Accrual Accounting, Adjusting Entries & the Accounting Cycle

During the week, we will explore the differences between cash-basis and accrual-basis accounting, and learn the steps required to complete the accounting cycle. With that in mind, let’s begin by discussing the following question:
Why do companies make adjusting entries? When are adjusting entries made and at what point in the accounting process? How is the accrual basis of accounting different from the cash basis?
Book for references
Financial Accounting: Tools for Business Decision Making 9th Kimmel, Weygandt and Kieso
2019 Wiley

Sample Solution

Comparative financial statements for weller corporation

Weller Corporation
Comparative Balance Sheet
(dollars in thousands)

 

This Year

Last Year

  Assets

           

  Current assets:

           

     Cash

$

1,130

 

$

1,340

 

     Accounts receivable, net

 

10,500

   

6,700

 

     Inventory

 

12,800

   

11,800

 

     Prepaid expenses

 

770

   

570

               

  Total current assets

 

25,200

   

20,410

               

  Property and equipment:

           

     Land

 

10,400

   

10,400

 

     Buildings and equipment, net

 

41,440

   

36,670

               

  Total property and equipment

 

51,840

   

47,070

               

  Total assets

$

77,040

 

$

67,480

               

  Liabilities and Stockholders’ Equity

           

  Current liabilities:

           

     Accounts payable

$

20,400

 

$

17,500

 

     Accrued liabilities

 

900

   

770

 

     Notes payable, short term

 

160

   

160

               

  Total current liabilities

 

21,460

   

18,430

 

  Long-term liabilities:

           

     Bonds payable

 

10,000

   

10,000

               

  Total liabilities

 

31,460

   

28,430

               

  Stockholders’ equity:

           

     Common stock

 

500

   

500

 

     Additional paid-in capital

 

4,000

   

4,000

               

       Total paid-in capital

 

4,500

   

4,500

 

       Retained earnings

 

41,080

   

34,550

               

  Total stockholders’ equity

 

45,580

   

39,050

               

  Total liabilities and stockholders’ equity

$

77,040

 

$

67,480

                 

Victor frankenstein recounts the influences that lead to his great

Victor Frankenstein recounts the influences that lead to his great experiment:

When I was thirteen years of age we all went on a party of pleasure to the baths near Thonon; the inclemency of the weather obliged us to remain a day confined to the inn. In this house I chanced to find a volume of the works of Cornelius Agrippa. I opened it with apathy; the theory which he attempts to demonstrate and the wonderful facts which he relates soon changed this feeling into enthusiasm. A new light seemed to dawn upon my mind, and bounding with joy, I communicated my discovery to my father. My father looked carelessly at the title page of my book and said, “Ah! Cornelius Agrippa! My dear Victor, do not waste your time upon this; it is sad trash.”

If, instead of this remark, my father had taken the pains to explain to me that the principles of Agrippa had been entirely exploded and that a modern system of science had been introduced which possessed much greater powers than the ancient, because the powers of the latter were chimerical, while those of the former were real and practical, under such circumstances I should certainly have thrown Agrippa aside and have contented my imagination, warmed as it was, by returning with greater ardour to my former studies. It is even possible that the train of my ideas would never have received the fatal impulse that led to my ruin. But the cursory glance my father had taken of my volume by no means assured me that he was acquainted with its contents, and I continued to read with the greatest avidity. When I returned home my first care was to procure the whole works of this author, and afterwards of Paracelsus and Albertus Magnus. I read and studied the wild fancies of these writers with delight; they appeared to me treasures known to few besides myself. I have described myself as always having been imbued with a fervent longing to penetrate the secrets of nature. In spite of the intense labour and wonderful discoveries of modern philosophers, I always came from my studies discontented and unsatisfied. Sir Isaac Newton is said to have avowed that he felt like a child picking up shells beside the great and unexplored ocean of truth. Those of his successors in each branch of natural philosophy with whom I was acquainted appeared even to my boy’s apprehensions as tyros engaged in the same pursuit.

