INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
8th Edition
ISBN: 9781259767074
Author: SPICELAND
Publisher: MCG CUSTOM
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Chapter 2, Problem 2.12BE
Closing entries
• LO2–7
The year-end adjusted
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Serial Problem Business Solutions LO P1, A1
Selected ledger account balances for Business Solutions follow.
For Three MonthsEnded December 31, 2019
For Three MonthsEnded March 31, 2020
Office equipment
$
8,100
$
8,100
Accumulated depreciation—Office equipment
405
810
Computer equipment
20,000
20,000
Accumulated depreciation—Computer equipment
1,250
2,500
Total revenue
31,334
44,900
Total assets
83,360
121,668
Required:1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense—Office equipment and for Depreciation expense—Computer equipment (assume use of the straight-line method).2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December 31, 2020?3. Compute the three-month total asset turnover for Business…
Part B ( 7 marks)
(Note this question IS related to Part A)
SuperElectronics Limited
Adjusted Trial Balance
As at 30 June 2020
Debit
Credit
$
$
Cash
87,000
Accounts receivable
89,000
Allowance for Doubtful debts
4,300
Supplies
4,000
Plant & Equipment
218,000
Accumulated depreciation
64,000
Accounts Payable
38,000
Wages Payable
11,500
Loan payable ( not due until 2025)
50,000
Share capital
100,000
Retained Earnings
105,250
Dividends paid
10,000
Sales Revenue
368,000
Interest revenue
1,120
Doubtful debts expense
2,460
Depreciation expense
19,680
Rent & utilities expense
19,230
Wages and Salaries expense
281,000
Advertising expense
9,300
Interest expense
2,500
Totals
742,170
742,170
Required
Prepare the Statement of Financial Position ( Balance…
Dd6).
Required information Skip to question [The following information applies to the questions displayed below.] On January 1, Super Saver Groceries purchased store equipment for $29,500. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $3,500. During the 10-year period, the company expects to use the equipment for a total of 13,000 hours. Super Saver used the equipment for 1,700 hours the first year. Required:
Chapter 2 Solutions
INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - BE2–7
Adjusting entries
• LO2–5
Prepare the...Ch. 2 - Prob. 2.8BECh. 2 - Prob. 2.9BECh. 2 - BE2–10
Financial statements
The following account...Ch. 2 - Prob. 2.11BECh. 2 - Closing entries LO27 The year-end adjusted trial...Ch. 2 - Prob. 2.13BECh. 2 - Prob. 2.1ECh. 2 - Prob. 2.2ECh. 2 - Prob. 2.3ECh. 2 - Prob. 2.4ECh. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Prob. 2.9ECh. 2 - Prob. 2.10ECh. 2 - Prob. 2.11ECh. 2 - Prob. 2.12ECh. 2 - Prob. 2.13ECh. 2 - Prob. 2.14ECh. 2 - Prob. 2.15ECh. 2 - Prob. 2.16ECh. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Prob. 2.22ECh. 2 - Prob. 2.23ECh. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.25ECh. 2 - Prob. 1CPACh. 2 - Prob. 2CPACh. 2 - 3. Compared to the accrual basis of accounting,...Ch. 2 - Prob. 4CPACh. 2 - Prob. 5CPACh. 2 - Prob. 2.1PCh. 2 - Prob. 2.2PCh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.5PCh. 2 - Prob. 2.6PCh. 2 - Prob. 2.7PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.9PCh. 2 - P2–10
Accrual accounting; financial...Ch. 2 - Prob. 2.11PCh. 2 - Prob. 2.12PCh. 2 - Prob. 2.13PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Judgment Case 2–2
Cash versus accrual...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...
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