Plz answer all question

Theater 00 0112%D9:37 01 Image Text Hosting for CIS (A Stick C. erled on April 1, 2017. The empany properes que financial staments. The adjusted trial balance amounts at June 30 are shown below Credit Cash 5 $ 6,700 Acos Receivable Accumu Deprecat 600 Ent Prepaid Rent 900 S SO Notes Pasal Supplies Accounts Payable 1,510 Frent 15,000 Salaries and Wale Owner Drawings 600 Interest Parade 30 9,400 med Rent 500 Repen Own Capital 14 000 Doperwapens SO Surte cu 14.300 Supplies Expense written pense Hent Revenue 510 50 537,310 537310 (a) Determine the net income for the gre April June (1) Determine the intal assets and the at June 30, 2017. for Wick Cn. le) Determine the owner capital June 30, 2017 be ES 510 Supplies 125 1 hom Ahme Prodi untant 90 14.150 I will Mind Nati La hurai 20 1/1 lin Rotate Markup Word Signature Note 3) Presented below is selected information related to Flanagan Company at December 31, 2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7.000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of Flanagan Company at December 31, 2017 (b) Determine the net income that Flanagan Company reported for December 2017 (c) Determine the owner's equity of Flanagan Company at December 31, 2017 1 Accounting for CIS - First Semester 1441/1442 (Assignment 1) 4) Kate Browne has just rented space in a shopping mall. In this space, she will open a hair salon to be called "Hair It Is." A friend has advised Kate to set up a double- entry set of accounting records in which to record all of her business transactions. Identify the balance sheet accounts that Kate will likely need to record the transactions needed to open her business. Indicate whether the normal balance of each account is a debit or a credit. 5) Kate Browne engaged in the following activities in establishing her salon, Hair It Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800. 3. Interviewed three people for the position of hair stylist. Prepare the entries to record the transactions. The the activities would be recorded as follos 1. Cash 10) Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following Information relates to August. 1. ALA 31, the company wedisplays ao in sales and wages that will be paid on September 2. On August, the company borrowed 500.000 from a local bark on a 15-year morgen The annual interest rate is 10% 2. Revenue for servir paramad butunreaded for August totale $1,100. Prepare the adjusting trended August 3, 2017. 3 Accounting for CISME SC Apel 1, 2017. The first The waterial balancements are shown 5000 1.10 ACCORD Receivable Trade Bers | Owners Drip Bares Depreciation Supplier Expo k4all 900 Nyk 15.000 Sur Pad 600 To Payable 7,200 Uweden Hove Soo Capital 550 Service 200 Rent Heve 14.00 SRT 10 al Dermatha notice or the quarter April to June Dit would be 30, 2017 Boxca Demine the amount oferpital Pune 30, 2017 . SIS 2.250 400 400 92 92 6) Kate Browne recorded the following transactions in a general journal during the month of March. Cash Service Revenue 1 1 2.280 15 Salaries and Wages Expense Cash 1 1 19 Utilities Expense Cash 1 Post these entries to the Cash account of the general ledger to determine its ending balance. The beginning balance of Cash on March 1 was $600. 7) The following accounts come from the ledger of SnowGo Company at December 31, 2017 157 Equipment $88,000 301 Owner's Capital $20,000 306 Owner's Drawings 8.000 212 Salaries and Wages 201 Accounts Payable Payable 726 Salaries and Wages 200 Notes Payable (due in 3 months) Expense 42.000 732 Utilities Expense 112 Accounts Receivable 4,000 130 Prepaid Insurance 3/4 400 Service Revenue 95,000 101 Cash Prepare a trial balance in good form. 22.000 2 Accounting for CIS - First Semester 1441/1442 (Assignment 1) 8) Several timing concepts are discussed. A list of concepts is provided in the left column below, with a description of the concept in the right column below. There are more descriptions provided than concepts. Match the description of the concept to the concept. 1.Accrual basis accounting (a) Monthly and quarterly time periods. 2. Calendar year (b) Efforts (expenses) should be matched Time period assumption with results (revenues). (c) Accountants divide the economic life of Expense recognition principle. a business into artificial time periods. (d) Companies record revenues when they receive cash and record expenses when they pay out cash (e) An accounting time period that starts on January 1 and ends on December 31 ( Companies record transactions in the period in which the events occur 2.800 9,200 9) The ledger of Hammond Company, on March 31, 2017, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3.600 Supplies Equipment 25.000 Accumulated Depreciation Equipment $5,000 Uneared Service Revenue An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month 2. Supplies on hand total $800. 3. The equipment depreciates $200 a month. 