After the final

Congradulations - you (most of you anyway) made it through the semester
grades have been submitted (within 5 hours of the final!!!)
i may still be reached at cpaprofessor@aol.com but be advised that i will only be checking that email address every few days.


good luck in all future endevors

grades per QC

Undergraduate Grade Equivalencies:

A+ 97-100 B+ 87-89 C+ 77-79 D+ 67-69
A 93-96 B 83-86 C 73-76 D 60-66
A- 90-92 B- 80-82 C- 70-72 F 0-59

The grade of D is the lowest passing grade in the undergraduate division

5/11

extra exam at 12:05 on chapters 11 and 12 for those who are in the c-f range

5/11 and 5/13

bring your text books
we will be going over the exam and review for the final

gmail account

the gmail account that has been used this semester has now been closed.
please email me at cpaprofessor@aol.com to indicate whether you found it and/or this blog
to be effective tools.

I do want to note that that gmail account was a public forum and students should not have used to send out emails. Also emails should be signed. It is also desireable for you to include contact information (phone numbers and your own email accounts) so that the recipient of your email can choose how they want to respond to you.

Final: May 18th 8-10:30am KY170

The final for both section of accounting 102 will be:

Tuesday May 18th 8am-10am
in KY 170

for Wed 4/21

Read chapter 14 and 16 and bring in textbook chapters and powerpoint slides for these chapters.

Powerpoints slides for the rest of the semester and the h/w for chapter 13 are now posted on the gmail account.

There will be an optional retake of the partnership exam on Wed at 12:15. Students who would like/feel that they need insurance against getting less than a "c" should consider taking this optional exam.

On friday 4/23 there will be a half period exam covering chapters 7 (part dealing with bad debts), 13 (cash flows) and 14 (financial analysis)

There will be one exam after this covering 16/17/20.

No class 4/14

We will not meet (both sections of my classes) 4/14

please do the chapter 13 hw per the sylabus - we will go over it on friday

homework for april 9

*sales for july 2006 were 6 million dollars
*we expect that 3% of all credit sales will go bad
*on 10/14/2006 we learn that bob who owed us $8000 died broke


give all related j/e using

a) the direct writeoff methold
b) the % of sales/income stmt approach

_______________________________________

our are a/r and expected default %'s are as follows:
current $300,000 / 2%
1-30 days past due $50,000 /4%
31-60 days past due $10,000 /16%
61-90 days past due $5,000 /30%
>90 days past due $80,000/50%

using the aging method give the j/e at the end of this month if:

case a: ada going into this month was $50,0000
case b: ada going into this month was $500

grades on last exam go to 102in2010@gmail.com

after receiving your exam back you may go to 102in2010@gmail.com and see how did compared to your classmates

hw for wed 3/24 and test info

test next friday will cover
*chapters 7 (portion dealing with marketable securities)
*chapter 9
*appendix C


HW for 3/24:

partners:
f,b, and n
fixed ratio 5:44:1
Salary allowances: 60000/0/0
Interest allowance factor: 6% of openning capital balances
openning capital balances 1/1/08: 600,000/100,000/100,000
profit for y/e 12/31/2008: $90,0000
profit for y/e 12/31/2009: $30,0000
drawings for y/e 12/31/08 30,000/6000/15000
drawings for y/e 12/31/09 0/6000/1000
no capital contributions made in 2008 or 2009

Do:
income allocation schedules for 2008 and 2009
Statement of partner's capital for 2008 and 2009
3rd and 4th closing entries for 2008 and 2009

residual division of profits h/w for 3/19

$150000 5 partners 3:13:7:5:2
how much does each get?

