Exercise 7 5 accounting

 

Sales Nov. PDF Mcgraw hill connect managerial accounting answers chapter 8 Mcgraw hill connect managerial accounting answers chapter 8. 21: Exercise E21-7 ACC 422 Week 5 written by stoneayako BE11 6 C Simple 3–5 BE12 7 AN Moderate 4–6 DI1 1 C Simple 4–6 Accounting Principles, 11/e, BRIEF EXERCISE 4-1 Accounting Test Question With Answers On Accounting Equation and Debit And Credit _____ (Page 5) ˘ ˇ ˆ ˙˝ ˘ ˇ ˘˘ ˙˝˘ ˙˛ ˙ ˇ ˘˘ ˙ ˘ ˇ ˙ ˝ˆˇ˚ ˜ ˚2 B ˆˇ ( )C ˘ ! ˘ ˆ ( )"ˇ ˙ ˚ ! ˘ ˆ (˘)" ! ˘ ˆ ˆˆˇ ˆ ˘! ˙ ˘ 2 Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. ) Financial Assets Cash Accounts receivable Short-term investments Trust funds held by federal government Equity in commercial enterprises DOWNLOAD ANY SOLUTION MANUAL FOR FREE im asking if you offer the Exercise Solution for the Cost Accounting A Managerial Emphasis tenth edition. 5 7 SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 5 1 Current assets Cash 27000 from ACC 421 at University of Phoenix. By continuing to use Pastebin, you agree to our use of cookies as described in the Cookies Policy. 5. When you're done, check the answers page here to see if you got them. Exam #1 . Exercise Set B Solutions (the Word Viewer has been retired) Checklist of Key Figures (the Word Viewer has been retired) Problem Set B Solutions (the Word Viewer has been retired) PRS Questions (requires WinZip or equivalent software) Image Gallery. O. Please note that the practice final only has 44 questions on it. After the reversing entries are posted, the accounting cycle starts all over again with the occurrence of a new business transaction. Refer to the data given in Exercise 1-7. Immediately after recording each transaction, post to the accounts receivable ledger. Double Entry Accounting is surprisingly simple and is built around only a very few concepts, a balance Public accounting firms and large corporations are the top recruiters of accounting majors. 33 5. 13: Problem P13-4 • Ch. 20, 11. 25 5. Name Date CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. Answer all questions independently. Note for $2,000 collected for Joyce Company in July by the bank, plus interest $36 less fee EXERCISE 7-5 (Continued) the allowance for doubtful accounts at December 31, 2007, resulting from a change in accounting estimate) $60,600 PROBLEM 7-5 Bad Debt Eastland Company reports the following for the month of June date explanation units U/C T/C 1 Inventory 486 $4 $ 1,944 12 Purchase 729 9 6,561 23 Purchase 1,215 12 14,580 30 Inventory 389 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Exercise 23-14 Cost variances LO C2 Presented below are definitions of certain terms. (Provide categories and account titles only – no numbers. Accounting for notes. The salary of the head of pediatrics Financial and Managerial Accounting 15e Williams Haka Bettner- (Chapter 7) Exercise 7. _____ 3. Exercise H Katherine Company purchased a machine on 2009 April 1, for $ 72,000. Chapter 5: Accounting for Merchandising Operations This chapter will delve into the accounting for a merchandising business by looking at the perpetual inventory system. txt) or read online for free. com job board aggregates the best open positions online, including entry-level to senior employment, jobs in the public and private sector and a range of general business and finance opportunities. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. NCERT Solutions class 12 Maths Exercise 7. Exercise 7-6 Solutions for ACC300 Week 5 . Dep. After careful study of this chapter, you will be able to: 1. August 1, 2015. 1. 15 Exercise 5. The next person in will see that since Brief Exercise #1 has already been answered, and therefore should respond by posting his or her answers to Brief Exercise #2. MyLab Accounting is the teaching and learning platform that empowers you to reach every student. This course is a practical look at the "blind spots" of accounting — topics that appear frequently in real-world financial analysis but aren't covered in introductory accounting courses. A bank overdraft of $110,000 has occurred at one of the banks the company uses to deposit its cash receipts. In order to test this, you only must . Download with Google Download with Facebook or download with email. Royal submitted the credit card receipts to the credit card company immediately. E2-5 (Elements of Financial Statements) Ten interrelated elements that are most directly related to mea-suring the performance and financial status of an enterprise are provided below. 1 Accounting in Action 2 The Recording Process 3 Adjusting the Accounts 4 Completing the Accounting Cycle 5 Accounting for Merchandising Operations 6 Inventories 7 Accounting Information Systems 8 Fraud, Internal Control, and Cash 9 Accounting for Receivables 10 Plant Assets, Natural Resources, and Intangible Assets Solutions to Kieso Intermediate Accounting 16th Edition I'd like to do the problems from my Intermediate Accounting textbook for additional practice, but the solutions are not included so I can't check my work to make sure I am doing the problems correctly. Selected exercises and/or problems will be assigned and must be completed using Cabrillo Canvas Find over 1,500 Q&A for accounting and finances at AccountingCoach blog. Audit and Accounting Guides (AAG)—only incremental accounting guidance Fundamentals of Financial Accounting, 5/e 1-7 ANSWERS TO MINI-EXERCISES M1-1 Abbreviation Full Designation (1) CPA Certified Public Accountant (2) GAAP Generally Accepted Accounting Principles (3) FASB Financial Accounting Standards Board (4) SEC Securities and Exchange Commission (5) IFRS International Financial Reporting Standards M1-2 Financial Accounting (Libby, Libby, Short: 8th Edition) All chapters in the Financial Accounting text will be part of the course content. Here are the 9 main steps in the traditional accounting Meanwhile, the accounting industry has endured dramatic shifts since the collapse of Enron and WorldCom, causing a renewed focus on ethical behavior in accounting. Mathematics (Maths) XII (Practical Centre Notes for Second Year Class) All Exercise - Binary, Straight Line, General Equations, Fractions, Differentiablity, Calculus, Antiderivatives, Circle, Parabola, Ellipse, Hyperbola & Vectors Solved All Questions with Answers for All Chapters - Class XII, 12th, Second Year --> exercise price = $100--> average market price = $120 Proceeds from the assumed exercise = 600 shares x $100 = $60,000 Number of treasury shares assumed to be bought back = $60,000 / $120 = 500 shares Entity A is assumed to sell 600 shares and buy 500 shares Increase in the number of shares = 600 - 500 = 100 shares Managerial and Cost Accounting 4 Contents 5. (p. 10, 11 8, 9, 10, 11, 12, 13 2, 3, . Exercise 4. Learn and improve your skills at our online platform for free AccountingCoaching. 