In July, purchased supplies for $10.25 for its restaurants on credit from its supplier Restos-R-US with the terms 2/30, net 60. Sold an old equipment for $3. It was originally purchased in 2013 for $15. At the time of sale, the equipment had accumulated depreciation of $13 and had a net book value of $2 at the time of sale.
Q: Indicate the appropriate entries for Prince Company and Albert Company respectively
A: Journal entries (JE) refers to the entries which records the event into original books of accounts…
Q: Wayne Johnson, president of Banshee Company, recently returned from a conference on quality and…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Batman Company provides the following data for the year 2020: Cash sales - 500,000; Collection from…
A:
Q: The unadjusted trial balance is prepared
A: The financial statement is the representation of the financial data of the company. It is used by…
Q: Crane Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales…
A: The budget is prepared to estimate the budgeted sales and production requirements for the future…
Q: In addition to the basic tax assessed on the taxpayer, the following civil penalties will also be…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The process of posting is the transfer of debits and credits from the O a. T accounts to the…
A: The process of preparation of Final accounts is: Preparing Journal Entries against Transactions.…
Q: Corporation owns percent any's stock. On July 1, 20X4, Neptune sol e of equipment to Pluto for…
A: Consolidated financial statements give a complete picture of a company's financial health, including…
Q: The local cable TV company charges a "hook-up" fee of R100 per month. Customers can then watch…
A: Example given :- The local cable TV company charges a "hook-up" fee of R100 per month. Customers can…
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: 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: Draw up a marginal statement that calculates the contribution per unit
A: The marginal cost of customized things is quite high, but the cost of production of highly…
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: On 1 July 2019, Brad Ltd acquired all assets and liabilities of Pitt Ltd. In exchange for these…
A: Acquisition costs- The acquisition cost is defined as the total cost of acquiring an asset. The cost…
Q: Mike purchases a bicycle costing $142.80. State taxes are 6% and local sales taxes are 3%. The store…
A: Introduction: The purchase price indicates a company's entire enterprise value (EV), which includes…
Q: Which of the following ratios would NOT be considered to be a measure of a business economic…
A: The economic performance of a business can be measured by its ability to generate profits.…
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: Which of the following statements are true regarding financial instruments? (i) Financial…
A: A primary instrument is a financial asset whose price is determined solely by its market value.…
Q: Proton Company acquired all of the outstanding ordinary shares of an acquiree paying P7,400,000…
A: Ans. Goodwill is the amount excess paid for acquiring the net assets of the company acquired.
Q: Calculate the amount of working capital (in $) and the current ratio for the given company. Round…
A: Working capital = Current Assets - Current Liabilities Current Ratio = Current AssetsCurrent…
Q: ing pro lance Sheet showed the following position at the date of dissolution : Liabilities Assets…
A: When the Dissolution of a Partnership firm takes place all the assets are sold, all the liabilities…
Q: 3. Frank decides he better make a budget! Use the following information to calculate his budget.…
A: You have posted multiple-part question, so as per our policy only the first three sub-parts are…
Q: ind out the value of
A: Goodwill when the purchasing company pays a price higher that the net fair value of the assets of…
Q: Use the following information for the next five (5) questions: Crusher Company reported the…
A: It is the amount belongs to the stockholder's of the business. It is the sum of share capital,…
Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…
A: As the narration of the transaction says fees received for services performed which means services…
Q: How do you find full absorption cost
A: Absorption costing refers to the method of managerial accounting in order to capture all the costs…
Q: On January 1, 2022, Proton, Inc. purchased a patent giving it exclusive rights to manufacture a new…
A:
Q: Willie Company's retained earnings increased $13,000 during 2014. What was Willie's 2014 net income…
A: 1. Retained Earnings - Retained Earnings is the retained accumulated profit of the company over the…
Q: a) A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: PB10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected…
A: Balance Sheet is a financial statement which records assets, liabilities and owner's equity. Assets…