Under the guidance of my new preceptors I entered with the greatest diligence into the search of the philosopher’s stone and the elixir of life; but the latter soon obtained my undivided attention. Wealth was an inferior object, but what glory would attend the discovery if I could banish disease from the human frame and render man invulnerable to any but a violent death! 

Which lines from the text most clearly suggest the narrator is ambitious?

Chapter 8: multiple choice questions

 

Chapter 8: Multiple choice questions

 

Question 1

A sampling frame is:
a) A summary of the various stages involved in designing a survey
b) An outline view of all the main clusters of units in a sample
c) A list of all the units in the population from which a sample will be selected
d) A wooden frame used to display tables of random numbers

Question 2

A simple random sample is one in which:
a) From a random starting point, every nth unit from the sampling frame is selected
b) A non-probability strategy is used, making the results difficult to generalize
c) The researcher has a certain quota of respondents to fill for various social groups
d) Every unit of the population has an equal chance of being selected

Question 3

It is helpful to use a multi-stage cluster sample when:
a) The population is widely dispersed geographically
b) You have limited time and money available for travelling
c) You want to use a probability sample in order to generalise the results
d) All of the above

Question 4

The standard error is a statistical measure of:
a) The normal distribution of scores around the sample mean
b) The extent to which a sample mean is likely to differ from the population mean
c) The clustering of scores at each end of a survey scale
d) The degree to which a sample has been accurately stratified

Question 5

What effect does increasing the sample size have upon the sampling error?
a) It reduces the sampling error
b) It increases the sampling error
c) It has no effect on the sampling error
d) None of the above

Question 6

Which of the following is not a type of non-probability sampling?

a) Snowball sampling
b) Stratified random sampling
c) Quota sampling
d) Convenience sampling

 

Question 7

Snowball sampling can help the researcher to:
a) Access deviant or hidden populations
b) Theorise inductively in a qualitative study
c) Overcome the problem of not having an accessible sampling frame
d) All of the above

Question 8

Which of the following is not a characteristic of quota sampling?
a) The researcher chooses who to approach and so might bias the sample
b) Those who are available to be surveyed in public places are unlikely to constitute a representative sample
c) The random selection of units makes it possible to calculate the standard error
d) It is a relatively fast and cheap way of finding out about public opinions

Question 9

The findings from a study of young single mothers at a university can be generalised to the population of:
a) All young single mothers at that university
b) All young single mothers in that society
c) All single mothers in all universities
d) All young women in that university

 

Question 10

The term ‘data processing error’ refers to:

a) Activities or events related to the sampling process, e.g. non-response
b) Faulty techniques of coding and managing data
c) Problems with the implementation of the research process
d) The unavoidable discrepancy between the sample and the population

 

Soap note 2 assessment | Nursing homework help

Chief Complaint: “I fell down in my house a week ago and my knee is still hurting”.

History of Present Illness: Mr. Brown is 45-year-old male teacher who presents to the clinic with symptoms of right knee pain related to a fall sustained at home one week ago while he was coming down the stairs. Patient states that he tripped and during the fall, the right knee twisted and was caught between two bars of the stair wells. Immediately after the fall, the pain was sharp and stabbing, and he was unable to walk straight and apply weight on the knee. He applied ice and took 800mg of Motrin and went to bed. Patient states he did not want to go to the emergency department because of the long wait. After 24 hours he applied warm compresses intermittently and took extra strength Tylenol as needed. Mitigating factors include ES Tylenol, heat application, and resting the knee. However, sometimes the pain is so severe that even Tylenol does not help. Aggravating factors are standing too long, bending the knee, and climbing stairs. He describes the pain as sharp, and annoying at the same time. At present time he feels like “something is not right inside the knee”. Level of pain is 8/10. He denies previous musculoskeletal injuries. Patient also reports shortness of breath but denies chest pain.

