accounting 421206

Question 1 A&O Corp. had the following selected account balances as of 12/31/2012 before adjusting entries were made. Cash $90,000 Insurance expense 18,000 Accounts receivable 16,000 Supplies 6,400 Equipment 90,000 Accumulated depreciation 28,000 Unearned advertising revenue 5,000 Salaries expense 10,000 Rent expense 18,000 A&O’s accountant has provided you the following information: Insurance was paid in advance on 10/1/2012 for a one year period starting 10/1/2012 and the entire amount ($18k) was recorded in the insurance expense account.

Document Preview:

Don't use plagiarized sources. Get Your Custom Essay on
accounting 421206
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page
Order Essay

Question 1 A&O Corp. had the following selected account balances as of 12/31/2012 before adjusting entries were made. Cash?$90,000??Insurance expense? 18,000??Accounts receivable?16,000??Supplies? 6,400??Equipment?90,000??Accumulated depreciation? 28,000??Unearned advertising revenue?5,000??Salaries expense? 10,000??Rent expense?18,000?? A&O’s accountant has provided you the following information: Insurance was paid in advance on 10/1/2012 for a one year period starting 10/1/2012 and the entire amount ($18k) was recorded in the insurance expense account. Supplies remaining on hand at the end of the year were $3,000. Equipment was purchased on 10/1/2012 and it is being depreciated over 10 years by the straight line method. The salvage value of the equipment is $0. A&O has completed 50% advertising services due to clients, whose advance cash payments were recorded above. Rent ($18,000) was paid in advance on 11/30/2012, for 6 months (11/30/2012 to5/31/2013) and A&O recorded the entire amount as rent expense on that date. Prepare the adjusting journal entries for each of the 5 items above (do not write any explanations). Show all supporting computations. Use the answer sheet provided. Question 2 Presented below is the pretax information for Aloma Corporation, for the year 2012: Sales?$6,000,000??Cost of goods sold? 2,950,000??Interest revenue?60,000??Loss from abandonment of plant assets?300,000??Selling expenses?600,000??Administrative expenses?440,000??Unusual and infrequent loss from earthquake?90,000??Gain on disposal of a segment of the business. The corporation will no longer be in that business in the future.? 290,000?? Instructions: Present all applicable information in a proper format (according to GAAP), to prepare a multiple step income statement. The company has 300,000 shares outstanding and a federal tax rate of 30%. Prepare an EPS section in proper format (round to two decimals). Use the answer sheet provided. Question 3…

Attachments:

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.