Record the above transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.
Q: The provisions of a will currently undergoing probate are: "One thousand shares of Wal-mart stock to…
A: The working and the answer is given below
Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…
A: The cost of goods sold includes the cost of goods that are sold during the period. The gross profit…
Q: When measuring the investment of the firm, assets are often used. Select all that are issues with…
A: Performance measurement in accounting is an important tool for monitoring and improving…
Q: transaction b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction…
A: Journal is book used to record the day to day business transactions of the business Entity. Ledger…
Q: A company that manufactures cars would use about 50,000 steering wheels per year. Such steering…
A: ECONOMIC ORDER QUANTITY Economic Order Quantity is the size of the order for which both ordering…
Q: Determine the exact and ordinary simple interest on a 180-day loan of $10000 at 6%. Exact Interest…
A: Given information, Principal = $10000 Rate = 6% Time = 180 days Exact interest = (principal * rate *…
Q: what an overview of Marginal Costing?
A: Marginal costing is a cost accounting method in which the variable costs associated with producing a…
Q: Soler Company uses the periodic method to account for inventory. At the beginning of the year, Soler…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Assume the following for White Top Incorporated for the current fiscal year. White Top applies…
A: Lets understand the basics. Budgeted overhead rate is calculated based on the budgeted overhead and…
Q: Which of the following represents an investing activity in the statement of cash flows? a) Sale of…
A: Cash flows is the statement which is prepared by the entity in order to report the cash inflows and…
Q: Required Determine the break-even point in units and dollars using each of the following approaches:…
A: Cost-volume-profit (CVP) analysis is a powerful management accounting tool that helps businesses…
Q: Current Attempt in Progress Using the following selected items from the comparative balance sheet of…
A: 1. Horizontal Analysis - Horizontal Analysis is a calculated by dividing current year / base year.…
Q: Please see the following data for the ACME company; Estimated overhead costs for the year Estimated…
A: Predetermined overhead rate :— It is the rate used to allocate manufacturing overhead to cost object…
Q: A company just paid a dividend of $4 per share. The dividends are expected to grow at a constant…
A: Dividend growth model is based on time value of money concept. Here we use growth rate and expected…
Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…
A: LIFO (Last in, first out) is the inventory valuation method according to which the recently…
Q: Here is the income statement for Lily, Inc. Lily, Inc. Income Statement For the Year Ended December…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Eva received $70,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $9,500…
A: Tax Liability - Tax liability is the total amount of tax that people and companies owe to the…
Q: The following variable production costs apply to goods made by Fanning Manufacturing Corporation:…
A: Variable expenses are the expenses that increase with increase in production.
Q: AirQual Test Corporation provides on-site air quality testing services. The company has provided the…
A: Flexible budget is the statement which is prepared by the entity to determine the actual and…
Q: Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial…
A: The Accounting Equation Is The Basic Element Of The Balance Sheet. It Shows The Total Assets Equals…
Q: How do i work this out? 7 day period, programs machine for 148 hours. changeovers and set ups are…
A: Overall Equipment Effectiveness (OEE) is a measure used to evaluate the productivity and efficiency…
Q: need part d, e, f answered
A: Income tax expense for the year is calculated by adjusting deferred tax liability and deferred tax…
Q: A firm has net sales of $6,000, cash expenses (including taxes) of $2,800, and depreciation of…
A: The correct option with proper explanation are as follows .Calculation of cashflow from operation…
Q: Financial statements for Rundle Company follow. RUNDLE COMPANY Balance Sheets As of December…
A: Note: As per Bartleby policy if in a single question multiple sub parts requested by the student…
Q: Computing Bad Debt Expense from Transaction Data A company estimates uncollectible accounts using…
A: Bad debt expense :— It is the amount of receivable that are uncollectible from customer. Bad debt…
Q: During 2021 Erin received eligible dividends of $1,000
A: Eligible dividends are paid out by public corporations , from the income that has been…
Q: Wildhorse Engineering Contractors incurred employee payroll costs of $43,920 ($34,160 direct and…
A: Recording of journal entries is the foremost step in the process of book-keeping. These are recorded…
Q: Wildhorse Company, a machinery dealer, leased a machine to Blossom Corporation on January 1, 2025.…
A: Journal entries were used by commercial organizations to document their financial transactions in…
Q: 1. Journalize these transactions for Samantha, which uses the perpetual inventory system. Journalize…
A: Journal is a book used to record the day to day business transactions of the Business Entity.
