Accounting Real World Applications And Connections 1st Edition McGraw-Hill Education - Solutions

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Describe the Sarbanes-Oxley Act.
Identify the accounting organizations that establish codes of ethics for the profession.
Explain the key principles an accountant is expected to follow.
Discuss how ethical behavior benefits individuals, businesses, and society.
Identify the role of the accountant in business ethics.
Describe the components of business ethics.
Explain the meaning of ethics.
Prepare the final entry to liquidate a partnership.
Account for partnership liquidation gains.
Account for partnership liquidation losses.
Prepare the Partners’ Equity section of a balance sheet.
Prepare a statement of changes in partners’ equity.
Prepare an income statement for a partnership.
Allocate profits and losses to the partners by different methods.
Identify the various accounting functions involved with a partnership.Account for investments in a partnership.Account for partners’withdrawals.
Identify the characteristics of a partnership.
Journalize transactions involving notes receivable.
Journalize transactions involving notes payable.
Explain the difference between interest-bearing and non-interest-bearing notes.
Calculate and record notes payable and notes receivable.
Explain how businesses use promissory notes.
Explain the accounting principles of consistency and conservatism.
Assign a value to merchandise inventory using the lower-ofcost-or-market rule.
Determine the cost of merchandise inventory using the specific identification;first-in, first-out; last-in, firstout;and weighted average cost methods.
Take a physical inventory count and record inventories.
Explain the difference between a periodic and a perpetual inventory system.
Explain the importance of main taining accurate inventory records.
Describe two methods to estimate uncollectible accounts expense.
Use the allowance method to record uncollectible accounts.Record the collection of an account previously written off.
Calculate bad debts expense.Make an adjusting entry for uncollectible accounts.
Use the direct write-off method for uncollectible accounts.
Determine uncollectible accounts receivable.
Explain methods used to write off uncollectible accounts.
Prepare depreciation schedules.
Record depreciation of plant assets.
Determine the book value of a plant asset.
Calculate partial-year depreciation of plant assets.
Calculate annual depreciation of plant assets.
Identify plant assets.Explain the need to depreciate plant assets.
Determine whether cash is short or over, and record the shortage or overage.
Journalize replenishing a petty cash fund.
Use a petty cash register to record petty cash disbursements.
Prepare a petty cash requisition to replenish the petty cash fund.
Journalize opening a petty cash fund.
Open and replenish a petty cash fund.
Prove the cash in the cash register drawers each business day.
Record the entry to establish a change fund.
Prepare financial statements for publicly held corporations.
Prepare journal entries to record the distribution of earnings to owners.
Prepare journal entries to record the issue of stock to investors.
Describe the characteristics of the corporate form of business organization.
Describe the steps in the accounting cycle.
Prepare a post-closing trial balance.
Post closing entries to the general ledger accounts.
Journalize closing entries for a merchandising corporation.
Analyze the financial data contained on the statements.
Prepare an income statement, statement of retained earnings, and balance sheet, and describe the statement of cash flows for a merchandising corporation.
Explain how a corporation’s financial state ments differ from a sole proprietorship’s.
Explain the relationship between the work sheet and the financial statements for a merchandising corporation.
Explain how to record ownership of a corporation.
Journalize the adjustments.
Calculate the adjustments.Prepare a ten-column work sheet.
Determine which general ledger accounts to adjust.
Generate trial balances and end-of-period adjustments.
Prepare a schedule of accounts payable.
Post from the purchases and cash payments journals to the general ledger and the accounts payable subsidiary ledger.Total, prove, and rule the purchases and cash payments journals.
Record payroll transactions in the cash payments journal.
Record transactions in the pur chases and cash payments journals.
Explain the purpose of the pur chases and cash payments journals.
Prepare a schedule of accounts receivable.
Post column totals from the sales and cash receipts journals to general ledger accounts.
Record transactions in sales and cash receipts journals.Post from the sales and cash receipts journals to customer accounts in the accounts receivable subsidiary ledger.Foot, prove, total, and rule the sales and cash receipts journals.
Identify the special journals and explain how they are used in a merchandising business.
Post to the accounts payable subsidiary ledger.
Record a variety of purchases and cash payment transactions.
Analyze transactions relating to the purchase of merchandise.
Identify controls over cash.
Describe the accounts used in the purchasing process.
Explain the procedures for pro cessing a purchase on account.
The Sarbanes-Oxley Act of 2002 requires that independent auditors report to the client’s audit committee, not to the client’s management. The audit committee is independent of the management. Defend this requirement.
If accountants had no code of conduct, what behavioral guide should be used?
Compare and contrast ethics and the law.
If you were on a committee to establish a student code of ethics for your school, what would you include in it?
What is the purpose of a code of ethics?
Define business ethics.
Defend the requirement that creditors must be paid before partners can distribute remaining cash in a liquidation process.
After selling all partnership assets and paying all creditors, the capital account balance of partner A is a $10,000 credit and of partner B is a $2,000 debit.What is the Cash in Bank balance? What entries would close the books?
Why does the final partnership liquidation entry involve just one asset account?
For each of the following transactions, state whether partners’ capital is debited or credited.a. Sold an asset at a loss.b. Sold an asset at a gain.c. Sold an asset at book value.
How is dissolution different from liquidation?
What happens when a partnership dissolves?
Defend the statement that a partnership agreement is advisable.
Analyze what you believe to be the most important advantage and disadvantage of the partnership form of organization.
Explain the purpose of withdrawals accounts for a partnership.
Three people form a partnership. A invests $10,000; B, $25,000; and C, $35,000.If they share net income of $100,000 based on their original investments, what is the profit sharing ratio, and how much would each partner receive?
Explain what mutual agency means in terms of a partnership.
Name three methods partners can use to divide net income and net loss.
Consider a $5,000, 6%, 180-day interest-bearing note and a non-interestbearing note for the same amount and time period with a bank discount of 6%. From the borrower’s point of view, which is the better loan and why?
You need to borrow $10,000 for six months. Interest rates are expected to drop from 7% to 5.5% within the next week. How much would you save by waiting an additional week to obtain your loan?
Explain the difference between interest expense and interest income.

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Accounting Real World Applications And Connections 1st Edition McGraw-Hill Education - Solutions

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