9 Required information The following information applies to the questions displayed below. Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $6,600 by paying $1,800 cash and signing a $4,800 April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost due in six months. Aprihote due of $3,800, purchased on account April 30 Wrote a check for the amount owed on account for the work completed on April 2. May A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $200 cost June 1 Paid $11,040 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region Required: 1-a. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets Liabilities Stockholders' Equity April 01 April 02 April 30 May 01 June 01

Answers are given. Only need solution for the answers. 16. Listed below are selected transactions of Lychee’s Department Store for the current year endingDecember 31.1. On December 5, the store received P4,500 from the Fruit Players as a deposit to be returnedafter certain furniture to be used in stage production was returned on January 15 the followingyear.2. During December, cash sales totaled P798,000, which includes the 12% VAT that must beremitted to the BIR by the 5th day of the following month.3. The store determined it will cost P100,000 to restore the area surrounding one of its buildingwhen the store is closed in 4 years. The present value of restoration is P64,000.4. As a result of uninsured accidents during the year, personal injury suits for P350,000 andP60,000 have been filed against the company. It is the judgment of Lychee’s legal counsel thatan unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdictapproximating P250,000 (reliably estimated)…

Answer the following with working: (iv) The management of Toyota & Sons is in the process of upgrading its fleet of motor vehicles.During March the company expects to sell an old Cresida motor vehicle that cost $500,000at a gain of $45,000. Accumulated depreciation on this motor vehicle at that time isexpected to be $340,000. The employee will be allowed to pay a deposit equal to 60% ofthe selling price in March; the balance will be settled in two equal amounts in April & May of2024. (v) An air conditioning unit, which is estimated to cost $300,000, will be purchased in February.The manager has planned with the suppliers to make a cash deposit of 40% upon signing ofthe agreement in February. The balance will be settled in four (4) equal monthly instalmentsbeginning March 2024. (vi) A long-term bond purchased by Toyota & Sons 4 years ago, with a face value of $500,000will mature on January 20, 2024. To meet the financial obligations of the business,management has decided to…

Robert placed the following assets into service fir his packing and shipping company this year   apr 3 desk with a basus of $1100 july 30 computer software with a basis of $4200 oct 30 delivery truck with a basis of $33,000

Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office.  On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is   Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…

Answer both subparts i,ii.if answered within 40mins,it would be great You were hired as a junior accountant at Byron Manufacturing Company. The following transactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for$500,000 from Machines and More Company. It paid$100,000 in cash and used a one-year, 7% note for the balance. C. On June30, the company borrowed $200,000 by signing a one-year zero-interest-bearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15,000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40…

Transaction Analysis During December, Cynthiana Refrigeration Service engaged in the following transactions: On December 3, Cynthiana sold a 1-year service contract to Cub Foods for $12,000 cash. On December 10, Cynthiana repaired equipment of the A&W Root Beer Drive-In. A&W paid $1,100 in cash for the service call. On December 10, Cynthiana purchased a new Chevy truck for business use. The truck cost $36,500. Cynthiana paid $5,500 down and signed a 1-year note for the balance. Cynthiana received a $3,200 order of repair parts from Carrier Corporation on December 19. Carrier is expected to bill Cynthiana for $3,200 in early January. On December 23, Cynthiana purchased 20 turkeys from Cub Foods for $300 cash. Cynthiana gave the turkeys to its employees as a Christmas gift. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave the cells blank…

Precision Construction entered into the following transactions during a recent year.January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a$230,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased onaccount.January 30 Wrote a check for the amount owed on account for the work completed onJanuary 3.February 1 Replaced the seat on the bulldozer and wrote a check for the full $800 cost.March 1 Paid $3,600 cash for the rights to use computer software for a two-year period.Required:1. Analyze the accounting equation effects and record journal entries for each of the transactions.2. For the tangible and intangible assets acquired in the preceding transactions, determine theamount of depreciation and amortization that Precision Construction should report for thequarter ended March 31. The equipment is depreciated using the double-declining-balancemethod with a useful life of five years and $40,000 residual…

Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthlyfinancial statements. During July the owner completed these transactions: July 1. Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value twoyears ago but now worth P10,000 only July 2. Paid P25,000 cash for July rent (including P500 water bill of a fully furnished office space at the MadrigalBuilding July 4. Purchased P120,000 worth of state of the art equipment on credit for thirty monthly installmentpayments 6 Purchased office supplies for cash, P2,500 8 Completed work for a client and immediately collected the P32,000 cash earned 10 Completed work for a client and sent a bill for P27,000 to be paid within thirty days 15 Paid an assistant P6,200 cash as wages for 15 days 18 Collected P15,000 cash on the amount owed by the client 25 Completed work for another client who paid only P40,000 or 40% of the total computerized system.…

Question  1   On January 1, 2017 Baker purchased a new stamping machine for its plant. This new piece of equipment cost $120,000 and was recorded in Baker's accounting system with a $120,000 debit to the Equipment account and a $120,000 credit to the Cash account. Baker estimates that the stamping machine will last 5 years and will have no value at the end of those 5 years. At the end of January, February, March, April, and May, Baker made the correct depreciation adjusting entries. Select the June 30, 2017 adjusting entry Baker should make for June’s depreciation:   (A) Accumulated depreciation:  2,000  ________       depreciation: expense          _______    2,000   (B) depreciation expense          12,000   _______       accumulated depreciation:   ______ 12,000     (C) depreciation expense              2,000  ______       accumulated depreciation      ______  2,000   (D) depreciation espense    24,000   ________       cash                               _______ 2,000 loss of…