What are the differences between cash and accrual basis accounting? Provide an example of each

The Week 3 Discussion consists of two topics. (1.) What are the differences between cash and accrual basis accounting? Provide an example of each. (2.) Accrual accounting requires adjusting entries. Provide an example of an adjusting entry.

You have just won the Strayer Lottery jackpot of $11,000,000. You will be paid in twenty-six equal annual installments beginning immediately

Week 6 Assignment Instructions Answer these questions in a 1 to 2-page paper. 1. You have just won the Strayer Lottery jackpot of $11,000,000. You will be paid in twenty-six equal annual installments beginning immediately. If you had the money now, you could invest it...

Prepare a Vertical (Common Size) analysis of the Income Statement and Balance Sheet and a Horizontal (Trend) analysis of the Balance Sheet for San Diego Pleasure Craft

Worksheet 1 – 2021 and 2022 Financial Statements There are no computations required on this worksheet. It is background information only. Worksheet 2 – Financial Statement Analysis (30 points) 1. Research: Locate the Industry Financial Information. a. Enter this...

Complete the Budget in a Service Company (Cash Budget) assignment

Complete the Budget in a Service Company (Cash Budget) assignment. Please use the template provided below. The assignment has 2 parts. Part 1 – Complete the budget Hint: The 2-month budget should start with the January beginning balance and the February ending...

Do you think the same person who receives cash payments should also prepare the bank reconciliation?

Do you think the same person who receives cash payments should also prepare the bank reconciliation? Give at least one reason to support your answer. Identify a company, business, or organization in your community (it can be one for which you work), and share some...

Explain why a set of financial statements (income statement, statement of owner’s equity, and balance sheet) are useful in evaluating the company’s performance and future planning.

Assume that you recently accepted an accounting position with Target Corporation. As one of your first duties, you have been assigned the responsibility of evaluating the financial statements and making a presentation to department leaders. Use the following link...

Calculate the following ratios for two years, the current ratio, quick ratio, debt to total asset, gross profit percentage, net profit margin, sales, earnings per common share, dividend payout ratio and net profit margin

Calculate the following ratios for two years, the current ratio, quick ratio, debt to total asset, gross profit percentage, net profit margin, sales, earnings per common share, dividend payout ratio and net profit margin. For each ratio, explain what the ratio tells...

Select a publicly-traded company that is traded on U.S. exchange. Locate the annual report for at least the last three fiscal years.

Select a publicly-traded company that is traded on U.S. exchange. Locate the annual report for at least the last three fiscal years. Analyze the financial statements for the company and review for large movements in specific accounts from one year to the next. In...

If you were to open a small business with the knowledge and skills you have acquired to this point, would you prefer to keep your accounting records on the cash basis or the accrual basis?

If you were to open a small business with the knowledge and skills you have acquired to this point, would you prefer to keep your accounting records on the cash basis or the accrual basis? Reflect on the differences between cash basis and accrual basis accounting, and...

You are the managerial accountant at Reliable Company. You have been assigned to support the marketing department and manage its master budget

You are the managerial accountant at Reliable Company. You have been assigned to support the marketing department and manage its master budget. The marketing department is responsible for the following:   Managing the firm’s marketing Hiring subcontractors...

If you were the accountant at your current (or former) place of employment, would you prefer to use static or flexible budgeting?

If you were the accountant at your current (or former) place of employment, would you prefer to use static or flexible budgeting? Explain your rationale and the factors that drive your choice.       Your journal entry must be at least 200 words in...

How did you calculate the original operating income and break-even point before changes?

You are the plant accountant for a company that makes a popular brand of basketball shoes. Currently, your company sells 1,000 pairs of shoes each month for $100 apiece. The variable costs are 40% of sales, and the fixed costs are $35,000/month. The company’s...