3 Goal of the Firm 13 Maximize Profit? 14 Maximize Shareholder Wealth Provided a six-month warranty on the equipment sold. AccountingCoach helps you evaluate your knowledge and provides free online courses for your improvement. With the Suntrust Bank Card. Examples include an INCOME TAX BASIS or a CASH BASIS. Daily assignments 5. E. GAAP, FASB, AICPA, Generally Accepted Accounting Principles in the United States. Using the following tabular analysis, show the effect of each transaction on the accounting equation. August 14, 2003 Class: Inventories and A Review of the Accounting Cycle . Shaw] on Amazon. sec. pdf), Text File (. The same does - Selection from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition [Book] Practical Questions and Answers Financial Accounting - Practicum, Exercise 1 - 3, Chapter 7, SE 5. Posting is the process of transferring information from the journal to individual general ledger accounts. 8,817. Scribd is the world's largest social reading and publishing site. U [Solution to Exercise 1] The cost accounting methodology used for this scenario is process costing. Premium. doc), PDF File (. Topic 1 deals with the theory behind consolidation subsequent to acquisition. LO5. 2 The Managerial Finance Function 9 Organization of the Finance Function 10 Relationship to Economics 10 Relationship to Accounting 11 Primary Activities of the Financial Manager 13 Review Questions 13 1. Student Resources For more information Exercise 5-5 Exercise 5-6 Exercise 5-7. On July 15, 2011, the company sold 1,000 tires to the Nixon Car Company for $50 each. Restore data from Exercise 6-2. Make sure you save this Microsoft Excel Workbook regularly while carrying out the exercise. Journalize issuance of common stock and preferred stock and purchase of treasury stock. On december 21, the accounts receivable ending balance is $80,000. 4. Financial Accounting Exam II, Chapters 5 and 6. Accounting Cycle Exercises III 8 Problem 1: Solution Solution 1 GENERAL JOURNAL Date Accounts Debit Credit Jun. The part of accounting that involves recording transactions and events, either electronically or manually. 11 Cash Down and Finance Contracts Receivable. Understand permanent and temporary differences. 7 Match the terms Financial Accounting Management Accounting Financial Reporting Financial Statements General Purpose Assumption Integrity Internal Control Public Accounting Bookkeeping A. 2009-04 August 2009 Accounting for Redeemable Equity Instruments Amendment to Section 480-10-S99 Accounting Standards Update Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, PO BOX 5116, NORWALK, CONNECTICUT 06856-5116 Managerial accounting can be contrasted with financial accounting, which is concerned with providing information to stockholders, creditors and others who are outside an organization (Garrison and Noreen, 1999). Record and report deferred tax liabilities. Balance per bank, April 30 Add deposits in transit. U. 31 5. Complete Exercises BE5–1, BE5–2, BE6-5, BE6-7, BE7-4, BE7-5, & BE7-6. July bank service charge not recorded by the depositor $38. 7 Returned 50 defective units from the March 5 purchase and received full credit. When production is more than sales (as in this exercise), the fixed manufacturing overhead is deferred in inventory that causes a higher net operating income under absorption costing than under variable costing. Compute missing amounts. In exercise 1-7 given data, Kubin Company's relevant range of production is 18,000 to 22,000 units. Chapter 7 Accounting for Financial Management ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 7-1 The balance sheet shows the assets, along with the sources of funds used to acquire the assets, at a point in time, say 12/31/07. (a) BRIEF EXERCISE 7-3 1. This item has complete Exercises + Cases solutions for this book. This course aims to build and solidify one's knowledge of the fundamentals which are vital in pursuing higher accounting studies, in building a career in accounting, or in managing a small business; a primer for beginners and a refresher for those who already have an accounting background. Exam #2 Fall 2015 Practice Exams. Record the transactions in either the sales journal or the general journal, as appropriate. Accounting Tips (Updated November 2017) Getting Started Read the Law Society Rules Lawyers' accounting obligations are set out in the Law Society Rules, which apply to all aspects of trust accounting and to many aspects of General Ledger ("G/L") accounting. Thus exchange Buildings are depreciated using the straight-line depreciation method. Analysis of price change decision:   3 Jan 2018 6. 7 and Problems 5. ANSWERS TO ALL EXERCISES - Cengage is . In business activity a lot of “give & take” exist which is known as transaction. Review its financial statements reported for years ended 2011, 2010, and 2009 to answer the following questions. This Web site gives you access to the rich tools and resources available for this text. 3. Heating the hospital The pediatric department X 4. 7 Reading: Financial Accounting, Chapters 6 and 7. Do you have a recommendation for an enhancement to this accounting lesson, or do you have an idea for a new lesson? 7. (1) Reporting must be done at defined time intervals. Petty cash fund of $1,000. Test your accounting skills with our quizzes. Then cash on hand is divided by average daily cash expenses: Exercise 7-8 The following information pertains to Joyce Company. Record and report deferred tax assets. 17 Exercise 6. *This material is covered in an Appendix to the chapter. by Trina Brown (Griffin, GA) Q: Lynn Shackelford is the owner and operator of Galaxy LLC, a motivational consulting business. ACC 423 Week 2 – E17-7 (Trading Securities Entries) On December 21, 2010, Zurich Company provided you with the following information regarding its trading securities. 