Sales information for Tesla Inc. follows. Year Ended December 31 ($ thousands) 2018 2017 2016 Automotive sales $17,631,522 $8,534,752 $5,589,007 Automotive leasing 883,461 1,106,548 761,759 Total auto... Show
On July 31, 2022, the general ledger of Sheridan Legal Services Inc. showed the following balances: Cash $4,400, Accounts Receivable $1,650, Supplies $550, Equipment $5,500, Accounts Payable $4,510, C... . Question 3 Papa Kedana Berhad is considering the following two projects: Project Initial outlay Net cash flows for year: 1 2 3 4 Sakit Hati RM4,000,000 RM2,003,000 RM2,003,000 RM2,003,000 RM2,003,... An investor is considering the purchase of a small office building. The NOI is expected to be the following: Year 1, $216,000; Year 2, $226,000; Year 3, $236,000; Year 4, $246,000; Year 5, $256,000. T... On July 1, 2014, Niagara Steel Corporation, Inc., issued 2,100, 8%, 10-year convertible bonds maturing on June 30, 2024, with semi-annual coupon payments on July 1 and January 1. Each $1,000 bond can ... Read Online (Free) relies on page scans, which are not currently available to screen readers. To access this article, please contact JSTOR User Support . We'll provide a PDF copy for your screen reader. With a personal account, you can read up to 100 articles each month for free. Already have an account? Log in Monthly Plan
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journal article Social Science History Vol. 22, No. 1 (Spring, 1998) , pp. 47-81 (35 pages) Published By: Cambridge University Press https://doi.org/10.2307/1171564 https://www.jstor.org/stable/1171564
Read and download Log in through your school or library Alternate access options For independent researchers Read Online Read 100 articles/month free Subscribe to JPASS Unlimited reading + 10 downloads Purchase article $34.00 - Download now and later Journal Information Social Science History seeks to advance the study of the past by publishing research that appeals to the journal's interdisciplinary readership of historians, sociologists, economists, political scientists, anthropologists, and geographers. The journal invites articles that blend empirical research with theoretical work, undertake comparisons across time and space, or contribute to the development of quantitative and qualitative methods of analysis. Social Science History is the official journal of the Social Science History Association. Publisher Information Cambridge University Press (www.cambridge.org) is the publishing division of the University of Cambridge, one of the world’s leading research institutions and winner of 81 Nobel Prizes. Cambridge University Press is committed by its charter to disseminate knowledge as widely as possible across the globe. It publishes over 2,500 books a year for distribution in more than 200 countries. Cambridge Journals publishes over 250 peer-reviewed academic journals across a wide range of subject areas, in print and online. Many of these journals are the leading academic publications in their fields and together they form one of the most valuable and comprehensive bodies of research available today. For more information, visit http://journals.cambridge.org. Rights & Usage This item is part of a JSTOR Collection.
➢ A fellow student makes the following statement: “You can easily tell whether a company is using the cash or accrual basis of accounting.
When an amount is paid for future rent or insurance services, a firm that is using the cash basis debits an expense account while a firm that is using the accrual basis debits an asset account.” Is the student correct? ExercisesExercise A List the steps in the accounting cycle. Would the system still work if any of
the steps were performed out of order?
What adjusting entry is necessary at December 31, the end of the accounting year? Show how the T-accounts for Prepaid Insurance and Insurance Expense would appear after the entries are posted.
Exercise L Refer to the adjusted trial balance prepared in the Printer Repair Company exercise (Ex K). Prepare the closing journal entries. Exercise MRubino Company reported net income of $100,000 for the current year. Examination of the financial data indicates that the following items were ignored:
Based on this information, (a) what adjusting journal entries should have been made at December 31, and (b) what is the correct net income? Exercise N After adjustment, these selected account balances of Cold Stream Campground are:
Exercise O The following account balances appeared in the Adjusted Trial Balance prepared for Liu Company for the year ended December 31:
Exercise P Which of the following accounts are likely to appear in the post-closing trial balance for the Blake Company?
Exercise Q Using the legend at the right, determine the category (number) into which you would place each of these items.
