Instructions Prepare the adjusting entry for each of the following for year ended December 31, 2019. 1. Paid Trio Insurance Co. Php33,000 one year car insurance to commence August 1, 2019. The amount of premium was debited to Prepaid Insurance. 2. Borrowed Php200,000 from Metro Bank issuing a one-year note with 12% annual interest on April 30, 2019. 3. Bought Php20,000 equipment with five- year estimated life and a salvage value of Php2,000. Depreciation is computed on a
Q: Use the following information for the Exercises below. (Algo) [The following information applies to ...
A: Standards are established in advance in respect of sales, cost, efficiency, etc. From the standards,...
Q: A company manufactures and sells a single product. Budgeted data per unit of the product is: $ per ...
A: The question is related to the Marginal Costing and Absorption Costing. The details for two period i...
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns an...
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Method) Use the following information regarding the Newcastle Corporation to prepare a statement of ...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, ...
A: The balance sheet represents the financial position of the business with its assets , liabilities an...
Q: P V The Foxmoore Company experienced a $100,000 shortfall in sales revenues for the year. Top manage...
A: in cost accounting variance analysis system in order to evaluate the result, when planning, standar...
Q: Investing Cash Flows A company has the following information available, related to the current repor...
A: Cash flow from investing activities refers to the activities which involves purchase and sale of lon...
Q: A machine costs rs. 22,000 and it's salvage value after its useful life of 5 years is rs. 4,000. Ear...
A: Discounted cash flow method is an analysis used widely by the management to determine the profitabil...
Q: equation of exchange from part b) and information of the Bank of Ghana’s Quarterly Bulletin/Statisti...
A: a) Velocity: It refers to the number of time at which money changes hands or moves from one transact...
Q: You have Just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope...
A: Planning hours = 24000 hours Actual work for = 22000 hours Activity Variance = Planning budget - Fle...
Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plan...
A: The overhead cost can be allocated to production on the basis of traditional costing or activity bas...
Q: an entity has an existing note maturing within 12 months from the balance sheet date. The entity has...
A: solution concept In case where there is a debt maturing within 12 months from the balance sheet date...
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percenta...
A: To arrive at a set overhead rate, the manufacturing overhead cost is divided by the activity driver....
Q: ill up the blank space. A company has 12,247 customers they extend credit to, they will have 1 ___...
A: Solution Concept Account receivables is the amount that is receivables from the customers when goods...
Q: The accounting cycle refers to a series of sequential steps or procedures performed to accomplish th...
A: 1) The accounting cycle is the process of identifying, recording, classifying, and summarizing the a...
Q: GHT Corporation reports the following amounts in its December 31, 20XD income statement: I5950.000 C...
A: Net Sales=Sales-Sales Returns & Allowances-Sales Discounts Gross Profit=Net Sales-Cost of Goods ...
Q: e lower (high or plus +? an
A: Let x be the age for property and y be the age for comp.
Q: Use the following information for the Exercises below. (Algo) [The following information applies to ...
A: Overhead Variances are determined to set-up control over indirect costs incurrent in production proc...
Q: Below are the information provided by Mari&Ria Company for the preparation of proof of cash: Ple...
A: Proof of cash is when in the bank reconciliation statement (BRS), each item is presented separately ...
Q: Below are the information provided by Mari&Ria Company for the preparation of proof of cash: Nov 30 ...
A: Cash and cash equivalents refer to cash or can be converted into cash immediately. It is reported un...
Q: Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue...
A: Cost of goods sold = Cost of goods available for sale - Ending Inventory Average cost = Total cost /...
Q: What are the importance of financial statement? What is the purpose of financial statement?
A: The financial statement is organized summaries of detailed information about the financial positions...
Q: 18. A(n)_ would be an example of a bond issuer, while an individual would be an example of a bondhol...
A: The correct answer is: Company: It is because company, being an entity is permitted to raise funds ...
Q: Forten Company's current year income statement, comparative balance sheets, and additional informati...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: 1. What is the realized holding gain on inventory for 2010? 2. What is the unrealized holding gain o...
A: Normally, the recording of the transactions in the books of accounts and the profit and loss calcul...
Q: What is the amount of the “Investment in F” account on S’s financial records at the acquisition date...
A: S has acquired 100 percent of F which means F is subsidiary and S is parent company. The investment ...
Q: Below are 2019 Company Cāšh flöw acunts. Increase in bonds 170.0 Net income 117.5 Increase in notes ...
A: Statement of cash flows The statement of cash flows presents the cash inflows and outflows of cash a...
Q: Montel Company's July sales budget shows sales of $540,000. The company budgets beginning merchandis...
A: Cost of goods sold = Sales x 40% = 540,000 x 40% = 216,000
Q: Hameed Books Store started the business of buying and selling text books on 1 January 2018. At the e...
A:
Q: Discuss the following topic(s) Discuss the internal audit functions in Malaysian public sector organ...
A: A public company is listed on the stock exchange whereas a private company is not. The main differen...
Q: please answer this thank you
A: In this question, we have to find out the taxable income of Kagura under different circumstances.
Q: Calculate cash balances based on the information provided in the chart below and show me how you did...
A: Introduction Cash flow statement provides the information about cash inflows and outflows in a compa...
Q: Allowance for Bad Debts is what kind of account?
A: There are two ways by which bad debt expense is reported by company which is direct method and allow...
Q: es LIFO? (Do not round your intermediate calcu
A: In case of LIFO the item that has been purchased at last will be sold first that and that will be co...
