From the following list, identify those that are likely to serve as source documents. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Sales ticket
Trial balance
Balance sheet
Telephone bill
Invoice from supplier
Company revenue account
Income statement
Bank statement
Prepaid insurance

Answer:

The Source Documents include:

Sales ticket  

Telephone bill

Invoice from supplier  

Bank statement

Explanation:

Source documents are the original documents through which business transactions are initiated.  They include receipts, bills, invoices, statements, checks, etc. They usually document or initiate a transaction. Any time a business spends or receives money or enters into a contract with another party, a source document is created. Source documents form an integral part of the accounting and bookkeeping process, and auditors need them to trace records to the underlying transactions.

An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2018. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $127,800 during the year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 403(b) plan.

Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $

Bailand Company purchased a building for $210,000 that had an estimated residual value of $10,000 and an estimated service life of 10 years. Bailand purchased the building 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following independent situations occur:
1. Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years).
2. Bailand changes to the sum-of-the-years’-digits method.
3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense.
Required:
For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes.
CHART OF ACCOUNTS
Bailand Company
General Ledger
ASSETS
111 Cash
121 Accounts Receivable
141 Inventory
181 Building
198 Accumulated Depreciation
LIABILITIES
211 Accounts Payable
231 Salaries Payable
250 Unearned Revenue
261 Income Taxes Payable
EQUITY
311 Common Stock
331 Retained Earnings
REVENUE
411 Sales Revenue
EXPENSES
500 Cost of Goods Sold
511 Insurance Expense
512 Utilities Expense
521 Salaries Expense
531 Depreciation Expense
532 Bad Debt Expense
559 Miscellaneous Expenses
Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years). Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in estimate. Ignore income taxes.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in depreciation method. Round your answers to the nearest dollar.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
Prepare the journal entries on December 31 to record the prior period adjustment for the error and depreciation in the fifth year. Ignore income taxes.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
3
4

Bratton corporation had 8200 units of work in process on April 1. During April , 22300 units were completed and as of April 30 6040 units remained in production. How many many units were started during April?

True or False: A FICO score can be as low as 200 and as high
as 900

On January 4, 2016, Franc Company purchased for $30,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $11,000 for successfully defending the patent in a lawsuit.

Required:
How to calculate amotization?

Perhaps the most important kind of capital is human capital. For example, most lawyers spend years learning to practice law. Lawyers are willing to make large investments in their human capital because they expect to be compensated for doing so when they begin work. Suppose the government nationalizes the market for legal services, resulting in lower compensation for lawyers. Assume lawyers cannot easily move to other countries.

True or False: The investment in human capital for lawyers is not subject to post-investment hold-up.

Jeff needs car insurance. He is debating between purchasing liability insurance or a comprehensive policy. What is one TRUE statement about these options that can help him make an informed decision?
a) Liability insurance offers coverage when there is a theft.
b) Liability insurance offers to replace the car if it is destroyed in an accident.
c) A comprehensive policy usually requires a lower premium than liability coverage. d) A comprehensive policy is generally required if a bank helps you purchase a vehicle.

Goode Company has the following production data for selected months:

Ending Work in Process
Month Beginning Work in Process Units Transferred Out Units % Complete as to Conversion Cost
January -0- 36,270 11,400 40%
March -0- 42,710 8,520 75
July -0- 46,330 19,600 25

Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.

How would living conditions in these two countries affect birth and death rates

Robert Rogers, CPA performed accounting services for a client in December. A bill was mailed to client on December 30. Roberts received a check in the mail on January 5. The revenue principle would require that which of the following accounts appear on the income statement for the year ended December 31?

a. Accounts payable
b. Prepaid expense
c. Unread revenue
d. Service revenue

Sundance Systems has the following transactions during July.
July 5 Purchases 44 LCD televisions on account from Red River Supplies for $2,700 each, terms 4/10, n/30.
July 8 Returns to Red River two televisions that had defective sound.
July 13 Pays the full amount due to Red River.
July 28 Sells remaining 42 televisions from July 5 for $3,200 each on account.
Record the transactions of Sundance systems, assuming the company uses a perpetual inventory system.