Q1 and Q2 – Adjustments and Financial statements Balance sheet for Stoscheck before and after adjustments; Income statement for Stoscheck before and after adjustments; Six adjustments for Stoscheck;
Journal entries for Stoscheck. Assumption: The loan would be recorded as additional cash
Stoscheck Moving Corp.
Income Statement
At December 31, 2012 original Corrected
Transportation revenue $ 85,000 100.0% $ 78,000 100.0%
Expenses
Salaries expenses $ 17,000 36.2% $ 20,200 31.9%
Supplies expense $ 12,000 25.5% $ 14,200 22.4%
Depreciation expense $ - 0.0% $ 8,000 12.6%
Other expense $ 18,000 38.3% $ 21,000 33.1%
Total expenses $ 47,000 100.0% $ 63,400 100.0%
Income before tax deduction $ 38,000 $ 14,600
Income Tax Exp. $ - 0.0% $ 5,110
Net income after tax deductions $ 38,000 $ 9,490
Stoscheck moving corp
Journal Entries
Item Description Debit Credit
A Supplies (-A) $ 2,200 Supplies expense(+E,-SE) $ 2,200
B Prepaid insurance (-A) $ 3,000 Other expenses (+E,-SE) $ 3,000
C Equipment depreciation (-A) $ 8,000 Depreciation Expense (+E,-SE) $ 8,000
D unpaid salaries(+L) $ 3,200 Salaries expense(+E,-SE) $ 3,200
E Pre-paid revenues (+L) $ 7,000 Transportation revenue(-SE) $ 7,000
F Income tax (+E) $ 5,110 Retained earnings(-SE) $ 5,110
Q3 – Omissions of the adjusting entries caused:
a. Net income to be OVERSTADED by $28,510.00
b. Total Assets on the balance sheet to be OVERSTADED by $13,200.00
c. The total liabilities on the balance sheet to be
Basic Accounting Concepts and Business Structures Pamela Inkelaar University of Phoenix Hung Tran ACC 537 February 2, 2015 Basic Accounting Concepts and Business Structures Topic 1: Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important. Accounting has multiple forms and concepts depending on the type of business. This paper is going to identify the sources of generally accepted accounting principles;…
Explaining Basic Accounting Concepts and Business Structures Tiffany Jacobs ACC/537 Financial Accounting Word Count: 752 Generally Accepted Accounting Principles & Sources General Accepted Accounting Principles (GAAP) are standards and procedures used by companies to assemble their financial statements. A company’s financial are regulated by these standards in order to provide sound support documentation to end- users. These reports have internal end-users such as management…
Earthbound Basics Business Plan Amber Davis Axia College of University of Phoenix The concept of Earthbound Basics came shortly after a small community suggested ways to improve the town. Many people enjoy the basic services most small towns provide like a butcher shop, bakery, and even some clothing outlets. However, one thing the community wanted was an eco-friendly fitness center. Earthbound Basics will provide the town with a fitness center that will accommodate multiple fitness classes…
Basics of Accounting for High School Students Brittney Dial American Intercontinental University Accounting 1&2 March 31, 2013 Basics of Accounting for High School Students 2 Hello students! I welcome you to the world of accounting. You might wonder, what’s the point of crunching numbers behind…
Chapter 1-1 CHAPTER 1 MANAGERIAL ACCOUNTING Managerial Accounting, Fifth Edition Chapter 1-2 Study Study Objectives Objectives 1. Explain the distinguishing features of managerial accounting. 2. Identify the 3 broad functions of management. 3. Define the 3 classes of manufacturing costs. 4. Distinguish between product and period costs. 5. Explain the differences between a merchandising and a manufacturing income statement. Chapter 1-3 Study Study Objectives Objectives 6. Indicate…
Business Administration Department of Accounting, Law and Taxation Fundamentals of Accounting – ACCT 204 Dr. Irene K. Douma Syllabus/Assignment Schedule Spring 2013 Office telephone: 973.655.5166 Office Hours: T 11:20 AM to 12:50 PM Dept. telephone: 973.655.4174 PA311 R 11:20 AM to 12:50 PM doumai@mail.montclair.edu and by appointment Course Description: This course provides a foundation for non-accounting business majors. Topics covered include…
Kudler Accounting System Paper Jon Lazar BSA/310 January 23, 2012 Jaclyn Krause Kudler Accounting System Paper These days it is especially important to pay attention to details when it comes to deciding if your accounting system is providing the kind of information that may be required of you to produce. I think legal requirements and government regulations are becoming more demanding as to what they expect to see if someone such as the I.R.S. were to show up and ask for an audit. I…
3 The Accounting Information System Prepared by: Dragan Stojanovic, CA Rotman School of Management, University of Toronto The Accounting Information System Accounting Information System •Basic terminology •Debits and credits Accounting Cycle •Identifying and recording •Journalizing •Accounting equation •Posting •Financial statements •Trial balance and ownership •Adjusting entries structure •Adjusted trial balance •Closing •Post-closing trial balance •Reversing entries •The accounting cycle…
"Louisville Bats Basic ERP Concepts" which ties into chapter 1. There will be questions on these. Please review your movie notes. You also looked at the Digital Hospital Movie at http://www.youtube.com/watch?v=4wjZTSMS5QA This movie ties into both Chapter 2 and 4. There will be questions on these. Please review your movie notes. Please review SAP Exercise 1 Basic Navigation for Navigation questions. Refer to the Navigation Power Points as well. In Chapters 1 and 2 please know the basic ERP concepts…
Week 1 Review Clifton Riggins, Terri Clark, Tiffany Moore ACC/290 Principals of Accounting I Dena Breece There are four basic financial statements; Income statement, retained earning statement, balance sheet, and a statement of cash flow. An income statement is a statement that shows how your business is doing during a certain period of time. For instance in the month of February if your company had a gain of 2% it would be shown of the income statement, likewise if the companies’ profits…