Question : 93.A company’s December 31 work sheet for the current period : 1236867

Accounting

93.A company’s December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?

A.$3,305.

B.$4,180.

C.$2,350.

D.$2,540.

E.$3,225.

94.Which of the following errors would cause the Balance Sheet and Statement of Owner’s Equity columns of a work sheet to be out of balance?

A.Entering an asset amount in the Income Statement Debit column.

B.Entering a liability amount in the Income Statement Credit column.

C.Entering an expense amount in the Balance Sheet and Statement of Owner’s Equity Debit column.

D.Entering a revenue amount in the Balance Sheet and Statement of Owner’s Equity Debit column.

E.Entering a liability amount in the Balance Sheet and Statement of Owner’s Equity Credit column.

95.The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments columns contain entries for the following:1. Office supplies used during the period, $1,200.2. Expiration of prepaid rent, $700.3. Accrued salaries expense, $500.4. Depreciation expense, $800.5. Accrued service fees receivable, $400.The Adjusted Trial Balance columns total is:

A.$80,400.

B.$84,000.

C.$85,700.

D.$85,900.

E.$87,600.

1. Supplies Expense$1,200

2. Rent Expense700

3. Salaries Expense500

4. Depr. Expense800

5. Accts. Receivable400

96.The balances in the unadjusted columns of a work sheet will agree with:

A.the balances reflected in the company’s financial statements.

B.the balances reflected in the company’s unadjusted trial balance.

C.whatever balances management has decided to report.

D.the balances in the company’s post-closing trial balance.

E.the balances management budgeted for the accounting period.

97.In the process of completing a work sheet, the accountant determines that the Income Statement debit column totals $83,000, while the Income Statement credit column totals $65,000. To enter net income (or net loss) for the period into the work sheet would require an entry to

A.the Adjustments debit column and the Adjustments credit column.

B.the Unadjusted Trial Balance debit column and the Adjustments credit column.

C.it is not practical to enter Net Income (or Net Loss) on the work sheet.

D.the Balance Sheet & Statement of Owner’s Equity debit column and the Income Statement credit column.

E.the Income Statement debit column and the Balance Sheet & Statement of Owner’s Equity credit column.

98.The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner’s capital account is the:

A.Income Summary account.

B.Closing account.

C.Balance column account.

D.Contra account.

E.Nominal account.

99.K. Canopy, the proprietor of Canopy Services, withdrew $5,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is:

A.Debit K Canopy, Withdrawals $5,700; credit Cash, $5,700

B.Debit K. Canopy, Capital $5,700; credit K. Canopy, Withdrawals $5,700

C.Debit K. Canopy, Withdrawals $5,700; credit K. Canopy, Capital $5,700

D.Debit K. Canopy, Capital $5,700, credit Salary Expense $5,700

E.Debit Income Summary $5,700; credit K Canopy, Capital $5,700

100.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner’s capital account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

A.Debit T. Westmont, Capital $297,000; credit Income Summary $297,000

B.Debit T. Westmont, Capital $63,300; credit Income Summary $63,300

C.Debit Income Summary $63,300; credit T. Westmont, Capital $63,300

D.Debit Income Summary $81,300, credit T. Westmont, Capital $81,300

E.Debit T. Westmont, Capital $81,300; credit Income Summary $81,300

101.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner’s capital account before closing had a balance of $297,000. The Net Income for the year is:

A.$185,000

B.$63,300

C.$81,300

D.$360,300

E.$378,300

102.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner’s capital account before closing had a balance of $297,000. The ending owner’s capital balance after closing is:

A.$185,000

B.$63,300

C.$81,300

D.$360,300

E.$378,300

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July 1, 2023

The example uses a different case. Your submission should not be more than 7 pages long.

Use the attached file to find the case you have been assigned.

Purpose: The purpose of this is to enable you to meet the following goals:

Understand the role of a tax practitioner
Identify the tax issues involved in a scenario
Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
Be able to articulate and defend a tax position in writing.

Task: In order to successfully complete this assignment you must:

Prepare a memorandum to the tax manager outlining the information you found in your research.
Format the memo to include:
- Restatement of Facts (paraphrase)
- Identify at least three main issues based on these facts
- Provide a conclusion for each issue
- Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue.
- Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material.
Submit the assignment using a Turnitin assignment dropbox.
- Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content. Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper. Upon submission you will be able to see your score immediately, as others submit their papers your score may increase. Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.
- I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office.
- I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

The writing assignment will be graded based on grammar, style of writing, logical development of ideas, critical thinking skills, and technical accuracy of the analysis and conclusions, using a rubric, which is found below.

Assignments will be evaluated on:

Completion of assigned task (instructions)
Quality of content and research
Presentation of material

July 1, 2023

The example uses a different case. Your submission should not be more than 7 pages long.

Use the attached file to find the case you have been assigned.

Purpose: The purpose of this is to enable you to meet the following goals:

Understand the role of a tax practitioner
Identify the tax issues involved in a scenario
Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
Be able to articulate and defend a tax position in writing.

Task: In order to successfully complete this assignment you must:

Prepare a memorandum to the tax manager outlining the information you found in your research.
Format the memo to include:
- Restatement of Facts (paraphrase)
- Identify at least three main issues based on these facts
- Provide a conclusion for each issue
- Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue.
- Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material.
Submit the assignment using a Turnitin assignment dropbox.
- Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content. Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper. Upon submission you will be able to see your score immediately, as others submit their papers your score may increase. Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.
- I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office.
- I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

Assignments will be evaluated on:

Completion of assigned task (instructions)
Quality of content and research
Presentation of material

July 1, 2023

The example uses a different case. Your submission should not be more than 7 pages long.

Use the attached file to find the case you have been assigned.

Purpose: The purpose of this is to enable you to meet the following goals:

Understand the role of a tax practitioner
Identify the tax issues involved in a scenario
Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
Be able to articulate and defend a tax position in writing.

Task: In order to successfully complete this assignment you must:

Prepare a memorandum to the tax manager outlining the information you found in your research.
Format the memo to include:
- Restatement of Facts (paraphrase)
- Identify at least three main issues based on these facts
- Provide a conclusion for each issue
- Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue.
- Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material.
Submit the assignment using a Turnitin assignment dropbox.
- Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content. Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper. Upon submission you will be able to see your score immediately, as others submit their papers your score may increase. Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.
- I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office.
- I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

Assignments will be evaluated on:

Completion of assigned task (instructions)
Quality of content and research
Presentation of material

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Question : 93.A company’s December 31 work sheet for the current period : 1236867

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