Accounting

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2013   Debit   Credit   Cash $ 34,000   Accounts receivable 0   Teaching supplies 8,000   Prepaid insurance 12,000   Prepaid rent 3,000   Professional library 35,000   Accumulated depreciation—Professional library $ 10,000   Equipment 80,000   Accumulated depreciation—Equipment 15,000   Accounts payable  26,000   Salaries payable 0   Unearned training fees 12,500   Common stock 10,000   Retained earnings 80,000 […]

Additional Information Items   a. An analysis of WTI’s insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2013. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI

Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 To record this period’s depreciation expense. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells,

Problem 3-1A Identifying adjusting entries with explanations LO P1 For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)   A.  To record receipt of unearned revenue. B.  To record this period’s earning of prior

Exercise 3-3 Adjusting and paying accrued wages LO C1, P1 Pablo Management has five part-time employees, each of whom earns $250 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2013. The next week, the five employees

Exercise 3-1 Preparing adjusting entries LO P1 a. Depreciation on the company’s equipment for 2013 is computed to be $18,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,100 of unexpired

Unit 2 DB Accounting and Financial Principles Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. Due to decreased

Apply APA style and formatting. Resources: You must use at least two references for each part of the assessment (totaling at least four references). Font and font size: Times New Roman, 12 point. Competencies Measured By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide

What qualitative considerations would you consider in your decision to refinance or not refinance? Deciding on Refinancing Changing interest rates create opportunities for home owners to gain advantage by refinancing their homes. For this part of the assessment, use the following scenario to consider this issue. Imagine you have a $100,000 mortgage. Your current loan

What would the expected return be for this company? Estimating Returns Imagine the following scenario: A company is faced with a 20 percent chance of a poor economy, a 40 percent chance of an average economy, and a 40 percent chance of an above-average economy. The company would expect only a 10 percent return in