Boxer Company purchased store equipment for $12,000 on December 3. The store equipment depreciated $500 in December. The book value of the store equipment on December 31 is O a. $12,000. O b. $12,500. O c. $11,500. O d. $500.
Q: Given for one of the products of Juarez Co. Sales price per product unit Variable expenses per…
A: Contribution margin = Selling price - Variable cost per unit Break-even sales = Fixed cost /…
Q: sabas company has issued abd outstanding 37000 shares of 100 par 1% preferred stock and 96000 shares…
A: The dividend is distributed first to the preference shareholders and then to the equity…
Q: Immediately after the business combination, how much is the consolidated total equity?(not the…
A:
Q: The following information applies to the que Natalie owns a condominium near Cocoa Be her condo:…
A: Tax court method is the method in which the expenses are allocated on the basis of ratio of total…
Q: Cash purchases of Lowman Company for 2020 were 900,000. During the year purchase returns of 150,000…
A: Cash paid on accounts payable can be calculated by deducting purchase return and discount from the…
Q: MUNCHIES CATERER Munchie's caterers are a small sole trading business which will be operated from…
A: When the buyer or the purchaser of the goods or service issues a document to the seller for confirm…
Q: Looking at the template pro forma below , make this one change The firm is not going to pay an…
A: There would be no effect on the free cash flows of the Company since net interest after taxes is…
Q: In 2018, a businessman borrowed Php500 000.00 at a 10% interest rate, payable for 1 year for a new…
A: Polya devised four steps for solving a particular problem. They are, The very first step is to…
Q: Price paid cash , Number of shares, Market Price per share be? Would it be? Cash: $480,000 Number…
A: A business combination is a transaction in which the acquirer obtains control of another business…
Q: Here's the scenerio and the template
A: Here discuss about the details of determination of sales price after deducting the discount which…
Q: How much is the premium or discount of the new note payable
A: Premium or discount on the note payable arises due to the fact of that the amount which has been…
Q: Journalize the February payroll and the payment of the payroll. (Credit account titles are…
A: A journal entry is used in an organization's financial records to document commercial transactions.…
Q: Assuming the company produced 24,000 fully and partially finished units during the year, determine…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: GigaBite Company's computer system recently crashed, erasing much of the company's financial data.…
A: In order to determine the direct material available for use, the direct material purchases are…
Q: FIFO method (continuation of 17-36). 1. Do Problem 17-36 using the FIFO method of process costing.…
A:
Q: How did you get the inventory carrying cost please?
A: Lets understand the basics. Economic order quantity is a quantity at which carrying cost and…
Q: 4 and 5
A: The adjusting entries are given as,
Q: Custard's Bakery produces a pie that requires 2.6 pounds of fruit per pie. The allowance for waste…
A: Standard direct material is the raw material quantity that is required to produce the product. The…
Q: Withdrawals by an owner are found on the income statement as an expense True False
A: The income statement indicates the profitability of the company. The income statement contains the…
Q: 1. What amount of depreciation should be reported in the historical cost income statement for 2021?…
A: 1. Depreciation Expense based on Historical Cost = P5,000,000/5years = P1,000,000 2.…
Q: Johnson Industries purchased a metal-working lathe for $38,000. This item will be used for business…
A: The depreciable base for the calculation of depreciation is the amount of cost applicable to the…
Q: Prepare a journal entry for the purchase of office supplies on November 2 for $3,000, paying $350…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 1, 40,000 shares issued $ d share is converted into 2 common shares) ed number of shares authorized,…
A: The answer has been mentioned below.
Q: A plant asset cost P96,000 and is estimated to have a P12,000 salvage value at the end of its 8-year…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: n applicant MUST meet which of the following requirements before applying for a resident insurance…
A: Pre-licensing education requirements are basically to ensure a basic level knowledge about the…
Q: Variable costs vary in total as activity varies. vary on a per unit basis as activity varies. O are…
A: Meaning of variable cost: Variable cost are those cost which are vary with level of output. These…
Q: Inventory excludes a) © Raw materials b) Finished goods produced c) Construction works in…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The journal entry to record fees earned on account would be posted to which of the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: Clever Computers has a five-day workweek and pays the office staff $3,050 each week. If the month…
A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…
Q: On January 2, 2019, Ulrich Co. purchased 75% of the outstanding shares of Neil Co. resulting to a…
A: A consolidated net revenue is the total income of a parent organization and its subsidiaries less…
Q: briefly explain what is meant by breakven points
A: Breakeven point is an important term used in cost accounting.
