Relevance and Consistency Assignment

2) Relevance and consistency. (4) Relevance and understandability. Answered above Problem 1-Accounting concepts–identification. (10 points) Presented below are a number of accounting procedures and practices in Ramirez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention that is violated. Because the company's income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year. 1. 2. The president of Ramirez Corp. believes it is foolish to report financial information on a basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations. yearly 3. Ramirez Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its attorneys. 4. An officer of Ramirez Corp. purchased a new home computer for personal use with company money, charging miscellaneous expenses.

5. A machine, that cost $40,000, is reported at its current market value of $45,000. Problem -2 Adjusting and closing entries. (30 points) The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Credit Debit $ 9,000 40,000 10,000 Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts $ 1,800 Inventory Prepaid Insurance Equipment Accumulated Depreciation–Equip. Accounts Payable Common Stock 44,000 4,800 110,000 15,000 10,800 44,000 55,000 280,000 Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense ls 20w 126,000 50,000 12,800 $406.600 $406,600 At year-end, the following items have not yet been recorded. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10 % per year on original cost. d. Interest at 5% is receivable on the note for one full year. *e. Rent paid in advance at December 31, $5,400 (originally charged to expense). f. Accrued salaries and wages at December 31, $5,800. a. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare adjusted trial balance (c) Prepare closing entries to the income summary account 5. .

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
As I expected.
Customer 460551, November 23rd, 2021
English 101
Good. However, always manually proofread,
Customer 460547, April 25th, 2022
Business and administrative studies
Always cite all resources used. (including videos)
Customer 459305, April 29th, 2022
Thank you so much for the help, with your help that provided me with more time to learn the materials and do other assignments. I wish you existed back in 2005.
Customer 453041, June 3rd, 2020
Great content. Thoroughly read all instructions.
Customer 462281, April 6th, 2022
English 101
Customer 463149, July 12th, 2022
Thank you so much for the great paper!
Customer 454007, May 31st, 2020
Thank you for doing great work.
Customer 462485, June 3rd, 2022
good job
Customer 456821, February 28th, 2022
Business and administrative studies
Good paper focus.
Customer 459061, April 6th, 2022
Excellent Keep it up
Customer 452441, April 26th, 2022
Finance/Acc related
Excellent work.
Customer 460073, April 29th, 2022
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat