Cookie Creations (Chapters 5 and 6)This assignment is a continuation of the Cookie Creations case study from previous chapters. From the information gathered in the previous chapters, read the continuation of the Cookie Creations case study below for Chapter 5 and Chapter 6, which can also be found on p. 5-51 and p. 6-45. The case study allows you to apply what you have learned […]

Part INatalie is struggling to keep up with the recording of her accounting transactions. She is spending a lot of time marketing and selling mixers and giving her cookie classes. Her friend John is an accounting student who runs his own accounting service. He has asked Natalie if she would like to have him do her accounting. John and Natalie meet and discuss her business. […]

Cookie Creations (Chapters 11 and 15)This assignment is a continuation of the Cookie Creations case study and focuses on Cookie Creations’ liabilities (current and long-term). From the information gathered from the unit lesson, required unit resources, and suggested unit resources, read the Cookie Creations case study below, which is also available on p.11-37 (Chapter 11) and p. 15-38 (Chapter 15) in the textbook. The case […]

Cookie Creations (Chapters 11 and 15)This assignment is a continuation of the Cookie Creations case study and focuses on Cookie Creations’ liabilities (current and long-term). From the information gathered from the unit lesson, required unit resources, and suggested unit resources, read the Cookie Creations case study below, which is also available on p.11-37 (Chapter 11) and p. 15-38 (Chapter 15) in the textbook.The case study allows […]

Mallari and Chua are partners who share profits and losses in a ratio of 3:2, respectively. They have thefollowing capital balances on Sept. 30, 2020.Mallari, Capital P 250, 000Chua, Capital P 500, 000The partners agreed to admit Palatino to the partnership.REQUIRED: Calculate the capital balances of each partner after the admission of Palatino, assuming thatbonuses are recorded when appropriate for each of the following assumptions:1. […]

In 2020 your friend Kent started a moving company, Kent’s Moving Co. He hired a bookkeeper to journalize all the business transactions that occurred for the year, and she posted those entries to the General Ledger as well.  The bookkeeper has recently quit, and Kent has no knowledge of accounting and asked you to help him with the adjustment process for December 31, 2020.  He […]

Canadian Advanced AccountingDaVinci Inc. owns 75% of the common shares of Rembrandt Corp.  On January 1, 2017, DaVinci issued bonds with a par value of $350,000 which will mature on January 1, 2022.  The bonds bear interest at an annual rate of 8%, with annual interest payments made each December 31st.  At the date of issue of the bonds, DaVinci received proceeds of $360,000.  On […]

IntroductionFountain Designs Limited operates within the Caribbean providing landscaping and multiple outdoor services. Its head office is located in Trinidad and its clientele is growing at a steady rate. Fountain Designs Limited is always expanding and to cope with the expansion has recently issued a bond for additional financing. The company also believes that its employees is its most valuable asset and therefore has sponsored […]

Sara Smith, the Accounting Manager at ABC Company, has decided to document activities related to the Accounts Receivable Process at ABC Company so that future changes to the accounting information system will be efficient and effective.  She also hopes to make improvements on weaknesses discovered in the system. Sara drafted the following narrative, explaining the process: Every day, customer payments are received in the mail.  Each afternoon, the […]

E6-7 Reporting Purchases and Purchase Discounts Using a Perpetual Inventory System [LO 6-3]During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:  Jan. 6  Purchased goods for $700 from Green with terms 2/15, n/60.  6  Purchased goods from Munoz for $550 with terms 2/15, n/60.  14  Paid Green in full.  Feb. 2  Paid Munoz in full.  28  Purchased goods […]