hw for wed 3/17

airplain was purchased for 200million
depreciation take to date has been 140million
airplain is sold for 75 million
give the j/e for the sale

slides for chapters 7, 9, and appendix now available on gmail account

you may now download the powerpoint slides for chapters 7, 9 and the appendix from the 102in2010@gmai.com account

grades for bond test

grade..rank..letter
10.25.. 1.. A

10.. 2.. A

10.. 3.. A

10.. 4.. A

10.. 5.. A

10.. 6.. A

10.. 7.. A

10.. 8.. A

10.. 9.. A

9.5.. 10.. A-

9.. 11.. B+

9.. 12.. B+

9.. 13.. B+

9.. 14.. B+

8.. 15.. B

8.. 16.. B

8.. 17.. B

8.. 18.. B

7.. 19.. B-

7.. 20.. B-

7.. 21.. B-

7.. 22.. B-

7.. 23.. B-

5.. 24.. C+

5.. 25.. C+

4.. 26.. C

4.. 27.. C

4.. 28.. C

4.. 29.. C

4.. 30.. C

3.5.. 31.. F

3.. 32.. F

3.. 33.. F

3.. 34.. F

3.. 35.. F

3.. 36.. F

2.. 37.. F

1.. 38.. F

h/w for 3/12

Please give Journal / Adjusting Journal entries for the following transactions / year-end “valuation adjustments: (adjustments to market value are done only for our calendar year financial statements)



a. 1/13/01 we bought 4000 shares of Amstel Inc. @$40/share
b. 12/31/01 Amstel is selling for $25/share
c. 1/12/02 we sell 1000 shares of Amstel @ 10/share
d. 12/31/02 Amstel is now worth $50/share
e. 9/9/03 we sell the rest of our Amstel @ 190 share
f)12/31/03 Amstel is now worth $20/share

answers to bond exam

Name____________________________________time__________________
1-4: 30million of 4% 20 year bonds dated 8/1/2009 are issued 10/1/2009 at100. Give the first 4 J/E's

date accts dr cr
1
2
3
4

5-8: 50million of 3% 10 year bonds are dated and issued 9/1/2009 at 98. Give the first 4 J/E's
date accts dr cr
5
6
7
8

9 give the carrying value for the bond in 5-8 @ 12/31/12


10 Give the carry value at 12/31/2015 for 70million of 12% 10 year bonds are dated and issued 3/1/2009 at 102.





01-Oct dr cash 30200000
cr int pay 200000
cr bp 30000000
--------------------------------------
123109 dr int exp 300000
cr int pay 300000
-----------------------------------------
01/31/10 dr int exp 100000
dr int pay 500000
cr cash 600000
--------------------------------------------
07/31/10 dr int 600000
cr cash 600000
=================================================
=============================================================



09/01/09 cash dr 49000000
dr discount 1000000
cr bp 50000000
---------------------------------------
1231/09 dr int exp 533333.3333
cr discount 33333.33333
cr int payable 500000
--------------------------------------------
01-Mar dr int exp 266666.6667
cr int payable 500000
cr discount 16666.66667
cash 750000
----------------------------------------------
01-Sep dr int exp 800000
cr discount 50000
cr cash 750000

=========================================
------------------------------------------------------
per mo 8333.333333
mo 40 36+4
333333.3333

face 50000000
initial disc 1000000
amortized 333333.3333
49,333,333.33
-----------------------------------------------------
per mo 11666.66667
mo 82 72+10
956666.6667

face 70000000
initial premium 1400000
amortized 956666.6667
70,443,333.33

hw for friday 3/5 bond problems

give first 7 entries for each of the following cases:

*30million 10% 20year bonds dated 10/1/2006 are issued 12/1/2006 (price = 100).

*20million 12% 15year bonds are dated and issued 12/1/2008 for price of 97.

*give carrying value of the second bond @12/31/08 and 5/31/2010

Note: On friday in both classes two people may put up their answers to all of the above before the start of class, and if the answer(s) is fully correct you will be exempted from the exam next wed and given credit for having gotten a 100. Going to the board for this is on a first come basis.

