Complete the following assignments in WileyPLUS:

• Exercise 2-4
• Exercise 2-6
• Exercise 3-5
• Exercise 3-9
• Exercise 3-13 (Part Level Submission)

• Question 1

  Identify the appropriate qualitative characteristic(s) to be used given the information provided below.

  (a)		Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
  (b)		Quality of information that confirms users’ earlier expectations.
  (c)		Imperative for providing comparisons of a company from period to period.
  (d)		Ignores the economic consequences of a standard or rule.
  (e)		Requires a high degree of consensus among individuals on a given measurement.
  (f)		Predictive value is an ingredient of this fundamental quality of information.
  (g)		Four qualitative characteristics that are related to both relevance and faithful representation.
  (h)		An item is not recorded because its effect on income would not change a decision.
  (i)		Neutrality is an ingredient of this fundamental quality of accounting information.
  (j)		Two fundamental qualities that make accounting information useful for decision-making purposes.
  (k)		Issuance of interim reports is an example of what enhancing quality of relevance?

   

  Question 2

  Identify the accounting assumption, principle, or constraint that describes each situation. Do not use an answer more than once.

  (a)		Allocates expenses to revenues in the proper period.
  (b)		Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.)
  (c)		Ensures that all relevant financial information is reported.
  (d)		Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.)
  (e)		Indicates that personal and business record keeping should be separately maintained.
  (f)		Separates financial information into time periods for reporting purposes.
  (g)		Assumes that the dollar is the “measuring stick” used to report on financial performance.

   

  Question 3

  The ledger of Sandhill Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

  		Debit			Credit
  Prepaid Insurance		$3,300
  Supplies		3,065
  Equipment		25,840
  Accumulated Depreciation-Equipment					$8,542
  Notes Payable					19,460
  Unearned Rent Revenue					6,780
  Rent Revenue					55,570
  Interest Expense		–0–
  Salaries and Wages Expense		13,710

  
  An analysis of the accounts shows the following.

  1.		The equipment depreciates $261 per month.
  2.		One-third of the unearned rent was earned as revenue during the quarter.
  3.		Interest of $530 is accrued on the notes payable.
  4.		Supplies on hand total $664.
  5.		Insurance expires at the rate of $275 per month.

  
  Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expenses. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

  No.	Account Titles and Explanation	Debit	Credit
  1.
  2.
  3.
  4.
  5.

   

   

  Question 4 Selected accounts of Oriole Company are shown below. Supplies Beg. Bal. 774 Oct. 31 495 Salaries and Wages Expense Oct. 15 721     Oct. 31 656     Unearned Service Revenue Oct. 31 383 Oct. 20 660 Service Revenue     Oct. 17 1,988     Oct. 31 1,512     Oct. 31 383 Accounts Receivable Oct. 17 1,988     Oct. 31 1,512     Salaries and Wages Payable     Oct. 31 656 Supplies Expense Oct. 31 495

   

   

  From an analysis of the T-accounts, reconstruct the October transaction entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit         SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT

   

   

  From an analysis of the T-accounts, reconstruct the adjusting journal entries that were made on October 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31     (To record the use of supplies during October)     Oct. 31     (To record revenue for services performed  for which payment has not yet been received)     Oct. 31     (To record liability for accrued payroll)     Oct. 31     (To reduce the Unearned Service Revenue  account for service that has been performed)

   

  Question 5 The adjusted trial balance of Bridgeport Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $752,300, Delivery Expense $13,020, Sales Returns and Allowances $22,710, and Sales Discounts $13,140.

   

   

  (a)   Prepare the revenues section of the income statement. BRIDGEPORT COMPANY Income Statement   $ :      $           $