Fundamental qualities and enhancing qualities
Instructions – PLEASE READ THEM CAREFULLY
- The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
- Assignments submitted through email will not be accepted.
- Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
- Students must mention question number clearly in their answer.
- Late submission will NOT be accepted.
- Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
- All answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).
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Assignment Question(s): (Marks. 5)
Q1. Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples. (1 mark)
Answer:
Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below: (2 mark)
| Smith Corporation
Trial Balance December 31, 2013 |
||||
| Unadjusted | Adjusted | |||
| Debit | Credit | Debit | Credit | |
| Cash
Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense
|
8,000
19,000 6,000 10,000 13,000 20,000
4,000
12,000 4,000 0 4,000 0 0
|
4,000 13,000 0 46,000
37,000
|
8,000
21,000 5,000 6,000 13,000 20,000
4,000
13,000 4,000 4,000 4,000 1,000 1,000
|
5,000 13,000 1,000 46,000
39,000
|
| 100,000 | 100,000 | 104,000 | 104,000 | |
Required: Prepare the five adjusting entries required at December 31, 2013.
Answer:
Q3. From the following information of NaNo Company prepare a multi-step income statement For the Year Ended December 31, 2019 (2 marks)
Sales $137,460
Sales Returns $2,060
Sales Discounts $5,190
Cost of Goods Sold $62,990
Freight-Out $6,150
Advertising Expense $5,790
Sales Commissions Expense $3,470
Office Salaries Expense $18,510
Office Rent Expense $14,000
Office Supplies Expense $5,330
Gains on Sale Equipment $2,430
Loss on Sales of Investments $1,640
Interest Expense $930
Answer:
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