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: Which of the following is the correct option: The Leontief study testing the Heckscher-Ohlin theory…
A: The correct answer for the above mentioned question is given in the following steps for your…
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: O and P75,600, respectively O and P204,000, respectively O and P120,400, respectively unt should the…
A: Sale Value of musical instrument 54,00,000 Estimated warranty cost % 2% Warranty…
Q: Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of…
A: Contribution= sales less variable cost
Q: 16. Ebasan Company is involved in the exploration for mineral resources. Its policy is to recognize…
A: The exploration assets are generally recognized at the cost initially. The intangible exploration…
Q: Prepare journal entry to record the purchase of the bond. (Cre entered. Do not indent manually. If…
A: Fair value through net income method is the method of recording the investments at the price which…
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: What amount should be reported as treasury shares on December 31, 2022? Group of answer choices…
A: Treasury stock or repurchased stock are the company’s own stock which is purchased by the company…
Q: ens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX…
A: The direct labor budget is used to compute the number of work hours required to create the items…
Q: Fresh Co. is a company that produces fruit juices. Variable Manufacturing Costs of one package of…
A: The quantity of units sold by your company within a given reporting period is referred to as sales…
Q: Lana Powell has cumulative earnings of $116,000 at the end of September. In the first week in…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The Bello Horizonte Company is a textile company that specializes in manufacturing promotional items…
A: Calculation of Annual Manufacturing overhead cost-allocation rate = total manufacturing overhead…
Q: andy plc manufactures 2 products through two production epartment and the Assembling Department. It…
A: Overhead absorption rates refer to the pre-estimated rate at which the overhead expenses are charged…
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: Assume all rent revenues are received in advance and accounted for as unearned rent. Beginning and…
A: A rent collection service is responsible for collecting and pursuing rent from tenants. These…
Q: Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems.…
A:
Q: Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for…
A:
Q: Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is…
A: Cash Transactions - From the Beginning and Ending Ledgers of Expenses provided for the period then…
Q: Frieden Company's contribution format income statement for last month is shown below: $1,200,000…
A: Selling price per unit = Total sales revenue/Number of units sold = $1200000/40000 = $30 per unit…
3 to 4. Accounting Entries
Step by step
Solved in 2 steps with 1 images
- On July 8, Divo Company sold office supplies for $13,000. Determine the amount and the character of Divo’s gain or loss on sale under each of the following assumptions: Required: a) Divo is a retail store that sells office supplies to customers. Under the LIFO method of accounting, Divo’s cost basis in the supplies was $11,900. b) Divo is a law firm. Divo sold the supplies because it was overstocked and needed the storage space for a different purpose. Under its method of accounting, Divo expenses the cost of office supplies when purchased. c) Divo is an accounting firm. Divo sold the supplies because it is liquidating its business. Divo’s capitalized cost of the supplies was $14,250. Please dont give image based answers thank youThe following transactions took place during 2021 and were not recorded in the book’s of Monpa:1. The business purchased an equipment that worth £100,000 on 04/01/2021 by check. It is expected to have a life of 6 years and is estimated to have a residual value of £10,000. Monpa follows the straight-line method for calculating depreciation. The purchase of the equipment was not recorded in the firm’s accounting books too.2. The firm sold goods for £122,295 on credit. The cost of these goods is £78,900.3. £1,750 was paid during the year for Heat and Light (This transaction was recorded). However, before the end of the year, the Heat and Light bill arrived for the last quarter showing a charge of £590 and was not paid nor recorded for the year.4. A customer who owes the business £2,250 declared his bankruptcy and was considered to become bad. 5. The firm paid £15,000 of interest by check during the year 2021.6. The advertising expense for the year was £8,000.7. The business is subject to…Alomar Corporation had a balance of $1,000 in Prepaid Supplies at the beginning ofthe year. The company purchased $700 of supplies during the year. At year end, PrepaidSupplies had a balance of $1,100. What is the amount of Supplies Expense that AlomarCorporation will recognize for the year?a. $600b. $700c. $800d. $1,100
