Plz answer inside the trial balance Box
Q: You are a commercial lines broker, working for an insurance company, explain why you would recommend...
A: Explanation of above requirement are as follows.
Q: A Company received P 5,300,000 for a P 5,000,000 face amount 12% bond, a price that yields 10%. The ...
A: Introduction A bond is refered to as fixed income instrument that is issued by company for generatin...
Q: Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Em...
A: In partnership, the net income should be distributed to partners in the profit sharing ratio. In the...
Q: 12. Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inve...
A: In contrast to the net approach, the gross method records an invoice at full price, regardless of an...
Q: Directions: Complete the table below. The first item has been done for Decreased by Classification N...
A: All the assets, expenses, and losses have a nominal debit balance. All the liabilities, revenue, and...
Q: The following represents the financial information for Domingo Corporation for two months. April S39...
A: The question is based on the concept of Financial Accounting.
Q: Mercantile Corporation has sales of $2000000, variable costs of $800000, and fixed costs of $90000O....
A: Degree of operating leverage (DOL): DOL reflects variable and fixed cost relationship of an organiz...
Q: Question Two: Read the following transactions related to Inter Company: Inter Company was founded in...
A: The T-accounts are prepared by posting the transactions to their specific account and further find t...
Q: Cooper Industries, Inc., began 2021 with retained earnings of $25.11 million. During the year it pai...
A: Solution:- Preparation of Statement of Retained Earnings For the year ended 31,2021 as follows under...
Q: The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] [The following information applies to the questions...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by base activity.
Q: On January 1, Year 1, Hills purchased equipment for $350,000. The equipment had an estimated useful ...
A: Double Declining balance method refers to accelerated method of Depreciation . Under this method Dep...
Q: due immediately. Assuming an incremental borrowing rate of 6%, what is the lease liability on Decemb...
A: The lease agreement is entered into on 31st Dec 2020. The lease liability at the inception of lease ...
Q: The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented her...
A: Operating activities section of the statement of cash flows is used to represent the cash flow chang...
Q: Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During m...
A: 1. Journal Entries - Journal Entries are the first stage of recording transactions that takes place ...
Q: Dove, Inc., had additions to retained earnings for the year just ended of $638,000. The firm paid ou...
A: Calculation of above requirement are as follows.
Q: Jones Company had net income of $10,000 for the year. Beginning total assets were $150,000 and endin...
A: Lets understand the basics. Return on asset is a ratio which indicates that how much profitability i...
Q: Jane wants to buy a new car but has decided that by the time she saves $33000 to buy the new car she...
A: Option 1- Loan from Bank: Annual Interest Rate 8.50% Years 4 Payment per year 1 Amount 330...
Q: The two main types of pension plans are defined benefit plans and defined contribution plans. Explai...
A: Pension plan is a plan under which either the employer or the employee contributes small amount of s...
Q: On January 1, 2020, Gold Company entered into a 5-year lease of a floor of a building with the follo...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: (a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is ...
A: 1. Allowance Method - Under Allowance Method company makes the provision for allowance for doubtful ...
Q: Andres Michael bought a new boat. He took out a loan for $24,320 at 4.5% interest for 2 years. He ma...
A:
Q: On January 1, 20x1, Patrick Corp. acquired the identifiable net assets of Jinky Corp. by paying cash...
A:
Q: You are a financial manager for the ACME Corporation. The shareholders of ACME Corporation would lik...
A: Introduction:- Incorporate finance, capital budgeting, also known as investment appraisal, is the pr...
Q: Required: 1. How much is the net working capital of ABC Company? 2. Is it positive or negative?
A: Net working capital refer to the aggregate amount of total assest and total liabilty.
Q: Sandy Bank, Inc., makes one model of wooden canoe. and, the information for it follows: ...
A: Given,New selling price per unit = $ 500variable cost per unit =$ 125fixed cost =$ 90000New contribu...
Q: 12. Novelli's Nursery has developed the following data in order to calculate the lower of cost or ...
A: Given that, Cost to sell = 10% of the selling price. So the NRV = sales - cost to sell
Q: Presto Inc. acquired 75% outstanding ordinary shares of Sun Corp. Presto regularly sells inventory t...
A: The computation of non-controlling interest in the net income of the subsidiary will be: (Net income...
Q: 2022 Sales revenue $500,000 Cost of goods sold Gross profit Operating expenses 400,000 ? Wages expen...
A: Formula: Gross profit = sales revenue - cost of goods sold
Q: PROBLEM 18.2A Computing and Using Unit Costs LO18-2, LO18-3, O LO18-4, @ LO18-5 One of Spa Magic's p...
A: Answer:- Cost of production report:- Cost of production report is a kind of document which is basic...
Q: Problem 4 (Price/Earnings Ratio) A company has an EPS of P2.00, a book value per share of P20, and a...