3. BE5-1Presented here are the components in Korinek Company’s income statement. MBA-Finance Management Accounting UNIT – I MANAGEMENT ACCOUNTING INTRODUCTION: A business enterprise must keep a systematic record of what happens from day-tot-day events so that it can know its position clearly. Chapter 6 Exercise 7, Introduction to Java Programming, Tenth Edition Y. Time will also be spent completing the steps in the accounting cycle and calculating gross profit margin and net profit margins. The accounting for property, plant, and equipment is primarily concerned with determining the cost used up in any given period (depreciation expense) and the dollar amount to report as an asset on the balance sheet at the end of the period. Z-Mart assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. *6. Post the entries from the general journal and the total of the sales journal to the gen-eral ledger. J Fletcher, a trusted employee of Bluestem Products, found himself in personal financial difficulties and decided to "borrow" $3,000 from the company and to conceal his theft. Daniel LiangY. Accounting for notes 14, 15 6, 7 18, 19 8, 9, 10 5, 6, 7, 8 receivable. Weiner Company's net credit sales were $500,000 during 2010. The $7. Complete the following: Questions #1,2 (p444) ; Brief Exercise #1 (p445) 01. Assets Distributions to owners Expenses Liabilities Comprehensive income Gains Equity Revenues Losses Investments by owners Instructions- [This is a variation of Exercise 7-5 modified to focus on the net method of accounting for cash discounts. Jul 30, 2013- ACC305 / ACC 305 / Week 1 Assignments: Exercise 3-18 Exercise 3-20 Judgment Case 3-5 ACC305 / ACC 305 / Week 1 DQ 1 FASB and Ethics ACC305 / ACC 305 / Week 1 DQ 2 Cash vs Accrual: Judgment Case 2-1 Judgment Case 3-6 ACC305 / ACC 305 / Week 2 DQ 1 Earnings Management Case 4-3 ACC305 / ACC 305 / Week 2 Exercise 4-16 Bluebonnet Bakers ACC305 / ACC 305 / Week 2 Exercise 4-19 Accounting for property, plant, and equipment . YOU ARE BUYING the Solution Manual in e-version of the following book*** What is a test bank? Managerial Accounting (15th Edition) answers to Chapter 5 - Cost-Volume-Profit Relationships - Exercises - Page 218 Exercise 5-4 including work step by step written by community members like you. Dan and Den, Inc. Accounting Interpretations (AIN) 7. Although it's meant for ESL students, it'll be useful to anyone who wants to practice this specialized vocabulary. 39 5. Accounting Homework Helper Saturday, March 1, 2014. 4. exercise 5-10 inventory and income manipulation By ignoring the large order at year-end, and thus including the inventory in the year-end count, the company will overstate ending inventory. ACCOUNTING WORKSHEET - STUDENT EXERCISE: Accounting Introduction Worksheet * Student worksheet based on the above lesson. reports the following assets and liabilities. Explain the difference between a retailer and a wholesaler. Process costing is the only reasonable approach to determining product costs in many industries. _____ 5. What is the theoretical justification of the allowance method as contrasted with the direct write-off method of accounting for bad debts? 10. Chapter 1 - 3 Exercise Outline File. Please try again later. Accounting exercises for students ranging from tests of double entry bookkeeping principles to general ledger and preparing financial reports EXERCISE 7-11 . Other Comprehensive Basis of Accounting (OCBOA) Consistent accounting basis other than GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) used for financial reporting. 5. 2. Persons using accounting information who are not directly involved in the running of the organization. During 2011, Carolina Company stock was sold for $9,500. $94,300 BRIEF EXERCISE 7-2 June 1 Accounts Receivable . Search. 3 Schedule of Cost of Goods Manufactured 5. False CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS Number LO BT Difficulty Time (min. The company has a standard paraglider model, but also makes custom-designed paragliders. The $10. Alternate Problems. Tasha Orin E7-6 . Account Types. On September 1, 2016, borrowed $50,000 from the local bank. First, I will talk about divisibility by 8, since it is easier. Home Page. Wild, University of Wisconsin – Madison Exercise 2-4 Exercise 2-5 Exercise 2-7 Exercise 2-8 Exercise 2-9 Financial Accounting Complete Exercise E10-6, E10-8, & E10-18 - Answered by a verified Business Tutor We use cookies to give you the best possible experience on our website. 7. Cash balance per books, July 31, $7,364. This system has been in use since at least the 12th century and it continues to be the most effective financial accounting system today. 1, 5. ] Park Company reported the following March purchases and sales data for its only product. Chapter 7 Accounting Terms - 21 cards; Chapter 7 - 23 cards; Chapter 7 - 38 cards; Chapter 7 - 22 cards; Chapter 7 Accounting - 20 cards; Chapter 7 and 8 - 32 cards; Chapter 7 Activity Based Costing - 27 cards; Chapter 7: Inventory - 5 cards; Chapter 7 Key Terms - 21 cards; Chapter 7 Key Terms Quiz - 21 cards; Chapter 8&9 - 31 cards; Chapter 8 Accounting Equation Exercise. EXERCISE 7-9 (cont. Transaction involves transfer of money or money’s worth. 11 discount of 5 % of the full price if payment is made within 28 days of the date  Actually, divisibility by 7 & 8 is quite easy once you get the hang of it. ***THIS IS NOT THE ACTUAL BOOK. Chapter 21 Solutions-Intermediate Accounting CHAPTER 21 Accounting for Leases SOLUTIONS TO EXERCISES EXERCISE 21-1 (15–20 minutes) (a) This is a capital lease to Adams since the lease term (5 years) is greater than 75% of the economic life (6 years) of the leased asset. When combined with educational content written by respected scholars across the curriculum, MyLab Accounting helps deliver the learning outcomes that students and instructors aspire to. Your final will have about 70 questions. Finance has tradi-tionally been thought of as the area of finan-cial management that supervises the acqui-sition and disposition of the organization’s resources, especially cash. A list of resources available for that particular chapter will be provided. " " . Moderate 20–25 . Sales Revenue. Step 3: Select the activities and cost-allocation bases to use A number of basic accounting principles have been developed through common usage. 5, 7. Government agencies also hire accountants, including the Internal Revenue Service and the Federal Bureau of Investigation. Ans: EXERCISE 2-7 Exercise 3. student number the following are the accounts of special assets inc. Principlesofaccounting. The company’s overall sales, contribution margin ratio, and net operating income are $500,000, 46%, and $10,000, respectively. Put "You are buying Solution Manuals for "Intermediate Accounting, 15th Edition by Kieso". Prepare a schedule of accounts receivable. Managerial accounting information include: Information on the costs of an organizations products and services: In other words, accounting standards require any change in accounting policy to be presented with retrospective application. 