# Accounting fundamentals | Management homework help

Complete the following 4 questions from the text, each question worth 25 points. Submit as an attachment, using the attached Answer Sheet.

Question 1

Chapter 1; Question 1 (page 26 of your text)

Rubric:  Each line “a” through “j” is worth 1/2 a point.

Match the Branch of Accounting that would be best used to answer the following questions:

Question     Branch of Accounting

a.     How should I record transactions associated with cash, payroll, and short-term debt?

b.     How much does it cost to pay for maintenance for my swimming pool this year?

c.     What occupancy tax is owed by the hotel this month?

d.     How should I record transactions associated with revenue, expenses, and profit?

e.     How much sales tax should we have collected this month?

f.     Are all food purchases made this month documented with legitimate invoices?

g.     If I wanted to achieve a profit of \$10,000 in the month of April, how many pizzas will I need to sell?

h.     Are all bonuses paid to managers supported by documented revenue performance measures?

i.     What were the total costs of salaries and wages incurred by the restaurant this month?

j.     Would it be more profitable if I made my potato salad by scratch or purchased it pre-prepared?

A.  Auditing

B.  Tax Accounting

C.  Cost Accounting

D.  Managerial Accounting

E.  Financial Accounting

Question 2

Chapter 1; Question 2 (page 27 of your text)

Rubric:  Table worth 2 points, each question “a” through “c” worth 1 point each.

Week     Revenue     Expenses     Profit / Loss

1      \$   956.34      \$1,258.75

2      \$2,286.45      \$1,687.54

3      \$2,678.91      \$2,563.87

4      \$1,875.23      \$1,378.95

Month

a.    In which week did Richard have the most profit?

b.    Did Richard show a profit for all four weeks? If not, which week(s) did he experience a loss?

c.    As the owner, Richard wanted a profit of \$1,000 for the month. Did he reach his goal?

Question 3

Chapter 2; Question 1 (page 57 of your text):

Rubric:

Table filled out correctly = 5 points

Table filled out, but amounts filled into the wrong boxes = 3 points

Table filled out incorrectly, and incorrect amounts in the boxes = 0 points

Read the scenario in question 1, pg 57 of your text, then complete the following Accounting Formulas.

a. The restaurant started with a \$1,200,000 check from its owner.

Assets =     Liabilities +     Owners’ Equity     Revenue –     Expenses

b. The restaurant generated revenues of \$5,000 on accounts receivable.

Assets =     Liabilities +     Owners’ Equity     Revenue –     Expenses

c. The restaurant purchased a \$400,000 building with \$40,000 cash and a \$360,000 mortgage.

Assets =     Liabilities +     Owners’ Equity     Revenue –     Expenses

d. The restaurant paid \$550 cash for the utilities bill.

Assets =     Liabilities +     Owners’ Equity     Revenue –     Expenses

Question 4

Chapter 2; Question 4 (page 59 of your text):

Rubric:  Table worth 2 points, each question “a” through “f” worth 1/2 point each.

Read question 4 on page 59, then complete the following table and answer the subsequent questions:

Lisa’s Accrual Accounting     Laura’s Cash Accounting

Revenue

Expenses:

Cost of Food Sold

Salaries and Wages

Utilities

Maintenance

Marketing

Rent

Net Profit or (Loss)

a. Which accounting method, Lisa’s accrual accounting or Laura’s cash accounting, shows a higher net profit?

b. Which accounting method shows the most accurate amount of money on hand to pay bills?

c. Which accounting method most accurately shows the revenues generated regardless of when they were received?

d. Which accounting method most accurately shows the expenses incurred regardless of when they were paid?

e. Which accounting method most accurately shows actual cash inflows and outflows?

f. Which accounting method shows the most accurate reflection of their restaurant’s true profitability?

Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

## Calculate the price of your order

Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

## Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.