Free tutoring and academic help

For free tutoring for this class, some of your other classes and academic help including note taking skills etc please contact

ACADEMIC SUPPORT LAB
Mrs. Anita Podrid
718-997-5677
Kiely 131

other skills that they can help you with include:


Note-taking

Textbook reading

Reading books without headings

Reading journal articles

Organizing information for study

Making oral presentations

Time management

Taking objective tests

Taking essay tests

Revised schedules due to 2/26 snow closure

QC is closed 2/26 due to snow. Please use the time to prepare for ch10

wed 3/3 we will be doing:
*bonds where the bond is issued later than the date on bond
*bonds issued at premiums and discounts including the concept of carrying value


hw per syllabus for ch10 due on 3/5 (may be collected) and will be gone over

wed 3/10 - mini in class exam on above topics

grades on 2/24 exam on

look up your grade to see how you did compared to your classmates



..... grade.....rank...........percentag (lower the better)

1...... 19.......1.....................2.38%
2...... 19.......1.....................2.38%
3...... 18.......3.....................7.14%
4...... 16.5.....4.................... 9.52%
5...... 16.......5.................... 11.90%
6...... 16.......5.................... 11.90%
7...... 16...... 5.....................11.90%
8...... 14.5.... 8.....................19.05%
9...... 14.......9.....................21.43%
10..... 13.5....10.....................23.81%
11..... 12......11.....................26.19%
12..... 12......11.................... 26.19%
13..... 11.5....13.....................30.95%
14..... 11.5....13.....................30.95%
15......11......15.....................35.71%
16..... 11......15.....................35.71%
17..... 10.5....17.................... 40.48%
18..... 10......18.....................42.86%
19..... 9.5.....19.....................45.24%
20..... 9......20......................47.62%
21..... 9..... 20......................47.62%
22..... 9......20......................47.62%
23..... 9......20......................47.62%
24..... 8......24......................57.14%
25..... 8......24......................57.14%
26..... 7.5....26......................61.90%
27..... 7.5....26......................61.90%
28..... 7......28......................66.67%
29..... 7......28......................66.67%
30..... 7......28......................66.67%
31..... 6.5....31......................73.81%
32..... 6.5....31......................73.81%
33..... 6......33......................78.57%
34..... 5......34......................80.95%
35..... 5......34......................80.95%
36..... 4.5....36......................85.71%
37..... 4.5....36......................85.71%
38..... 4......38......................90.48%
39..... 4......38......................90.48%
40..... 3......40......................95.24%
41..... 3......40......................95.24%
42..... 1......42......................100.00%

for friday 2/26

both the in-class and take home exams will be returned graded 2/26

please discuss your individual questions w/professor after class

rankings (without names) will available after class. They may also be available
either on this blog or on the Gmail account as early as thursday afternoon - keep checking if you are interested

please read the rest of chapter 10 before class and bring ppt slides

we will cover:
bonds that have one date but are issued later
bonds w/premiums and discounts including the concept of carrying value

h/w per syllabus for ch10 will be due wed 3/3

on friday 3/5 there will be a 45 minute in class mini-exam covering (per above)
*bonds that have one date but are issued later
*bonds w/premiums and discounts including the concept of carrying value

Answers to 2/24 test on ch 11,12 and part of 10

________________________________________________ __________________
last name / first name section (8:15 or 10:15)

1)On January 1, 2005 we issue 1000 shares of $6 par common sock for $29000

2) On 1/1/2005 we also issue 400 shares of $100 par 8% cumulative preferred for $52000

3) On 9/1/2005 we buy back 300 shares of common for $35/share

4) On 10/1/2005 we reissue 100 shares of the common for $36/share

5) On 12/1/2005 we reissue 50 shares of common for $20/share

Give J/E’s for transactions 1-5


date accounts dr cr
1 1/1/05 cash 29000
..................................cs 6000
................................apic-cs 23000
==============================================
2 1/1/2005 cash 52000
.......................ps 40000
.......................apic - ps 12000



