Accounting Equation Net Income Homework Help
- December 1, 2017
- Posted by:
- Category: Accounting
Best UK USA UAE Australia Canada China Accounting Equation Net Income Calculation Homework Help Service Online
1. John’s Cream Soda, Inc., makes specialty soft drinks. At the end of 2012, John’s had total assets of $390,000 and liabilities totaling $260,000.
a. Write the company’s accounting equation, and label each amount as a debit or a credit.
b. The business’s total revenues for 2012 were $480,000, and total expenses for the year were $350,000. How much was the business’s net income (or net loss) for 2012?
c.Write the equation to compute the company’s net income, and indicate which element is a debit and which is a credit. Does net income represent a net debit or a net credit?
2. Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.
Plan assets – $480,000
Projected benefit obligation – 625,000
Accumulated OCI (PSC) – 100,000 Dr.
As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.
Service cost for 2012 – $90,000
Settlement rate – 9%
Actual return on plan assets in 2012 – 57,000
Amortization of prior service cost – 19,000
Expected return on plan assets – 52,000
Unexpected loss from change in projected benefit obligation,
due to change in actuarial predictions – 76,000
Contributions in 2012 – 99,000
Benefits paid retirees in 2012 – 85,000
Directions Situation Measurement Journal Entry Disclosure Resources
(a) Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
3. JB Ltd’s projected profit for 2015 is $550,000, based on a sales volume of 200,000 units. JB Ltd sells USB flash drive for $15 each. Variable costs consist of the $9 purchase price and a $1 shipping and handling cost. JB’s annual fixed costs are $450,000.
a) Calculate JB Ltd’s break-even point in unit sales and dollars.
b) Calculate JB Ltd’s margin of safety in units.
c) Calculate JB Ltd’s profit for 2015 if there is a 15% increase in projected unit sales.
d) For 2015, management expects that the unit purchase price of the USB flash drive will increase by 10%. Calculate the sales revenue JB Ltd must generate for 2015 to maintain the current year’s profit ($550,000) if the selling price and fixed cost remain unchanged.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to email@example.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email firstname.lastname@example.org should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to email@example.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
4. Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred.
May 1 Stockholders invested $25,000 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,100 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for H. Arnold Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Read Supply Company.
Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2008.
5. Let’s put all the pieces together now. Suppose that you are analyzing Martin Company. You know that at the beginning of the year, the assets equaled $320,000 and the liabilities equaled $176,000. During the year, assets increased by $48,000 and equity increased by $74,400. The change in equity includes all increases and decreases. Further analysis reveals that the changes in equity were caused by revenues of $223,200 and expenses totaling $112,320 during the year. Because of your understanding of the accounting equation, you realize that distributions (dividends) to the stockholders must have also occurred during the year. However, you must determine the amount for those distributions.
What is the amount of distributions made to the owner of Martin Company during the year?
Product Code: ACC860
Looking for Accounting Equation Net Income Calculation Homework Help , please submit your details here with product code mentioned above.