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Gerald Said:

Need accounting homework help!!!!!!!?

We Answered:

When asking for the cash balance, it just wants to know how much cash you have at the end of the year.

As far as the additional info:
1: Used to calculate depreciation. If there is a B or C part of the question that asks for a balance sheet or adjusting entries, you would have to use this information. However, a lot of accounting problems throw in useless information.
2: regarding the 9,800 rent payments, that would be a 15 year lease (9,800-800=9,000/50=180/12=15) This could also be used on the balance sheet (the amount of prepaid rent still available) and the adjusting entries (how much of the rent was used)
3: As you can see, there was at one point 8,400 in supplies, so obviously some have been used/sold.

Is the calculate a cash balance the only part of the problem?


Edit:
Assuming you know how to set up those financial statements, you need to think critically to find out the cost of goods sold. Due to the fact that it doesn't say what is direct labor or not, I would take the revenue(60,350) subtract the supplies used (8,400-1,040) and also subtract the amount used for salaries (19,850)

Again, for the balance sheet you need to use all of the additional information. The balance sheet is easy, you're just listing assets and liabilities and their account balances. I also just noticed, I think you mistyped "50" instead of "500" for additional information part 3, which would mean she paid for 18 months of rent... 6 of which would be considered prepaid rent. I believe the lease deposit would be a different account.

I could be wrong, but this is what I would do.

Bernard Said:

New Insurance Agent having trouble!!?

We Answered:

The calcualtion depends up on the product there is no standard rule for calculating the premium,For ULIP's the method is different and for the traditional products the method is different ( i am a financial consultant by profession )