===============================================
3 9/1/2005 t/s 10500
.....................cash 10500

==============================================
4 10/1/2005 cash 3600
................................t/s 3500
................................apic t/s 100

===============================================
5
12/1/2005
cash 1000
......................t/s 1750
apic t/s 100
apic c/s 650

================================================

6) Based on the above, if net income per our income statement was $400,000 compute the earnings per share

400,000-(40000*.08)/
1000*8/12+700*1/12+800*2/12+850*1/12

1000 0.666667 666.6667
700 0.083333 58.33333
800 0.166667 133.3333
850 0.083333 70.83333

=>average #of shares= 929.1667


400000 - 32000 = 396.0538

===========================================
7-9) Based on transactions 1-3 above, assume that retained earnings were $40,000 at 9/30/2005, give the owners equity section of the balance sheet at 9/30/2005



ps 40000
cs 6000
46000
............apic-ps..............12000
............apic-cs..............23000
total apic....35000
............ 81000
r/e......... 40000
............121000
less t/s...<10500>

Equity
9/30/2005..$110500


=============================================
10) Based on transaction #1 only, please give the j/e for declaration only if we had declared an 8% stock dividend on 2/1/2005 and the stock is selling for $50 per share

10) 2/1/2005 r/e 4000
...........................stock div to be distrib 480
...............................apic s/d 3520


===================================



11) If discontinued operations showed a profit of 300,000 net of tax
and our tax rate is 20%, what is our gross income on the discontinue
operations

300,000/(1-20%)=375,000

=====================================

12) For what reason do we break out discontinued operations and
extraordinary items on our income statement? Write 4 lines maximum

we want to predict the future the future so we break out discontinued and extraordinary items which are clearly not basis for making such a prediction

====================================

13) This does not relate to any other question: On 1/1/2001 we issued 1000 shares of $100 par 6% cumulative preferred for $120,000. The only dividends that we paid of any type since then was $3000 of preferred dividends in 2003. In 2004 we want to pay dividends to our common shareholders, how much do we first have to pay to the preferred shareholders?

total pref divs yrs1-4 must = 100,000*.06=6000/year*4yrs= 24000
less paid 3000 =

$21000

====================================


14a) Multiple choice but you have to explain your answer for half the credit :
Last year we forgot to record depreciation of $2000 and as a result have to do a prior period adjustment. What effect on our income for the current year.
a)increase net income b) no effect
c) decrease net income d) can not be determined

b) no effect

===============================================

14b) Explain your answer to the above
the prior period adjust only affects the statement of r/e

the prior period adjust only affects the statement of r/e


======================================

15) Based on number 14: Assuming that our tax rate is 30%.
How much will our prior period adjustment be?

2000*(1-30%)=2000*.7= 1400 reduction in r/e

============================================


16-20) Give the first 5 journal entries if we issue $2million
of 3% bonds on 5/1/2007 for $2million.
date accounts dr cr
16)
5/1/2007 cash 200000
....................bp 2000000
==============================================
17)
11/1/07 interest exp 30000
......................cash 30000
=============================================
18)
12/31/07 interest exp 10000
.........................interest payable 10000
===============================================
19)
5/1/2008
interest exp 20000
interest payable 10000
..........................cash 30000
=========================================

20)
11/1/08 interest exp 30000
...................cash 30000

Review of bonds for the exam

j/e for issuance - we get cash and owe money thus


dr cash $$$$$$$$
cr Bonds payable $$$$$$$$$
-----------------------------------------
for bonds, interest is paid every six months.
for interest payments between july 1 and 12/31:

dr interest exp $$$$$$
cr cash $$$$$$$$$
the amount is the face of the bond * the anual interest rate *6/12 (because you are paying for half a year)
-------------------------------------------
at 12/31 we owe interest that we have not yet paid. for our f/s to be correct we must record how much we owe

