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study help
business
small business accounting

Questions and Answers of Small Business Accounting

Refer to question
Payday is Friday, April 2.a. Reverse the adjusting entry made on March 31.b. Record the April 2 payroll.
Refer to questions 3 and
Record the April 2 payroll without preparing a reversing entry
An entity paid six months’ rent in the amount of $9,000 on January 1.Statements are prepared monthly and an adjustment must be made on January 31 to update the Rent account.a. Prepare the entry to
Depreciation calculations were completed and the depreciation amounts are as follows:Depreciation – Store Equipment $300 Depreciation – Offi ce Equipment $400a. Record the depreciation for the
Explain the requirements of the Matching Principle.
Defi ne classifi ed income statement.
What is meant by nonoperating income?
How do you compute gross profi t percentage?
Defi ne classifi ed balance sheet.
Which temporary accounts are closed out in a merchandising business?
What does COGS stand for?
In closing entries, what is the offset account for COGS?
Do COGS accounts appear on the postclosing trial balance? Why or why not?
Defi ne independent contractor.
What is the purpose of Form W-9?
Which version of Form 1099 is a small-business owner most likely to use?
What is the purpose of Form 1096?
What is the formula for the single-step Income Statement?
What is the formula used to prepare a multistep Income Statement?
What is the difference between Net Income from Operations and Nonoperating Income?
Explain Gross Profi t Percentage. How is it benefi cial to the owner?
Refer to question
Prepare a multistep Income Statement in good form for the J. Eunice Merchandising entity.
Refer to questions 5 and
J. Eunice had a beginning capital balance of $100,000. On July 2 of this current accounting year she invested an additional $5,000. Prepare the Statement of Owner’s Equity for the J. Eunice
Refer to questions 5 and
Prepare a classifi ed Balance Sheet for the J. Eunice Merchandising entity.
Using the information given in question 5, prepare the closing entries for the J. Eunice Merchandising entity.
Explain the need for the following forms:a. Form W-9b. Form 1099c. Form 1096

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