PMH: Asthma, bipolar disorder. Left knee anterior crucial ligament (ACL) 10 years ago from basketball injury.
Past surgical history: Right hip replacement 15 years ago from kick boxing.
Medications/OTC: Theophylline, Prednisone, Singular, Geodon, Prozac, Benadryl.
Allergies: NKA.
Past family history: One brother with asthma, and another brother with bipolar. Maternal aunt with DM type II.
Health Maintenance: Immunization up to date.
Social history: Patient does not smoke, drink or use recreational drugs. He maintains a regular diet and exercises 3 times a week. He has been married for 10 years and lives with his wife and one adult son, and one teenage daughter. He is a mathematics teacher in the same high school where he attends clinic. He sleeps well.

With the information provided above, please continue the patient’s soap note to include:
Subjective: A thorough review of systems
Objective: A thorough physical examination
Primary diagnosis
3 differential diagnosis with one citation for each ddx (APA formatted).
Laboratory tests
Diagnostic testing
Management plan
Medications
Non-pharmacological approach
Follow up
Patient education and Health promotion
References: A minimum of 3 different references are required for this assignment. All references must be properly APA formatted.

This assignment will be graded according to the rubric. Please have the Rubric handy when you are writing the soap note.

article two:from rules to guidelines: moving to the positive

The Assignment

Summarize the article by answering the three questions listed below. Each question should have an answer that has a minimum of 5 sentences. Please make sure you read the statement on Plagiarism. Also, do not copy and paste the article- that is plagiarism.

 

1.  What is the main focus of the article? What is the “problem” with rules?

2.  What are three strategies that are discussed in the article? How can teachers move from rules to

     guidelines?

3.  How will you implement the strategies/ideas (from paragraph 2) when working with children? How will you implement this new knowledge into your classroom?

Article Link: Guidance Matters.docx 

(If you have difficulty accessing this pdf, contact your instructor for assistance)

Grading Criteria

The summary is graded on a 100 point scale.  Maximum points are given when length of 3 paragraphs with each paragraph containing a minimum of 5 sentences is met and content summarizes key strategies to use with young children and families.

20 points – Three paragraphs are included, each paragraph has a minimum of five sentences

20 points – First paragraph summarizes the main focus of the article

30 points – Second paragraph summarizes three strategies from the article. 

30 points – Third paragraph gives specific strategies/ideas you will use when working with young children.

Points are deducted for errors in grammar and spelling.  Also noted is clarity of the summary and students comprehension of the content.

Probability distribution | Mathematics homework help

BUS210 Business Statistics

Directions:  Answer the following exercises. Please show all of your work for each exercise.

 

Complete and submit the following problems from your text:

            Chapter 6:   Exercises #14 and #46  

            Chapter 7:   Exercises #10, #38 and #52

Chapter 6

 

14.   The United States Postal Service reports 95 percent of first class mail within the same city is delivered within two days of the time of mailing. Six letters are randomly sent to different locations.

a.       What is the probability that all six will arrive within two days?

b.      What is the probability that exactly five arrive within two days?

c.       Find the mean number of letters that will arrive within two days.

d.      Compute the variance and standard deviation of the number that will arrive within two days.

 

46. Dr. Richmond, a psychologist, is studying the daytime television viewing habits of college students. She believes 45 percent of college students watch soap operas during the afternoon. To further investigate, she selects a sample of 10.

a.   Develop a probability distribution for the number of students in the sample who watch soap operas.

b.   Find the mean and the standard deviation of this distribution.

c.   What is the probability of finding exactly four watch soap operas?

d.   What is the probability less than half of the students selected watch soap operas?

 

Chapter 7

 

10. The mean of a normal probability distribution is 60; the standard deviation is 5.

a.   About what percent of the observations lie between 55 and 65?

b.   About what percent of the observations lie between 50 and 70?

c.   About what percent of the observations lie between 45 and 75?