Q: 9. A balanced scorecard is a) a performance-measurement approach that uses both financial and non-fi...
A: Solution Concept Balance score card Balance score card is basically a strategic metr...
Q: An accountant wants to withdraw $30,000 from an investment at the beginning of each quarter for the ...
A: Time value money is the concept widely used by the management and individual to determine the correc...
Q: Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sal...
A: Ans. 30. $ 362,900 31. $ 24,600 32. $ 444,000 33. $ 89,800 34. $ 1,110,000 35. $ 361, 500
Q: Part B Presented below is an adjusted trial balance for Shayla Company, as at 31 December 2021. Cr (...
A: Closing entries are journal entries made at the end of an accounting period to transfer temporary ac...
Q: Electro Company manufactures transmissions for electric cars. Management reports ending finished goo...
A: Budgeting for buying a new production facility refer as the production budget. This budget helps ...
Q: a. Who will suffer negative effects if you do not comply with Lisa Infante's instructions? Who will ...
A: (a) If you do not follow LisaInfante's directions as assistant controller, you may face certain cons...
Q: Company anticipates production for its second quarter to be 19,200 units in April, 24,800 units in M...
A: Lets understand the basics. Budget is prepared by the management to estimate profit and loss for the...
Q: Use the following to answer questions 7– 17 During September, KC Company sells 730 mountain bikes fo...
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under ...
Q: The Copy Department in the College of Business at State University provides photocopying services fo...
A: Cost allocation is the process of identifying, collecting, and assigning expenses to cost items. A c...
Q: RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock ...
A: working notes 1) Computation of Net assets of GG Company Particulars Amount PHP I...
Q: Show your complete solution. Europe Bakery is one of Spains’s largest baking needs suppliers. They u...
A: Cash Conversion Cycle The purpose of calculating the cash conversion cycle which is know the fact ne...
Q: CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a n...
A: Net present value is is one of the capital budgeting technique widely used by the management to eval...
Q: Cobra Company sells appliance service contracts agreeing to repair appliances for a three-year perio...
A: In the given question, the company is engaged in providing appliance service and repairs and in retu...
Q: Health R US To meet Food and Drug Administration requirements and to assure its customers of safe, s...
A: The overhead cost can be applied to the production on the basis of predetermined overhead rate. The ...
Q: 3. Which is true regarding the Investment in Subsidiary Stock account?* A. It is accounted for in t...
A: Introduction: First of all let's understand what is consolidated method of accounting how it works: ...
Step by step
Solved in 2 steps
- Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. Dallass adjusting entry at December 31, 2019, is: a. Interest Expense ........... 60 c. Interest Receivable ....... 60 Cash ......................... 60 Interest Income ........ 60 b. Cash ............................ 60 d. No adjusting entry is required. Interest Income ........ 60Unearned 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?If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
- Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600Adjusting Entries Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2016: Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2016, with interest and principal to be paid at maturity. The asset account Office Supplies on Hand has a balance of $1,280 on March 1, 2016. During March, Kretz adds $750 to the account for purchases during the period. A count of the supplies on hand at the end of March indicates a balance of $1,370. The company purchased office equipment last year for $62,600. The equipment has an estimated useful life of six years and an estimated salvage value of $5,000. The companys plant operates seven days per week with a daily payroll of $950. Wage earners are paid every Sunday. The last day of the month is Thursday, March 31. The company rented an idle warehouse to a neighboring business on February 1, 2016, at a rate of $2,500 per month. On this date, Kretz Corporation credited Rent Collected in Advance for six months rent received in advance. On March 1, 2016, Kretz Corporation credited a liability account, Customer Deposits, for $4,800. This sum represents an amount that a customer paid in advance and that Kretz will earn evenly over a four-month period. Based on its income for the month, Kretz Corporation estimates that federal income taxes for March amount to $3,900. Required For each of the preceding situations, prepare in general journal form the appropriate adjusting entry to be recorded on March 31, 2016.Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) On January 1, 2019, the company had paid 2 years rent in advance at 100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residua! value is expected, (c) interest of 150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019.Adjusting Entries Exercise 3-52 Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $120,ooo from NBD on September 1, 2019. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,700 payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to Mack Trucks during the quarter ended December 31, and the related bill will not be sent until January 15, 2020. At the beginning of 2019, the cost of office supplies on hand was $1,220. During 2019, office supplies with a total cost of $6,480 were purchased from Office Depot and debited to office supplies inventory. On December 31, 2019, Allentown determined the cost of office supplies on hand to be $970. On September 23, 2019, Allentown received a $7,650 payment from Bethlehem Steel for 9 months of maintenance services beginning on October 1, 2019. The entire amount was credited to unearned service revenue when received. Required: Prepare the appropriate adjusting entries at December 31, 2019. CONCEPTUAL CONNECTION What would be the effect on the balance sheet and the income statement if the accountant failed to make the above adjusting entries?
- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerAccrued Interest On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment, but Garnett was only able to furnish $75,000 of its own cash to purchase the equipment. Garnett borrowed the remainder of the $200,000 from the Peoples National Bank on a 3-year, 4% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Garnett make on December 31?Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during 2019. At December 31, 2019, $20,000 of the advance payments still had not been earned. Required: After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Magazine Revenue and Magazine Revenue accounts. Use the following information for Cornerstone Exercises 5-23 and 5-24: Bolton sold a customer service contract with a price of S37 000 to Sammys Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period.