A December 2017 year-end government should record which of the following as expenditures: Multiple Choice Salaries...
A December 2017 year-end government should record which of the following as expenditures:
Multiple Choice
-
Salaries Payable due January 20, 2017; and Bond Payable that matures January 30, 2017.
-
Bond Payable that matures January 30, 2017.
-
Bond Payable that matures February 14, 2017.
-
Salaries Payable due January 20, 2017.
Homework Answers
| Option D is the answer | |
|
A December 2017 year end government should record the salaries payable dye January 20,2017. Comment if you face any issues. Thank you |
Add Answer to:
A December 2017 year-end government should record which of the
following as expenditures:
Multiple Choice
Salaries...
Prepare the adjusting entries BRZ should record on December 31, 2017 BRZ Inc Trial Balance December...
Prepare the adjusting entries BRZ should record on December 31,
2017
BRZ Inc Trial Balance December 31, 2017 Debit $10,200 57,900 Credit Cash Accounts receivable Allowance for doubtful accounts Prepaid insurance Furniture and fixtures Accumulated depreciation furniture and fixtures Accounts payable Bond payable (8%, 10 year) Common shares Retained earnings Service revenue Salaries and wages expense Rent expense Supplies expense Advertising expense $2,050 1,332 129,000 12,900 14,100 16,000 56,600 57,300 197,582 123,000 24,600 3,100 7,400 Total S356,532 $356,532 Additional information:...
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued at year end if the debt service due date is less than 60 days after year. Recorded when due but may be accrued at year end if the debt service due date is less than 30 days after year end. Reported only in the government-wide statements.
A company owes employee salaries of $16,000 at the end of the year. These salaries will...
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of...
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
An adjusting entry was made on year-end December 31 to accrue salary expense of $3,200. Assuming...
An adjusting entry was made on year-end December 31 to accrue salary expense of $3,200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $7,000 payment of salaries in January of the following year? Multiple Choice 0 salaries Expens 7,000 Salaries Expense Cash 7,000 7,000 Salaries Payable Cash 7,000 3,200 Salaries Payable Cash 3,200 3,200 Salaries Expense Salaries Payable 3,200 7,000 Salaries Expense Cash 7,000 7,000 Salaries Payable Cash 7,000...
A) Record the adjusting entries at the end of the year for: 1. Salaries 2. Rent...
A) Record the adjusting
entries at the end of the year for:
1. Salaries
2. Rent
3. Supplies
4. Deferred revenue
B) Prepare an adjusted trial balance
C) Prepare an income statement, statement of stockholder's
equity, and classified balance sheet
D) Prepare closing entries for
1. Revenue accounts
2. Expense accounts
3. Dividend accounts
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400,...
A) Record the adjusting entries at the end of the year for: 1. Salaries 2. Rent...
A) Record the adjusting entries at the end of the year
for:
1. Salaries
2. Rent
3. Supplies
4. Deferred revenue
B) Prepare an adjusted trial balance
C) Prepare an income statement, statement of stockholder's
equity, and classified balance sheet
D) Prepare closing entries for
1. Revenue accounts
2. Expense accounts
3. Dividend accounts
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400,...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 660,500 Equipment 636,000 Less: accumulated depreciation 79,500 Equipment, net 556,500 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 345,000 Bank loan payable 15,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 449,000...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 142,500 Total current assets $ 699,000 Equipment 552,000 Less: accumulated depreciation 69,000 Equipment, net 483,000 Total assets $ 1,182,000 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 14,000 Taxes payable (due 3/15/2018) 91,000 Total liabilities $ 475,000...
Prepare the adjusting entries BRZ should record on December 31,
2017
BRZ Inc Trial Balance December 31, 2017 Debit $10,200 57,900 Credit Cash Accounts receivable Allowance for doubtful accounts Prepaid insurance Furniture and fixtures Accumulated depreciation furniture and fixtures Accounts payable Bond payable (8%, 10 year) Common shares Retained earnings Service revenue Salaries and wages expense Rent expense Supplies expense Advertising expense $2,050 1,332 129,000 12,900 14,100 16,000 56,600 57,300 197,582 123,000 24,600 3,100 7,400 Total S356,532 $356,532 Additional information:...
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
An adjusting entry was made on year-end December 31 to accrue salary expense of $3,200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $7,000 payment of salaries in January of the following year? Multiple Choice 0 salaries Expens 7,000 Salaries Expense Cash 7,000 7,000 Salaries Payable Cash 7,000 3,200 Salaries Payable Cash 3,200 3,200 Salaries Expense Salaries Payable 3,200 7,000 Salaries Expense Cash 7,000 7,000 Salaries Payable Cash 7,000...
A) Record the adjusting
entries at the end of the year for:
1. Salaries
2. Rent
3. Supplies
4. Deferred revenue
B) Prepare an adjusted trial balance
C) Prepare an income statement, statement of stockholder's
equity, and classified balance sheet
D) Prepare closing entries for
1. Revenue accounts
2. Expense accounts
3. Dividend accounts
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400,...
A) Record the adjusting entries at the end of the year
for:
1. Salaries
2. Rent
3. Supplies
4. Deferred revenue
B) Prepare an adjusted trial balance
C) Prepare an income statement, statement of stockholder's
equity, and classified balance sheet
D) Prepare closing entries for
1. Revenue accounts
2. Expense accounts
3. Dividend accounts
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400,...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
Most questions answered within 3 hours.
-
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 15 minutes ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 16 minutes ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 53 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 2 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 3 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 3 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 3 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 4 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 4 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 4 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 4 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 4 hours ago