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20) Yoga Universe, Inc. is a fitness center in Tampa, Florida. In October, the company earned...
Problem IlI: (20%) QTEK Company is a manufacturer of smart phones. Its controller resigned in October...
Problem IlI: (20%) QTEK Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. OTEK COMPANY Iscome Statement For the Month Ended October 31, 2017 Sales revenue $780,000 Less: Operating expenses Raw materials purchases $264,000 190,000 90,000 Direct labor cest Advertising expense Selling and administrative salaries Rent on factory faciitics 75,000 60,000 Depreciation on sales equipment 45,000 Depreciation on factory equipment...
Accounting Cycle problem Your Name Accounting 201 Assessment Cycle Problem City Park Yoga, Inc...
Accounting Cycle problem
Your Name Accounting 201 Assessment Cycle Problem City Park Yoga, Inc. Wren Bliss teaches yoga and meditation. Because she likes the quiet and contemplative outdoor environment, she opened her new spacious studio in a building overlooking City Park. She named her new business, City Park Yoga, Inc. and opened her studio for classes in the beginning of September of 2020, Instructions: Complete Parts 1 - 9 as listed in this packet. Part 1 Record your journal entries...
Accounting 201 Assessment Cycle Problem Your Name: City Park Yoga, Inc. Wren Bliss teaches yoga and...
Accounting 201 Assessment Cycle Problem Your Name: City Park Yoga, Inc. Wren Bliss teaches yoga and meditation. Because she likes the quiet and contemplative outdoor environment, she opened her new spacious studio in a buildine overlooking City Park. She named her new business, City Park Yoga, Inc. and opened her studio for classes in the beginning of September of 2020. Instructions: Complete Parts 1-9 as listed in this packet Part 1 Record your journal entries in the general journal provided...
B Fitness Training March 2019 Transactions Description of the Transaction Date Mar 1 The owners of...
B Fitness Training March 2019 Transactions Description of the Transaction Date Mar 1 The owners of Fitness Training invested an additional $55,000 cash in the business. Mar 1 Pay off $60,000 of the Note Payable. Also pay $450 for interest owed on the Note Payable for February. Mar 1 Take $7,200 cash out of bank to pay for March's rent. 1 A customer that purchased on credit in February pays $88,000 cash to pay off the amount due. Mar 2...
Question 5 Grouper Company, a manufacturer of audio systems, started its production in October 20...
Question 5 Grouper Company, a manufacturer of audio systems, started its production in October 2017, For the preceding 3 years, Grouper had been a retailer of audio systems. After a thorough survey of audio system markets, Grouper decided to turn its retail store into an audio equipment factory, Raw materials cost for an audio system will total $76 per unit. Workers on the production lines are on average paid $15 per hour. An audio system usually takes7 hours to complete....
Need Assistance on Closing Entries. If more info is needed please let me know Trial Balance...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
Followings are the transactions related to HCD for catering services company on November 1,2018. During the...
Followings are the transactions related to HCD for catering services company on November 1,2018. During the first month of operations the following transactions occurred: Nov. 1 Invested $150,000 cash in new business 2 Purchased Car for $15,000 cash 3 Purchased office furniture for $5,000 on account from IKEA 4 Paid $1,500 cash utilities 5 Hired a manager at a salary of $4,000 per month, effective December 1 6 Rendered services for $8,000 on account 7 Rendered services for $100,000, received...
Accounting for managers -ACC 1003 Topic 5- Financial Statements Class Exercises E1-15B Presented below is financial...
Accounting for managers -ACC 1003 Topic 5- Financial Statements Class Exercises E1-15B Presented below is financial information related to the 2017 operations of Williamson Company Maintenance and repairs expense $ 89,000 Property tax expense (on dock facilities) 11,000 Salaries and wages expense 150,000 Advertising expense 5,500 Ticket revenue 370,000 Instructions: Prepare the 2017 income statement for Williamson Company E1-14 Linda Pedigo is the sole owner of Wilderness Park, a trailer park near the Lake Tahoe National Recreation Area, Linda has...