2-01 - Qualifications of accountants. 23 5. 8. Leave a comment. Paid Ladd for the computers purchased in (2). GENERAL LEDGER Accounts Receivable Nov. Class Schedule - Fall 2019. com (ticker AMZN) filed on February 1, 2012. 1 Via Afrika >> Accounting Grade 12 Term 1 . How many calories you burn depends on your weight, fitness level and time spent biking. ,. Financial Statement Issues that are Unique to Manufacturers 5. Paid the sales tax to the agency on $400,000 of the sales. 12 Exercise 4. The salary of the head of pediatrics The pediatric department X 5. Basic Exercise 8-1. 7. 5-1 CHAPTER 5 Accounting for Merchandising Operations 5-9 BRIEF EXERCISE 5-7 MAULDER COMPANY Income Statement (Partial) For the Month Ended October 31, 2008 EX18 7 AN Moderate 5–7 EX19 2, 4, 7 AN Moderate 10–12 Financial Accounting, 9/e, Solutions Manual BRIEF EXERCISE 4-1 Managerial Accounting 15th ed Chapter 7 Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 9 million per day. 6 Reviewing Cost of Flow Concepts for a Manufacturer Solution to Exercise 2-1 2 Exercise 2-1 Statement of Financial Position Part 2 – Recast the Statement of Financial Position in the proper format. Practice exam Answers to final. 0 INTRODUCTION We have studied economic activities which have been converted into business activities. Exercise 7-27 (25 minutes). Wild: Fundamental Accounting Principles 19e John J. True. Kieso. 5 4,417 Nov. 5,000 BRIEF EXERCISE 7-7 Accounts Receivable . 4, 7. New break- even point (in units) = = 5,000 components. Problems - Chapter 5: Special Issues for Merchants. Suntrust assesses a 4% service charge for credit card sales. in Chapter 1-7 book value of the assets in Contractor B’s accounting records. This chapter covers the nuts and bolts of basic accounting, or rather basic bookkeeping. explain the recording of purchases under a perpetual inventory system. Accounting Principles Board (APB) Opinions 5. 14, 15 6, 7 18, 19 8, 9, 10 6, 7, 8, 9. mil Web site. (Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter the known data, and then compute the missing EXERCISE 6–7 Segmented Income Statement Shannon Company segments its income statement into its North and South Divisions. *FREE* shipping on qualifying offers. Accounting for Receivables . 50,000 Sales Image of page 3. Resource:Ch. Exercise 5-3 Inventory costing methods-perpetual L. Identify the characteristics of the joint production process. Exercise 19-7 solution High-low method Shatner Inc. After studying this chapter, you should be able to: 1. accounting principles, 12th edition weygandt kimmel kieso solutions manual complete downloadable solution manual for accounting principles, 12th edition jerry. Delta would recognize revenue on May 1 when the ticket was purchased. More. . . , makes paragliders for sale through specialty sporting goods stores. 8 Dec 2014 175. Form 5 Accounting: Transaction Analysis Exercise Question 1 Mr Harveyman sells electrical appliances (such as video machines, fridges, TV etc) to local residents. American Institute of Certified Public Accountants (AICPA) a. At the start of the next accounting period, occasionally reversing journal entries are made to cancel out the accrual entries made in the previous period. (c) 3. , a business owned by Kumi Emiko. Most of the business enterprises are run by the corporate sector. Managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. Chapter 2 Accounting for Transactions BTN 2-5 Access EDGAR online (www. 5 An exercise on the application of the accounting model of a business to 12 non-commercial and other organizations 3. Download Student Exercise Files. from Marianne Koch, a company customer, in the amount of $190,000. Select the appropriate term from the dropdown list. This in turn will lead to an understatement of cost of goods sold and an overstatement of net income. Analyze transactions relating to the sale of merchandise. The subject of this workbook is the Double Entry Accounting System. 2, 5, 6, 7, 8, 9 3, 4, 5, 6, 7 3 Bad debts and allowance for doubtful accounts. This is an introduction to accounting lesson. Accounting for Income Taxes . ) The difference between net income and cash flows from operating activities is the difference in the amount of warranty expense accrued and the amount actually paid. exercise 8-1,8-6,8-9,8-13 exercises 8-3,8-5,8-7. chapter cash and receivables assignment classification table ( topic) topics questions brief exercises exercises problems concepts for analysis accounting for. 5 10 13 practical problems week 46 name problem special assets inc. Target net income: 700 bicycles $162. Trusted by 70 Lakh Students. Please check revision currency on the Web prior to use. ] Harwell Company manufactures automobile tires. Identify the steps in management’s decision-making process. This dynamic author team designed Managerial Accounting to work within the confines of today's students' lives while delivering a modern look at managerial accounting. Exercise 5. The Exercise 6-2. Chapter 4 - 5 Exercise Outline File. 172) Compare specific ledger accounts before and after posting of the journalized adjusting entries. The procedural aspect of accounting that involves keeping detailed records of business transactions, much of which is done toady by computers. 5 . The fair value of the stock on December 31, 2011, was: Stargate Corp. Recall that financial accounting focuses on  Exercise 7-23 (20 minutes). Once you have printed out the Trial Balance, begin at the top and copy the figures to the appropriate places in either the Profit and Loss or the Balance Sheet. 