Bird -Watcher Corporation experienced four situations for its supplies.
Requirement
1. Calculate the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction.
Homework Answers
| Beginning supplies | $ 1,800 | $ 1,000 | $ 1,000 | $ 800 |
| Purchase of supplies during the year | $2,500-$1800 = $700 | $ 300 | $2,000-$1,000 = $1,000 | $ 700 |
| Total amount to account for | $ 2,500 | $1,000+$300 = $1,300 | $1,500+$500 = $2,000 | $ 1,500 |
| Ending supplies | $ (1,040) | $ (400) | $ (500) | $1,500-$1,400 = $100 |
| Supplies expense | $ 1,460 | $1,300-$400 = $900 | $ 1,500 | $ 1,400 |
2.
| Accounts title | Debit | Credit |
| Supplies | $ 700 | |
| Accounts payable / Cash | $ 700 |
3.
| Accounts title | Debit | Credit |
| Supplies expense | $ 900 | |
| Supplies | $ 900 |
4. Unearned revenue is a Liability account.
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Bird -Watcher Corporation experienced four situations for its supplies.
Requirement 1. Compute the amounts that have been left blank for each situation.
Requirement 1. Compute the amounts that have been left blank for each situation. Requirement 2. For situations 1 and 2, journalize the needed transaction. Consider each situation separately.
Please do both E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust...
Please do both
E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies, Calculate the amounts that have been left blank for each situation. For situations 1 and 2. journalize the needed transaction. Consider each situation separately. 1 $1,500 2 700 400 3 700 $ S $1,000 800 Situation Beginning supplies... Purchases of supplies during the year........ Total amount to account for ..... Ending supplies............... Supplies Expense...
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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced...
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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced...
Four independent situations are described below. Each involves
future deductible amounts and/or future taxable amounts produced by
temporary differences:
The enacted tax rate is 25%.
Required:
For each situation, determine the following: (Enter your
answers in thousands rounded to one decimal place (i.e. 1,200
should be entered as 1.2). Negative amounts should be indicated by
a minus sign. Leave no cell blank, enter "0" wherever
applicable.)
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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced...
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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced...
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Check my work 7 Four independent situations are described below. Each involves future deductible amounts and/or...
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Requirement 1. Compute the amounts that have been left blank for each situation. Requirement 2. For situations 1 and 2, journalize the needed transaction. Consider each situation separately.
Please do both
E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies, Calculate the amounts that have been left blank for each situation. For situations 1 and 2. journalize the needed transaction. Consider each situation separately. 1 $1,500 2 700 400 3 700 $ S $1,000 800 Situation Beginning supplies... Purchases of supplies during the year........ Total amount to account for ..... Ending supplies............... Supplies Expense...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 $120 $252 $268 16 20 1 16 16 $368 20 64 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place...
Four independent situations are described below. Each involves
future deductible amounts and/or future taxable amounts produced by
temporary differences:
The enacted tax rate is 25%.
Required:
For each situation, determine the following: (Enter your
answers in thousands rounded to one decimal place (i.e. 1,200
should be entered as 1.2). Negative amounts should be indicated by
a minus sign. Leave no cell blank, enter "0" wherever
applicable.)
($ in thousands) Situation 2 3 $272 $308 1 $140 $428 16 16 Taxable...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $296 $164 16 $356 20 $500 16 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 8 2 The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (.e. 1,200 should be entered...
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: $132 16 ($ in thousands) Situation 2 3 $264 $292 $404 20 20 16 16 76 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 The enacted tax rate is 25%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e....
Check my work 7 Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 0.9 points 1 $ 85 15 ($ in thousands) Situation 2 3 4 $215 $195 $260 20 20 15 15 30 Skipped Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 9 4 eBook 2 2 The enacted tax rate is 40%. Print References Required:...
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