Intro. to Account Homework?
1.What transaction does the following general journal entry represent?
a.Provided services on account.
b.Paid cash owed to a supplier.
c.Collected cash from customers.
d.Borrowed money to support operating activities.
2.Which of the following is increased with a debit?
a. Supplies Expense
3.On November 1, 2011, Schumacher Company paid $1,200 in advance for an insurance policy that covered the company for six months. Assuming that Schumacher recorded this purchase as an asset, the adjusting entry required on December 31, 2011 would include:
a.debit to Prepaid Insurance for $1,200.
b.credit to Prepaid Insurance for $1,200.
c.debit to Insurance Expense for $400.
d.credit to Insurance Expense for $400
4.Nsewcomb Company began operations on December 1, 2011. The following transactions were recorded in December:
1) The business received $3,000 cash from the issuance of common stock to its stockholders.
2) Provided services on account for $2,500.
3) Paid $1,500 cash for land.
4) Accrued $1,000 of salaries expenses.
5) Purchased $300 of supplies on account.
At December 31, 2011, the total debits in the company’s trial balance would be
d. None of these.
5.Which account is increased by a credit to the account?
6.Ferris Company prepared a trial balance at December 31, 2011. A trial balance that balances
a.proves that all transactions have been properly recorded.
b.proves the equality of debits and credits.
c.can only be achieved after adjusting entries have been recorded.
d.none of these
7.Borrowing cash from the bank is an example of which type of transaction?
8.The employees of Aaronson Company have worked the last two weeks of 2011, but the employees’ wages have not been paid or recorded as of December 31, 2011. The adjusting entry that Anderson should make for these unpaid wages on December 31, 2011 is:
a.no entry is required until the employee is paid next period.
b.debit to Wages Expense and credit to Wages Payable.
c.debit to Wages Expense and credit to Cash.
d.debit to Wages Payable and credit to Wages Expense.
9.The balance sheet of Vargas Company shows retained earnings of $50,000, total liabilities of $30,000, and common stock $10,000. Based on this information, you would know that
a.since the company began, the total amount of net income exceeded total dividends by $50,000.
b.the company obtained most of its assets through borrowing activities.
c.the amount of ownership claims cannot be determined.
d.Vargas Company has enough cash to pay off its liabilities.
10.Juarez Company had a net increase in cash from operating activities of $7,000 and a net decrease in cash from financing activities of $1,000. If the beginning and ending cash balances for the company were $3,000 and $11,000, then net cash change from investing activities was:
b.an inflow or increase of $1,000.
c.an inflow or increase of $2,000.
d.an outflow or decrease of $2,000.
Dude, your not gonna get any good answers on here if we have to answer your homework.
As a 27 y.o, am I on the right financial track?
How would you rate my financial situation?
I’m a 27 y.o working professional with the following financial portfolio:
Savings high interest – $70,000
Own and Renting out a condo (have equity on condo and will pay off the condo in 5 yrs) – current tenant is paying 2/3rd of the mortgage per month
Own and Paid off my BMW X3
No Credit card debt
401k – $38,000 (Contribute ONLY up to employer match. Reasoning – I don’t like leaving my money in my 401k because I want liquid funds. There’s way too many hoops to jump through to pull out the money. I plan on contributing more when I get to my 30s, but for now…steady contribution of 6% only)
No Roth – Same reasoning as 401k – Don’t want to invest too much for something that I won’t see or touch till I’m in my 60s. Some people don’t even make it till that age…why bank on it?
Short future goal – Buy a Florida townhome ($120,000) in 2011 and pay with cash. No mortgage then and no interest.
Let me know if there’s any financial advise you want to give so I can improve my financial situation.
The tenant is only paying 2/3 of the mortgage since my mortgage is a 15 year fixed. Hence, the payment is much higher. I’m covering the 1/3 which includes HOA.
I have approximately $60,000 in equity on the property. Have $130,000 left on the mortgage.
Seems like you’ve got nearly all your bases covered. The 6% 401k contribution is plenty, especially if your employer is matching that amount.
The only hole you’ve yet to fill is long term financial security. A ROTH is an excellent tool for that. Why NOT contribute to it if you have all your monthly expenses covered easily. Plus the contributions are tax deductible– up to a point.
What happens if you live until you’re 80 or 90+. You’ll needs funds to cover your expenses for those years. Rationalizing by saying “some people don’t live that long” is poor financial planning.
If you really don’t want to contribute to a ROTH, consider a high yield dividend mutual fund. The dividends get reinvested and act like compound interest. Over many years you can build up some serious wealth without a lot of continued out of pocket investing.
DS: How can people be so idiotic?
I am starting to have less and less faith in the goodness of humanity in relation to their pets. Not only are there people on this website that make me sick (including the friendly neighborhood “caring, good owner, loving” animal hoarder that refuses medical help).
A dog was also returned to the rescue I foster for yesterday because she “had a UTI” and has been peeing all over the house. They took her to the vet, who could find nothing wrong, that gave them medication for it anyway. It apparently “didn’t get any better” so the vet said she may have diabetes. The poor dog was immediately returned to the rescue, because they couldn’t afford a dog with such medical problems. She has been back at the rescue for a day now, and she hasn’t had an accident once. She also doesn’t show any other signs of a UTI. These people were lying through their teeth to both the rescue and the vet.
Another lady got rid of all of her aussies and border collies that she used as breeding stock, and gave two of the border collies to the rescue. She claims she has no money for dogs anymore, but it has become apparent that she was probably only getting rid of them to get new breeding stock.
I absolutely can’t stand this anymore. Does anyone have any happy dog stories they’ve heard recently?
