Accounting Homework - 995 Words

E1-5 Cougar’s Accounting Services provides low – cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Asset – 19000; Liabilities – 15000; Revenues – 28000; Expenses = 33000 Required: 1. Calculate net loss. 2. Calculate stockholders’ equity at the end of the period. Net loss *Revenues – Expenses = (5000) Stockholders * Assets – Liabilities = 4000 E1-6 Cash 5400 Salaries expense 2200 Accounts payable 3400 Retained earnings 3900 Utilities expense 1200 Supplies 13800 Service revenue 9300 Common stock 6000 Use only the appropriate accounts to prepare an income statement Revenues Service revenue 9300 Expenses Salaries expense (2200)†¦show more content†¦Each Friday, the cash clerk records the amount of cash receive and deposit the money in the bank account. Each quarter, the controller requests information from the bank necessary to prepare bank reconciliation. Required: Discuss Douglas and son’s internal control procedures related to cash receipts, nothing both weaknesses and strengths. Answer: The Company should not place all of the money in one place The Company should deposit the money in the bank account every day E5-5 On March 12, Medical Waste Services provides services on account to Grace Hospital for 11000, terms 2/10, n/30. Grace pays for those services on March 20. Required: For Grace Hospital, record the purchase of services on account on March 12 and the payment of cash on March31. March12 Dr. Cr. Expense 11000 Account Payable 11000 March 31 Account Payable 11000 Cash 11000 E5-6 On April 25, Foreman Electric installs wiring in a new home for 3500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of 600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. Record the credit sale on April 25. 2. Record theShow MoreRelatedHomework Week 1 Accounting984 Words   |  4 Pages1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Boards Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. 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