Mar. 31) The company paid $1,000 cash for this month’s utility bill. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31
Q: Describe the accounting for bonds payable, including bonds issued at face amount, bonds issued at a…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Stuart Corporation incurs the following annual fixed costs. Item Depreciation. Officers' salaries.…
A: Fixed Cost :— It is the cost that does not depends on units and does not changes with change in…
Q: Pillar has an annual payroll of $135,000. In addition, the company incurs payroll tax expense of 8%…
A: Income statement is the financial statement which is prepared to know the profitability of the…
Q: Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed…
A: Lets understand the basics. Costs are divided into two parts which are, (1) Fixed cost (2) Variable…
Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…
A: Audit risk refers to those risks which the auditor states while there in is an inappropriate opinion…
Q: Compare and contrast horizontal and vertical analysis?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: A tractor with an adjusted basis (from depreciation) of $60,000 is sold for $55,000 and a new…
A: Introduction: Tax depreciation is the depreciation that, under the applicable tax laws, can be…
Q: Jacobs sold products to customers for 100 thousand. Total cost was 60 thousand. What is the most…
A: When inventory is sold, the total assets decrease with the carrying cost of inventory in the…
Q: Capital structure refers to a measure of how long it takes to convert inventory into cash. O True…
A: Cpaital Structure :— Capital Structure is refers to the specific Mix of Debt and Equity used to…
Q: Heedy Company had the following account balances in 2016 and 2017, respectively. Assuming dividends…
A: Net income is the amount an individual or business makes after deducting costs, allowances and…
Q: Greene operates a parking lot that yielded net income of $13,000 during the current year. The only…
A: Capital Assets :— Capital assets is the pieces of property such as homes,, Land, cars, investment…
Q: Mar. 29) Fisher withdrew $5,600 cash from the company for personal use. Note: Enter debits before…
A: Drawings is the contra capital/ equity account which represents the withdrawal made by the business…
Q: One of these companies is LinkedIn (the social network), one is Panera (the food and beverage…
A: There are various types of business and they all have some unique features. On the basis of those…
Q: Need to solve for depreciation, to get earnings before interest & taxes. Use the following info…
A: EBIT=Contribution Margin-Fixed Costs including depreciation
Q: Express the following comparative income statements in common-size percents. Using the common-size…
A: Common size comparative income statement :— It is an income statement in which all items of income…
Q: Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following…
A: Introduction: The cost of goods sold is the total amount your employer pays as a cost directly…
Q: Describe ONE (1) substantive procedure that could be used to verify the existence and rights and…
A: The Substantive procedures can be refers to the methods or the audit tests formed or designed by an…
Q: Universal Products Company has almost finished its pro forma financial statements for 2022, as shown…
A: Financial Statements :— Financial Statement Of the company Provides the Financial Position of the…
Q: Sales $ 1,066,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $…
A: Income statement is one of the financial statements which is prepared to indicate the amount of…
Q: Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2020,…
A: Introduction: A consolidation worksheet is a tool used to generate consolidated financial statements…
Q: * ?Paid $7,000 for salaries. Which account is debited Supplies O Salaries Expense O Equipment O Cash…
A: The journal entries are prepared to record the transactions on the regular basis. The different…
Q: Input no. of shirts Price per shirt Total Charges Discount Net Fee Free-shirts Sample Output 1:…
A: Net Fee=Total Charges-Discount
Q: A. Camy Enterprise is a wholesaler company that sells various types of kitchenware. The following is…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: a. Prepare a schedule showing the estimated increase in annual net income from the planned…
A: 1. Depreciation is calculated as ($350000-$20000)/3 Where $350000 is the cost and 20000 is the…
Q: Presented below is information related to 2020 for Sheridan Company. Retained earnings, December 31,…
A:
Q: -S The Stilton Company has the following inventory and credit purchases during the fiscal year ended…
A: FIFO Method :— It is one of the method of inventory valuation in which beginning Inventory and first…
Q: ABC was formed as a calendar-year S corporation with Alan, Brenda, and Conner as equal shareholders.…
A: S Corporation :— S corporations are corporations that elect to pass corporate income, losses,…
Q: Pacific Gas and Electric Company is a large gas and electric utility operating in northern and…