ProblemsProblem A Among other items, the trial balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following account balances:
Prepare the annual year-end adjusting journal entries at December 31. Problem B Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:
Problem C The following adjusted trial balance is for Jasper Appliance Repair Company:
Problem D The adjusted trial balance for Denver Architects , Inc., follows:
Problem E The following trial balance and additional data are for Sure Sale Reality Company
The equipment has an expected life of 10 years with no salvage value. Accrued salaries are $ 11,520. Travel expenses accrued but unreimbursed to sales staff at December 31 were $ 17,280
Problem F The following trial balance and additional data are for South Sea Tours, Inc.:
The buildings have an expected life of 50 years with no salvage value. The office equipment has an expected life of 10 years with no salvage value. Accrued interest on notes receivable is $ 450. Accrued interest on the notes payable is $ 1,000. Accrued salaries are $ 2,100. Expired prepaid insurance is $ 3,750. Expired prepaid advertising is $ 16,500.
Problem G The following trial balance and additional data are for Florida Time-Share Property Management Company:
Rent expense for the year, $ 19,200. Depreciation expense: office equipment, $ 2,880; and automobiles, $ 12,800. Salaries earned but unpaid at December 31, $ 26,640. Supplies on hand at December 31, $ 1,000. The unearned management fees were received and recorded on November 1. The advance payment covered six months' management of an apartment building.
Alternate problems Alternate problem A The trial balance of Caribbean Vacation Tours, Inc., at December 31 of the current year includes, among other items, the following account balances:
The buildings are expected to last 25 years, with an expected residual value of $ 30,000. Salaries incurred but not paid as of December 31 amount to $ 8,400. The balance in Prepaid Rent is for a one-year period that started March 1 of the current year. Prepare the annual year-end adjusting journal entries at December 31. Alternate problem B Among the account balances shown in the trial balance of Dunwoody Mail Station, Inc., at December 31 of the current year are the following:
The balance in the Prepaid Insurance account is for a two-year policy taken out June 1 of the current year. Depreciation for the buildings is based on the cost shown in the Buildings account, less residual value estimated at USD18,000. When acquired, the lives of the buildings were estimated at 50 years each.
Alternate problem C The following adjusted trial balance is for Dream Home Realty Company:
Alternate problem D The adjusted trial balance for Penrod Insurance Consultants, Inc., follows:
Alternate problem E The following trial balance and additional data are for Ramon Data Processing Company:
The equipment is expected to last 10 years with no salvage value. The prepaid insurance was for the 12-month period beginning April 1 Accrued commissions payable total $ 3,000 at December 31.
Alternate problem F The following trial balance and additional data are for Best-Friend Pet Hospital, Inc.
Prepaid fire insurance is $ 600 as of the end of the year. Supplies on hand are $ 638 as of the end of the year. Prepaid rent is $ 2,625 as of the end of the year. The equipment is expected to last 10 years with no salvage value. Accrued salaries are $ 2,625.
Alternate problem G The following trial balance and additional data are for Roswell Interior Decorators, Inc.:
Rent expense for the year is $ 10,000. Advertising expense for the year is $ 2,304. Insurance expense for the year is $ 2,400. Depreciation expense is office equipment, $ 912, and office furniture, $ 3,000. Accrued interest on notes payable is $ 150. Accrued salaries are $ 4,200.
Alternate Problem H Jupiter Publishing Company began operations on 2010 December 1. The company’s bookkeeper intended to use the cash basis of accounting. Consequently, the bookkeeper recorded all cash receipts and disbursements for items relating to operations in revenue and expense accounts. No adjusting entries were made prior to preparing the financial statements for December. Dec. 1 Issued capital stock for $ 300,000 cash. 3 Received $ 144,000 for magazine subscriptions to run for two years from this date. The magazine is published monthly on the 23rd. 4 Paid for advertising to be run in a national periodical for six months (starting this month). The cost was $ 36,000. 7 Purchased for cash an insurance policy to cover a two-year period beginning December 15, $ 24,000. 12 Paid the annual rent on the building, $ 36,000, effective through 2011 November 30. 15 Received $ 216,000 cash for two-year subscriptions starting with the December issue. 15 Salaries for the period December 1–15 amounted to $ 48,000. Beginning as of this date, salaries will be paid on the 5th and 20th of each month for the preceding two-week period. 20 Salaries for the period December 1–15 were paid. 23 Supplies purchased for cash, $ 21,600. (Only $ 1,800 of these were subsequently used in 2010.) 27 Printing costs applicable equally to the next six issues beginning with the December issue were paid in cash, $ 144,000. 31 Cash sales of the December issue, $ 84,000. 31 Unpaid salaries for the period December 16–31 amounted to $ 22,000. 31 Sales on account of December issue, $ 14,000.