6A--ANSWER KEY (INSTANT DOWNLOAD) Ch03 1. Accounting for the Sale of Goods . For each of the following cases, fill in the blank with the appropriate dollar amount. e. 5 million would be used as the basis of Contractor A’s depreciation expense, cost of money, and asset values used in the CAS 403 three-factor formula. Answers to practice multiple choice Joint Product and By-Product Costing. Submit as either a Microsoft ® Excel ® or a Microsoft ® Word document. The wages of pediatric nurses The pediatric department X 2. Accountants do need to know how to do bookkeeping, however. Describe the concept of incremental analysis. This is the concept that accounting transaction ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13 This Tutorial was purchased 3 times & rated A+ by student like you. We pass 10K€ of amortization on the fixed assets, and, considering that Steve is a doubtful client, we provision 50% of the IOU we hold from him. (5) How would a change in the mix of products sold affect the break-even and target volume and profit potential? The components of CVP analysis are: Level or volume of activity Unit selling prices Variable cost per unit Total fixed costs Sales mix 5. 21 189 10 1,250 13 733 30 2,606. Accounting Research Bulletins (ARB) 6. Determine Student Resources For more information Accounting, 21e by Carl S. The company has two certificates of deposit, each totaling Financial Accounting Exercises . 170) Journalize adjusting entries from the worksheet. Account Receivable 475 Work in Process 475 b. The two purposes of Internal Control are: Safe guarding business assets. 3 Class 12 Maths book solutions are available in PDF format for free download. (o) A company charges its sales commission costs to expense. Works Offline, Easy to Use, Full-Featured & Free Forever. Daily Assignments. Solutions Manual, Chapter 7 353 Exercise 7-4 (continued) 2. Make an optional backup of Chapter 7. The Jeep dealer in your area records all business transactions in the journal and posts them to the general ledger. More practice multiple choice. Next Blog. Principles of Accounting II. 00, 32. Step 2: Identify the direct costs of the products. People often refer to these fundamentals as generally accepted accounting principles. DTS Release 1. Accounting Study Guide by AccountingInfo. At the present time, the company has no deposits at this bank. Exercise 2. Not only will Practice Exams. The com- pany has a standard paraglider model, but also makes custom-designed paragliders. Exercise 25-4 Accounting Chapter 4 – Exercise 4-1, answer # XXXXX through 10 1. 1 Chapter 1 Introduction to Health care accounting and financial Management Accounting and Finance Accounting Finance Financial Accounting Organization 5 Why Study Managerial Finance? Review Questions 9 1. Levine receives an immediate credit to its account when it deposits sales receipts. Identify the relevant costs in accepting an order at a special price. 37 5. As a first step Test your accounting skills with these exercises on Elements of Accounting under the Fundamental Accounting Concepts tutorials. 2A (2) Manufacturing Overhead–Stores, total costs prorated to the three production departments, $10,361 Solutions for Exercises 10. Connect - Managerial Accounting Exam (Ch 7-9) Questions 1-8 [The following information applies to the questions displayed below. Question: Exercise 12-5 Various Transactions Relating To Trading Securities [LO12-2] Rantzow-Lear Company Buys And Sells Securities Expecting To Earn Profits On Short-term Differences In Price. The cash to daily cash expenses ratio is calculated by first calculating average daily cash expenses: = 18. Updated often, the Accounting. Section 2 — ledger accounts. We use cookies for various purposes including analytics. Statements of Position (SOP) b. The machine has an estimated useful life of five years with no expected salvage value. Create. 10 Exercise 3. 9. Welcome to Accounting 11/12. in determining net income. 2. The estimated warranty expense based on a percent of sales amounted to $6,300, but only $150 of that amount was actually paid. 2, and 5. Bal. 2018 (7) December (7) Exercise 1-17 Preparing a balance sheet LO P2; Exercise 1-16 Preparing a statement of retained ea Exercise 1-15 Preparing an income statement LO P2; Exercise 1-9 Using the accounting equation LO A1; Exercise 1-8 Using the accounting equation LO A1; GL1201 - Based on Exercise 12-11 LO P1, P2, P3, A1 EXERCISE 5-11 Missing Data; Basic CVP Concepts [LO5-1, L05-9] Fill in the missing amounts in each of the eight case situations below. Deposits in transit, July 31, $2,700. Compute the totals that would appear in the corporation’s basic accounting equation (Assets = Liabilities + Stockholders’ Equity (Capital Stock)). stock-$19,300; Vectorman Co. Until they are subject to accrual d. Create Blo. As discussed in part (1 a) above, unit sales and variable costing net operating income move in the same direction when unit selling prices and the cost structure are constant. 29 5. Discuss the accounting for sales allowances and how they relate to the concept of variable consideration. Identify the relevant costs in a make-or-buy decision. Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards ir charging purchases. a. Mar. has the ability to exercise of more than 5% of the equity securities of the accounting firm. This branch of accounting is also managerial accounting. Worley sets its prices for all hospitals by marking up its cost of goods sold to those hospitals by 6%. receivable. Use drill down to go from the income statement to the general ledger, then to the original entry. 4 Schedule of Cost of Goods Sold 5. Using MACRS and assuming your exercise equipment has a useful life of five years, let's compute the depreciation expense: We are going to use MACRS at the 200 percent double-declining balance rate. 5–7 of Financial Accounting. Alexandra Humphrey. 204. Install App. The three major types and classification of receivables are as follows: Type. All expenses of both a service business and Delta would be recorded when cash was paid. , 1,100 total units multiplied by 1 hour per unit. View Homework Help - Chapter 7 Solutions from ACCOUNTING 321 at Drexel University. 10. Accounting tends to cover much wider territory, and it features much more analysis, when compared with bookkeeping. For a 10 year period MACRS yearly depreciation expenses are: 20. ACCOUNTS Bank Accounts Receivable Supplies and Materials Prepaid Insurance Land Buildings Acc. 00, 19. explain the recording of sales revenues under a perpetual inventory system. Gateway to the Profession Portal. Businesses that adhere to Mar. Employees work a 5-day week. Explore Peachtree’s Help feature. com is a high-quality, comprehensive, free, financial and managerial accounting textbook online and more. 93 TAKING IT TO THE NET A1 Required 1. Then the total overhead rate would be calculated by dividing the total activity overhead costs in Exhibit 7-5 (or Exhibit 7-6) by the total number of direct labor hours, i. This section offers free online tutorials of accounting basics. The net operating income under absorption costing is $20,000 more than the net operating income under variable costing. You will receive this product immediate after placing the order; 6. Financial Accounting - Chapter 1. 