Q: What does “limitations of internal control” mean? Provide examples of limitations that are inherent…
A: Internal controls: These include the rules, regulations, and mechanisms that are used by the…
Q: Required information [The following information applies to the questions displayed below.] Jackson…
A: For the total contributions you make each year to all of your traditional IRA and Roth IRAs can't…
Q: A company has the following products in its ending inventory Compute lower of cost or market for…
A: The correct option with proper explanation are as follows Calculation of lower cost or market for…
Q: AirQual Test Corporation provides on-site air quality testing services. The company has provided the…
A: Preparation of flexible budget performance showing revenue and spending variance and activity…
Q: Question 3 What are 3 of the stages in Books review? Not started Bank reconciliation Account…
A: Accounting is the process of recording, classifying, summarizing, and interpreting financial…
Q: Whispering Winds Industries manufactures dining chairs and tables. The following information is…
A: Assignment of costs to each products using single overhead rate
Q: Pharoah Hats is planning to sell 646 straw hats in April. Each hat requires ½ kilogram of straw and…
A: Lets understand the basics. Management prepare budget in order to estimate future profit and loss…
Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…
A: Lets understand the basics. In first in first out method company assumes that, goods purchased first…
Q: Entries for Flow of Factory Costs for Process Costing Keoni Inc. manufactures a sugar product by a…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…
A: FIFO Method: By using this method units purchased at first are sold first. due to this old cost can…
Q: Pharoah Inc., a greeting card company, had the following statements prepared as of December 31,…
A: A cash flow statement gives information on all cash inflows a business makes from current activities…
Q: Current Attempt in Progress The following ratios have been computed for Martinez Company for 2022.…
A: Financial statement means the statement which include the income statement and the balance sheet.…
Q: the attachement to answer the following Cash outflows in March for purchases will be: a) $240…
A: Gross margin is very important in the business and gross margins can be obtained by deduction of…
Q: Johnson Marine has the following costs and expected sales for the coming year. Johnson is…
A: Sale price per unit is the amount per unit charged by the entity from the customers for each product…
Q: The following information is available for Brownstone Products Company for the month of July: Units…
A: Business organizations create flexible, or adaptable, budgets to account for changes in actual…
Q: . At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead…
A: Manufacturing overhead is the expenses which are incurred during the production of products or…
Q: Comparative data on three companies in the same service industry are given below: Required: 2. Fill…
A: ROI means return on investment. It is the percentage return earned by the entity on the investment…
Q: You are given the following data for Good Company Inc. for 2004, 2005, and 2006 (amounts in…
A: Return on capital employed (ROCE) is a financial ratio used to measure the ability of company's…
Q: During its first five years of operations, White Consulting reports net income and pays dividends as…
A: Retained earnings are the balance of accumulated profit earned during the life of the business after…
Q: Exercise 6-4A (Static) Determining the cost of an asset LO 6-1 Southwest Milling Co. purchased a…
A: Capitalized cost refers to the cost of an asset that a company capitalizes, or records as an asset…
Q: Revenge Technician wages Mobile lab operating expenses office expenses Advertising expens Insurance…
A: Flexible Budget Performance Report includes both Revenue and spending variances and Activity…
[The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started when it acquired $17,000 cash by issuing common stock. Purchased a new cooktop that cost $15,400 cash. Earned $21,900 in cash revenue. Paid $12,500 cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $3,000. Use straight-line
Not all cells require input.
Step by step
Solved in 2 steps
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.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.
- In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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.Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
- Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.Can I please get help and a how to explaination for this practice? Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Acquired $68,000 cash by issuing common stock. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. Paid salaries of $4,500 to selling and administrative employees. Paid wages of $10,000 to production workers. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a five-year useful life. Sold inventory to customers for…XYZ Company purchased $40,000 worth of store equipment from Libby Company by paying $8,000 cash and agreeing to pay the remainder within six months. How does this transaction affect the accounting equation?
- Presented below are a number of business transactions that occurred during the current year for Gonzales, Inc. Instructions In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles. a. The president of Gonzales, Inc. used his expense account to purchase a new Tahoe solely for personal use. The following journal entry was made. Miscellaneous Expense 29,000 Cash 29,000 b. Merchandise inventory that cost $620,000 is reported on the balance sheet at $690,000, the expected selling price less estimated selling costs. The following entry was made to record this increase in value. Inventory 70,000 Sales Revenue 70,000 c. The company is being sued for $500,000 by a customer who claims damages for personal injury apparently caused by a defective product. Company attorneys feel extremely confident that the company will have no liability for damages resulting…The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $32,000. Leased a building for three years at $620 per month and paid six months' rent in advance. Purchased equipment by signing a note with the bank for $6,600. Purchased $3,000 of supplies on account. Recorded cash sales of $2,000 for the first week. Paid weekly salaries, $920. Paid for supplies purchased in item (4). Recorded depreciation on equipment, $80. Required: Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fielThe following information is taken from Marsh Marsh Supermarkets Supermarkets annual report: During the first quarter, we made several decisions resulting in a $13 million charge to earnings. A new accounting pronouncement, FAS 121, required the Company to take a $7.5 million charge. FAS 121 dictates how companies are to account for the carrying values of their assets. This rule affects all public and private companies. The magnitude of this charge created a window of opportunity to address several other issues that, in the Company’s best long term interest, needed to be resolved. We amended our defined benefit retirement plan, and took significant reorganization and other special charges. These charges, including FAS 121, totaled almost $13 million. The result was a $7.1 million loss for the quarter and a small net loss for the year. Although these were difficult decisions because of their short term impact, they will have positive implications for years to come. Marsh Supermarkets’…