A: Lets understand the basics. For calculating earning per share, we need to use below formula. Earning…
Q: 23. A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1.…
A: Stock appreciation right (SAR) - Entitles an employee to receive stock/cash if the entity's stock…
Q: Mar. 2) The company prepaid $8,000 cash for six months’ rent for an office. The company's policy is…
A: Introduction:- Prepaid expenses are pertaining to future periods but prepaid expenses are paid in…
Q: Bal. Bal. Net Sales 16880.6 16,880.6 Bal. Bal. Retained Earnings 10797.1 12,117.8 3136.6 16,880.6…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: gross margin
A: Since you have specifically asked from one part, we have answered the same for you. Gross margin…
Q: * The report of company that shows overall profit on the sale of their goods or the ?provision of…
A: According to the given question, we need to find the correct option from the given available options…
Q: Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was…
A: Interest on Singer Capital = $40,000 x 10% = $4,000 Interest on McMann Capital = $60,000 x 10% =…
Q: What does a proper loan structure accomplish for the borrower and the lender? A. Supports…
A: The term "loan structure" describes the range of options available to a lender when giving credit to…
Q: Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque…
A: ROI :— It is calculated by dividing net operating income by average investment. ROS :— It is…
Q: Paying 10,000 dinars from the merchant Muhammad's debt in cash. This will lead to Liabilities…
A: Lets understand the basics. As per double entry accounting system, all the transaction is having two…
Q: Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque…
A: Direct material price variance :— It is the difference between actual quantity at standard price and…
Q: Prepare the "Current assets" section of Diesel Additives Company's balance sheet at August 31.
A: The discourse are given as per books of account.
Q: You are the staff accountant working at a local tutoring center. The monthly financial statements…
A: Accounting is frequently referred to as the language of business since it informs people of the…
Q: IAS 37, Provisions, Contingent Liabilities and Contingent Assets was issued in 1998. The Standard…
A: The objective of IAS 37 is to ensure proper recognition and disclosure of provisions, contingent…
Q: Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the…
A: Accounts Payable balance at December 31, 2010 before adjustments: $1,500,000 Goods were shipped to…
Q: Wages paid to assembly workers Wages paid to painters President's salary Plastic tubing Assembly…
A: Fixed and variable costs seem to be two significant components of any goods or service's cost. When…
Q: Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following…
A: Lets understand the basics. High low method is a method using which variable costs and fixed costs…
Q: (2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago:…
A: The total asset turnover ratio helps in the measurement of the efficiency of the assets of the…
Q: The owner withdrew $4,000 for personal expenses. Which account is credited? *
A: A journal entry is used to record transaction in the accounting records of a business. Generally…
Q: On January 1, Year 1, Martin Mowing Company paid $64,000 to purchase a truck. The truck was expected…
A: Depreciation is the expense which is non-cash in nature and it is reported on the income statement…
Q: Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The…
A: Introduction:- The following basic information as follows under:- Salary for Seth :…
Q: At the beginning of Year 2, Jones Company had a balance in common stock of $300,000 and a balance of…
A: Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…
- Mar. 31) The company paid $1,000 cash for this month’s utility bill.
|
|
|
Step by step
Solved in 2 steps
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpensePayroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.1. An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on July 25, how much should be the payment?
- Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.Mar 15) issued check No. 417, payable to payroll, in payment of sales salaries expense for the first half of the month, $20,100. Cashed the check and paid the employees9. Company A pays first semiannual interest payment of $ 2500. General Journal Page Date Account Titles and Explanation Debit Credit
- Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.May 13: Paid the invoice of April 14. Date Description Debit Credit May 13 May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Date Description Debit Credit May 17 June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Date Description Debit Credit June 2 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Date Description Debit Credit Aug. 1
- What payment should be made on an invoice for $500 dated November 16, carrying terms 4/10, net 30?(Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit CreditOswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