A: P/E ratio= MPS/EPS MPS= 1.2*20 = P 24 P/E ratio= 24/2 = 12
Q: Cost from preceding department Cost added by department: 10,000.00 Materials 10,908.00 Labor 3,888.0...
A:
Q: The selling price of the Appliances Company's units is P 80,000 each. The buyers are provided with a...
A: The warranty Expense is the expense estimated based on past year experience depending on sales incur...
Q: When is it acceptable to use the uncollectible accounts? O when the expected bad debts are significa...
A: Solution: Direct write method is the method of recorded bad debts expense when actual bad debts expe...
Q: There is substantial modification of terms of an old financial liability if the gain or loss on exti...
A: As per IAS 39, in extinguishment accounting we will derecognise/extinguish existing liability and m...
Q: Classify the following items that may cause discrepancy between accounting profit and taxable income...
A: 1. Taxable temporary difference because tax will be charged on the insurance premium in future when ...
Q: A.comply with the buyer's request. B.advise the seller to accept the offer for $140,000. C.tell ...
A: Broker obtains 120 days listing for $ 150000 on property. Broker acting as sub agent for seller Bro...
Q: Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned...
A: The financial statements are prepared in order to show the operating performance of the business and...
Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for...
A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased ...
Q: Company H started its operations in 2021 and made the following asset purchases: asset purch...
A: GIVEN Company H started its operations in 2021 and made the following asset purchases: ...
Q: On January 1, 2020, Edison Co. issued eight-year bonds with a face value of P 2,000,000 and a stated...
A: Solution: Bonds are the debt instruments issued by entity to obtain funding. Bonds are having define...
Q: 1. How much is the total amount of uncollectible accounts receivable? 2. How much is the total am...
A: Account receivable (AR) means the debtors/customers of the company whom they sold goods on credit. A...
Q: ter Corp acquired dinary shares with yment of cash of F
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: A company sells three different products.The following inventory information is available on Decembe...
A: Inventory - Inventory is the value of assets held by the company not sold during the year. It is the...
Q: Based on the provided information, how is the corridor amount solved for in each of these cases? Tha...
A: This same corridor rule throughout retirement accountancy mandates the presence of any actuarial gai...
Q: Peter Joshua established an advertising and marketing company registered with the DTI under the name...
A: Theory - Journal entries are the first step of recording the transactions, we can prepare the journa...
Q: Accounting Jeff Andringa, a former university hockey player, started Ice Camp Ltd., a hockey camp fo...
A: Ledger The preparation of ledger to understand the ending balance of the each account which are inv...
Q: July 31 (there are 3 boxes) plz help with July 31 journal entries (3 lines in total)
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: determine Activity based year 2 accumulated depreciation_______
A: Depreciation is a method of spreading over the cost of the asset over the years in which the benefit...
Q: Given the following data for ABC company for the year ended 2018: inventory turnover ratio = 5.3125x...
A: Answer) Calculation of Property, Plant and Equipment Fixed Assets turnover ratio = Net Sales/ Averag...
Q: Directions: Complete the table below. The first item has been done for you. Decreased by Classificat...
A: 1. Expenses - Expenses are the amount incurred by the company to earned revenue. This could be direc...
Step by step
Solved in 2 steps with 1 images
- Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
- During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional 50,000 in the business during the year and withdrew cash of 30,000 for personal use. Shane Ousel, capital as of December 1, 2015, was 666,000.Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
- Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1. Peyton Smith made an additional investment in PS Musk in exchange for common stock by depositing 5,000 in PS Music s checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on lage 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2018. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2018. 31. Received 3,000 for serving as a disc jockey for a party. July 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 2018 (all normal balances), are as follows: 11 Cash 3,920 41 Fees Earned 6,200 12 Accounts Receivable 1,000 50 Wages Expense 400 14 Supplies 170 51 Office Rent Expense 800 15 Prepaid Insurance 52 Equipment Rent Expense 675 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 54 Music Expense 1,590 23 Unearned Revenue 55 Advertising Expense 500 31 Common Stock 4,000 56 Supplies Expense 180 33 Dividends 500 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 2018, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. {Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2018.During February of this year, H. Rose established Rose Shoe Hospital. The following asset, liability, and owners equity accounts are included in the chart of accounts: The following transactions occurred during the month of February: a. Rose deposited 25,000 cash in a bank account in the name of the business. b. Bought shop equipment for cash, 1,525, Ck. No. 1000. c. Bought advertising on account from Milland Company, 325. d. Bought store shelving on account from Inger Hardware, 750. e. Bought office equipment from Sharas Office Supply, 625, paying 225 in cash and placing the balance on account, Ck. No. 1001. f. Paid on account to Inger Hardware, 750, Ck. No. 1002. g. Rose invested his personal leather working tools with a fair market value of 800 in the business h. Sold services for the month of February for cash, 250. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts. 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.