This made me smile for a little while: http://www.nydailynews.com/lifestyle/pets/2011/05/19/2011-05-19_atheist_business_vows_to_rescue_pets_on_may_21_in_case_of_rapture_owners_ascend_.html
but I really need something to boost my faith and give me a point to even try anymore.
LG: do you have any rescue dogs with interesting backstories?
Jesse, is that your puppy? He’s adorable!
Right now you are seeing the bad side of rescue. I’m seeing the good side as I look at the three dogs laying at my feet. If you want a boost talk to some owners of rescue dogs.
Corporate Tax Avoidance Strategy?
Assume I setup a C-Corporation in the United States. For the sake of simplicity assume revenues of $10 million, and operating income (that is earnings before interest and tax EBIT) of $3 million. Now if there is no interest, and that $3 million is kept by the corporation it is taxed at the Federal Corporate Income Tax rate (15-39%, About 35% for this level of earning). Now assume there are only 3 equal shareholders who then give themselves a dividend of $1 million each (so no retained earnings). They have to pay a dividend tax of 15% (due to rise to 39.6% by 2011). So the operating income has been taxed twice.
What if these 3 shareholders setup holdings companies in the Cayman Islands, and then the American company would then sell 1/3 of itself each to these companies in a minority interest (or joint stock) setup. Minority interest is not treated as dividends, the payout is before Corporate Income Tax is applied. So if all Operating Income is distributed to these holding companies, resulting in 0 net income for the company; and then the Cayman Island Companies (who are not taxed for anything) distribute those profits as dividends to the owners, they only pay the 15% rate for dividends.
So, the $1 million share of operating income each would have received under the original setup would been taxed at 35% ($350,000) to make $650,000. And then another 15% ($97,500) to make $552,500. An effective tax rate of 44.75%.
In the alternate setup. The $1 million share of operating income would be deposited into the accounts of the Cayman Islands holding company, and then a dividend would be distributed to be taxed at 15% ($150,000). That is a savings of 29.75% or $297,500.
My question is, whether what I described is legal or not?
Those who might suggest an S-Corp, LP or LLC due to it being a pass-through entity with no corporation tax. The issue is that they are not setup to take tax advantage of compensations, benefits and fringe benefits as a C-Corp is. It also is more flexible when it comes to increasing the number of shareholders quickly. Additionally, S-Corps require owners to pay themselves a “reasonably salary” which is to prevent the possibility of drawing purely on dividends for tax benefit.
LPs and LLCs pass through and tax is owed at the individual income tax level, whether or not the money is withdrawn by the owner or not. The option to retain earnings is less attractive in this situation if a company so chooses to go that route.
Stop trying to dodge taxes.
If you don’t like it, move your corporation to another country.
Do I have enough experience to be a key holder IF I GET ANY SPAM OR NONSENSE UNDER QUESTION WILL BE REPORTED:)?
Such as sit at home on ur butt all day and claim u get sum kind of check. I want job experience.
Im only 17 but the manager at claires (jewelry store) told me they are hiring and she remember me telling her a while back that I was looking for a job. so she gave me an app. for icing(same company as claires jewelry store) and she just said to tell the other manager that she referred me to position. She knows im not 18 yet but she asked if i opened and closed up at my old job so idk. Im turnin in my app. tomorrow along with resume. u think i have enough experience or the right experience for this position? Feel free to make any suggestions on how to write my resume for this position. Not sure wat to throw in there for this one. please and thank u
Seeking a position in costumer service where I can use the skills and knowledge learned. (also HELP WITH THIS OBJECTIVE PLEASE!)
Summary of Qualifications
I am excellent at providing top notch costumer service and I am able to effectively maintain costumer satisfaction. I am also self motivated and enjoy working both alone and with a team of people.
Sno Shack of Bakersfield May. 2009 – Aug. 2009 (seasonal)
•Completed inventory forms after shifts and balanced out every time after first couple days of employment
•Opened and closed up shack.
•Provided excellent costumer service by greeting costumers.
•Performed many cleaning duties, handled cash, served and made snow cones independently.
S.O.S. Shoes Aug. 2007- 2008
•Provided great costumer service by assisting costumers with shoe selection and greeted customers who walked in.
•Operated the register.
•Unloaded merchandise and stocked shelves.
Childcare/Housekeeping Sept. 2006 – Present
•Watched children for several families.
•Demonstrated excellent housekeeping for family and friends.
Teacher’s Aide/Tutor 2006 – 2009
•Helped improve 3rd – 4th grade student’s math and reading skills.
•Tested students to see improvement in math and did fun learning activities to raise test scores.
•Ran errands; filed and organized papers.
•Graded papers and put grades into computer.
Camp Counselor 2007- 2009 in the month of Feb.
•Supervised children and made their trip a fun and enjoyable experience.
•Taught kids about teamwork and responsibility.
Mary Kay Beauty Consultant Feb 2009- Present
•Created fun glamour parties for people to sample the best and latest products of Mary Kay.
•Sold $300 worth of products my first month.
•Provided excellent costumer service by delivering costumer’s products to their door in person and called them to make sure they had enough of their products left.
Duplicating Office Aide Sept 2006 – May 2008
•Stapled, collated, and copied papers.
•Ran errands for teachers and mailed out important school announcements.
•Created school flyers and programs for school events.
Attend Bakersfield Community College
General biology and Medical Terminology
Graduate in 2011
High School Diploma
Graduated from Bakersfield High School
Proficient with 10-key, excellent communication and interpersonal skills. Great computer skills; Microsoft Office, general computer task and internet. Strong money handling abilities.
There are websites (careerbuilder is one of them) that will critique your resume for free. I see some words incorrectly spelled ( the word “customer” not cOstomer) and from what I’ve read, the “objectives” section is not necessary
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