ACC 290T Wk 4 - Apply: Homework

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ACC 290T Wk 4 - Apply: Homework

QS 3-2 Computing accrual and cash income LO C1

In its first year of operations, Roma Company reports the following.

•  Earned revenues of \$52,000 (\$44,000 cash received from customers).
•  Incurred expenses of \$29,000 (\$22,700 cash paid toward them).
•  Prepaid \$8,500 cash for costs that will not be expensed until next year.

Compute the company’s first-year net income under both the cash basis and the accrual basis of accounting.

QS 3-5 Prepaid (deferred) expenses adjustments LO P1

For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

QS 3-6 Prepaid (deferred) expenses adjustments LO P1

For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.

Assume no other adjusting entries are made during the year.

QS 3-7 Adjusting prepaid (deferred) expenses LO P1

For each separate case, record the necessary adjusting entry.

1.  On July 1, Lopez Company paid \$1,900 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.
2.  Zim Company has a Supplies account balance of \$6,400 at the beginning of the year. During the year, it purchased \$2,700 of supplies. As of December 31, a physical count of supplies shows \$1,150 of supplies available.

Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.

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