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Accounting week 1 | Accounting homework help

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PART I: SHORT RESPONSE

 

Directions: Please respond to each of the following questions.  Write at least 3 to 5 sentences for each question.

 

1.   List and explain the four items under the umbrella of owner’s equity, including whether it increases or decreases overall equity.

 

2.   What is the fundamental accounting equation, including examples of each item of the equation?

 

3.   Explain the separate entity concept, including why it is important to accounting.

 

PART II: APPLICATION

 

Directions: Please answer each of the following questions.  Show your work as necessary.

 

1.   T. Richtor established her own business, called Richtor’s Self-Storage.  Use the account headings presented below in the expanded accounting equation to record the monthly transactions.

 

Assets

=

Cash + Accounts Receivable + Supplies + Prepaid Insurance + Office Equipment

 

 

 

Liabilities

+

Owner’s Equity

Accounts Payable

T. Richtor, Capital  T. Richtor, Drawing + Revenue  Expenses
       

 

a.

Deposited $12,000 in a bank account in the name of the business.

b.

Bought office equipment on account from Molly Company, $3,100.

c.

Paid rent for the month, $2,400.

d.

Bought supplies for cash, $450.

e.

Paid wages, $980.

f.

Received cash for storage services, $3,600.

g.

Received and paid the utility bill, $252.

h.

Paid Lar’s Graphics for advertising, $428. (The bill was not previously recorded.)

i.

Paid for a one-year liability insurance policy, $835.

j.

Billed customers for storage services on account, $3,370.

k.

Received cash for storage services, $2,300.

l.

Paid wages, $990.

m.

Paid Molly Company $1,100 as partial payment on the office equipment bought in transaction b.

n.

Richter withdrew $1,200 for personal use.

 

Instructions:

1.

Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure that the equation remains in balance.

2.

Write the proof of totals at the bottom to show that one side of the equation equals the other side.

 

Assets

=

> 

 

 

 

Accounts

 

 

 

Prepaid

 

Office

 

> 

 

Cash

+

Receivable

+

Supplies

+

Insurance

+

Equipment

=

> 

a.

 

 

 

 

 

 

 

 

 

 

> 

b.

 

 

 

 

 

 

 

 

 

=

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

c.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

d.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

e.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

f.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

g.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

h.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

i.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

j.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

k.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

l.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

m.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

n.

 

 

 

 

 

 

 

 

 

 

> 

Bal.

 

 

 

 

 

 

 

 

 

=

> 

 

< 

 

Liabilities

+

Owner’s Equity

< 

 

Accounts

 

T. Richtor,

 

T. Richtor,

 

 

 

 

< 

 

Payable

+

Capital

Drawing

+

Revenue

Expenses

< 

a.

 

+

 

 

 

 

 

 

 

< 

b.

 

 

 

 

 

 

 

 

 

< 

Bal.

 

+

 

 

 

 

 

 

 

< 

c.

 

 

 

 

 

 

 

 

 

< 

Bal.

 

+

 

 

 

 

 

 

< 

d.

 

 

 

 

 

 

 

 

 

< 

Bal.

 

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e.

 

 

 

 

 

 

 

 

 

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Bal.

 

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f.

 

 

 

 

 

 

 

 

 

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Bal.

 

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g.

 

 

 

 

 

 

 

 

 

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Bal.

 

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+

 

 

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h.

 

 

 

 

 

 

 

 

 

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Bal.

 

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+

 

 

< 

i.

 

 

 

 

 

 

 

 

 

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Bal.

 

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j.

 

 

 

 

 

 

 

 

 

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k.

 

 

 

 

 

 

 

 

 

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< 

n.

 

 

 

 

 

 

 

 

 

< 

Bal.

 

+

 

 

+

 

 

 

Left Side of Equals Sign:

 

 

Right Side of Equals Sign:

 

Cash

$ 

 

Accounts Payable

$ 

Accounts Receivable

 

 

T. Richtor, Capital

 

Supplies

 

 

T. Richtor, Drawing

 

Prepaid Insurance

 

 

Revenue

 

Office Equipment

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

2.   On September 1 of this year, B. Rourk established Rourk Delivery Service.  During the month, the company had the following transactions:

 

a.

B. Rourk invested $24,000 in the business (increase Cash; increase B. Rourk, Capital).

b.

Bought two used delivery vans from The Van Lot for $20,000 and paid $5,000 as a down payment (increase Delivery Equipment, $20,000; decrease Cash, $5,000; increase Accounts Payable, $15,000).

c.

Received $2,500 in cash for delivery services (increase Cash; increase Delivery Service Income).

d.

Received bill from Central News for advertising, $350 (increase Advertising Expense; decrease Cash).

e.

Billed Hager Surgical Supply for delivery services provided, $620 (increase Accounts Receivable; increase Delivery Service Revenue).

f.

Received and paid telephone bill, $100 (decrease Cash; decrease Telephone Expense).

g.

Rourk invested in his business office equipment having a fair market value of $960 (increase Office Equipment; decrease Cash).

h.

Received and paid bill for gas and oil, $150 (decrease Cash; increase Maintenance Expense).

i.

Paid $350 to Central News to pay account in full (increase Advertising Expense; increase Cash).

j.

Received $2,900 cash for delivery services performed (increase Cash; increase Delivery Service Revenue).

k.

Rourk withdrew $1,100 for personal use (decrease Cash; increase Wages Expense).

l.

Received $400 from Hager Surgical Supply to apply on account (increase Cash; increase Delivery Service Revenue).

m.

Paid wages to part-time employee, $800 (increase Wages Expense; decrease Cash).

 

Instructions:

Find six errors that were made in recording the transactions, and state how they should have been recorded.

