Homework Answers
| Option A is the answer | ||
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Supplies (Asset) to be included in balance sheet = $345,000 250,000 is recorded as accounts payable. And 815,000 is not recorded until earned. |
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Coast Company has 11,500 items of building supplies on hand that cost $345,000; a bill from...
ArtCo has 10,100 items of building supplies on hand that cost $303,000; a bill from the...
ArtCo has 10,100 items of building supplies on hand that cost $303,000; a bill from the vendor for $110,000 of these supplies has not yet been paid. The company expects to earn $801,000 for its services when it uses the building supplies. The company's balance sheet would include an asset, Supplies, in the amount of Multiple Choice $303,000. $10.100. O $801,000. O O $193,000
MHE Reader Course Hame Page-201910-EN-210-126 r 1 Homework ltems from the income statement, statement of retained...
MHE Reader Course Hame Page-201910-EN-210-126 r 1 Homework ltems from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order For t companies shown in each column, solve for the missing amounts Common Stock 13 5 22 S 21 Net Income Retained Earnings, Beginning of Year Retained Eamings, End of Year Total Assets Total Expenses Total Liabilies 24 37 52 mework Help Coast Company has 11,100 items of building supplie paid. The company expects...
1. Home Realty, Incorporated, has been operating for three years and is owned by three investors....
1. Home Realty, Incorporated, has been operating for three years
and is owned by three investors. J. Doe owns 60 percent of the
total outstanding stock of 9,000 shares and is the managing
executive in charge. On December 31, the following financial items
for the entire year were determined: sales revenue, $186,000;
salaries and wages expense, $101,000; interest expense, $6,700;
advertising expenses, $9,225; and income tax expense, $18,900. Also
during the year, the company declared and paid the owners dividends...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the following adjusting journal entries to record the following transactions (A-0): B. Six months of rent ($24,000) was paid in advanced on September 1st. No rent expense has been recorded since that date. C. Depreciation expense has not been recorded on the building for 2018. The building has a useful life of 20 years. Bust-a-Move Snowboard uses straight-line depreciation for all asset classifications. D. Depreciation...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
A company has net working capital of $752. Long term debt is $4,213, total assets are...
A company has net working capital of $752. Long term debt is $4,213, total assets are $6.381. and fixed assets are $4.083. What is the amount of total abilities? Η Ο Ο Ο Ο Ο A company has $1,385 in inventory, 51,836 in net fixed assets, 5670 in accounts receivable, $302 in cash, $6.34 in accounts payable, and $5,431 in equity. What is the company's long-term debt? Multiple Choice o О 51726 o $1165 o O S107 o O sses...
Descriptions of items that require adjusting entries on June 30, 2019, follow. a) The company has...
Descriptions of items that require adjusting entries on June 30, 2019, follow. a) The company has completed, but not yet billed, $7,200 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,600 salvage value, is $70 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,800 salvage value, is $1,250 per month d) Straight-line depreciation on the building, assuming a 25-year life and a...
A company pays $37,000 per period to rent a small building that has 12,200 square feet...
A company pays $37,000 per period to rent a small building that has 12,200 square feet of space. This cost is allocated to the company's three departments on the basis of the amount of the space occupled by each. Department One occuples 2,440 square feet of floor space, Department Two occuples 3,660 square feet of floor space, and Department Three occuples 6,100 square feet of floor space. If the rent is allocated based on the total square footage of the...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account that requires adjustment and whether the identified balance sheet account is over-or understated before any adjustments are recorded. b] Balance sheet account Overstated or Understated (a) Balance sheet account Supplies of $100 are on hand. Kee Company started the year with $1,100 of supplies on hand. 2. Services were performed but not recorded. 3. Interest of $200 has accumulated on a note payable. Collected...
Please help with all multiple choice and blanks! Thanks! Fuzzy Button Clothing Company has the following...
Please help with all multiple choice and blanks! Thanks!
Fuzzy Button Clothing Company has the following end-of-year balance sheet: Fuzzy Button Clothing Company Balance Sheet For the Year Ended on December 31 Liabilities Assets Current Liabilities Accounts payable Current Assets: Cash and equivalents $150,000 $250,000 Accounts receivable Accrued liabilities 400,000 150,000 Notes payable Inventories 350,000 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus...
ArtCo has 10,100 items of building supplies on hand that cost $303,000; a bill from the vendor for $110,000 of these supplies has not yet been paid. The company expects to earn $801,000 for its services when it uses the building supplies. The company's balance sheet would include an asset, Supplies, in the amount of Multiple Choice $303,000. $10.100. O $801,000. O O $193,000
MHE Reader Course Hame Page-201910-EN-210-126 r 1 Homework ltems from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order For t companies shown in each column, solve for the missing amounts Common Stock 13 5 22 S 21 Net Income Retained Earnings, Beginning of Year Retained Eamings, End of Year Total Assets Total Expenses Total Liabilies 24 37 52 mework Help Coast Company has 11,100 items of building supplie paid. The company expects...
1. Home Realty, Incorporated, has been operating for three years
and is owned by three investors. J. Doe owns 60 percent of the
total outstanding stock of 9,000 shares and is the managing
executive in charge. On December 31, the following financial items
for the entire year were determined: sales revenue, $186,000;
salaries and wages expense, $101,000; interest expense, $6,700;
advertising expenses, $9,225; and income tax expense, $18,900. Also
during the year, the company declared and paid the owners dividends...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the following adjusting journal entries to record the following transactions (A-0): B. Six months of rent ($24,000) was paid in advanced on September 1st. No rent expense has been recorded since that date. C. Depreciation expense has not been recorded on the building for 2018. The building has a useful life of 20 years. Bust-a-Move Snowboard uses straight-line depreciation for all asset classifications. D. Depreciation...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
A company has net working capital of $752. Long term debt is $4,213, total assets are $6.381. and fixed assets are $4.083. What is the amount of total abilities? Η Ο Ο Ο Ο Ο A company has $1,385 in inventory, 51,836 in net fixed assets, 5670 in accounts receivable, $302 in cash, $6.34 in accounts payable, and $5,431 in equity. What is the company's long-term debt? Multiple Choice o О 51726 o $1165 o O S107 o O sses...
Descriptions of items that require adjusting entries on June 30, 2019, follow. a) The company has completed, but not yet billed, $7,200 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,600 salvage value, is $70 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,800 salvage value, is $1,250 per month d) Straight-line depreciation on the building, assuming a 25-year life and a...
A company pays $37,000 per period to rent a small building that has 12,200 square feet of space. This cost is allocated to the company's three departments on the basis of the amount of the space occupled by each. Department One occuples 2,440 square feet of floor space, Department Two occuples 3,660 square feet of floor space, and Department Three occuples 6,100 square feet of floor space. If the rent is allocated based on the total square footage of the...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account that requires adjustment and whether the identified balance sheet account is over-or understated before any adjustments are recorded. b] Balance sheet account Overstated or Understated (a) Balance sheet account Supplies of $100 are on hand. Kee Company started the year with $1,100 of supplies on hand. 2. Services were performed but not recorded. 3. Interest of $200 has accumulated on a note payable. Collected...
Please help with all multiple choice and blanks! Thanks!
Fuzzy Button Clothing Company has the following end-of-year balance sheet: Fuzzy Button Clothing Company Balance Sheet For the Year Ended on December 31 Liabilities Assets Current Liabilities Accounts payable Current Assets: Cash and equivalents $150,000 $250,000 Accounts receivable Accrued liabilities 400,000 150,000 Notes payable Inventories 350,000 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus...
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