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Eddie Said:

pls help me. Financial Statements 2.1 Consider the following balance sheet entries for War Eagle Corporation?

We Answered:

I recommend the following text reading to solve your problems.

esminfo.prenhall.com/sample_chapters/p…

Vivian Said:

Personal finance help only 10 questions!?

We Answered:

1. Lease
2. Bumper to bumper warranty
3. Depreciation
4.
5. Insurance premiums
6. Reliability
7.
8. Wholesale value
9.
10 Kelly blue book...

Nina Said:

Accounting question of course having a real hard time.?

We Answered:

1) classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset).

1.subscriptions received in advance by a magazine publisher. - (b) deferred revenue (unearned revenue)
2. A 2-year premium paid on a fire insurance policy - (a) deferred expense (prepaid expense)
3.Fees received but not yet earned - (b) deferred revenue (unearned revenue)
4. Fees earned but not yet received. - (d) accrued revenue (accrued asset).
5. Utilities owed but not yet paid. - (c) accrued expense (accrued liability)
6. Supplies on hand - (a) deferred expense (prepaid expense)
7.Salary owed but not yet paid - (c) accrued expense (accrued liability)
8.Taxes owed but payable in the following period. - (c) accrued expense (accrued liability)

2)Oceanside Realty Co. Pays weekly salaries of $3,700 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends
(a) on Wednesday
Dr Salaries expense $2,220 (at $740 a day)
Cr Salaries payable $2,220

(b) on Thursday
Dr Salaries expense $2,960
Cr Salaries payable $2,960

In both cases, salaries expense and liabilities will increase

3) At the end of the current year, $41,980 of fees have been earned but have not been billed to clients.
a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
Dr Accrued receivables $41,980
Cr Fees revenue $41,980

Receivables (asset) and revenue both increase.

b. If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary ? Explain.
No adjustment necessary under the cash basis since no cash was received.

4)At the balance sheet date, a business owes a mortgage note payable of $350,000, the terms of which provide for monthly payment of $7,000. Explain how the liability should be classified on the balance sheet.
Current liabilities
Current portion of mortgage loan $84,000 (i.e. $7,000 per mth x 12 mths)

Non-current liabilities
Mortgage loan $266,000

Terry Said:

Haven't been able to sell our old house, should we foreclose? Or what?

We Answered:

if you have any offer in this country right now, do a short sale totally beats foreclosure on yer credit, chances of you getting a loan right now slim to none w/ the economy no ones lending most lenders will do a short sale or deed in lue[voluntary foreclosure if you qualify way better then them foreclosing] don't wait you only have so long for these options and renting, most can't pay there bills so rent may not get paid if yer not right there to deal w/ tenants [DON'T DO IT] just went thru this, completely remodeled house power trashed, people say just sue them how do get blood out of a turnip good luck

Antonio Said:

Classification of Cash Flow Transactions Help?

We Answered:

Abbreviations:
Operating Activity (OA), Investing Activity (IA), Financing Activity (FA), Noncash Transaction (NT)
Increase (I), Decrease (D), No Effect (NE)

1. Paid a cash dividend - FA, D

2. Decreased accounts receivable - OA, I

3. Increased inventory - OA, D

4. Incurred a net loss - OA, D

5. Declared and issued a stock dividend - NT, NE

6. Retired long-term debt with cash - FA, D

7. Sold available-for-sale securities at a loss -
Loss added to net income (OA, I), and actual proceeds from sale under IA, I

8. Issued stock for equipment - NT, NE

9. Decreased prepaid insurance - OA, I

10. Purchased treasury stock with cash - FA, D

11. Retired a fully depreciated truck (no gain or loss) - NT, NE

12. Increased interest payable - OA, I

13. Decreased dividends receivable on investment - IA, I

14. Sold treasury stock - FA, I

15. Increased income taxes payable - OA, I

16. Transferred cash to money market account - IA, D

17. Purchased land and building with a mortgage - NT, NE