Comprehensive Accounting Cycle Problem Assignment

Assignment Task

Assessment

1. Discus the similarities and differences between GAAP and IFRS

2. Trop Co. produces 3 kinds of fruit juice, whose costs, prices, and expected sales are provided below:

Trop Co. has a total fixed cost of $84,000.

Required:

Given the current sales mix:

1. Determine the overall Breakeven in quantity and sales dollar

2. Determine the break-even quantity and sales dollar for each

Comprehensive Accounting Cycle Problem 

For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:

June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable,

$4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.

1. Paid three months’ rent on a lease rental contract, $6,000.

2. Paid the premiums on property and casualty insurance policies, $2,400.

3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.

4. Purchased additional office equipment on account from Office Depot , $3,500.

5. Received cash from clients on account, $3,000.

6. Paid cash for a newspaper advertisement, $200.

7. Paid Office Depot Co. for part of the debt incurred on June 5, $750.

8. Recorded services provided on account for the period June 1–12, $5,100.

9. Paid part-time receptionist for two weeks’ salary, $1,100.

10. Recorded cash from cash clients for fees earned during the period June 1–16, $6,500.

11. Paid cash for supplies, $750.

12. Recorded services provided on account for the period June 13–20, $3,100.

13. Recorded cash from cash clients for fees earned for the period June 17–24, $5,150.

14. Received cash from clients on account, $6,900.

15. Paid part-time receptionist for two weeks’ salary, $1,100.

16. Paid telephone bill for June, $150.

17. Paid electricity bill for June, $400.

18. Recorded cash from cash clients for fees earned for the period June 25–30, $2,500.

19. Recorded services provided on account for the remainder of June, $1,000.

20. Emily withdrew $5,000 for personal use.

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