Bryant & Stratton College FOR EVERY& IN LIFE ACCT110-Accounting Principles I Rep
ID: 2397362 • Letter: B
Question
Bryant & Stratton College FOR EVERY& IN LIFE ACCT110-Accounting Principles I Report: Evaluate Complete Accounting Cycle Asignment This assignment is worth 5% of your grade Deadline Due by the end of Week 4 at 11:59 pm, ET Outcome Completing this Asvessment will help you to meut the following Evaluate a complete accounting cycle including the analysis, recording process from source decuments, and transaction summary, through post-closing trial halance, for a service business using compuberization. .Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, recond, and report financial information for a service business using computerization. Institutional Outcomses Quantitative and Scientific Reasoning-Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions Directions You are an independent consultant hired to review and analyze the accounting cycle for Midtown. You will present your findings in a report to Midtown's senior management to identify the conclusions reached from the preparation of any missing information and analysis of the company's accounting cycle and financials. The report is to be copied and distributed to the CEO of the company, so a well-written and detailed report is essential. Your report will be crucial to stakeholders' decision on the company's performance this fiscal period. Make sure you use complete sentences. Check your work for proper spelling, grammar and punctuation. There is no set format. However, to receive full credit, you must fully answer each requirement below.Explanation / Answer
1.
2.
3.
The final capital balance of $163,600 reflects the net effect of the activities during the year.
the business earned a net income of $15,100 and the owner withdrew $30,000 during the year for persola use. therefore there is a reduction of R14,900 in the capital of the owner which is reflected in the final balance of $163,600, which has come down from $178,500 at the beginning of the year.
4.
a. The balance sheet is showing the assets of the business. This part gives the investments made by the business. The part which shows the sources of funds for these investments is nor provided.
b.
c.
The total value of the Assets on one side and the total value of the liabilities and equity on the other side must be equal in a balance sheet.
5.
5.b.
The totals of the balance sheet and the balance sheet does not match because of the adjustment for accumulated depreciation.
In the trial balance the accumulated depreciation is shown on the credit side o, whereas in the balance sheet the same is adjusted to the equipment account.
MIDTOWN REPAIR COMPANY closing journal entries December 31, 2017 Date Account Title Debit Credit Dec.31,2017 Repair Services Revenue 180800 Interest revenue 7500 Income Summary 188300 (Closing the revenue accounts) Dec.31,2017 Income Summary 173200 Depreciation Expense - Equipment 28500 Wages Expense 85000 Rent Expense 48000 Insurance Expense 6000 Interest Expense 5700 (Closing expense accounts)Related Questions
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