Need 2 Practice Test (10Questions each) completed, Analyze Effect of Transaction and Income Statement . I can provide my login info to complete practice test and they can only be done online. First assignment, instructor simply wants to know how you would classify each of the transactions. Can be done on word document. 1st Assignment- Purpose of Assignment The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Write a response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder’s equity: Selected transactions for Thyme Advertising Company, Inc.Issued common stock to investors in exchange for cash received from investors.Paid monthly rent.Received cash from customers when service was performed.Billed customers for services performed.Paid dividend to stockholders.Incurred advertising expense on account.Received cash from customers billed in (4).Purchased additional equipment for cash.Purchased equipment on account. 2nd Assignment-Purpose of Assignment The purpose of this assignment is to help you become familiar with the parts of the multiple-step income statement. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years.SIMON COMPANYIncome StatementFor the Year Ended December 31, 2017 RevenuesNet sales$850,000Other revenues22,000872,000Cost of goods sold555,000Gross profit317,000Operating expensesSelling expenses109,000Administrative expenses103,000212,000Net earnings$105,000As an experienced, knowledgeable accountant, you review the statement and determine the following facts:Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000.Other revenues consist of sales discounts $18,000 and rent revenue $4,000.Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense.Administrative expenses consist of office salaries $47,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate. Show your work on the Excel® spreadsheet and submit with your explanation.
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