Screen Shot 2024-03-24 at 8

work i Saved OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $5.6 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Interest Rate Fiscal Year-End Interest Expense 1. 12% December 31 2. 10% September 30 3. 9% October 31 4. 6% January 31

OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $6 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions:Interest Rate           Fiscal Year-End 1. 11%                        December 31 2. 9%                          September 30 3. 10%                        October 31 4. 7%                          January 31

Please do not give image format

Space Tech Inc. total annual sales in 2020 were $ 40,000,000 The year ending 12/31/20 account balance for Accounts Receivable (prior to any adjustments) is $ 9,500,000 The year ending 12/31/20 account balance for Allowance for Doubtful Accounts (prior to any adjustme nts) is $ 350,000 The C.F.O. (Chief Finandal Officer) has informe d the accounting departme nt that the year ending 12/31/20 All owance for Doubtful Accounts balance should be 2.5% of annual sales. Required: 1Prepare the necessary year-end adjusting journalentry necessary to reflect the balance expected by the C.F.O. 2 Calculate the Net Accounts Receivable balance (after adjustment).

On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308

Refer to the situation described in BE 5–31. Assume that, during the first year the company billed its customer$7 million, of which $5 million was collected before year-end. What would appear in the year-end balance sheetrelated to this contract?

On June 1, Davis Inc. issued an $89,300, 8%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a. $1,806 Ob. $7,144 O c. $595 Od. $1,191 B

On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,620; credit Interest Revenue, $4,620. Debit Interest Expense, $4,620; credit Interest Payable, $4,620 Debit Interest Receivable, 4,620; credit Interest Revenue, $4620. Debit Interest Expense, $13,860; credit Interest Payable, $13,860 Debit Interest Receivable, $13,860; credit Cash, $13,860 Graw 7:26 PM W 100% 3 Type here to search 2/21/2022

one.1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset. 2) Our company paid 50.000 TL on 10.01.2021 to the architectural and engineering firm for the construction project drawing of the building to be built. Record the relevant journal (daily book). 3) Our company has made drilling for oil exploration by paying 350.000 TL + 10% VAT through a bank to another company on 20.01.2021. Record the relevant journal (daily book). 4) Our company purchased goods with 6 months maturity on 22.01.2021 with a price of 40.000 TL + 10% VAT. Record the relevant journal (daily book). 5) Our company delivered the goods ordered by the customer on 25.01.2021. The total invoice amount is 20.000 TL + 10% VAT, the order advance of 9000 TL previously received from the invoice amount was deducted and for the remaining amount, a…

UA Company must determine the December 31, 2019 year-end accruals for advertising and rent expenses. A P2,000advertising bill was received January 6, 2020. It related to costs of P1,500 for advertisements in December 2019 issues andP500 for advertisements in January 2, 2020 issues of the newspaper. A store lease, effective December 15, 2018, calls for fixedrent of P4,800 per month payable 1 month from the effective date and monthly thereafter. In addition, rent equal to 5% of netsales over P1,200,000 per calendar year is payable on January 31 of the following year. Net sales for 2019 were P2,200,000.In its December 31, 2019 statement of financial position, UA should report accrued liabilities of:a. P51,500 c. P53,900b. P56,800 d. P56,300

Vala

Presented below are three independent situations.1. Novak Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Novak’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Novak’s liability for stamp redemptions was $14,086,200 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees   $8,609,200 Cost of redemptions (stamps sold prior to 1/1/20)   5,666,400 If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5,420,400. What amount should Novak report as a liability for stamp redemptions at December 31, 2020? Liability for stamp redemptions at December 31, 2020   $ 2. In packages of its products, Splish Inc. includes coupons that may be presented at retail stores to obtain discounts on other Splish products. Retailers are reimbursed for the face…

Sigma Company began operations on January 1, 2020. On December 31, 2020 and 2021, the entity provided for uncollectible accounts expense based on 1% of annual credit sales.   Required: Determine the allowance for doubtful accounts on January 1, 2021. Determine the allowance for doubtful accounts on December 31,2021 before adjustments. Determine the required allowance on December 31,2021. Prepare the adjustment to record the doubtful account expense for the current year.

On December 31, 2020, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $26,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020?

Pls answer the following. Show the steps with explanation. Thank you

On December 31, 2020, Extreme Fitness has adjusted balances of $890,000 in Accounts Receivable and $73,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $19,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b. Prepare the journal entry to write off the accounts on January 2, 2021. c. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? Complete this question by entering your answers in the tabs below. Req A Req B Req C What amount would the company report as its net accounts receivable on December 31, 2020? Net Accounts Receivable

Lyle Company is preparing financial statements for the year ended December 31,2021.Accounts payable amounted to P360,000 before any necessary year-end adjustment related to the following:On December 31, 2021, Lyle has a P50,000 debit balance in accounts payable to Reese, a supplier, resulting from a P50.000 advance payment for goods to be manufactured.Checks in the amount of P100,000 were written to vendors and recorded on December 20, 2021. The checks were mailed on January 5, 2022.Goods shipped FOB shipping point on December 20, 2021 were received and recorded by Lyle on January 2, 2022. The invoice cost was P45,000.What amount should be reported as accounts payable on December 31, 2021? a. 555,000b. 455,000C. 310,000d. 460,000

Cee & Co.’s fiscal year begins April 1. At the beginning of its fiscal year, Cee & Co. estimates that it will owe $17,400 in property taxes for the year. On June 1, its property taxes are assessed at $17,000, which it pays immediately. Required: 1. Prepare the related journal entries for April 1, May 1, and June 1. 2. Then compute the monthly property tax expense that Cee & Co. would record during July through March.

On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar. Select the correct answer. a-$1,246 b-$1,869 c-$7,470 d-$623

You are assigned to audit Bonifacio Inc. for the year ending June 30, 2014. Prior to any adjustments you were able to extract the following balances from the client’s records:Accounts receivable, control account P221,250Allowance for doubtful accounts (7,500)Amortized cost P213,750

Prepare a schedule analyzing the changes in Allowance for Doubtful Accounts for the year ended December 31, 2025. Show supporting computations in good form. (Hint: In computating the 12/31/25 allowance, subtract the $64,700 write off.)

On November 1, 2024, Dual Systems borrows $140,000 to expand operations. Dual Systems signs a six-month, 7% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. Required: 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the note on November 1, 2024, Note: Enter debits before credits. Date November 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal G 110 E

Pegasus Corp signed a three-month, 8% note on November 1, 2023 for the purchase of $296,000 of inventory. If Pegasus makes adjusting entries only at the end of the year, the adjusting entry made at December 31, 2023 will include a (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) A. debit to Interest Expense for $3,947 B. credit to Note Payable for $23,680 C. debit to Note Payable for $3,947 D. debit to Interest Expense for $5,920

How much is the Gross Profit/Loss Realized in 2019?

On December 31, 2020, Extreme Fitness has adjusted balances of $1,000,000 in Accounts Receivable and $95,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $30,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Req B Req C1 Check my work Req C2 What amount would the company report as its net accounts receivable on December 31, 2020? Net Accounts Receivable