- The unadjusted data of camelot Bookstore 1 Paid 4 months rent to Luxor Realty, Inc. (May1 to August 31,2016) P 40,000.00 1 Store furniture and fixtures P 50,000.00 camelot Bookstore Company Adjustments Data May 31, 2016 1 Prepaid rent, P 50,000 4 Depreciation rate on Store Fixtures and Equipment - 20% per annum Estimated salvage value = P 0 5 Meralco Bill for electric consumption for April and May 2016 received on May 31, 2016 and paid on June 6, 2016, P 6,000 Prepare the adjusting entriesAt the beginning of May, The GAP's total assets totaled $400,000 . At the end of May, what is The GAP's new asset balance assuming the following transactions occurred in May? Paid S20,000 cash to to purchase new equipment for its stores. Prepaid rent for June for S6, 000. Sold $70,000 of clothes to customers who paid with cash. The inventory cost of the clothes sold was S20, 000.On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold 775,000 Selling Expense 160,000 Interest Expense 6,000 Store Supplies 16,000 Merchandise Inventory 115,000 Store Supplies Expense 21,500 Notes Payable…
- In the year ended 31 December 20X7 Bobby traded in for £3,430 a vehicle costing £6,000 on 1 November 20X5 against the cost (£4,800) of a replacement vehicle. The balance due for the new vehicle has been paid in cash and debited to the cost of vehicles account and credited to cash at bank. What net adjustment is required to the company's cost of vehicles account as a result of this transaction?The following balances appeared in the general ledger of Umzinto Traders on 01 March 2012, the beginning of the financial year: R Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information A new vehicle, cost price R160 000, was purchased on credit on 01 December 2012. Equipment with a cost price of R10 000, was sold for cash on 31 August 2012 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2012. Depreciation is calculated on equipment at 10% per annum on cost. Depreciation is calculated on vehicles at 20% per annum on the diminishing balance. Prepare the following note to the financial statements as at 28 February 2013: Property, plant and equipmentSweet Catering completed the following selected transactions during May 2016: : May 5; Peceived and paid elecrty bil, 560 May 9: Received cash for meals served to customers, $2,940 May 14: Paid cash for kitchen equipment, $3,830 May 23: Served a banquet on account, $1,580 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,770 May 31: Recorded depreciation for May on kitchen equipment, $70If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
- March 31, 2018, the balances of the accounts appearing in the ledger of RoyalFurnishings Company, a furniture wholesaler, are as follows:Accounts Receivable $ 170,000Accumulated Depreciation—Building 750,000Administrative Expenses 435,000Building 3,500,000Cash 80,000Common Stock 300,000Cost of Goods Sold 5,500,000Dividends 175,000Interest Expense 15,000Inventory $ 980,000Notes Payable 250,000Office Supplies 20,000Retained Earnings 1,987,000Salaries Payable 8,000Sales 8,245,000Selling Expenses 575,000ore Supplies 90,000A. Prepare a multiple-step income statement for the year ended March 31, 2018.B. Compare the major advantages and disadvantages of the multiple-step and singleOn December 31, Trinkets Supply Company noted the following transactions that occurredduring 2015, some or all of which might require adjustments to the books.(a)Payment of $4,300 to suppliers was made for purchases on account during the year andwas not recorded.(b)Building and land were purchased on Jan. 2 for $190,000. The building’s fair value was$141,000 at the time of purchase. The building is being depreciated over a 30-year lifeusing the straight-line method assuming no salvage value.(c)Of the $52,000 in Accounts Receivable, 5% is estimated to be uncollectible. Currently,Allowance for Bad Debtsshows a debit balance of $200.(d)On Sept 1, $80,000 was loaned to a customer on a 12-month note with interest at anannual rate of 11%.(e)During 2015, Trinkets Supply received $15,200 in advance for services, 80% of which willbe performed in 2016. The $15,200 was credited to Sales Revenue.(f)The interest expense account was debited for all interest charges incurred during the yearand shows…The following transactions apply for Long Traders for February 2015.*Received a loan from AT&T bank, R100000*Cash sales of stock R88000*Purchased stationary for R560 on credit*Purchased merchandise on credit from T.potter for R330000.*A debtor paid R10000 to settle her account*The owner contributed a table to the business worth *R20000*Purchased a new vehicle on credit R600000.*The owner took inventory that would have been sold for R1200Calculate the Value of Equity for the Month of February