Question 13 On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during the first year of operations. The company designed a financial plan for a client and immediately collected an $8,000 cash fee The Journal Entry for this transaction will be Dr. Cash $8,000 Cr. Consulting Revenue $8,000 Dr. Accounts Receivables $8,000 Cr. Cash $8,000 Dr. Accounts Payable $8,000 Cr. Cash $8,000 Dr. Consulting Revenue $8,000 Cr. Cash $8,000

Question 13 On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during the first year of operations. The company designed a financial plan for a client and immediately collected an $8,000 cash fee The Journal Entry for this transaction will be Dr. Cash $8,000 Cr. Consulting Revenue $8,000 Dr. Accounts Receivables $8,000 Cr. Cash $8,000 Dr. Accounts Payable $8,000 Cr. Cash $8,000 Dr. Consulting Revenue $8,000 Cr. Cash $8,000

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Description: essmentG Assets are creditors' claims on asG Ownership of good is transferred X Q Financial ACcounting ch. 3 Flashc x+A blackboard.uob.edu.bh/ultra/courses/_24666_1/outline/assessment/_694623_1/overview/attempt/_3141425_1?courseld=_24666_1Welcome to

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 2P

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6. Identify the most relevant transaction for this entry:Assets Owners’ Equity Liabilities+50 000 0 +50 000 A. Bought inventory on credit R50 000.B. Sold inventory on credit R50 000.C. Sold inventory on credit R50 000.D. Cash paid to creditors R50 000.
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search 3,600 b. Cost of real estate acquired as a plant site: Land 720,000 Building (to be demolished) 60,000 c. Finders fee paid to real estate agency 23,400 d. Delinquent real estate taxes on property, assumed by purchaser 15,000 e. Architects and engineers fees for plans for new building 75,000 f. Cost of removing building purchased with land in (b) 10,000 g. Proceeds from sale of salvage materials from old building 3,400 h. Cost of filling and grading land 18,000 i. Premium on one-year insurance policy during construction. 8,400 j. Money borrowed to pay building contractor 800,000 k. Special assessment paid to city for extension of water main to the property 13,400 1. Cost of repairing windstorm damage during construction 3,000 m. Cost of repairing vandalism damage during construction 2,000 n. Cost of trees and shrubbery planted 14,000 o. Cost of paving parking lot to be used by customers 21,600 p. Interest incurred on building loan during construction 40,000 q. Proceeds from insurance company for windstorm and vandalism damage 4,500 r. Payment to building contractor for new building 800,000 s. Refund of premium on insurance policy (i) canceled after 10 months 1,400 Instructions 1.Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Indicate receipts by an asterisk. Identify each item by letter and list the amounts in columnar form, as follows: Item Land Land Improvements Building Other Accounts 2.Determine the amount debited to Land, Land Improvements, and Building. 3.The costs assigned to the land, which is used as a plant site, will not be depreciated, while the costs assigned to land improvements will be depreciated. Explain this seemingly contradictory application of the concept of depreciation. 4.What would be the effect on the current years income statement and balance sheet if the cost o f paving the parking lot o f 21,600 [payment (o)] was incorrectly classified as Land rather than Land Improvements? Assume that Land Improvements are depreciated over a 10-year life using the double-declining-balance method.
OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
Q17 Which of the following journal entries correctly reflect settlement date accounting? Select one: a. DR Liability for acquisition of financial assetCR Bank b. DR Financial asset (to be delivered)CR Liability for acquisition of financial asset c. DR Debtor (to deliver the financial asset)CR Liability for acquisition of financial asset d. DR Financial asset (delivered)CR Bank
34 Assume that the ABC LLC purchased a machine for OMR 5000 cash. What would be the journal entry? a. Dr Cash A/C and Cr Machinery A/C b. None of the given options c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Machinery A/C and Cr Cash A/C Clear my choice
____ 18. The acquisition of an asset on creditA) leaves the total assets unchangedB) decreases assets and increases liabilitiesC) increases assets and liabilitiesD) increases assets and owner’s equity____ 19. The account records long-term debt of thebusiness entity for which it has pledged certainassets as securityA) notes payableB) accounts payableC) mortgage payableD) bonds payable____ 20. The accounting equationA) is used to determine the amount of liabilities owedB) is used to determine the amount of income earnedduring the periodC) shows the claims on the owner’s equity by thecreditorsD) shows the claims on the entity’s assets by both thecreditors and the owner____ 21. When the proprietor withdraws cash or otherassets, the withdrawal account isA) debitedB) creditedC) debited and creditedD) not affected____ 22. A credit entry decreases the balance ofA) owner’s equityB) assetsC) incomeD) liabilities____ 23. When an entity pays employees for theirservices, the effect is an increase…
Q16)Which accounting concept specifies the practice of crediting closing stock to the trading account a) Cost b) Realisation c)Cloing concem d)Matching expendeure Q17) Ammnt spent to increasing the coming capacity is a a) Capital b) Revenue ch Defened revenus d) Capital Loss Q18) Change in the capital Ale of proprietor may occur due to a) Prufit carmed b) Less incurred c) Capital Introduced d) All of the above
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
Beginning Balance (BB) ? $ 8,820 $ 73,500 Ending Balance (EB) 36,260 ? 77,000 Transferred In (TI) 196,500 44,500 ? Transferred Out (TO) 194,700 48,400 183,800 For Case (A) above, what is the Beginning Balance (BB)? Multiple Choice $35,940. $38,300. $39,960. $34,460.
6. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item shown in financial statements(a) loss on revaluation of availablefor-sale investments(b) finance expenses(c) aggregate dividends declared and paid during the year(d) revaluation loss on building (not reversing any previous revaluation)(e) allowance for doubtful debts(f) transfer from retained earnings to general reserve(g) contractual commitments under an operating lease(h) deferred tax liability
PARRISH 4-12 LEDGER POSTINGSAccounts Payable $500Accounts Receivable $1000Accumulated Depreciation, Equipment $500Cash $600Common Stock $1200Depreciation Expense, Equipment $0Equipment $2300Insurance Expense $0Inventory $2000Prepaid Insurance $600Retained Earnings $2800Service Fee Revenues $3500Supplies $700Supplies Expense $0Wages Expense $1300Wages Payable $0 Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.