ETHICS New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows: $ 25,000 85,000 Cash Accounts receivable Total assets $250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new home. Tom has orally assured Manny that he will pay off the loan within the next year. Because Tom is the company president, Manny treats the amount due as a trade account receivable. In addition, Manny knows that the bank will consider a large balance in trade accounts receivable more favorably than a large personal loan to a single individual. Manny reported the $56,000 in the same manner on the preceding year's balance sheet. 1. Is Manny behaving ethically by reporting the loan to Tom as a trade account receivable? Why? 2. Who will be affected by Manny's decision?

ETHICS New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows: $ 25,000 85,000 Cash Accounts receivable Total assets $250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new home. Tom has orally assured Manny that he will pay off the loan within the next year. Because Tom is the company president, Manny treats the amount due as a trade account receivable. In addition, Manny knows that the bank will consider a large balance in trade accounts receivable more favorably than a large personal loan to a single individual. Manny reported the $56,000 in the same manner on the preceding year's balance sheet. 1. Is Manny behaving ethically by reporting the loan to Tom as a trade account receivable? Why? 2. Who will be affected by Manny's decision?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 2AP

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5:43 < Вack Assignment Details ATG-110-20A01: Financial Accounting (Session II Summe... 1. ETHICS New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows: Cash $ 25,000 Accounts receivable 85,000 .... Total assets $250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new home. Tom has orally assured Manny that he will pay off the loan within the next year. Because Tom is the company president, Manny treats the amount due as a trade account receivable. In addition, Manny knows that the bank will consider a large balance in trade…
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION (BACK NEXT Exercise 11-11 a-b (Part Level Submission) Ramirez Company has the following data for the weekly payroll ending January 31. Hours Hourly Rate Federal Income Health Insurance Employee M T. F Tax Withholding L. Helton 8 8. 10 3 $12 $34 $10 R. Kenseth 8 8. 8 8 8 2 14 37 25 8 9 D. Tavaras 10 8. 15 58 25 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings. v (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings…
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
edugen.wileyplus.com Return to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK Exercise 7-05 a-d (Part Level Submission) Sandhill Company has a balance in its Accounts Payable control account of $8,180 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,660; Janish Company, balance $1,860; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,340 $5,890 $ 0 Janish Company 4,950 1,860 3,150 Valdez Company 6,065 6,000 (a) Collapse question part What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ Click if you would like to Show Work for this question: Open Show Work SUB SAVE FOR LATER Attempts: 0 of 4 used
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help I System Announcements CALCULATOR PRINTER VERSION 4 ВАСК NEX Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries. (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the…
lal Acc CO ng-20201 am ACCT301 Fall 2020/2021 (Sections 1, 2, and 81) 19 Revenue has a credit balance of OMR 15,000 in Muscat Co. if the dosing entry will made at the year end, ved The entry to close Revenue is: it of Select one: O a debit Income Summary OMR20,000, credit Revenue OMR20,000 Ob. debit Revenue OMR15,000, credit Ahmad Capital OMR15,000 Oc debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000 Clear my choice s page
Return to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 9-12 a-b (Part Levei SubmiSSion) CES CALCULATOR PRINTER VERSION 4 ВАCK Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer ES- December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. t Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…
ACCT2401Instructions for CompletingComprehensive ProblemThe comprehensive problem provides an illustration of the basic accounting cycle. Studentsmust complete the following items for the first month of operation (January) and the secondmonth of operations (February). Hint: Complete all items listed below (#1-#11) for Januaryprior to starting February.1. Record transactions with journal entries in the General Journal.2. Post journal entries to the General Ledger.3. Prepare the trial balance before adjustment (on the worksheet).4. Prepare the adjusting journal entries.5. Post the adjusting entries to the General Ledger.6. Prepare the adjusted trial balance (on the worksheet).7. Complete the worksheet.8. Prepare closing journal entries.9. Post the closing entries to the General Ledger.10. Prepare the post-closing trial balance.11. Prepare the following financial statements:
View History Bookmarks Window Help Fri Apr 9 6:16 PM edugen.wileyplus.com Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $ 0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $4 Click if you would like to Show Work for this question: Open Show Work S SAVE FOR LATER Attempts: 0 of 4 used (b) The parts of this question must be completed…
rks Window Help A v2.cengagenow.com escent Tech... Bb Learning Module 6 - ACCT1105: Financial Acc.. X CengageNOWv2 | Online teaching and learnin.. C Cengage Learnir еВook Show Me How Changes in Current Operating Assets and Liabilities Paneous Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $39,490 $31,590 Inventory 76,340 65,150 Accounts payable 60,750 45,410 Dividends payable 18,000 24,000 Adjust net income of $351,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Previous Check My Work. All work saved. Save and Exit Submit Assig DEC tv 8. MacBook Air 80 000 000 DII F11 F9 F10 F8 F3 F4 F5 F6 F7 %23