Homework Answers
| Date | Accounts and explanation | Debit | Credit |
| Cash | 100,000 | ||
| Hall's capital | 100,000 | ||
| (To record the cash paid by Hall for the purchase of Stem's interest) | |||
| Goodwill | 84,000 | ||
| Stem's capital | 84,000 | ||
| (To record the excess amount to be paid to Stem as goodwill) | |||
| Stem's capital | 100,000 | ||
| Cash | 100,000 | ||
| (To record the payment made to Stem in full) |
Add Answer to:
Summer has a capital balance of $20,000; Stern's balance is $16,000. Hall pays $100,000 to purchase...
Justin, Shannon, and Cameron each have a $259,000 capital balance. They share protes and losses as...
Justin, Shannon, and Cameron each have a $259,000 capital balance. They share protes and losses as follows: 1:12 to Justin, Shannon, and Cameron, respectively Support Cameron is withdrawing from the business Requirements 1. Joumalize the withdrawal of Cameron the partnership agrees to pay Cameron $250.000 cash 2. Journalize the withdrawal of Cameron the partnership agrees to pay Cameron $250,000 cash Requirement 1. Jourmalize the withdrawal of Cameron if the partnership agrees to pay Cameron $299,000 cash (Record debits first, then...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in exchange for his account receivable. Read the requirements Requirement 1. Journalize the transaction on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Journalize the...
Hickory Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and...
Hickory Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Hickory Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $530,000 Read the tequirements Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
On March 1, 2018, Garden Company invests $21,000 in Firs, Inc. stock. Furs pays Garden a...
On March 1, 2018, Garden Company invests $21,000 in Firs, Inc. stock. Furs pays Garden a $1,100 dividend on July 1, 2018. Garden sells the Firs's stock on July 31. 2018, for $21,200. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence over Firs, Inc. Read the requirements Requirement 1. Joumalize the transactions for Garden's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
Answer all please Leather Shop earned net income of $65,000 after deducting depreciation of $4,000 and...
Answer all please
Leather Shop earned net income of $65,000 after deducting depreciation of $4,000 and all other expenses. Current assets decreased by $3,000, and current liabilities increased by $7,000. How much was Leather Shop's cash provided by operating activities (indirect method)? OA. $51,000 O B. $57,000 OC. $79,000 OD. $73,000 A company invested $45,000 in Yale Co. stock. The investment represented 5% of the voting stock of Yale Co. If the Yale Co. stock investment paid dividends, what account...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a $350 dividend on August 1, 2018. Ash sells the Firs's stock on August 31, 2018, for $18,300. Assume the investment is categorized as a short-term equity investment and Ash Company does not have significant influence over Firs, Inc. Read the requirements. Requirement 1. Journalize the transactions for Ash's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside eamed revenue of $457,000 on account and collected $329,000 on account. Lakeside wrote off $6,300 receivables as uncollectible Industry experience suggests that Incollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024. Joumalize Lakeside's December 31, 2024, adjustment to record bad debts expense...
Justin, Shannon, and Cameron each have a $259,000 capital balance. They share protes and losses as follows: 1:12 to Justin, Shannon, and Cameron, respectively Support Cameron is withdrawing from the business Requirements 1. Joumalize the withdrawal of Cameron the partnership agrees to pay Cameron $250.000 cash 2. Journalize the withdrawal of Cameron the partnership agrees to pay Cameron $250,000 cash Requirement 1. Jourmalize the withdrawal of Cameron if the partnership agrees to pay Cameron $299,000 cash (Record debits first, then...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
On March 1, Krauss Corporation accepted a 60-day, 3%. $29,200 note receivable from J. Silverthorn in exchange for his account receivable. Read the requirements Requirement 1. Journalize the transaction on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Journalize the...
Hickory Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Hickory Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $530,000 Read the tequirements Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
On March 1, 2018, Garden Company invests $21,000 in Firs, Inc. stock. Furs pays Garden a $1,100 dividend on July 1, 2018. Garden sells the Firs's stock on July 31. 2018, for $21,200. Assume the investment is categorized as a short-term equity investment and Garden Company does not have significant influence over Firs, Inc. Read the requirements Requirement 1. Joumalize the transactions for Garden's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
Answer all please
Leather Shop earned net income of $65,000 after deducting depreciation of $4,000 and all other expenses. Current assets decreased by $3,000, and current liabilities increased by $7,000. How much was Leather Shop's cash provided by operating activities (indirect method)? OA. $51,000 O B. $57,000 OC. $79,000 OD. $73,000 A company invested $45,000 in Yale Co. stock. The investment represented 5% of the voting stock of Yale Co. If the Yale Co. stock investment paid dividends, what account...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a $350 dividend on August 1, 2018. Ash sells the Firs's stock on August 31, 2018, for $18,300. Assume the investment is categorized as a short-term equity investment and Ash Company does not have significant influence over Firs, Inc. Read the requirements. Requirement 1. Journalize the transactions for Ash's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside eamed revenue of $457,000 on account and collected $329,000 on account. Lakeside wrote off $6,300 receivables as uncollectible Industry experience suggests that Incollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024. Joumalize Lakeside's December 31, 2024, adjustment to record bad debts expense...
Most questions answered within 3 hours.
-
Write a program to solve the Josephus problem, with the following
modification:
Sample Input:
./a.out n...
asked 50 minutes ago -
At the start of a CD it is spinning at a rate of 525 rpm
(revolutions...
asked 1 hour ago -
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 2 hours ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 3 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 3 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 3 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 4 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 5 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 5 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 5 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 5 hours ago -
Why are polymers not typically casted into products?
asked 5 hours ago