Nursing & Statistics Questions
October 13, 2021
“Post a behavioral research situation that could use a Pearson coefficient research study and a chi square research study. Present the rationale for each selection, and be very specific in your presentation.”
October 13, 2021

accounting project

The following transactions occur over the remainder of the year.    

Aug. 1   

Suzie applies for and obtains a $40,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.

Aug. 4    The company purchases 14 kayaks, costing $18,700.
Aug. 10   

Twenty additional kayakers pay $3,600 ($180 each), in addition to the $9,100 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.

Aug. 17    Tony conducts a second kayak clinic and receives $12,300 cash.
Aug. 24    Office supplies of $1,300 purchased on July 4 are paid in full.
Sep. 1   

To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $3,360 ($280 per month).

Sep. 21    Tony conducts a rock-climbing clinic. The company receives $13,400 cash.
Oct. 17   

Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. Clinic fees total $19,300.

Dec. 1   

Tony decides to hold the company’s first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $570.

Dec. 5   

To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race.

Dec. 8    The company pays $2,000 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.
Dec. 12   

The company purchases racing supplies for $2,300 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.

Dec. 15    Forty teams pay a total of $22,800 to race. The race is held.
Dec. 16    The company pays Victor’s salary of $2,800.
Dec. 31    The company pays a dividend of $4,500 ($2,250 to Tony and $2,250 to Suzie).
Dec. 31   

Using his personal money, Tony purchases a diamond ring for $4,300. Tony surprises Suzie by proposing that they get married. Suzie accepts!

   

The following information relates to year-end adjusting entries as of December 31, 2012.

   

a.

Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,400.

b. Six months’ worth of insurance has expired.
c. Four months’ worth of rent has expired.
d. Of the $1,300 of office supplies purchased on July 4, $250 remains.
e. Interest expense on the $40,000 loan obtained from the city council on August 1 should be recorded.
f. Of the $2,300 of racing supplies purchased on December 12, $180 remains.
g. Suzie calculates that the company owes $14,500 in income taxes.

  

Assume the following ending balances for the month of July.

  

  Balance
  Cash $ 24,330    
  Prepaid insurance   3,600    
  Supplies (Office)   1,300    
  Equipment (Bikes)   14,300    
  Accounts payable   1,300    
  Unearned revenue   9,100    
  Common stock   28,000    
  Service revenue (Clinic)   7,450    
  Advertising expense   1,020    
  Legal fees expense   1,300    

 

1. Record transactions from August 1 through December 31.

1-16 journal entries

 

Suzie applies for and obtains a $40,000 low-interest loan for the company.

  • Suzie applies for and obtains a $40,000 low-interest loan for the company.
  • The company purchases 14 kayaks, costing $18,700.
  • Twenty additional kayakers pay $3,600 ($180 each), in addition to the $9,100 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
  • Tony conducts a second kayak clinic and receives $12,300 cash.
  • Office supplies of $1,300 purchased on July 4 are paid in full.
  • Purchased a one-year rental policy for $3,360 ($280 per month).
  • Tony conducts a rock-climbing clinic. The company receives $13,400 cash.
  • Tony conducts an orienteering clinic. Clinic fees total $19,300.
  • …… plus next 8

 

2. Record adjusting entries as of December 31, 2012.

1-7 journal entries

  • Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,400.
  • Six months’ worth of insurance has expired.
  • Four months’ worth of rent has expired.
  • Of the $1,300 of office supplies purchased on July 4, $250 remains.
  • Interest expense on the $40,000 loan obtained from the city council on August 1 should be recorded.
  • Of the $2,300 of racing supplies purchased on December 12, $180 remains.
  • Suzie calculates that the company owes $14,500 in income taxes.

3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts.

 

cash

prepaid ins

prepaid rent

office supplies

racing supplies

bike equipment

kayak equiptment

accumpulated depreation

accounts payable

unearned revenue

interest payable

income tax payable

notes payable

common stock

dividends

service revenue clinics

service revenue racing

advertising expense

legal fees

miscellaneous

salaries expense

depreciation expense

insurance expense

rent

office supplies expense

racing supplies expense

interest expense

income tax expense

 

4.

Prepare an adjusted trial balance as of December 31, 2012. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Dividends, Revenues, and Expenses.)

 

accounts                                              debits                               credits

 

 

5-a.

For the period July 1 to December 31, 2012, prepare an income statement.

 

revenue

expenses

total expense

 

5-b.

For the period July 1 to December 31, 2012, prepare an statement of stockholders’ equity. All account balances on July 1 were zero. (Amounts to be deducted should be indicated with minus sign.)

 

balance at / investment by owner       commonstock      retained earnings     stockholder equity

 

5-c.

Prepare a classified balance sheet as of December 31, 2012.

 

 

6. Record closing entries as of December 31, 2012.

1-3

 

Record closing entries as of December 31, 2012.

 

  • Record the closing of revenue accounts.
  • Record the closing of expense accounts.
  • Record the closing of dividends account.

 

7.

Post the closing entries of retained earnings to the T-accounts.

beg bal

dec 31       37110

 

end bal

 

 

8.

Prepare a post-closing trial balance as of December 31, 2012. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1)

Aug 10, 2012

Cash

3,600

 
 

Service revenue (Clinic)

 

3,600

 

Unearned revenue

9,100

 
 

Service revenue (Clinic)

 

9,100

 

2)            Good’

3)            Good

4)            Good

5b)        

5-b.

For the period July 1 to December 31, 2012, prepare an statement of stockholders’ equity. All account balances on July 1 were zero. (Amounts to be deducted should be indicated with minus sign.)

 

COMMON STOCK

RETAINED EARNINGS

STOCKHOLDER EQUITY

BALANCE ???

 

0

 

???

 

 

 

ADD NET INCOME

 

 

 

LESS DIVIDENDS

 

 

 

         

 

5C)        

accumulated depreciation

8,400

 

6)            Good

7)           

 

Post the closing entries of retained earnings to the T-accounts.

Beg Bal

 

xxxxxxxxxxxxxxx

 

Dec 31

37110

 

 

 

 

 

 

End bal

 

xxxxxxxxxxxxxxx

 

         

 

8)            Good

 

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