4. During March, services were performed for one-half of the uneared service revenue. Prepare the adjusting entries for the month of March. Accounting for CIS - First Semester 1441/1442 (Assignment 1) Classify the following items as investment by owner (1), owner's drawing revenues (R), or expenses (E). Then indicate whether each item increas decreases owner's equity. 1. Rent Expense. 2. Service Revenue. 3. Drawings 4. Salaries and Wages Expense. 1. Rent Expense is an expense (E); it decreases owner's equity. Transactions made by Virmari & Co., a public accounting firm, for the mo August are shown below. Prepare a tabular analysis which shows the effe these transactions on the expanded accounting equation. 1. The owner invested $25,000 cash in the business. 2. The company purchased $7,000 of office equipment on credit. 3. The company received $8,000 cash in exchange for services performed. 4. The company paid $850 for this month's rent. 5. The owner withdrew $1,000 cash for personal use. Trans Assets = Liabilities + Accounts Owner's Cash + Equipment - Payable + Capital Owner's Equity Owner's Drawings +Revenues - Expenses (2) (3) (4) (5) Presented below is selected information related to Flanagan Compa December 31, 2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of Flanagan Company at December 31, 2017. (b) Determine the net income that Flanagan Company reported for December 201 (c) Determine the owner's equity of Flanagan Company at December 31, 2017 Kate Browne has just rented space in a shopping mall. In this space, she will op a hair salon to be called "Hair It Is." A friend has advised Kate to set up a dout entry set of accounting records in which to record all of her business transactio Identify the balance sheet accounts that Kate will likely need to record transactions needed to open her business. Indicate whether the normal balar of each account is a debit or a credit. Kate Browne engaged in the following activities in establishing her salon, Ha Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,8 3. Interviewed three people for the position of hair stylist. repare the entries to record the transactions. The three activities would be recorded as follows. 1. Cash 2. Equipment Cash 15 400 400 19 92 92 Kate Browne recorded the following transactions in a general journal during month of March. Mar 4 2,280 Service Revenue 2.280 Salaries and Wages Expense Cash | Utilities Expense Cash Post these entries to the Cash account of the general ledger to determine its ending balance. The beginning balance of Cash on March 1 was $600. The following accounts come from the ledger of SnowGo Company at Decem 31, 2017 157 Equipment $88,000 301 Owner's Capital $20,000 306 Owner's Drawings 8,000 212 Salaries and Wages 201 Accounts Payable 22,000 Payable 2,000 726 Salaries and Wages 200 Notes Payable (due in 3 months) 19,000 Expense 42,000 732 Utilities Expense 3,000 112 Accounts Receivable 4,000 130 Prepaid Insurance 6,000 400 Service Revenue 95,000 101 Cash 7,000 Prepare a trial balance in good form. Accounting for CIS Kot Yamano ? 9) The ledger of Hammond Company, on March 31, 2017, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3.600 Supplies 2.800 Equipment 25,000 Accumulated Depreciation Equipment $5,000 Unearned Service Revenue 9,200 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month. 2. Supplies on hand total $800. 3. The equipment depreciates $200 a month. 4. During March, services were performed for one-half of the uneamed service revenue. Prepare the adjusting entries for the month of March. 10) Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following information relates to August. 1. At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. 2. On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. 3. Revenue for services performed but unrecorded for August totaled $1,100. Prepare the adjusting entries needed at August 31, 2017. 3 AW Accounting for CIS - First Semester 1441/1442 (Assignment ! Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,700 Accumulated Depreciation Accounts Receivable 600 Equipment $ 850 Prepaid Rent 900 Notes Payable 5,000 Supplies 1.000 Accounts Payable 1,510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable 50 Salaries and Wages Expense 9,400 Unearned Rent Revenue 500 Rent Expense 1,500 Owner's Capital 14,000 Depreciation Expense 850 Service Revenue 14,200 Supplies Expense 200 Rent Revenue 800 Utilities Expense 510 Interest Expense 50 $37,310 537.310 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2017, for Skolnick Co. (c) Determine the amount of owner's capital at June 30, 2017. Solution (a) The net income is determined by adding revenues and subtracting expenses. The net income is computed as follows Revenues Service revenue $14.200 Rent revenue 800 Total revenues $15.000 Expenses Salaries and wages expense 9400 Rent expense 1,500 Depreciation