7 Learn with flashcards, games, and more — for free. Under the modified accrual basis of accounting, revenues cannot be recognized a. 7 (Financial application: compute the future investment value) Write a method that computes future investment value at a given interest rate for a specified number of years. These business houses are required by law to accounting equation identifying their effects on the accounting equation Recording journal entries and identifying their effects on the accounting equation Topic Skills 7–9 1–10 Analysis, communication 1–10 Analysis, judgment, communication The accounting cycle The accounting cycle Analysis, communication Learning 3–8 3–8 3–5 Objectives accounting equation identifying their effects on the accounting equation Recording journal entries and identifying their effects on the accounting equation Topic Skills 7–9 1–10 Analysis, communication 1–10 Analysis, judgment, communication The accounting cycle The accounting cycle Analysis, communication Learning 3–8 3–8 3–5 Objectives Lecture: The Chapter 3 lecture is broken down into two separate topics. Course: Accounting – ACC/300 . 171) Post journalized adjusting entries to the ledger. Compute the depreciation expense for 2009 and 2010 under the double-declining-balance method. (This backup was made on p. P1 [The following information applies to the questions displayed below. Record a variety of sales and c ash receipt transactions in a general journal. Chapter 1 Exercise Solutions Chapter 1 Problem Set A Solutions Chapter 2 Exercise Solutions Chapter 2 Problem Set A Solutions Accounting Chapter 5 correct answers. dod. For the Brief Exercises only, I would like the first person into this thread to post his or her answers to Brief Exercise #1 from Chapter 2. S) Formats by Service/Agency and LOA Data Elements For Customer 17 CFR § 210. For the Fall 2015 Exam 2 NOTE: Do not ignore question 49 . Exercise 2-7 (15 minutes) Cost Cost Object Direct Cost Indirect Cost 1. Welcome to the Web site for Intermediate Accounting, 15th Edition by Donald E. 761 percent for Years 1 through 5, respectively. 1 Schedule of Raw Materials 5. Instructions: For the exercises below, write your answers on a piece of paper. In ACCOUNTING, all costs associated with the acquisition of an ASSET. 3 COMPUTER EXERCISES ACCOUNT GST ACCOUNTS DEBIT CREDIT Accounts Payable Accounts Receivable Accum adjustments amount ANSWERS TO CHAPTER ANSWERS TO SECTION Automobile Bank Charges Expense Bank Loan Car Expense CEET CHAPTER 7 REVIEW Cheque Copy column Company Comprehensive Exercise CREDIT DR/CR BALANCE DATE Posts about E21-7 Resource:Intermediate Accounting Prepare written responses to the following assignments from the text: • Ch. EXERCISE 7-5 (1520 minutes) (a) (1) June 3 Accounts ReceivableChester. Money and Value 3. " E1-5 E1-7 E1-13 P1-1A P1-2A Managerial accounting is a field of accounting that provides economic and financial the exercise of good judgment in performing 1 Accounting in Action 2 The Recording Process 3 Adjusting the Accounts 4 Completing the Accounting Cycle 5 Accounting for Merchandising Operations 6 Inventories 7 Accounting Information Systems 8 Fraud, Internal Control, and Cash 9 Accounting for Receivables 10 Plant Assets, Natural Resources, and Intangible Assets Underapplied or 3-5 If actual manufacturing overhead cost is overapplied overhead is disposed of by either applied to jobs, the company must wait until the closing out the amount to Cost of Goods Sold or end of the accounting period to apply overhead by allocating the amount among Cost of Goods and to cost jobs. OBJECTIVES . Exercise 5-8 Exercise 5-9 Exercise 5-10 and Problems for Managerial Accounting Accrued salaries 5 CHAPTER 4 THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS Exercises 6 Analysis Analysis Analysis Accrued taxes Analysis Analysis Analysis Analyzing the adjusted trial balance Real World: Home Depot Using an annual report Adjustments and the balance sheet Analysis Communication, analysis Accounting principles Accounting for Exercise 1. (j) Rationale for accrual accounting. CHAPTER 9 . on StudyBlue. 35 5. Salvage value of the building at the end of useful life is estimated as $120,000 What is the amount of depreciation expense for 20×1? What is the book value of the building at December 31, 20×1? 4. Until cash has been collected b. 5 Purchased 500 units of product with a list price of $5 per unit. identify the differences between service and merchandising companies. Access Labyrinth Learning's Microsoft Excel Online Learning Resources, click on the link next to your book title below. Prescription drugs A particular patient X 3. (k) The use of consolidated statements is justified. Each case is independent of the others. Useful life of the building is 40 years. EXERCISE 7-10. LEARNING OBJECTIVES. Building on the success of the best-selling Fundamental Accounting Principles text, authors John Wild, Kenneth Shaw It is not exactly the way it is done in real life (because this is done normally at the very end of the accounting cycle during adjustments), but for the sake of learning, let's look at it right now. The site has professional Accountants who will take the class for you and solve all the questions accurately to ensure you only score your d Accounting rests on a rather small set of fundamental assumptions and principles. Warren, James M. Ch 7 - Accounting 11 Powerpoint Notes File. com. 7 a. You can access these resources in two ways: Using the menu at the top, select a chapter. EXERCISE 7-5 Purpose: (L. By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them. Ensuring accuracy and reliability of accounting records. Assignment and 17, 18, 19 8, . EX 7-5 Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: Business English Exercise | Topic: English for Accounting 1 Designed to teach you accounting, bookkeeping, and other vocabulary for financial record keeping, while polishing your grammar skills. stock-$20,500 EXERCISE 7–5 Product and Customer Profitability Analysis [LO4, LO5] Updraft Systems, Inc. Start studying Chapter 7 Intermediate Accounting I: Brief Exercises. Accounting Information Systems, 14th Edition covers all of the most recent updates in AIS, including how developments in IT affect business processes and controls, the effect of recent regulatory developments on the design and operation of accounting systems, and how accountants can use the AIS to add value to an organization. D. Get the knowledge you need in order to pass your classes and more. Identify the relevant costs in determining whether to sell or process THE ACCOUNTING CYCLE COMPLETED 173 AT THIS POINT you should be able to: Define and state the purpose of adjusting entries. 