Q: A repair of an equipment amounting to P30,000 on December 31, 2021 that will prolong of the…
A: The repair on the equipment will prolong the life of the equipment for three more years. It should…
Q: effects of cash restriction regulations on management of customer banking practices
A: In evaluation to unrestricted cash, restricted cash isn't freely on hand for a company to spend or…
Q: Chapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the…
A: The company produces financial information as a result of business operations. The financial…
Q: ABC Co. is undergoing liquidation. The following are the account balances after all the non-cash…
A: Doctrine of Marshalling of Assets:- A creditor who makes this doctrine principle , or we can say,…
Q: Mark Goldsmith's broker has shown him two bonds issued by different companies. Each has a maturity…
A: Bonds are called bond goods because they typically pay a set interest rate to the borrower (coupon).…
Q: f a company's total assets equals $80,000 and its shareholders' equity equals $40,000, how much are…
A: Creditors claim on company's assets are called Liabilities. As per the accounting equation; Assets =…
Q: 1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: On September 1, 2021, Feeling Company began a service proprietorship with an initial investment of…
A: Cash basis of accounting is a method where the income and expenses are recognized as and when they…
Q: Karim works for a company with a 401k plan. Employees do not vest in the plan at all until they have…
A: Rolling over plans means you are saving for your future, when a person can roll over a retirement…
Q: If the following adjusting entry is omitted, what effect will it have on the financial statements?…
A: Unearned income seems to be revenue collected for a good or service that the company has yet to…
Q: On December 31, 2019, an entity reported the following equity items: 8% cumulative preference shares…
A: The earnings per share is calculated as net income available to common shareholders divided by…
Q: rane-mounted pr end of its estima 2% of the first co pment is capable ment, two labore
A: Interest on investment the occasional receipt of inflows on monetary instruments like bonds,…
Q: Use the following financial information to find the entry you would make on an income statement for…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Prepare the Following Income Statement Balance Sheet Closing Entries Post-Closing Trial Balance
A: Followings are required to be prepared: Income Statement Balance Sheet Closing Entries Post-Closing…
Q: Pain Hub Corporation reported the following amount in the shareholders’ equity section of its…
A: Share premium accounts show the additional paid in capital in excess of par. It include the share…
Q: nadette Naldo has been considering investing in the bonds of ABD Industries. The bond: were issued 5…
A: Some bonds have conversion option that they can be converted into number of shares as fixed or may…
Q: ~Why would investors provide a business with cash? ~ Why must a business provide an income statement…
A: Answer:- Investors provide a business with cash:- A company may satisfy its daily business demands…
Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…
A: Particulars Amount % of Net Sales Revenue Gross Sales $182000 107* Less: Sales Return…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business owned by Linda Palermo, is shown on page 557. Year-end adjustment information is provided below. (a and b)Merchandise inventory costing 24,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year; 2,100. (d)Unexpired insurance on December 31, 2,600. (e)Depreciation expense on the building foe 20--, 5,300. (f)Depreciation expense on the store equipment for 20--, 3,800. (g)Unearned decorating revenue as of December 31, 1,650. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a general journal.
- Stem Corp. bought a machine in February of year 7 for 20,000. Then Stem bought furniture in November of year 7 for 30,000. Both machines were placed in service for business purposes immediately after purchase. No other assets were purchased during year 7. What depreciation convention must Stem use for the machine purchased in February year 7? a. Mid-month b. Half-year c. Mid-quarter d. Full-yearGarcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cashFor each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
- Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business depreciates a building with a book value of $12,000, using straight-line depreciation, no salvage value, and a remaining useful life of six years. B. An organization has a line of credit with a supplier. The company purchases $35,500 worth of inventory on credit. Terms of purchase are 3/20, n/60. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. D. A customer pays $4,000 in advance for legal services. The lawyer has previously recognized 30% of the services as revenue. The remainder is outstanding.Sandhill Co. sells office equipment on July 31, 2022, for $22,430 cash. The office equipment originally cost $77,870 and as of January 1, 2022, had accumulated depreciation of $36,830. Depreciation for the first 7 months of 2022 is $4,580.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (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.)
- Sheffield Corp. purchased equipment for $15900 on December 1. It is estimated that annual depreciation on the computer will be $3180. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $12720; credit Accumulated Depreciation, $12720. debit Depreciation Expense, $3180; credit Accumulated Depreciation, $3180. debit Equipment, $15900; credit Accumulated Depreciation, $15900. debit Depreciation Expense, $265; credit Accumulated Depreciation, $265.The asset account Office Supplies has a balance of $820 at the beginning of the year. The amount on hand at the end of the year is $540. The company has calculated the Supplies Expense for the year to be $3,900. Based on this information, what amount of office supplies was purchased during the year? Multiple Choice $3,360 $4,440 $3,620 $0On January 1, Year 1, Twisted Pretzel, Inc., purchased equipment for $32,000 with an estimated useful life of 8 years and $0 salvage value. On January 1, Year 5, Twisted Pretzel, sold the equipment for $14,000 cash. The journal entry to record the sale of this equipment includes ______. (Select all that apply.) credit to Accumulated Depreciation for $16,000 debit to Cash for $14,000 debit to Gain (Loss) on Sale of Equipment for $2,000 debit to Equipment for $32,000 credit to Gain (Loss) on Sale of Equipment for $2,000 credit to Equipment for $32,000 debit to Accumulated Depreciation for $16,000 credit to Cash for $14,000 credit to Equipment for $16,000