 

3.   L. Hamilton established his own business, called Fix-It Yourself.  Using the fundamental accounting equation, record the transactions for the month provided below for the business:

 

Assets

=

Liabilities

+

Owners Equity

Accounts Used

 

a.)    Owner deposited $5,800 in a bank account in the name of the business.

b.)    Company bought equipment, paying cash, $1,500.

c.)    L. Hamilton invested personal equipment in the business with fair market value of $3,300.

d.)   Company bought supplies on account from a creditor, $750.

e.)    Company paid creditor from transaction d, $250.

f.)     Owner deposited $1,000 in personal checking account.

 

Instructions:

1.

Record the transactions in columnar form including the following:

 

    *write plus and minus signs,

 

    * show the balance after each transaction to verify

 

    *and list the account titles needed to record each transaction.

2.

Write the proof of totals at the bottom to show that one side of the equation equals the other side.

 

 

 

Assets

=

Liabilities

+

Owners Equity

Accounts Used

a.)

 

=

 

 

 

 

b.)

 

=

 

 

 

 

 

 

=

 

 

 

 
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July 1, 2023
    

  

PLEASE MAKE SURE AND USE THE ATTACHED TEMPLATE TO COMPLETE THE ASSIGNMENT!

PLEASE READ THE ATTACHMENT ON HOW TO EARN FULL CREDIT FOR THE ASSIGNMENT

CORPORATION: PROCTOR AND GAMBLE

Overview

In this assignment, you are to use the same corporation you selected and focused on for Assignment 1: Strategic Management and Strategic Competitiveness and Assignment 2: External and Internal Environments.

Research the company on its own website, the public filings on the Securities and Exchange Commission EDGAR database, the University's online databases, the Nexis Uni database, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.

Requirements

Write a six- to eight-page paper in which you do the following:

· Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the corporate-level strategies for the corporation you chose to determine the corporate-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the competitive environment to determine the corporation's most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Justify your choice.

· Determine whether your choice from Question 3 would differ in slow-cycle and fast-cycle markets.

· Use at least three quality references. Note: Wikipedia and other websites do not quality as academic resources. 

Your assignment must follow these formatting requirements:

· This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow SWS or school-specific format. Check with your professor for any additional instructions.

· Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length. 

Use the Assignment 3 Template [DOC] to ensure that your assignment meets the above requirements.

The specific course learning outcome associated with this assignment is as follows:

· Determine business-level and corporate-level strategies for a corporation's long-term success comparable to the competitive environment.

Grading for this assignment will be based on answer quality, logic and organization of the paper, and language and writing skills, using the scoring rubric.

default image
July 1, 2023
    

  

PLEASE MAKE SURE AND USE THE ATTACHED TEMPLATE TO COMPLETE THE ASSIGNMENT!

PLEASE READ THE ATTACHMENT ON HOW TO EARN FULL CREDIT FOR THE ASSIGNMENT

CORPORATION: PROCTOR AND GAMBLE

Overview

In this assignment, you are to use the same corporation you selected and focused on for Assignment 1: Strategic Management and Strategic Competitiveness and Assignment 2: External and Internal Environments.

Research the company on its own website, the public filings on the Securities and Exchange Commission EDGAR database, the University's online databases, the Nexis Uni database, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.

Requirements

Write a six- to eight-page paper in which you do the following:

· Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the corporate-level strategies for the corporation you chose to determine the corporate-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the competitive environment to determine the corporation's most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Justify your choice.

· Determine whether your choice from Question 3 would differ in slow-cycle and fast-cycle markets.

· Use at least three quality references. Note: Wikipedia and other websites do not quality as academic resources. 

Your assignment must follow these formatting requirements:

· This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow SWS or school-specific format. Check with your professor for any additional instructions.

· Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length. 

Use the Assignment 3 Template [DOC] to ensure that your assignment meets the above requirements.

The specific course learning outcome associated with this assignment is as follows:

· Determine business-level and corporate-level strategies for a corporation's long-term success comparable to the competitive environment.

Grading for this assignment will be based on answer quality, logic and organization of the paper, and language and writing skills, using the scoring rubric.

default image
July 1, 2023
    

  

PLEASE MAKE SURE AND USE THE ATTACHED TEMPLATE TO COMPLETE THE ASSIGNMENT!

PLEASE READ THE ATTACHMENT ON HOW TO EARN FULL CREDIT FOR THE ASSIGNMENT

CORPORATION: PROCTOR AND GAMBLE

Overview

In this assignment, you are to use the same corporation you selected and focused on for Assignment 1: Strategic Management and Strategic Competitiveness and Assignment 2: External and Internal Environments.

Research the company on its own website, the public filings on the Securities and Exchange Commission EDGAR database, the University's online databases, the Nexis Uni database, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.

Requirements

Write a six- to eight-page paper in which you do the following:

· Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the corporate-level strategies for the corporation you chose to determine the corporate-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.

· Analyze the competitive environment to determine the corporation's most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Justify your choice.

· Determine whether your choice from Question 3 would differ in slow-cycle and fast-cycle markets.

· Use at least three quality references. Note: Wikipedia and other websites do not quality as academic resources. 

Your assignment must follow these formatting requirements:

· This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow SWS or school-specific format. Check with your professor for any additional instructions.

· Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length. 

Use the Assignment 3 Template [DOC] to ensure that your assignment meets the above requirements.

The specific course learning outcome associated with this assignment is as follows:

· Determine business-level and corporate-level strategies for a corporation's long-term success comparable to the competitive environment.

Grading for this assignment will be based on answer quality, logic and organization of the paper, and language and writing skills, using the scoring rubric.

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By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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