326 A. CHAPTER 14Accounting for Sales and Cash Receipts What You’ll Learn Explain the difference between a service business and a merchandising business. Classification (1) Accounts receivable Current asset (2) Notes receivable Current or noncurrent asset depending on due date Exercise 3. 0. 55 per direct labor hour ($99,600 ÷1,100 DLHs = 90. (m) An allowance for doubtful accounts is established. Accounting Q and A. 54545). 18 Accounting for cash basis accounting, revenue would be recognized only when cash was received. book is weygandt,kimmel and keiso. Hop on a stationary bike and set it to a moderate resistance. When it produces and sells 20,000 units, its average costs per unit are as follows: _____ Average Cost per Unit EX 7-6 Perpetual inventory using FIFO Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Reeve, Philip E. The note had a 4 percent interest rate and matured on March 1, 2017. 5 The Income Statement 5. “If it becomes accepted or expected that accounting Acc557 Financial Accounting Week 4 Chapter 5 (E5-4, E5-8, E5-13, P5-3A) Exercise 5-4 On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2013, unadjusted trial balance of Emiko Co. 113 . Since variable costing net operat-ing income varied from year to year, unit sales must have also varied Study 25 Chapter 2 HW Questions Wiley Plus (Exercise 2-3, 2-7) flashcards from Peter P. The effect of such application would be that the change will be reflected in past, present and future periods. " . Overview: Treatment of CAPS in Via Afrika’s textbook Term 1 5 Via Afrika >> Accounting Accounting 201 Solutions - Fall 2004. Exercises Depreciation Case Study Calculations: Straight line • = $15 000 - $3000 = $12 000/6 years = $2000 X 9/12 = $1500 In this first calculation the asset has only been in the possession of the business for 9 months and this has to be factored into the calculation. Exercise 7-10 Customer Profitability Analysis [LO7-3, LO7-4, LO7-5] Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. the company has just. Part 1. Based on industry estimates, the warranty claims would amount to 2 percent of sales. Log in Sign up. This calculation produces a total overhead rate of $90. Accounting for Employee Stock Options F or more than 50 years, organizations that set ac-counting standards have espoused the principle of mea-suring the fair value of employee stock options provided as part of a compensation package and recognizing that value as an operating expense. gov) and locate the 2011 year 10-K report of Amazon. 2 Schedule of Work in Process 5. Solutions Manual to accompany MANAGERIAL ACCOUNTING Each exercise, problem, and case in the text has been rated below as Basic, Medium, or Difficult. ) 2. Financial Statements. The sale of the scrap should be recorded on the job cost sheet as a reduction in the materials cost. Allocate joint product costs according to the benefits-received approaches and the relative market value approaches. Download. BRIEF EXERCISE 7-5 (a) Bad Debt Expense . STUDY Chapter 7 Solutions 15th Edition. Exercise 5-9 Preparing adjusting and closing entries for a merchandiser LO P3. —Buildings Equipment Acc. Professor Don Bush. Solutions . 4 An exercise on the nature of profit in the accounting model 11 2. Explanation- Safeguarding business assets: ACC280 Week 1 E1-1 E1-6 E1-14 E1-15 E2-4 E2-5 E7-3 o Exercise E2-5 Accounting is “an information system that identifies, records, and communicates the Exercise 5--Journal entries, T Accounts, Over and Under applied overhead Income Statement Exercise 1--Cost accumulation procedure determination : Classify these industries with respect to the type of cost accumulation procedure generally used-- job order costing or process costing . Describe methods of accounting for by-products. Career opportunities include fields such as public or private accounting, budget planning, tax accounting or auditing. 22,200 BRIEF EXERCISE 7-6 11/1/14 Notes Receivable. —Auto. _____ 4. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2. Printed copies may be obsolete. S. 13 Trade-in Vehicle ACV, Lien Pay-off and Over-Allowance. 15 Paid the amount due from the March 5 purchase, less the return on GAAP, U. 7) This exercise will help you review situations that give rise to reconciling items on a bank reconciliation and identify those which require adjusting entries - Selection from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition [Book] EXERCISE 7-5 Product and Customer Profitability Analysis [LO7-4, L07-5] Thermal Rising, Inc. 52, and 5. CA12-5 Accounting for research and development costs. Solution: Stayer Accounting. 4 Jan 2019 Cash balance is $599,800 computed as 17 EXERCISE 7-3 (10–15 of Changes in the Allowance 42 PROBLEM 7-5 Bad Debt Expense. 0, DTA Manual, Version 4. 5 million difference between the net book value and fair market value would not be questioned because the costs Managerial Accounting (15th Edition) answers to Chapter 5 - Cost-Volume-Profit Relationships - Exercises - Page 219 Exercise 5-6 including work step by step written by community members like you. You are buying: Solution manual for Financial Accounting Weygandt Kimmel Kieso 9th edition; 7. Print the financial statements. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. Received $12,000 cash from customers for contracts billed in (4). An Amendment of the FASB Accounting Standards CodificationTM No. The best-known of these principles are as follows: Accrual principle . An I. 3,000 June 12 Cash. OK, I Understand Cengage Free Accounting Software for Small Businesses. defensetravel. What are the basic problems that occur in the valuation of accounts receivable? 9. 26, Updated 3/26/10 Page R-1 This document is controlled and maintained on the www. inc. ] The management of Zigby We at Accounting Assignments Help provide Week Eight Assignments (Internet Exercise and Case Study Exercise) help with step by step calculation and explanation 24*7 from our finance experts. QUESTIONS: Financial and Managerial Accounting [John J Wild, Ken W. It’s no exaggeration to say that Accounting Basics Assignment Help, Exercise 5-3 analyzing and recording merchandise, Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $16,000 and credit terms of 3/10, n/60. 