Accounting Homework Help

Sometimes, getting accounting homework answers can be a daunting exercise more, especially when you have short deadlines to meet. At the same time, at the same, you have other equally important commitments. Fortunately for you, your help is a few clicks away. You can continuously tap from the readily available resources of our accounting homework help experts. We are always at your service 24 hours a day, seven days a week.

We will show you why you should seek help from our competent online tutors, how much the assignment will cost and provide responses to some of the questions you may have at the back of your mind. That said, let's get started right away.

Who can do my accounting assignment?

Trying to balance a ledger all by yourself or poring over quick books can be pretty challenging at times. If you have your plate full or are not entirely sure you can complete your accounting assignment, we are to help. Here are a few reasons why you need to get an accounting homework help

• Financial accounting is a competitive discipline. The pressure of securing jobs and submitting homework on time may get the better of you.
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Get accounting assignment help on all topics

Our Accounting course covers an impressive range of topics. These include bank reconciliation, bookkeeping, bonds payable, depreciation, balance sheet, cash flow statements, among other issues.

You can also find accounting homework help on

• Accounting bills of exchange
• Final accounts
• Financial calculators
• Capital investments
• Business law
• Microeconomics and Macroeconomics
• Fundamentals of accounting
• Taxation principles
• Variable costing system
• Depreciation provisions and reserves

Why I should seek help on my college accounting homework

There are numerous reasons why students struggle with accounting homework. Here are a few reasons why you should seek accounting homework help at Acemyhomework

• The mathematical nature of accounting homework

Financial accounting uses mathematical numbers in abundance. A lot of calculations are involved making it difficult for accounting students.

• Need for accuracy in online accounting homework

The need to get accurate results puts pressure on the students. Generated results are crucial to regulators and investors making essential decisions in the company. For these reasons, students cannot afford to make mistakes in their accounting homework

• Difficult for beginners

It may be challenging to grasp the framework and concepts based on accounting classroom lectures if you are a beginner in accounting. Professional lessons in the classroom have time limitations. Within the allotted period, it is difficult to cover all the major concepts in accounting.

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Accounting homework questions sample

The trial balance of Palicio Security Services Inc. as of January 1, 2016, had the following normal balances:

Cash 74,210

Accounts receivable 13,500

Supplies 200

Prepaid rent 3,200

Merchandise inventory (24 @ $265; 1 @ $260) 6,620

Land 4000

Accounts payable 1,950

Unearned revenue 980

Salaries payable 1,000

Common stock 50,000

Retained earnings 47,800

The following transactions took place during 2016 for Palacio Security Services:

1. Paid the salaries payable from 2015.

2. On March 1, 2016, Palacio established a $100 petty cash fund to handle small expenditures.

3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance.

4. Paid $7,200 on May 2, 2016, for one year's office rent in advance.

5. Purchased $400 of supplies on account.

6. Purchased 100 alarm systems for $28,000 cash during the year.

7. Sold 102 alarm systems for $57,120. All sales were on account.

(Compute cost of goods sold using the FIFO cost flow method)

8. Paid $2,100 on accounts payable during the year.

9. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense $23, cutting grass $55, and miscellaneous $14.

10. Billed $52,000 of monitoring services for the year.

11. Paid installers and other employees a total of $25,000 cash for salaries.

12. Collected $89,300 of accounts receivable during the year.

13. Paid $3,600 of advertising expenses during the year.

14. Paid $2,500 of utility expense for the year.

15. Paid a dividend of $10,000 to the shareholders.

Required:

1. Prepare the trial balance for December 31, 2016, for Palicio Security Services Inc.

2. Prepare the income statement, statement of changes in equity, and balance sheet for Palicio Security Services Inc.

Answer

 This is a pretty tricky and advanced accounting question. You should only try it if you have a pretty good understanding of the following topics 

• The Trial Balance,
• Financial Statements and
• Inventory (including the FIFO Method and Cost of Goods Sold).

 Additionally, this question also deals with prepaid expenses and income received in advance, which are concepts I don't go into detail about on this website.

