- Description
ACC 290 Week 1 Apply: Connect® Exercise (2019 New)
Review the Knowledge Check in preparation for this assignment.
Complete the Week 1 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.
The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July.
- Owes $18,900 to the Allen Equipment Company.
- Has cash balance of $13,400.
- Has dental supplies of $3,600.
- Owes $4,130 to Contemporary Furniture Supply.
- Has dental equipment of $26,450.
- Has office furniture of $7,900.
Determine the amounts that would appear in Dr. Wells’ balance sheet.
Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information.
| Equipment | $ | 23,500 | Rent Expense | $ | 6,000 | |||
| Accounts Receivable | 2,500 | Cash | 7,100 | |||||
| Fees Income | 32,750 | Salaries Expense | 11,900 | |||||
| Boats | 102,500 | Utilities Expense | 2,500 | |||||
| Gasoline Expense | 8,700 | Supplies | 4,700 | |||||
| Loans Payable | 81,000 | Initial Investment | 50,500 | |||||
| Owners’ Withdrawal | 3,150 | Accounts Payable | 8,300 | |||||
Prepare an income statement and a statement of owner’s equity for the month and a balance sheet as of August 31, 2019.
Required information
At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,210; Prepaid Insurance, $510; Equipment, $36,300 and Cash, $40,700. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,100; Allen Office Equipment, $9,550.
The total assets for the SloMo Delivery Service are:
The total amount of Liabilities is:
Required information
On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts:
| Cash | Accounts Payable | ||
| Accounts Receivable | Shawn Dahl, Capital | ||
| Office Equipment | Revenue | ||
| Canoe and Kayak Equipment | Expenses | ||
Transactions
- Shawn Dahl invested $44,200 in cash to open the business
- Paid $11,900 in cash for the purchase of kayak and canoe equipment
- Paid $1,950 in cash for rent expense
- Purchased additional kayak and canoe equipment for $4,700 on credit
- Received $4,800 in cash for kayak rentals
- Rented canoes and kayaks for $2,100 on account
- Purchased office equipment for $215 in cash
- Received $1,250 in cash from credit clients
- Shawn Dahl withdrew $2,400 in cash for personal expenses
Based on the information shown above, what is the balance of Accounts Receivable for Whitewater Rentals at the end of September?
Based on the information above, complete the following accounting equation.
Required information
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $74,500 (Transaction 1).
| Assets | = | Liab. | + | Owner’s Equity | ||||||||||||
| Transaction | Cash | Accts. Rec. | Supp. | Equip. | Accts. Pay. | G. Sawyer, Capital | Rev. | Exp. | ||||||||
| 1 | +74,500 | +74,500 | ||||||||||||||
| 2 | − 8,700 | +8,700 | ||||||||||||||
| 3 | +5,700 | +5,700 | ||||||||||||||
| 4 | +4,180 | +4,180 | ||||||||||||||
| 5 | −3,750 | −3,750 | ||||||||||||||
| 6 | + 720 | −720 | ||||||||||||||
| 7 | −2,900 | −2,900 | ||||||||||||||
| 8 | −500 | +500 | ||||||||||||||
| Bal | 59,370 | + | 4,980 | + | 500 | + | 12,880 | = | 4,180 | + | 71,600 | + | 5,700 | − | 3,750 | |
What was the net income or net loss for Sawyer Architecture Services for the month of June?
Prepare the statement of owner’s equity for Sawyer Architecture Services for the month ended June 30, 2019.
Managerial accountants usually do which of the following?
Multiple Choice
audit financial statements
prepare and audit tax returns
prepare internal reports for management
investigate companies for possible violations of law
During October, a firm had the following transactions involving revenue and expenses.
Paid $1,050 for rent for October
Provided services for $2,450 in cash
Paid $190 for the October telephone service
Provided services for $1,600 on credit
Paid salaries of $1,525 to employees
Paid $290 for the monthly office cleaning service
Calculate the net income or net loss for the period?