expense 850 510 Theater 00 0112%D9:37 01 Image Text Hosting for CIS (A Stick C. erled on April 1, 2017. The empany properes que financial staments. The adjusted trial balance amounts at June 30 are shown below Credit Cash 5 $ 6,700 Acos Receivable Accumu Deprecat 600 Ent Prepaid Rent 900 S SO Notes Pasal Supplies Accounts Payable 1,510 Frent 15,000 Salaries and Wale Owner Drawings 600 Interest Parade 30 9,400 med Rent 500 Repen Own Capital 14 000 Doperwapens SO Surte cu 14.300 Supplies Expense written pense Hent Revenue 510 50 537,310 537310 (a) Determine the net income for the gre April June (1) Determine the intal assets and the at June 30, 2017. for Wick Cn. le) Determine the owner capital June 30, 2017 be ES 510 Supplies 125 1 hom Ahme Prodi untant 90 14.150 I will Mind Nati La hurai 20 1/1 lin Rotate Markup Word Signature Note 3) Presented below is selected information related to Flanagan Company at December 31, 2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7.000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of Flanagan Company at December 31, 2017 (b) Determine the net income that Flanagan Company reported for December 2017 (c) Determine the owner's equity of Flanagan Company at December 31, 2017 1 Accounting for CIS - First Semester 1441/1442 (Assignment 1) 4) Kate Browne has just rented space in a shopping mall. In this space, she will open a hair salon to be called "Hair It Is." A friend has advised Kate to set up a double- entry set of accounting records in which to record all of her business transactions. Identify the balance sheet accounts that Kate will likely need to record the transactions needed to open her business. Indicate whether the normal balance of each account is a debit or a credit. 5) Kate Browne engaged in the following activities in establishing her salon, Hair It Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800. 3. Interviewed three people for the position of hair stylist. Prepare the entries to record the transactions. The the activities would be recorded as follos 1. Cash 10) Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following Information relates to August. 1. ALA 31, the company wedisplays ao in sales and wages that will be paid on September 2. On August, the company borrowed 500.000 from a local bark on a 15-year morgen The annual interest rate is 10% 2. Revenue for servir paramad butunreaded for August totale $1,100. Prepare the adjusting trended August 3, 2017. 3 Accounting for CISME SC Apel 1, 2017. The first The waterial balancements are shown 5000 1.10 ACCORD Receivable Trade Bers | Owners Drip Bares Depreciation Supplier Expo k4all 900 Nyk 15.000 Sur Pad 600 To Payable 7,200 Uweden Hove Soo Capital 550 Service 200 Rent Heve 14.00 SRT 10 al Dermatha notice or the quarter April to June Dit would be 30, 2017 Boxca Demine the amount oferpital Pune 30, 2017 . SIS 2.250 400 400 92 92 6) Kate Browne recorded the following transactions in a general journal during the month of March. Cash Service Revenue 1 1 2.280 15 Salaries and Wages Expense Cash 1 1 19 Utilities Expense Cash 1 Post these entries to the Cash account of the general ledger to determine its ending balance. The beginning balance of Cash on March 1 was $600. 7) The following accounts come from the ledger of SnowGo Company at December 31, 2017 157 Equipment $88,000 301 Owner's Capital $20,000 306 Owner's Drawings 8.000 212 Salaries and Wages 201 Accounts Payable Payable 726 Salaries and Wages 200 Notes Payable (due in 3 months) Expense 42.000 732 Utilities Expense 112 Accounts Receivable 4,000 130 Prepaid Insurance 3/4 400 Service Revenue 95,000 101 Cash Prepare a trial balance in good form. 22.000 2 Accounting for CIS - First Semester 1441/1442 (Assignment 1) 8) Several timing concepts are discussed. A list of concepts is provided in the left column below, with a description of the concept in the right column below. There are more descriptions provided than concepts. Match the description of the concept to the concept. 1.Accrual basis accounting (a) Monthly and quarterly time periods. 2. Calendar year (b) Efforts (expenses) should be matched Time period assumption with results (revenues). (c) Accountants divide the economic life of Expense recognition principle. a business into artificial time periods. (d) Companies record revenues when they receive cash and record expenses when they pay out cash (e) An accounting time period that starts on January 1 and ends on December 31 ( Companies record transactions in the period in which the events occur 2.800 9,200 9) The ledger of Hammond Company, on March 31, 2017, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3.600 Supplies Equipment 25.000 Accumulated Depreciation Equipment $5,000 Uneared Service Revenue An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month 2. Supplies on hand total $800. 3. The equipment depreciates $200 a month. 