   c. Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense?

The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets Current Liabilities Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? * O You should do nothing, and carry it over to the next accounting year. You should zero it out. You should move it to the liability account.

Which Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?