ACC 100 Midterm: ACC 100 MID TERM STUDY

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limemosquito403

20 Oct 2018

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Acc100 master - all the notes i took over the fall semester, probably missing a few things. lomoar cpsd| 2674782. Primary sector: taking raw materials, working with natural resources. (mining, lumberjacks, farming, fishing, etc. Secondary sector: refining raw materials into a product for consumers. (carpenter, chocolatiers, etc. ) Tertiary sector: provides a good or service. (flying, banking, ikea, walmart, etc. ) Be able to define internal v external stakeholders. Be able to give at least one stakeholder objective for each. Faithful: must be truthful/complete (free from error), it must also be neutral (unbiased). Relevant: information that helps predict the future or helps confirm past information. Comparable: compare between years internally or with other similar companies externally. Verifiable: information that can be recreated by other neutral parties. Timely: up-to-date information that can help in making decisions. Understandable: simplifying information so that shareholders and creditors (average person) can understand. Separate entity: don"t mix personal assets, and expenses into the companies financial statement.

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When pricing products or services, all costs must be accounted for. This list would include VC and FC. I've seen government project bids badly priced (VC + markup rather than total costs + markup). Ultimately, as stated, consumers will not pay above what they can pay another supplier for the same product. Here we have a few things to consider: reduce costs to remain competitive, and/or differentiate our product.

Please answer thoroughly, so I can understand the thinking process. Thank you again!

At the beginning of the 2016 school year, Britney Logan decidedto prepare a cash budget for the months of September, October,November, and December. The budget must plan for enough cash onDecember 31 to pay the spring semester tuition, which is the sameas the fall tuition. The following information relates to thebudget:

Cash balance, September 1 (from a summer job)	$8,970
Purchase season football tickets in September	220
Additional entertainment for each month	560
Pay fall semester tuition in September	4,800
Pay rent at the beginning of each month	780
Pay for food each month	440
Pay apartment deposit on September 2 (to be returned December15)	1,100
Part-time job earnings each month (net of taxes)	2,010

a. Prepare a cash budget for September,October, November, and December. Enter all amounts as positivevalues except an overall cash decrease which should be indicatedwith a minus sign.

BritneyLogan
CashBudget
For the FourMonths Ending December 31, 2016
	September	October	November	December
Estimated cash receipts from:
Part-time job	$	$	$	$
Deposit
Total cash receipts	$	$	$	$
Estimated cash payments for:
Season football tickets	$
Additional entertainment		$	$	$
Tuition
Rent
Food
Deposit
Total cash payments	$	$		$
Cash increase (decrease)	$	$	$	$
Cash balance at beginning of month
Cash balance at end of month	$	$	$	$

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b. Are the four monthly budgets that arepresented prepared as static budgets or flexible budgets?

Static

c. Logan can see that her present planwill not provide sufficient cash. If Logan did notbudget but went ahead with the original plan, she would be $short at the end of December, with no time left toadjust.

I need help finding the money she will be short at the end ofDecember..

rosecat651

Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth and anyone seeking outdoor adventure.

The following is trial balance for the year ended March 31, 2017.

No.	Account	Debit		Credit
201	Accounts payable and accrued liabilities			$	3,300
103	Accounts receivable	$	9,150
168	Accumulated depreciation, equipment				7,150
300	Becky Brenner, capital				37,050
301	Becky Brenner, withdrawals		32,500
101	Cash		9,750
194	Copyright		7,100
167	Equipment		27,000
633	Insurance expense		2,780
623	Interest expense		560
141	Notes receivable, due January 1, 2017		12,400
233	Long-term notes payable				26,100
610	Rent expense		10,950
402	Revenues				68,435
126	Supplies		685
637	Supplies expense		2,710
652	Telephone expense		2,450
203	Unearned revenues				16,300
688	Utilities expense		2,700
612	Wages expense		37,600

	Totals	$	158,335	$	158,335

The following is additional information that has not been included in the trial balance.
a. On April 2, you received the telephone bill for the month of March for $535.
b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,100 due April 30.
c. On March 31, the company held a teenâs camp for $1,540. All tickets had been prepaid two weeks in advance.
d. The equipment has an estimated useful life of 20 years.

Required:
1. Prepare the missing adjusting entries for transactions aâd. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare an adjusted trial balance.

3. Based on your adjusted trial balance, prepare the closing entries. Journalize the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

orangehippopotamus843

ACC 100 Midterm: ACC 100 MID TERM STUDY

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