dr interest exp $$$$$$$$$
cr interest payable $$$$$$$$$$$$

the amount is the face*annual interest rate*the months since the last payment/12
----------------------------------------------

for interest payments 1/1-6/30

dr interest exp $$$$$$
dr interest payable EEEEE
cr cash hhhhhh

EEEEE= the amount per the 12/31 accural - see above, $$$$$$$$$ = the amount is the face*annual interest rate*the months since 12/31 /12, hhhhhh = the amount is the face of the bond * the anual interest rate *6/12 (because you are paying for half a year)(on 12/31 we made an entry on our books but paid nothing)

News re: the test (now ready for you to take on Wed)

*know the equity section of the b/s - you will have to prepare an easy one.
*test is 18 questions (19 if you consider that one question has two parts.)
*test requires 11 j/e, 4 calculations, 1 multiple choice, 2 short answers (maximum of 4 lines each) and the equity section problem

you will be given a booklet to use as scrap paper.

all answers must go on your exam paper.

You must write your name on all pages of the exam.

You will be given the full period for the exam (you do not need to bring books to class.

The answers will be posted on the gmail by wed night

You are to do the exam in ink. If you do it in pencil, i will not consider claimed grading error as you may have changed the answer.


Graded exams will be returned Friday or the following Wed at the end of the class.

To make up for lost time, we will not be going over the exam in class, please review the answers and see me during office hours if you have questions.

Students from the second class are to wait by the door closest to Kiley Hall and students from the first class are to leave via the door closest to Powdermaker Hall.

Computation of preferred dividend to be on exam

included in the items to be covered on the exam 2/24 is computation of preferred dividends.

Answers to h/w and take home test are now posted on the gmail account

Answers to h/w and take home test are now posted on the gmail account

Take home test answers to be availabe on the gmail after the 2nd class on friday 2/19

The answers to the take home review test that you turned in on Wed will be available on the Gmail account shortly after the 2nd class on friday 2/19. (due to formatting issues i was unable to put it here). If anyone deletes it after I post it, please send an email to cpaprofessor@aol.com and I will resend/post. Remember I do not check emails from friday afternoons until saturday after sun down. Thank you

HW due 2/19/2010 Chapter 12 Problems 1,3,6.and reminder test 2/24

Chapter 12 Problems 1,3,6. are due friday 2/19/2010
Also start reading Chapter 10
Reminder Test Wed 2/24 covering CH 11, 12, and as far as we get on Friday in CH10

CUNY A!ert-Emergency/Closing Notification System

Subject: Learn Quickly About Campus Closings




CUNY A!ert is CUNY's Emergency Notification System that can send you text or voice notifications of emergencies or weather-related closings on campus, such as Wednesday's closing due to snow. If you choose to register as a "visitor," you need only supply your name, address, email, and create a user ID and password—you will not need to enter your social security number. If you have not already signed up, go to www.cuny.edu/alert .

All the information you provide will remain confidential and will never be shared; nor will the university use this system to contact you about anything but an emergency situation. Please sign up today.

revised due dates and schedule due to snow

QC has closed school on wed 2/10 due to snow
there is no school friday 2/12 - lincoln's birthday

the take home exam is now due next wed 2/17
on 2/17 we will: go over ch 11 hw, continue/finish ch12
on 2/19 we will go over ch12 hw and if possible start ch 10
wed 2/24 exam. it will cover ch 11, 12 and possibly a small portion of chapter 10 (depending on how far we get).

READINGS AND ASSIGNMENTS

QUEENS COLLEGE OF THE CITY UNIVERSITY OF NEW YORK DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS
ACCOUNTING 102
Learning Objective: Continuation of accounting principles as delineated in Accounting 101
Required Textbook: Financial and Managerial Accounting: The Basis for Business Decisions Williams, Haka, Bettner and Carceilo, Fifteenth Edition
Note: All problems assigned are from the 'A' problem section of each chapter.