38. A study of long distance phone calls made from the corporate offices of Pepsi Bottling Group, Inc., in Somers, New York, revealed the length of the calls, in minutes, follows the normal probability distribution. The mean length of time per call was 4.2 minutes and the standard deviation was 0.60 minutes.

a.   What fraction of the calls last between 4.2 and 5 minutes?

b.   What fraction of the calls last more than 5 minutes?

c.    What fraction of the calls last between 5 and 6 minutes?

d.    What fraction of the calls last between 4 and 6 minutes?

e.    As part of her report to the president, the director communications would like to report the length of the longest (in duration) 4 percent of the calls. What is this time?

 

 

 

This is the end of Assignment 4.                                             

 

 

 

Discussion question | English homework help

Frederick Douglass is a fine example of someone who uses creative problem solving. Douglass knew to break free from his condition, he would forever be a slave unless he taught himself how to read and write. What sensory details did Douglass use to make his situation seem immediate to the reader?  

 

 

I WILL SEND YOU THE ESSAY THAT THIS QUESTION IS PROMPTED FROM!

Project milestone one: social and behavioral factors

Prompt: Write a short paper that describes a public health issue and the public health programs that have been implemented to address this specific issue. Specifically, the following critical elements must be addressed:

 

Would like the public health issue to be something affecting the Northeasten USA

– Describe the public health issue, including the affected population, and the social and behavioral risk factors that are associated with the issue
– Delineate between social and behavioral risk factors that contribute to disease, and diseases that contribute to social and behavioral risk factors

– Describe the public health programs implemented to address this issue, and determine how these programs addressed the social and behavioral risk factors associated with the disease
– Determine the successes and failures of these programs, and clearly explain why you have determined them successes and failures
– Select a program that you will examine for your final project, and provide the rationale for your choice
– Substantiate your work with data and references from peer-reviewed academic journals

 

 

Guidelines for Submission: Your paper should be 4 pages in length. It should be double-spaced and formatted with 12-point Times New Roman font and one-inch margins. At least three sources from peer-reviewed academic journals must be cited in APA format.

Unit 6 discussion: jackson and the cherokee (trail of tears)

Jackson and the Cherokee (Trail of Tears)

In this discussion, you will look at a historical situation—Indian Removal—from the participant’s perspective. This activity will allow you to “think historically” about the challenges faced by the Cherokee people as they grappled with the U.S. government’s Indian removal policy. The purpose of this discussion is to help you analyze the trials faced by one cultural group in American society and recognize the role of cultural diversity in American life. (Meets Course Learning Objectives: 5, 6, and 10)

Suggested Readings (Possible Sources):

Directions

When you review these documents concerning events that led up to the Trail of Tears, pay attention to the legal arguments offered, as well as to the viewpoints of those involved in the struggle. In at least three paragraphs (more is perfectly acceptable), write an appeal to the American people from the perspective of a Cherokee in 1836 (note that the Cherokee Trail of Tears commenced in 1838). Keep in mind events and legal realities of the time, and be sure to make direct and specific reference to and include specific examples from the contents of at least THREE different sources (from the list above) in the body of your initial posting in order to be eligible for full credit (that is, the reference should be in the text of your posting, not just in your Works Cited).

Important: For this assignment, you can (and should) use present tense AND first person 🙂 

After making your initial post based on the assigned readings for this lesson, you should respond to at least two of your classmates’ posts. These response posts should be approximately a paragraph long and substantive in content (provide a response and/or critique, along with an explanation of your response/critique to your classmate–that is, your responses must be more than “Good job, So-and-So.”).

For all postings (initial and response), remember to proofread before you submit. Your postings must follow the conventions of grammar and spelling. Don’t forget to cite any sources you used in writing your posting (include in-text citations; don’t forget a Works Cited at the end of your posting).

PLEASE NOTE: You may (and are encouraged to) quote from the sources in your postings; however, quotations should be no more than 3 lines long and should be used for emphasis only. Quotations should not constitute more than a total of 20% of any one post.

Both your initial posting and your response postings must be issued no later than the due dates.

Consult the HIST 2111 Course Calendar for the appropriate deadlines to submit posts.