4. During March, services were performed for one-half of the uneared service revenue. Prepare the adjusting entries for the month of March. Accounting for CIS - First Semester 1441/1442 (Assignment 1) Classify the following items as investment by owner (1), owner's drawing revenues (R), or expenses (E). Then indicate whether each item increas decreases owner's equity. 1. Rent Expense. 2. Service Revenue. 3. Drawings 4. Salaries and Wages Expense. 1. Rent Expense is an expense (E); it decreases owner's equity. Transactions made by Virmari & Co., a public accounting firm, for the mo August are shown below. Prepare a tabular analysis which shows the effe these transactions on the expanded accounting equation. 1. The owner invested $25,000 cash in the business. 2. The company purchased $7,000 of office equipment on credit. 3. The company received $8,000 cash in exchange for services performed. 4. The company paid $850 for this month's rent. 5. The owner withdrew $1,000 cash for personal use. Trans Assets = Liabilities + Accounts Owner's Cash + Equipment - Payable + Capital Owner's Equity Owner's Drawings +Revenues - Expenses (2) (3) (4) (5) Presented below is selected information related to Flanagan Compa December 31, 2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of Flanagan Company at December 31, 2017. (b) Determine the net income that Flanagan Company reported for December 201 (c) Determine the owner's equity of Flanagan Company at December 31, 2017 Kate Browne has just rented space in a shopping mall. In this space, she will op a hair salon to be called "Hair It Is." A friend has advised Kate to set up a dout entry set of accounting records in which to record all of her business transactio Identify the balance sheet accounts that Kate will likely need to record transactions needed to open her business. Indicate whether the normal balar of each account is a debit or a credit. Kate Browne engaged in the following activities in establishing her salon, Ha Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,8 3. Interviewed three people for the position of hair stylist. repare the entries to record the transactions. The three activities would be recorded as follows. 1. Cash 2. Equipment Cash 15 400 400 19 92 92 Kate Browne recorded the following transactions in a general journal during month of March. Mar 4 2,280 Service Revenue 2.280 Salaries and Wages Expense Cash | Utilities Expense Cash Post these entries to the Cash account of the general ledger to determine its ending balance. The beginning balance of Cash on March 1 was $600. The following accounts come from the ledger of SnowGo Company at Decem 31, 2017 157 Equipment $88,000 301 Owner's Capital $20,000 306 Owner's Drawings 8,000 212 Salaries and Wages 201 Accounts Payable 22,000 Payable 2,000 726 Salaries and Wages 200 Notes Payable (due in 3 months) 19,000 Expense 42,000 732 Utilities Expense 3,000 112 Accounts Receivable 4,000 130 Prepaid Insurance 6,000 400 Service Revenue 95,000 101 Cash 7,000 Prepare a trial balance in good form. Accounting for CIS Kot Yamano ? 9) The ledger of Hammond Company, on March 31, 2017, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3.600 Supplies 2.800 Equipment 25,000 Accumulated Depreciation Equipment $5,000 Unearned Service Revenue 9,200 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month. 2. Supplies on hand total $800. 3. The equipment depreciates $200 a month. 4. During March, services were performed for one-half of the uneamed service revenue. Prepare the adjusting entries for the month of March. 10) Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following information relates to August. 1. At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. 2. On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. 3. Revenue for services performed but unrecorded for August totaled $1,100. Prepare the adjusting entries needed at August 31, 2017. 3 AW Accounting for CIS - First Semester 1441/1442 (Assignment ! Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,700 Accumulated Depreciation Accounts Receivable 600 Equipment $ 850 Prepaid Rent 900 Notes Payable 5,000 Supplies 1.000 Accounts Payable 1,510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable 50 Salaries and Wages Expense 9,400 Unearned Rent Revenue 500 Rent Expense 1,500 Owner's Capital 14,000 Depreciation Expense 850 Service Revenue 14,200 Supplies Expense 200 Rent Revenue 800 Utilities Expense 510 Interest Expense 50 $37,310 537.310 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2017, for Skolnick Co. (c) Determine the amount of owner's capital at June 30, 2017. Solution (a) The net income is determined by adding revenues and subtracting expenses. The net income is computed as follows Revenues Service revenue $14.200 Rent revenue 800 Total revenues $15.000 Expenses Salaries and wages expense 9400 Rent expense 1,500 Depreciation expense 850 510