Homework Answers
| Formula to calculate ending accounts payable balance | |||||
| Ending accounts payable | Beginning accounts payable+Purchases - Cash paid | ||||
| Accounts payable balance | 126000+90000-144000 | ||||
| Accounts payable balance | $72,000 | credit | |||
| Thus, accounts payable balance is $72,000 credit | |||||
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Question 7 View Policies Current Attempt in Progress At October 1, 2017 Metlock, Inc. had an...
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This...
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This transaction O reduces stockholders' equity by $2320. O increases stockholders' equity by $2320. O reduces net income by $2320. O increases expenses by $2320. During February 2022, its first month of operations, the owner of Metlock, Inc. invested cash of $90000. Metlock had cash sales of $18000 and paid expenses of $31500. Assuming no other transactions impacted the cash account, what is the balance...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
View Policies Current Attempt in Progress In the first month of operations, the total of the...
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the Cash account amounted to $5180 and the total of the credit entries to the Cash account amounted to $2960. At the end of the month, the Cash account has a O $2960 credit balance. O $2220 credit balance. O $2220 debit balance. O $5180 debit balance. View Policies Current Attempt in Progress A company's total liabilities decreased by $141000 and...
Question 15 View Policies Current Attempt in Progress Metlock, Inc. is the new owner of Metioc's...
Question 15 View Policies Current Attempt in Progress Metlock, Inc. is the new owner of Metioc's Computer Services. At the end of May 2017 herfst month of ownership Metlock is trying to prepare monthly financial statements. She has the following information for the month 1 Ally31 Metlock owed employees in salaries that the company will pay in August 2 On July 1, Metlock borrowed $19.00 from a local bark on a 11 year of the w interest rate is 10%...
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had...
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of $ 9 90 credit). During the period, it had net credit sales of $804 300 and collections of $839.000 wrote of a collect counts receivable of $7.902. However, a $3.002 account previously written off as uncollectible was recovered before the end of the current period Uncollectie accounts we estimated to total...
Current Attempt in Progress At October 1, 2018, Waterway Industries had an accounts payable balance of...
Current Attempt in Progress At October 1, 2018, Waterway Industries had an accounts payable balance of $40200. During the month, the company made purchases on account of $33700 and made payments on account of $48100. At October 31, 2018, the accounts payable balance is $54600 $25800. $41600 $122000 Save for Later MY GO-TO NIIN
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
Question 6 View Policies Current Attempt in Progress Answer the following independent questions. (a) Pharoah, Inc....
Question 6 View Policies Current Attempt in Progress Answer the following independent questions. (a) Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $1,814 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
Question 5 of 9 -/1 View Policies Current Attempt in Progress Metlock Inc, has outstanding 11,100...
Question 5 of 9 -/1 View Policies Current Attempt in Progress Metlock Inc, has outstanding 11,100 shares of $10 par value common stock. On July 1, 2017, Metlock reacquired 101 shares at $88 per share. On September 1, Metlock reissued 61 shares at $91 per share. On November 1, Metlock reissued 40 shares at $86 per share. Prepare Metlock's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do...
Question 1 View Policies Current Attempt in Progress Metlock Company had 205,200 shares of common stock...
Question 1 View Policies Current Attempt in Progress Metlock Company had 205,200 shares of common stock outstanding on December 31, 2021. During the year 2022, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2022, Metlock Company reported net income of $238,500 after a loss from discontinued operations of $43,100 (net of tax). What earnings per share data should be reported at the bottom of its income statement? (Round answers to...
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This transaction O reduces stockholders' equity by $2320. O increases stockholders' equity by $2320. O reduces net income by $2320. O increases expenses by $2320. During February 2022, its first month of operations, the owner of Metlock, Inc. invested cash of $90000. Metlock had cash sales of $18000 and paid expenses of $31500. Assuming no other transactions impacted the cash account, what is the balance...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the Cash account amounted to $5180 and the total of the credit entries to the Cash account amounted to $2960. At the end of the month, the Cash account has a O $2960 credit balance. O $2220 credit balance. O $2220 debit balance. O $5180 debit balance. View Policies Current Attempt in Progress A company's total liabilities decreased by $141000 and...
Question 15 View Policies Current Attempt in Progress Metlock, Inc. is the new owner of Metioc's Computer Services. At the end of May 2017 herfst month of ownership Metlock is trying to prepare monthly financial statements. She has the following information for the month 1 Ally31 Metlock owed employees in salaries that the company will pay in August 2 On July 1, Metlock borrowed $19.00 from a local bark on a 11 year of the w interest rate is 10%...
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of $ 9 90 credit). During the period, it had net credit sales of $804 300 and collections of $839.000 wrote of a collect counts receivable of $7.902. However, a $3.002 account previously written off as uncollectible was recovered before the end of the current period Uncollectie accounts we estimated to total...
Current Attempt in Progress At October 1, 2018, Waterway Industries had an accounts payable balance of $40200. During the month, the company made purchases on account of $33700 and made payments on account of $48100. At October 31, 2018, the accounts payable balance is $54600 $25800. $41600 $122000 Save for Later MY GO-TO NIIN
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
Question 6 View Policies Current Attempt in Progress Answer the following independent questions. (a) Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $1,814 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
Question 5 of 9 -/1 View Policies Current Attempt in Progress Metlock Inc, has outstanding 11,100 shares of $10 par value common stock. On July 1, 2017, Metlock reacquired 101 shares at $88 per share. On September 1, Metlock reissued 61 shares at $91 per share. On November 1, Metlock reissued 40 shares at $86 per share. Prepare Metlock's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do...
Question 1 View Policies Current Attempt in Progress Metlock Company had 205,200 shares of common stock outstanding on December 31, 2021. During the year 2022, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2022, Metlock Company reported net income of $238,500 after a loss from discontinued operations of $43,100 (net of tax). What earnings per share data should be reported at the bottom of its income statement? (Round answers to...
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