Compare and contrast financial and managerial accounting. Provide one specific, real-life example of how either financial accounting helps external stakeholders make informed decisions or how managerial accounting helps managers to improve operational and financial performance.
Perform a horizontal and vertical analysis of the Balance Sheet and the Income Statement for Jim’s Auto Body and Angel’s Auto Body, a similar company within the same industry. Analyze the data to glean information regarding the company’s profitability and any areas for improvement. Jim’s Auto Body Balance Sheet As of April 30, 2014 Assets: … Read more
Income Statement Revenues: 28,000 Less: Operating Expenses Rent Expense 1,200 Salaries Expense 4,500 Utilities Expense 300 Insurance Expense 100 Supplies Expense 400 Depreciation Expense 500 7,000 7,000 21,000 Balance Sheet Assets: Cash 101,800 Accounts Receivable 20,000 PP In 1,100 Supplies 2,600 Equipment 55,000 Accumulated Depreciation (500) Total Assets 180,000 Liabilities and Stockholders’ Equity Liabilities: … Read more
Chapter 4: Homework 1. The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should flow to (A) the income statement, (B) the statement of owner’s equity, or (C) the balance sheet. (1) Salaries Payable (7) Felipe Ramos, Drawing (2) Fees … Read more
Identify the relevant business cycles that are related in accounting. Include a brief description of each business cycle. For the revenue cycle, include the following audit objectives that you feel are the most relevant and that you will use in accordance with management assertions: Existence Completeness Accuracy or valuation Rights and obligations Presentation and disclosure
Game Stop (GME) Best Buy (BBY) I am comparing the two companies for my accounting class and need to answer these questions using the report down below. 1. Executive Summary (1 page): The final hand-in should start with an Executive Summary. This executive summary should be brief and serve as a summary of the important … Read more
Identify the relevant business cycles that are related in accounting. Include a brief description of each business cycle. For the revenue cycle, include the following audit objectives that you feel are the most relevant and that you will use in accordance with management assertions: Existence Completeness Accuracy or valuation Rights and obligations Presentation and disclosure
Mr. Right and Mr. Wrong own an antique store in a partnership. They share profits and losses equally and receive an annual salary of $50,000, as per the partnership agreement. Mr. Right travels the country buying antiques. Mr. Wrong manages the store. From time to time, they use some of the small items from the … Read more
Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions: Two partners, A and B, start a partnership. Partner A’s investment is the following: … Read more
