The following is the adjusted trial balance of sierra company. account title debit credit cash $ 5,000 prepaid insurance 500 notes receivable (due in 5 years) 4,000 buildings 20,000 accumulated depreciation–buildings $ 12,000 accounts payable 2,500 notes payable (due in 3 years) 3,000 h. sierra, capital 10,500 h. sierra, withdrawals 1,000 consulting revenue 9,500 wages expense 3,500 depreciation expense–buildings 2,000 insurance expense 1,500 totals $ 37,500 $ 37,500 required (1) prepare an income statement for the year ended december 31. (2) prepare a statement of owner’s equity for the year ended december 31.

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

If a hotel has 100 rooms, and each room takes 25 minutes to clean, how many housekeepers working 8-hour shifts does the hotel need at 50 percent occupancy?

Warner inc. sells a high-speed retrieval system for mining information. it provides the following information for the year. budgeted actual overhead cost $965,700 $905,000 machine hours 58,570 49,200 direct labor hours 107,300 104,200 overhead is applied on the basis of direct labor hours. compute the predetermined overhead rate. predetermined overhead rate $ per direct labor hour link to text determine the amount of overhead applied for the year. the amount of overhead applied $