I just completed the Journal Entries and according to the comment the next step is the...
I just completed the Journal Entries and according to the
comment the next step is the trial balance. Can you please help me
with this. journal Entries are attached. If there are any mistakes
in the General Journal please let me know.
Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development...
5. Prepare an Income Statement and a Balance Sheet from a trial balance. Using the information...
5. Prepare an Income Statement and a Balance Sheet from a trial balance. Using the information from the trial balance of Barger Company, prepare an income statement and balance sheet. (Hint: Prepare the income statement first, then separately calculate ending retained earnings, and lastly prepare the balance sheet.) Debit Credit Cash 16,000 Accounts Receivable 14,000 Prepaid Rent 10,000 Land 30,000 Unearned Revenue 10,000 Salaries Payable 5,000 Common Stock 15,000 Beginning Retained Earnings 38,000 Service Revenue 12,000 Salaries Expense 5,000 Rent...
Problem IlI: (20%) QTEK Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. OTEK COMPANY Iscome Statement For the Month Ended October 31, 2017 Sales revenue $780,000 Less: Operating expenses Raw materials purchases $264,000 190,000 90,000 Direct labor cest Advertising expense Selling and administrative salaries Rent on factory faciitics 75,000 60,000 Depreciation on sales equipment 45,000 Depreciation on factory equipment...
Accounting Cycle problem
Your Name Accounting 201 Assessment Cycle Problem City Park Yoga, Inc. Wren Bliss teaches yoga and meditation. Because she likes the quiet and contemplative outdoor environment, she opened her new spacious studio in a building overlooking City Park. She named her new business, City Park Yoga, Inc. and opened her studio for classes in the beginning of September of 2020, Instructions: Complete Parts 1 - 9 as listed in this packet. Part 1 Record your journal entries...
Accounting 201 Assessment Cycle Problem Your Name: City Park Yoga, Inc. Wren Bliss teaches yoga and meditation. Because she likes the quiet and contemplative outdoor environment, she opened her new spacious studio in a buildine overlooking City Park. She named her new business, City Park Yoga, Inc. and opened her studio for classes in the beginning of September of 2020. Instructions: Complete Parts 1-9 as listed in this packet Part 1 Record your journal entries in the general journal provided...
B Fitness Training March 2019 Transactions Description of the Transaction Date Mar 1 The owners of Fitness Training invested an additional $55,000 cash in the business. Mar 1 Pay off $60,000 of the Note Payable. Also pay $450 for interest owed on the Note Payable for February. Mar 1 Take $7,200 cash out of bank to pay for March's rent. 1 A customer that purchased on credit in February pays $88,000 cash to pay off the amount due. Mar 2...
Question 5 Grouper Company, a manufacturer of audio systems, started its production in October 2017, For the preceding 3 years, Grouper had been a retailer of audio systems. After a thorough survey of audio system markets, Grouper decided to turn its retail store into an audio equipment factory, Raw materials cost for an audio system will total $76 per unit. Workers on the production lines are on average paid $15 per hour. An audio system usually takes7 hours to complete....
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
Accounting for managers -ACC 1003 Topic 5- Financial Statements Class Exercises E1-15B Presented below is financial information related to the 2017 operations of Williamson Company Maintenance and repairs expense $ 89,000 Property tax expense (on dock facilities) 11,000 Salaries and wages expense 150,000 Advertising expense 5,500 Ticket revenue 370,000 Instructions: Prepare the 2017 income statement for Williamson Company E1-14 Linda Pedigo is the sole owner of Wilderness Park, a trailer park near the Lake Tahoe National Recreation Area, Linda has...
I just completed the Journal Entries and according to the
comment the next step is the trial balance. Can you please help me
with this. journal Entries are attached. If there are any mistakes
in the General Journal please let me know.
Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development...
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