Chapter 11: Stockholders' Equity: Paid-in Capital (pp. 499^508) Learning Objectives-Accounting for book value; treasury stock transactions: Journal entries and financial statement presentation. Exercises: 8,9,10;13,14. Problem: 2


Chapter 12: Income and Changes in Retained Earnings Learning Objectives- Presentation of discontinued operations and extraordinary items in the income statement, computation of earnings per share, accounting for and presentation of cash and stock dividends, preparation of statement of retained earnings and statement of stockholders' equity, presentation of prior period adjustments and definition of comprehensive income. Exercises: 2,3,5,7. Problems 1,3,6.


Chapter 10: Liabilities (OP. 444-457) Learning Objectives- Bonds Payable: Describe corporate bonds and advantages of debt financing, preparation of journal entries and financial statement presentation for bonds issued at par, discount and premium. Exercises: 8,9,10. Problems 5,6,


Chapter 7: Financial Assets (pp. 299-303) Learning Objectives- Market Securities: Preparation of journal entries, understanding of financial statement presentation and recording of realized / unrealized' gains and losses for available for sale securities. Exercises:.7,13. Problem: 5


Chapter 9: Plant and Intangible Assets (pp. 405-417) Learning Objectives- Understand the concepts
of plant asset disposal, preparation of journal entries and financial statement preparation. Understand
the concepts of intangible assets and natural resources including journal entries and financial statement
presentation. • .
Exercises: 7,10,11. Problems 4,5.


Appendix C: Partnerships (DP. C-3 to C-6 & C-16 to C-22) Learning Objectives- Understand the characteristics of general partnerships and other partnerships. Preparation of journal entries for the formation of a partnership and closing entries for income and loss allocations to the partners. Exercises: CI, C3.C4.C9, CIO, CI 1.

13: Statement of Cash Flows (pp. 569-5821 Learning Objectives- Explain the purpose of the statement of cash flows, describe classifications in the statement of cash flows, computer the major cash flows relating to operating activities, compute cash flows for various investing and financing items, and explain the differences between the direct and indirect methods of reporting cash flows from operating activities. • Exercises: 3,4, 5. Problems: 4A, 4B


Chapter 7: Financial Assets (pp. 303-311) Learning Objectives- Uncollectible Accounts: Explain the differences between the allowance and direct write-off methods of accounting for uncollectible accounts receivables, preparation of journal entries and financial statement presentation. Exercises: 8. Problems: 3,4


Chapter 16: Managerial Accounting: A Business Partner Learning Objectives- Describe the types of manufacturing costs, distinguish between product and period costs, direct and indirect costs. Describe how manufacturing costs flow through the perpetual inventories. Prepare a schedule of costs of finished goods manufactured. Exercises: 2,3,4,5. Problem: 1.


Chapter 17: Job Order Cost Systems & Overhead Allocations ("pp. 770-7791 Learning Objectives-Explain the purpose of cost accounting systems, explain the purpose of overhead application rates, describe the purpose of job cost sheets and accounting for the flow of costs using job order costing. Exercises: 3,4,5,7. Problems: 2,4


Chapter 20: Cost-Volume-Profit Analysis Learning Objectives- Explain fixed variable and semi variable costs, compute contribution margin, sales volume for desired levels of operating income, compute contribution margin ratio and use in estimation of operating income and sales volume. Exercises:. 1,3, 7. 8


Chapter 14: Financial Statement Analysis Learning Objectives- Explain the use of dollar and percentage changes in components of the financial statements, explain classifications in financial statements and preparation of a classified financial statements. Compute widely used financial ratios and their significance. Exercises: 4, Problems: 4,5

There will be at many examinations administered during the semester. In addition there will be a cumulative, departmental final examination. Scientific calculators will not be acceptable for exam purposes

