Can anyone help me out for those questions? Thank you. Chapter 12In-Class AssignmentCurrent Liabilities:1. Obligations due within one year2. Will be paid with assets or through the creation of other liabilitiesExamples include:Accounts payable (A/P), Unearned revenue, Sales taxes payable, Notes payable (N/P), payrolland contingent liabilities.Exercise 1: Sales taxOn November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,200.The sales tax rate is 9%. Please record this event on November 1st.DateАccountsDebitCreditSales tax must be remitted by the end of the month, please record Sassy's entry to record theremittance of the collected sales tax to the appropriate government agency on November 30th.DateAccountsDebitCreditExercise 2: Short-term notes payableYnot Company signs a $10,000, 12%, six-month note payable with First Union Bank onNovember 1, 2019. Prepare the journal entry needed on November 1st to record this event.DateAccountsDebitCreditPrepare any necessary entry to record any interest owed on the note payable at December 31.DateАccountsDebitCreditRecord the journal entry for Ynot at the note's maturity date, May 1.DateAccountsDebitCredit Exercise 3: Payroll LiabilitiesEmployers are required to withhold the appropriate amount of taxes from their employees'paychecks (FICA, Federal and State Income taxes). Employers also must pay certain employer-only taxes such as Federal and State Unemployment taxes (FUTA and SUTA).RH Macy employs one employee, W. Hill, who earns $200 per day and is paid weekly for a fiveday work week on Fridays. Ms. Hill's required federal and state withholdings are $20 and $8per week respectively. Assume all of Ms. Hill's wages are subject to Social Security andMedicare taxes. Prepare the journal entry needed to record Ms. Hill's payroll for the first weekof November. (Friday falls on November 7th and please round all figures to two decimal places).DateAccountsDebitCreditPrepare RH Macy's journal entry to record the employer expense and liabilities related topayroll for the first payroll of November. RH Macy's SUTA cost equals $56 for the week andFUTA amounts to $12.DateAccountsDebitCreditExercise 4: Contingent LiabilitiesWhich of the following situations would require a journal entry for Street Fighter Company?1.) Street Fighter (defendant) estimates that a pending lawsuit could result in damages of$1,000,000; it is reasonably possible that the plaintiff will win the case.2.) Street Fighter faces a probable loss on a pending lawsuit; the amount is not reasonablyestimable.3.) Street Fighter estimates damages in a case at $2,500,000 with a high probability oflosing the case.Once you have identified the situation, prepare the journal entry at the company's year-end.DateAccountsDebitCredit

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Exercise 1: Sales tax On November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,20o. The sales tax rate is 9%. Please record this event on November 1st. Date Accounts Debit Credit Sales tax must be remitted by the end of the month, please record Sassy's entry to record the remittance of the collected sales tax to the appropriate government agency on November 30th. Date Accounts Debit Credit

Exercise 1: Sales tax On November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,20o. The sales tax rate is 9%. Please record this event on November 1st. Date Accounts Debit Credit Sales tax must be remitted by the end of the month, please record Sassy's entry to record the remittance of the collected sales tax to the appropriate government agency on November 30th. Date Accounts Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 38E: Exercise 1-38 Identifying Current Assets and Liabilities Dunn Sporting Goods sells athletic clothing...

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Exercise 1-39 Current Assets and Current Liabilities Hanson Construction has an operating cycle of '5' months. On December 31. 2019, Hanson has the following assets and liabilities: A note receivable in the amount of $1500 10 be collected in 6 months Cash totaling $1,380 Accounts payable totaling $2,100, all of which will be paid within 2 months Accounts receivable totaling $12,000, including an account for $7,000 that will be paid in 2 months and an account for $5,000 that will be paid in 18 months Construction supplies coming $6,200, all of which will be used in construction within the next 12 months Construction equipment costing $60,000 on which depreciation of $22,400 has accumulated A note payable to the bank in the amount of $6,800 is to be paid within the next year Required: Calculate the amounts of current assets and current liabilities reported on Hansons balance sheet at December 31, 2019. CONCEPTUAL CONNECTION Comment on Hansons liquidity.
Exercise 1-38 Identifying Current Assets and Liabilities Dunn Sporting Goods sells athletic clothing and footwear 10 retail customers. Dunns accountant indicates that the firms operating cycle averages 6 months. At December 31, 2019, Dunn has the following assets and liabilities: Prepaid rent in the amount of 58,500. Dunns rent is $500 per month. A $9,700 account payable due in 45 days. Inventory in the amount of $46,230. Dunn expects to sell $38,000 of the inventory within 3 months. The remainder will be placed in storage until September 2020. The items placed in storage should be sold by November 2020. An investment in marketable securities in the amount of $1,900. Dunn expects to sell $700 of the marketable securities in 6 months. The remainder are not expected to be sold until 2022. Cash in the amount of $1,050. An equipment loan in the amount of $60,000 due in March 2024. Interest of $4,500 is due in March 2020 ($3,750 of the interest relates to 2019. with the remainder relating to the first 3 months of 2020). An account receivable from a local university in the amount of $2,850. The university has promised to pay the full amount in 3 months. Store equipment at a cost of $9,200. Accumulated depreciation has been recorded on the store equipment in the amount of 51,250. Required: Prepare the current asset and current liability portions of Dunns December 31, 20191 balance-sheet. Compute Dunns working capital and current ratio at December 31, 2019. CONCEPTUAL CONNECTION As in investor or creditor. what do these ratios tell you about Dunns liquidity?
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
Multiple step income statement and balance sheet The following selected accounts anti their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated DepreciationOffice Equipment 58,000 Store Equipment 650,000 Accumulated DepreciationStore Equipment 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2032) 140,000 Gerri Faber. Capital 431,000 Gerri Faber, Drawing 300,000 Sales 8,925,00 Cost of Merchandise Sold 5,620,00 Sales Salaries Expense 850,000 Advertising Expense 420,000 Depreciation Expense Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depredation ExpenseOffice Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 6,000 Interest Expense 12,000 Instructions 1.Prepare a multiple-step income statement. 2.Prepare a statement of owners equity. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Briefly explain how multiple-step and single-step income statements differ.
( Appendix 5A) Sales Discounts Harry Gardner provides tax services for small businesses. This years tax season has proved especially lucrative for Harry; he earned $45,000 for providing his services. Harry uses terms of 1/10, n/30 in billing his customers. Required: 1. Prepare the necessary journal entries to record the sale, assuming Harry does not expect his customers to pay within the discount period. 2. Prepare the necessary journal entries to record collection of the receivable assuming the customer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable assuming the customer pays after 10 days.
Customer Deposits Wolfe $ Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe $ Wolfe expects to provide an equal amount of services each month. Required Prepare the journal entry for the receipt of the customer deposit on April 1. Prepare the adjusting entry on April 30. What will be the effect on net income for April if the entry in (2) is not recorded?
Reporting Liabilities Morton Electronics had the following obligations: a. A legally enforceable claim against the business to be paid in 3 months. b. A guarantee given by a seller to a purchaser to repair or replace defective goods during the first 6 months following a sale. c. An amount payable to Bank One in 10 years. d. An amount to be paid next year to Citibank on a long-term note payable. Required: CONCEPTIJAL CONNECTION Describe how each of these items should be reported in the balance sheet.