Scenario You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this … Read more
Answer the following questions: What happens to the future value of some fixed dollar amount invested today as the interest rate decreases? Why? What happens to the present value of some fixed dollar amount to be received in the future as the interest rate increases? Why? What happens to the present value of some fixed … Read more
Objectives Compare and contrast economic and accounting concepts of income. Consider the link between concepts of income and the measurement issues of matching versus asset/liability perspectives. Examine the objectives for calculating income. prepare a 2-3 page, double-spaced paper to explain the two concepts of income (i.e. economic and accounting) in your own words. What approach … Read more
The principal purpose of managerial accounting is to deliver information useful for management decision-making. Many of the techniques used in managerial accounting are useful for decisions in your everyday life. In choosing whether to take an online course or a traditional face-to-face course, how might you use planning, controlling, and evaluating in your decision-making process? What … Read more
Case 6-3. Ethics and professional conduct in business Mitchell Co. is experiencing a decrease in sales and operating income for the fiscal year ending December 31, 20Y1. Gene Lumpkin, controller of Mitchell Co., has suggested that all orders received before the end of the fiscal year be shipped by midnight, December 31, 20Y1, even if … Read more
400-600 words APA 6 format, in-text citation, Use at least two (2) scholarly references to substantiate your work. Assignment Details: Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be … Read more
Powerpoint presentation -5–7 slides, excluding title and reference slides, and speaker notes of 200–250 words per slide. APA 6, in-text citation, Cite at least two (2) scholarly online references. Assignment Details: Your organization is building a new plant in the southwestern United States. This is the first time that a human resources professional will be part of … Read more
In this area, we will discuss the significance of the accounting equation, the rules of debit and credit, and the steps in the accounting cycle. We will talk about recording of transactions, normal balances, and the creation of the trial balance. Let’s begin by asking this question: What is the role of the accounting equation … Read more
It is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you … Read more
Prepare the Burns’ 2021 federal tax return. They have asked you to minimize their tax liability to the extent legally possible. Round numbers to the nearest dollar. Clearly state any assumptions make in completing the tax return. Include any supporting schedules. The following 2021 tax forms are required: • Form 1040: U.S. Individual Income … Read more