Homework Answers
| Date | No. | Account Titles and Explanation | Debit | Credit |
| Feb 1 | 1 | Cash | 6,000 | |
| Unearned Service Revenue | 6,000 | |||
| (To record fees in advance) | ||||
| Feb 1 | 2 | Equipment | 9,600 | |
| Cash | 3,000 | |||
| Accounts Payable | 6,600 | |||
| (To record purchase of equipment) | ||||
| March 1 | 3 | Patents | 9,600 | |
| Cash | 9,600 | |||
| (To record purchase of patent) | ||||
| March 28 | 4 | Accounts Receivable | 150,000 | |
| Sales Revenue | 150,000 | |||
| (To record sales on account) | ||||
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Question 1 View Policies Current Attempt in Progress Concord Corporation prepares quarterly financial statements. The post-closing...
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts...
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100.000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15.000 15.000 12,370 90.000 53.130 $186,700 16.700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of $12.000 in advance. The company will perform $1,000 of services each month from February 1, 2022. to...
PLEASE help me with instruction A, B, C,D. if you can, you can do all al...
PLEASE help me with instruction A, B, C,D. if you can, you can
do all al them!
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable 22.400 Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100,000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15,000 15.000 12.120 90.000 53.130 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of...
Question 1 --/1 View Policies Current Attempt in Progress Concord Company purchased equipment for $228,400 on...
Question 1 --/1 View Policies Current Attempt in Progress Concord Company purchased equipment for $228,400 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,400. Estimated production is 40,000 units and estimated working hours are 20,000. During 2020, Concord uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Concord is on a calendar-year basis...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on January 1, 2019 at a cost of $173,000. The equipment was originally estimated to have a salvage value of $11,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2021 using the straight-line method. On January 1, 2022, the estimated salvage value was revised to $32,000 and the useful life was revised to a total of 8 years, Prepare...
View Policies Current Attempt in Progress The following items were taken from the financial statements of...
View Policies Current Attempt in Progress The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $900 850 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash 11,400 abo Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory $5,600 1,900 500 9,750 3,600 2.100 1,300 3,800 500 2,900 Prepare a classified balance sheet in good form as of...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at...
Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at December 31, 2017 Building $90,988 Accounts receivable 10,836 Prepaid insurance 2.752 Cash 10.182 Equipment 70,864 Land 52632 Insurance expense Depreciation experne Interest expense Common stock 51400 Retained earnings (January 1, 2017) 34400 Accumulated deprecation-building 39216 Accounts payable Notes payable Accumulated depreciation equipment 16.099 Interest payable Service revenue the $11.696 of the bote payableware paid in 2010 st current sets in order of liquidity and...
please help with this accounting question! Question 5 View Policles Current Attempt in Progress Sandhill Co....
please help with this accounting question!
Question 5 View Policles Current Attempt in Progress Sandhill Co. has accounts receivable of $97,200 m March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $1,891 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current...
Question 11 View Policies Current Attempt in Progress Concord Corporation compiled the following financial information as...
Question 11 View Policies Current Attempt in Progress Concord Corporation compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 $836000 176000 245000 746000 203000 59000 34000 100000 85500 431000 Concord assets on December 31, 2017 are: $1407500. $567500. $1017500. $490000.
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100.000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15.000 15.000 12,370 90.000 53.130 $186,700 16.700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of $12.000 in advance. The company will perform $1,000 of services each month from February 1, 2022. to...
PLEASE help me with instruction A, B, C,D. if you can, you can
do all al them!
Credit $ 1.200 Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Cash $ 24,300 Accounts Receivable 22.400 Allowance for Doubtful Accounts Equipment 20.000 Accumulated Depreciation Equipment Buildings 100,000 Accumulated Depreciation-Buildings Land 20,000 Accounts Payable Common Stock Retained Earnings 15,000 15.000 12.120 90.000 53.130 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1. Aberkonkie collected fees of...
Question 1 --/1 View Policies Current Attempt in Progress Concord Company purchased equipment for $228,400 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,400. Estimated production is 40,000 units and estimated working hours are 20,000. During 2020, Concord uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Concord is on a calendar-year basis...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on January 1, 2019 at a cost of $173,000. The equipment was originally estimated to have a salvage value of $11,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2021 using the straight-line method. On January 1, 2022, the estimated salvage value was revised to $32,000 and the useful life was revised to a total of 8 years, Prepare...
View Policies Current Attempt in Progress The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $900 850 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash 11,400 abo Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory $5,600 1,900 500 9,750 3,600 2.100 1,300 3,800 500 2,900 Prepare a classified balance sheet in good form as of...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at December 31, 2017 Building $90,988 Accounts receivable 10,836 Prepaid insurance 2.752 Cash 10.182 Equipment 70,864 Land 52632 Insurance expense Depreciation experne Interest expense Common stock 51400 Retained earnings (January 1, 2017) 34400 Accumulated deprecation-building 39216 Accounts payable Notes payable Accumulated depreciation equipment 16.099 Interest payable Service revenue the $11.696 of the bote payableware paid in 2010 st current sets in order of liquidity and...
please help with this accounting question!
Question 5 View Policles Current Attempt in Progress Sandhill Co. has accounts receivable of $97,200 m March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $1,891 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current...
Question 11 View Policies Current Attempt in Progress Concord Corporation compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 $836000 176000 245000 746000 203000 59000 34000 100000 85500 431000 Concord assets on December 31, 2017 are: $1407500. $567500. $1017500. $490000.
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