Here are some brief explanations, though: Prepaid expenses are expenses you paid too early. Because it is paid too early, it is as if you are owed the amount you paid. The prepaid expense essentially is a debtor/receivable Sponsored Content.

Similarly, income earned in advance means you have been paid money before delivering the services/products, so it is as if you owe this amount. Thus, income earned in advance is a creditor/payable.

Note also that we are dealing with a company or corporation in this exercise, not a simple sole proprietor. With a corporation, there are some new terms and concepts.

First of all, there are many owners in a corporation, and these owners are called shareholders.

Also, each shareholder owns shares in the corporation, which is also known as common stock.

Finally, instead of "drawings," we have dividends paid to all the shareholders from the accumulated profits (AKA retained earnings).

Okay, so now that we've cleared up all those terms, here are the solutions, starting with the trial balance:

Notes:

** Cash includes $100 petty cash. Calculation of cash balance:

74,210 - 1,000 - 4,800 - 7,200 - 28,000 - 2,100 - (100 - 7) - 25,000 + 89,300 - 3,600 - 2,500 - 10,000

= 79,217

The opening balance of prepaid rent ($3,200) has been expensed out during 2016 as we have assumed this rent (that was paid the previous year) applies to the 2016 year. This is a likely assumption as there was a new prepaid rent cash payment on May 2, 2016.

It is not stated whether the unearned revenue of $980 at the beginning of 2016 was earned during the year. In this solution, we assume that the unearned income remains unearned at the end of 2016. However, it is quite acceptable to treat this as earned during 2016. If treating it as made during 2016, one would add $980 to revenue and remove the unearned revenue account ($980 - $980).

Calculation of Cost of Sales and Closing Inventory (FIFO Basis):

Opening Balance of Merchandise Inv. (24 Units @ $265 + 1 Unit @ $260) $6,620

Purchased during the year 100 Units @ $280= $28,000

Total available for sale 124 + 1 Units (125 Units)= $34,620

Sold*(Cost of Sales) 102 Units =$28,180

Closing Balance of Merchandise Inv. 23 Units @ $280= $6,440

*Cost of Sales 102 Units (24 Units @ $265) + (1 Unit @ $260) + (77 Units @ $280) = $28,180

The prepayments (prepaid office rent and prepaid motor lease) have been included under debtors/receivables. Likewise, the income received in advance ("unearned revenue" of $980) has been included under creditors/payables.

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You may ask, how can I get help with my managerial accounting homework? Well, the process is quite straightforward. Follow the following procedure to get things done.

Visit our platform

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After registration is complete, locate the 'place order' button to initiate the order process. You will be prompted to submit the details of your accounting homework help assignment, including the topic of your assignment, subject, the date your assignment is due, how long your assignment should be, and the preferable forming style. Towards the end, you will be prompted to attach any other files that you may deem relevant to the tutor working on your accounting assignment.

Choosing a tutor

• After creating the financial accounting assignment post and publishing it, the tutors will have submitted their bids. You can choose any tutor you feel is best suited to take your financial accounting assignment. Some of the factors to consider in selecting a tutor include:
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Communicate with your chosen tutor

We recommend you chat with the tutor to confirm that they can comfortably take up your accounting dissertation writing at the agreed deadline. You should also ensure they understand your assignment's requirements. At the same time, this communication helps the tutor seek clarification regarding the instructions of your project. After making an agreement with your chosen tutor, you will be prompted to make a down payment that will commit the tutor to start working on your accounting homework solutions right away.

Downloading your assignment

The moment the accounting assignment helpers upload the document containing responses to your assignment, you will be able to access it only after paying the remainder of the agreed price. This final payment gives you access to download your project and review it accordingly.

How Much Do We Charge To Do My Accounting Homework?

As a student, the cost element is essential to you because you would want to know how many dents the accounting assignment help cost to your budget. Fortunately, at ace-myhomework.com, we understand your concerns, and as such, we offer the most affordable rates in the industry.

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