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On May 1, Yoon Flying School, a company that provides flying lessons, was started with an...
P1-38 on May 1, R.C. Twining started RC Flying School, a company that provides flying lessons,...
P1-38 on May 1, R.C. Twining started RC Flying School, a company that provides flying lessons, by Investing $40,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May. Cash $3,400 Advertising Expense $ 600 Accounts Receivable 4,900 Rent Expense 1,200 Equipment 64,000 Maintenance and Repairs Expense 400 Notes Payable 30,000 Gasoline Expense 2,500 Accounts Payable 800 Utilities Expense 400 Service Revenue 8,100...
The options in the drop-down are the same for all drop-down blacks (besides the top one)...
The options in the drop-down
are the same for all drop-down blacks (besides the top one)
On May 1, Novak Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,100. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $ 4,750 7,500 64,100 6,900 600 1,500 Notes...
Problem 2 (39 points) Funky Music provides music lessons to student musicians. Adjusting entries are performed on...
Problem 2 (39 points) Funky Music provides music lessons to student musicians. Adjusting entries are performed on a monthly basis but performs closing entries annually on December 31. An unadjusted trial balance dated December 31, 2015, is provided below. (Bear in mind that adjusting entries already have been made for the first eleven months of 2015, but not for December.) Data for adjustments: Lessons revenue earned but not yet recorded as of December 31, 2015, amounts to $8,210 2. Records...
On June 1, 2017, Wildhorse Co. was started with an initial investment in the company of...
On June 1, 2017, Wildhorse Co. was started with an initial investment in the company of $22,310 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 5,600 Notes payable 4,400Accounts payable 8,500 Supplies expense 2,310 Maintenance and repairs expense $14,000 900 1,090 690 210 2,400 400 27,000...
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...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information $ $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation 6,000 1,000 5,5ee (1,580) 4, eee 1,750 5. eee (1.250) $ 11,000 $ 9,500 see 1, Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 1,500 5, eee 3,500 5,600 $ 11, eee Income Statement for...
Sunland started her own consulting firm, Sunland Company, on May 1, 2020. The trial balance at...
Sunland started her own consulting firm, Sunland Company, on May 1, 2020. The trial balance at May 31 is as follows Sunland Company Tralalance May 31, 2020 Account Number Credit Debit $ 4,500 Cash 130 1,900 2.400 12.500 201 Supplies Prepaid Insurance Event Accounts Payable Uneamed Service Revenue Common Stod Service Revenue Salanes and Wages Expense Rent 18.000 7.500 400 726 729 3.400 1.500 $32.400 532.400 In addition to those accounts listed on the trial balance, the chart of accounts...
TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager...
TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Results Planning Budget Variances Lessons 210 205 Revenue $ 54,370 $ 53,300 $ 1,070 F Expenses: Instructor wages 15,550 15,375 175 U Aircraft depreciation 6,720...
Problem 2 Angelic Cosmeties Co. Ltd. A company that provides individual skin care treatment, was started...
Problem 2 Angelic Cosmeties Co. Ltd. A company that provides individual skin care treatment, was started on June 1, 2017, with an investment of 25,000 cash. Following are the assets and liabilities of the company on June 30 and the revenues and expenses for the month of June: Cash Accounts Receivable $4,000 Service Revenue $5,500 Supplies Advertising Expense $500 Equipment Shareholders made no additional investments in June. The company paid a cash dividend of $900 during the month. In addition...
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager...
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget 225 220 Variances Lessons $ 60,400 $ 59,400 $1,000 F Revenue Expenses : Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses...
P1-38 on May 1, R.C. Twining started RC Flying School, a company that provides flying lessons, by Investing $40,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May. Cash $3,400 Advertising Expense $ 600 Accounts Receivable 4,900 Rent Expense 1,200 Equipment 64,000 Maintenance and Repairs Expense 400 Notes Payable 30,000 Gasoline Expense 2,500 Accounts Payable 800 Utilities Expense 400 Service Revenue 8,100...
The options in the drop-down
are the same for all drop-down blacks (besides the top one)
On May 1, Novak Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,100. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $ 4,750 7,500 64,100 6,900 600 1,500 Notes...
Problem 2 (39 points) Funky Music provides music lessons to student musicians. Adjusting entries are performed on a monthly basis but performs closing entries annually on December 31. An unadjusted trial balance dated December 31, 2015, is provided below. (Bear in mind that adjusting entries already have been made for the first eleven months of 2015, but not for December.) Data for adjustments: Lessons revenue earned but not yet recorded as of December 31, 2015, amounts to $8,210 2. Records...
On June 1, 2017, Wildhorse Co. was started with an initial investment in the company of $22,310 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 5,600 Notes payable 4,400Accounts payable 8,500 Supplies expense 2,310 Maintenance and repairs expense $14,000 900 1,090 690 210 2,400 400 27,000...
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...
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information $ $ Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation 6,000 1,000 5,5ee (1,580) 4, eee 1,750 5. eee (1.250) $ 11,000 $ 9,500 see 1, Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings 1,500 5, eee 3,500 5,600 $ 11, eee Income Statement for...
Sunland started her own consulting firm, Sunland Company, on May 1, 2020. The trial balance at May 31 is as follows Sunland Company Tralalance May 31, 2020 Account Number Credit Debit $ 4,500 Cash 130 1,900 2.400 12.500 201 Supplies Prepaid Insurance Event Accounts Payable Uneamed Service Revenue Common Stod Service Revenue Salanes and Wages Expense Rent 18.000 7.500 400 726 729 3.400 1.500 $32.400 532.400 In addition to those accounts listed on the trial balance, the chart of accounts...
Problem 2 Angelic Cosmeties Co. Ltd. A company that provides individual skin care treatment, was started on June 1, 2017, with an investment of 25,000 cash. Following are the assets and liabilities of the company on June 30 and the revenues and expenses for the month of June: Cash Accounts Receivable $4,000 Service Revenue $5,500 Supplies Advertising Expense $500 Equipment Shareholders made no additional investments in June. The company paid a cash dividend of $900 during the month. In addition...
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Planning Results Budget 225 220 Variances Lessons $ 60,400 $ 59,400 $1,000 F Revenue Expenses : Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses...
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