All categories

3 years ago

The steps of the accounting cycle are presented below. Identify the correct order of the steps.

Business

1 answer:

pashok25 [27]3 years ago

4 0

Answer:

The correct order is as follows:

a. Start with beginning account balances.

First start with the opening balances which are the closing balances from the last period.

b. Analyze and journalize transactions as they occur.

Enter transactions into their journals as they occur.

c. Post journal entries to the accounts.

Post the entries from the journals to the relevant accounts in the company books.

d. Compute the unadjusted balance in each account and prepare the unadjusted trial balance.

Prepare the unadjusted trial balance based on those entries.

e. Enter the unadjusted trial balance on the worksheet and complete the worksheet (optional).

f. Journalize and post adjusting entries.

There might be errors so you would need to adjust the entries and then journalize them.

g. Prepare the adjusted trial balance.

Using these adjusted entries, prepare an adjusted trial balance.

h. Prepare the financial statements.

The adjusted balances will be used to construct financial statements such as the Balance sheet.

i. Journalize and post the closing entries.

Post the closing entries to the books.

j. Prepare the post-closing trial balance.

Then prepare the final trial balance which is also called the post-closing trial balance.

You might be interested in

An author just signed a lucrative contract with a publisher that offers to pay her the amount of $500 at the end of year 9 when

solong [7]

Answer:

Ans. The annuity that will be equivalent to the publisher´s advance would be $26.40 per year, for 9 years at 7% interest rate.

Explanation:

Hi, first, let´s bring that $500 to be paid in 9 years to present value, we need to use the following formula.

$PresentValue=\frac{FutureValue}{(1+r)^{n} }$

Where: r is our discount rate (7%) and n the periods from now when she will receive that $500 amount. This should look like this.

$PresentValue=\frac{500}{(1+0.07)^{9} } =271.97$

Ok, so the equivalent amount of money today of those $500 in nine years is $271.97, but the author wants $100 today so the remaining amount has to be used to find the equal annual payments to be made in order to be equivalent to re remaining balance ($171.97). We now need to use the following equation.

$Present Value=\frac{A((1+r)^{n}-1 )}{r(1+r)^{n} }$

And we solve for "A" like this

$171.97=\frac{A((1+0.07)^{9}-1 )}{0.07(1+0.07)^{9} }$

$171.97=\frac{A(0.838459212 )}{0.128692145}$

$171.97=A(6.515232249)$

$A=\frac{171.97}{6.515232249} = 26.40$

Therefore, the equivalent amount of money of $500 in 9 years is $100 today and $26.40 every year, at the end of the year, for nine years.

Best of luck.

4 0

3 years ago

According to Carl Jung, what are the two main ways that people process information?

nata0808 [166]

The answer is A. Thinking and sensing

The thinking type will rely on their analysis capabilities to process information, and make their decision based on their analysis projection

Meanwhile, the sensing type will rely on their 5 senses to process information, which mean they have to experience it first before they can make their decision

4 0

3 years ago

Income Statement, Direct and Indirect Cost Concepts, Service Company

Fofino [41]

Answer:

Send It Packing

1. The cost of materials used for packaging and mailing services during May is $11,550.

2. The prime cost for May is $51,170 (direct materials and labor and direct overhead)

3. The conversion cost for May is $43,700 (labor and overhead)

4. The total cost of services for May is $55,250

5. Income Statement for the month of May

Service Revenues $102,100

Cost of services:

Cost of materials used $11,550

Cost direct labor used 25,570

Overhead incurred 18,130 $55,250

Gross profit $46,850

Franchise fee $5,105

Advertising expense 2,750

Administrative costs 3,650 $11,505

Net income $35,345

6. The overhead incurred has $14,050 direct and $4,080 indirect costs. The direct cost was paid to the courier companies for delivery services. The indirect costs were incurred for rent, utilities, and insurance.

Explanation:

a) Data and Calculations:

Beginning inventory of materials = $1,050

Purchases of materials = $11,450

Materials available for use = $12,500

Ending inventory of materials = $950

Cost of materials used = $11,550

Cost direct labor used = 25,570

Overhead incurred = 18,130

Franchise fee (5% of $102,100) 5,105

Advertising expense = 2,750

Administrative costs 3,650

8 0

3 years ago

You eat an entire box of cookies the night before you attend a weight watchers meeting. this is an example of

oee [108]

The behavior of having to eat the entire box of cookies before attending the weight watchers meeting is an example of having the feeling of overwhelmed by obligations that the person would likely execute conflict. It is seen above as because the person has the obligation of having to have his or her weight to be monitored, he or she has felt the need or urge of having to do some things that he or she wasn't able to do because of it, that is why he or she has arise in the conflict of having to do something that he or she wasn't supposed to do such as eating the box of cookies.

8 0

4 years ago

Consider the following information: State Probability Stock A Stock B Stock C Boom 0.32 -0.01 0.23 0.2 Bust 0.68 0.21 -0.06 -0.0

gregori [183]

Answer:

the expected return of a portfolio that has invested is 0.0625

Explanation:

The computation of the expected return of a portfolio is shown below;

= (0.32 × (6052 × (-0.01) + 5060 × 0.23 + 8047 × 0.2) + 0.68 × (6052 × 0.21 + 5060 × (-0.06) + 8047 × (-0.06))) ÷ (6052 + 5060 + 8047)

= 0.0625041808027559

= 0.0625

Hence, the expected return of a portfolio that has invested is 0.0625

Therefore the same should be considered and relevant

4 0

3 years ago