Beyond the numbers—Critical thinking Business decision case A Heather and Dan Holt met while both were employed in the interior trim and upholstery department of an auto manufacturer. After their marriage, they decided to earn some extra income by doing small jobs involving canvas, vinyl, and upholstered products. Their work was considered excellent, and at the urging of their customers, they decided to go into business for themselves, operating out of the basement of the house they owned. To do this, they invested $ 120,000 cash in their business. They spent $ 10,500 for a sewing machine (expected life, 10 years) and $ 12,000 for other miscellaneous tools and equipment (expected life, 5 years). They undertook only custom work, with the customers purchasing the required materials, to avoid stocking any inventory other than supplies. Generally, they required an advance deposit on all jobs. The business seemed successful from the start, as the Holts received orders from many customers. But they felt something was wrong. They worked hard and charged competitive prices. Yet there seemed to be barely enough cash available from the business to cover immediate personal needs. Summarized, the checkbook of the business for 2010, their second year of operations, showed:
Of the supplies purchased in 2010, $ 24,000 were used on jobs billed to customers in 2010; no supplies were used for any other work. Work completed in 2010 and billed to customers for which cash had not yet been received by year-end amounted to $ 40,000. Prepare a written report for the Holts, responding to their belief that their business is not sufficiently profitable. (Hint: Prepare an income statement for 2010 and include it in your report.) Annual report analysis B Using the Annual report appendix, calculate the current ratios for the two years shown for The Limited, Inc. Write a summary of the results of your calculations. Also, look at some of the other data provided by the company in preparing your comments. For instance, look at the net income for the last three years. Broader perspective – Writing experience C Read the "A broader perspective: Skills for the long haul". Write a description of a career in public accounting broader perspective at each level within the firm. Discuss the skills needed and how you could develop these skills. Group project D In teams of two or three students, interview a management accountant. Management accountants may have the title of chief financial officer (CFO), controller, or some other accounting title within a company. Seek information on the advantages and disadvantages of working as a management accountant. Also inquire about the nature of the work and any training programs offered by the company. As a team, write a memorandum to the instructor summarizing the results of the interview. The heading of the memorandum should contain the date, to whom it is written, from whom, and the subject matter. Group project E With a small group of students, obtain an annual report of a company in which you have some interest. You may obtain the annual report from your instructor, the library, the Internet, or the company. Describe the nature of each item on the classified balance sheet. You may have to do library research on some of the items. Also, calculate the current ratio for the most recent two years and comment. Write a report to your instructor summarizing the results of the project. Group project F With a small group of students and using library sources, write a paper comparing the features of three different accounting software packages (such as Peachtree Complete, Quikbooks Pro, DacEasy, MYOB Business Essentials, NetSuite Small Businee and Cougar Mountain ). Give the strengths and weaknesses of each. Cite sources for the information and treat direct quotes properly. Using the Internet—A view of the real world Visit the following Internet site: http://www.merck.com Pursue choices you are offered on the screen under Investor Relations until you locate the most recent consolidated balance sheet. In a short report to your instructor, describe how you got to the balance sheet and identify the major headings used in the balance sheet. For instance, the first such heading is Assets. Also, calculate the current ratio. Visit the following Internet site: http://www.kodak.com Type in "Annual report" in the search box to locate the most recent annual report and then find the consolidated statement of financial position. Identify the major headings within the balance sheet and calculate the current ratio for the most recent year. Write a memo to your instructor summarizing your findings. Which type of inventory of a manufacturer is similar to merchandise inventory of a retailer?Under manufacturing company, the goods that are available for sale are termed finished goods. Under the retail company, the finished goods are called merchandise inventory. Hence, finished goods is a type of inventory that is comparable for both retail and manufacturing companies as they are of the same type.
Which of the following items must not be reported as inventory?The correct answer is Option (d). Machinery used in the production process will not be classified as inventory.
Which of the following inventory method reports most closely the current cost of inventory?The last-in-first-out (LIFO) method assumes that the most recent inventory is sold first resulting in the current cost being recorded to cost of goods sold.
How is the significant amount of consignment inventory reported in the statement of financial position?How is a significant amount of consignment inventory reported in the statement of financial position? a. The inventory is reported separately on the consignor's statement of financial position.
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