POLICIES SPRING 2010

Queens College Accounting 102 Spring 2010 - Prof Gruza -all sections


Rules S: Policies

Grading/Exams/Homework

• Based on rank compared to students in both of my Acctg 102 sections - Distribution to be announced in class
• Individual exams will not be curved, as your relative standing is what matters.
• In cases where large groups do well/very well, I may adjust and have half the class ranked in the top 25% so as to preserve the nature of good performances even if others have done even better.
• Every chapter will be tested either as an individual mini-test or as a multiple chapter test Regardless each test will carry the same average weight per chapter.
• Final - Departmental multiple choice
• Your final grade will be based on your average rank based on either a chapter to final ration of 60:40 or 50:50 which ever works better for you on an individual basis
• Hints (priced based on and pain in points) may be sold by professor during exams but not the final
• Missed exams to be dealt with on an individual basis
• All homework is subject to collection when due on a class wide or individual basis. You are allowed 1 miss with no penalty. Further misses will harm your grade. Students holding a rank in the top 25% of the class are exempt from homework collection.
Cheating: Giving, or receiving answers or having non-allowed materials (used or not) will result in automatic failure of the class. No second chances®®®!

Cell phones:

Not allowed in sight during exams. Must be on vibrate or off at other times. Text messaging during class has proven to damage students' grades so it will not be allowed. (It is also rude when I see you text messaging in class.) If you have a valid emergency situation requiring you to be in contact, please see me.

Class participation:

Bonus pts may awarded. There will never be a penalty (except on exams) for wrong answers. The class is taught in a highly interactive format, so more you participate, die more you will gain!


Office hours/tutoring:
half an hour before the first class (in the classroom) and half an hour after the second, starting in the classroom and heading into my office in the accounting suite. Please take advantage and see me!!!!

contacting professor:
My email is CPAPROFESSOR@aol.com. I will not respond to questions as to what you missed by being absent or what the homework is, for this you should contact a classmate. (Get phone #'s/email addresses.)



Calculators
Basic QC Accounting Department authorized calculators (see me for details) may be used on exams. Others and phones may not be used. Exams must be done in ink. (Crossing out is fine.)



SECTIONS
Both sections will cover the same materials each day. You may attend whichever section you want on a day-by-day basis except on exam days.


TEXT BOOK
We are now using the 15* edition. Bring daily. Lectures closely follow text & I will help you to highlight, saving note taking. The syllabus is available on 102in2010@gmail.com.


TUTORING
Take advantage especially to overcome what you missed in 101. (Debits are on the left®®!!)

CLASS EMAIL FORUM
You got this so I assume that you have logged onto 102in2010@email.com. Password (in lower
case) =» "drcashup". This will be used to:
-distribute supplemental materials including exam answers
-alert you as to special situations or days that I may need to cancel class
-allow for chat and exchange between students

TAKE HOME TEST ON 101+SOME 102 DUE 2/10

*Give the related journal entry and adjusting j/e to the right of each of the following for ABC Inc. Indicate which are adjusting J/E
*post to “T” accounts
*Do an adjusted T/B (The unadjusted T/B is optional)
*Do Income Statement, O/E, and BS for February

11) 2/1/05 ABC inc issued 500 shares of $3 par common stock for $20000
12) 2/1/05 ABC inc issued 100 shares of $100 par preferred for $11000
13) 2/1/05 ABC pays $12000 for a 12 month insurance policy which starts 2/1/05
14) 2/5/05 ABC buys $1000 of office supplies on account from Staples.
15) 2/6/05 ABC buys computers for $4000 cash.
16) 2/6/05 ABC pays Staples $330 toward the 2/5 bill.
17) 2/7/05 ABC Receives $6000 from SBX for future work to be done.
18) 2/8/05 ABC does $2500 of work for SBX.
19) 2/27/05 ABC gets a bill for telephone bill for Feb 2005 for $700
20) At the end of February there are $600 of office supplies left
21) The Depreciation for the computers for February is $130