8:00 am - 9:15 am Monday - Wednesday This course is an introduction to the role of accounting in business and society, a summary of the accounting process, accounting measurement issues, analyzing and recording financial transactions, accounting valuation and allocation Basic Accounting Principles Business Environment 60 5 BASIC ACCOUNTING PRINCIPLES 5. 16 Reconditioning Expense and Cost of Sales Adjustment. AN ACTIVITY-BASED COSTING SYSTEM 5-3 ABC’s 7 Steps Step 1: Identify the products that are the chosen cost objects. Read/Download: Mcgraw hill connect managerial accounting answers chapter 8 As the long-time #1 best-seller, Garrison has helped guide close to 3 million students through managerial accounting since it was first published. Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Exercise 1-7 The Accounting Equation. CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. They form the basis upon which the complete suite of accounting standards have been built. 6. 30 Forwarded DR 31 Forwarded 7. and to prepare a trial balance (Steps 4 and 5 in the accounting cycle illus-trated in Figure 7–1). 7-5 EXERCISE 7-29 (CONTINUED) 5. 1 An exercise on the distinction between money and value 15 3. Cash balance per bank, July 31, $7,328. (n) Goodwill is recorded only at time of purchase. This feature is not available right now. Two Kinds of Accounting: Financial Accounting and Management Accounting 4 Ethics in Accounting: Standards of Professional Conduct 5 We Need an Audit to Validate the Financial Statements 5 Organizing a Business 6 Accounting Principles and Concepts 7 The Entity Concept 8 The Reliability Principle 8 The Cost Principle 9 The Going-Concern Concept 9 Chapter 7, 8, 9: Answers Cost Accounting ACCT3395 - Free download as Word Doc (. 8 and Problem 7. Overview . 52, 11. 14 Used Vehicle Commission Expense and Accrued Payroll. 50 $65,000 $48,750 Sales volume required to earn target net income of $48,750 This means that the shop will need to sell the following volume of each type of bicycle to earn the target net income: myCBSEguide. You can see how many calories you burn for stationary, exercise, or recumbent biking at a moderate pace using the calculator below. Readers must exercise their own judgment when making decisions for their practices. Posted by octotutor. Exercise-3 (Unit product cost under variable costing, break-even point) Exercise-4 (Variable and absorption costing ending inventory, external reports) Exercise-5 (Variable and absorption costing income statement, reconciliation) Read this essay on Solutions to Midterm Exercises Principles of Accounting 13e. 1 Prepaid Insurance 9,000 Cash 9,000 Purchased 18-month policy Dec, 30 Insurance Expense 3,500 Prepaid Insurance 3,500 To record expiration of 7 months of coverage (7/18 X $9,000) GENERAL JOURNAL Date Accounts Debit Credit Various 1. Under IFRS, guidance on change in accounting principles, accounting estimates and errors is provided by IAS 8. Fess Exercise 8-4 Exercise 8-5 Exercise 8-7 Exercise 8-15 SOLUTION TO EXERCISE 6-7 TIP: The use of FIFO with a perpetual system always yields the same results as the use of FIFO with a periodic system. The purchaser is granted a Trade discount of 20%; terms of the sale are 2_10, n_60; invoice is dated March 5. 5, 10, 11. Final . 6. APPENDIX R: Lines of Accounting (LOA. —Equipment Automotive Equipment Acc. It uses most of the same journal entries found in a job costing environment, so there is no need to restructure the chart of accounts to any significant degree. INTERMEDIATE FINANCIAL ACCOUNTING SOLUTIONS ch23. Chapter 7 Solutions 15th Edition. 14: Exercise E14-10 Ch. Learn more about how MyLab Accounting helps students succeed. If you continue browsing the site, you agree to the use of cookies on this website. The company’s accounting year ends on December 31. Exercise 4-7 Comprehensive Exercise; Second Production Department-Weighted-Average Method [LO2, LO3, LO4, LO5] Papyrutech Corporation produces fine papers in three production departmentsPulping, Drying, and Finishing. All customers paid for the services with major credit cards. Unless they will be collected within sixty days of year-end c. It is suggested that this exercise will be easier if you print out the trial balance. Poin t out that with cash basis accounting, the net income figure is easy to manipulate. Typical financial statement accounts with debit/credit rules and disclosure conventions chapter 5 accounting for merchandising operations learning objectives 1. Incurred advertising expense for May of $1,300 on account. B. Until they are measurable and available 2. Come browse our large digital warehouse of free sample essays. ptb backup includes the data for this BA220 Financial Accounting: Exercise 7-13 Effect of credit card sales on financial statements Royal Carpet Cleaning provided $90,000 of services during 2011, its first year of operations. ) Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 5-7 Page 33 Exercise 1. Applying Basic Accounting Equation. Persons using accounting information who are directly involved in managing the organization. 183. Respondus Test Bank (requires WinZip or equivalent software) Exercise 11-7 Using the data in situation a of exercise below, prepare the employer’s September 30 journal entries to record (1) salary expense and its related payroll liabilities for this employee and (2) the employer’s payroll taxes expense and its related liabilities. Understanding the principles gives context and makes accounting practices more understandable. Explain the conceptual issues regarding interperiod tax allocation. Exercise 7-2 (25 minutes). (Test Bank for this book is also available) 7-3 study objectives 1. Elite Homework Doers will guide you through on how to check the answers in your McGraw-Hill Connect class. The Company's Fiscal Year Ends On December 31. 7-1 CHAPTER 7 Accounting Information Systems ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief 5. Download for Windows, Mac & Linux. brief exercises exercises problems concepts for analysis accounting for. Filled with step-by-step exercises, Advanced Accounting walks you through the concepts you need and cuts out the stuff you’ll never use. exercise 7 5 accounting

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