Homework Answers
C) $4,500
As per Accrual Based accounting, income or expenses will be booked whether or not payment received.
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D Question 33 2 pts Allen Company is hired on December 15, 2016 to perform services,...
why is 6800 the coreect answer? Question 16 0/1 pts Dalton Delivery Service is hired on...
why is 6800 the coreect answer?
Question 16 0/1 pts Dalton Delivery Service is hired on October 31, 2016 to perform services, beginning on November 1, 2016. The delivery services will be performed for six months at a rate of $3400 per month Dalton's fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2016? bu Answered • $3400 rect Answer $6800 $10,200
QUESTION 10 On December 31, 2016, the manager of Jordan Creek Apartments noticed that four tenants...
QUESTION 10 On December 31, 2016, the manager of Jordan Creek Apartments noticed that four tenants had not paid their December rent amounting to $500 each. The manager spoke to each tenant individually and was promised by all 4 that the rent would be paid by January 15, 2017. Assuming the tenants follow through and make their payments by January 15, 2017, Jordan Creek should make the following entry as of December 31, 2016: Cash (dr) $2,000 Rental Receivable...
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000...
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000 Accounts Receivable 14,000 Equipment 50,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock . Retained Earnings Dividends 5,000 Service Revenue Advertising Expense 4,000 Depreciation Expense - Equipment 8,000 Insurance Expense 4,500 Salaries Expense 15.000 Total $120,500 $17.500 10,000 9,000 30,000 5,000 49.000 $120.5.09 Adjustment data at December 31 follows: a. Depreciation for the equipment is $4,000. b. As of December 31, 2018,...
a. The company provided $3,600 in services to customers that are expected to pay the company...
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
D Question 1 2 pts Portland Supplies Co. mistakenly excluded $3,000 of goods from its December...
D Question 1 2 pts Portland Supplies Co. mistakenly excluded $3,000 of goods from its December 31, 2016 physical inventory court.it December 31, 2017 inventory amount was correct. As a result of this error, 2016 income is overstated by $3,000 2016 ending inventory is overstated by $3,000. 2017 income is overstated by $3,000 2017 cost of goods sold is overstated by $3.000. Question 2 2pts a company desires to increase its inventory then it should se more goods that pudrases...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee [LO15-2, 15-7] On January 1, 2021, NRC Credit...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee
[LO15-2, 15-7]
On January 1, 2021, NRC Credit Corporation leased equipment to
Brand Services under a finance/sales-type lease designed to earn
NRC a 10% rate of return for providing long-term financing. The
lease agreement specified the following:
Ten annual payments of $63,000 beginning January 1, 2021, the
beginning of the lease and each December 31 thereafter through
2029.
The estimated useful life of the leased equipment is 10 years
with no residual...
Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting ent...
Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. The Office Supplies account started the year with a $2,975 balance. During 2017, the company purchased supplies for $12,287, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $2,618. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...
Shamsud Ltd. operates on a calendar-year basis. At the beginning of December 2016, the company had...
Shamsud Ltd. operates on a calendar-year basis. At the beginning of December 2016, the company had the following current liabilities on its books: Accounts payable $85,000 Rent payable $10,000 Warranty provision $12,000 Unearned revenue $14,000 In December, the following events occurred: 1. Shamsud purchased a new computer system on account at a cost of $28,000, payable on January 15, 2017. In addition to this, $4,000 was paid in cash to have the new system installed and customized to the company's...
REHENSIVE ACCOUNTING CYOLE ACR8 Hudson Corporation's balance sheet at December 31, 2016, is presented below HUDSON...
REHENSIVE ACCOUNTING CYOLE ACR8 Hudson Corporation's balance sheet at December 31, 2016, is presented below HUDSON CORPORATION Balance Sheet December 31, 2016 Cash Accounts receivable $13,100 Accounts payable 8,750 20,000 Allowance for doubtful accounts (800) Retained earnings 12,730 19,780 Common stock $41,480 $41,480 During January 2017, the following transactions occurred. Hadson uses the perpetual inventory method. Hudson accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. Hudson wrote off as uncollectible the accounts of Walter...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
why is 6800 the coreect answer?
Question 16 0/1 pts Dalton Delivery Service is hired on October 31, 2016 to perform services, beginning on November 1, 2016. The delivery services will be performed for six months at a rate of $3400 per month Dalton's fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2016? bu Answered • $3400 rect Answer $6800 $10,200
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000 Accounts Receivable 14,000 Equipment 50,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock . Retained Earnings Dividends 5,000 Service Revenue Advertising Expense 4,000 Depreciation Expense - Equipment 8,000 Insurance Expense 4,500 Salaries Expense 15.000 Total $120,500 $17.500 10,000 9,000 30,000 5,000 49.000 $120.5.09 Adjustment data at December 31 follows: a. Depreciation for the equipment is $4,000. b. As of December 31, 2018,...
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
D Question 1 2 pts Portland Supplies Co. mistakenly excluded $3,000 of goods from its December 31, 2016 physical inventory court.it December 31, 2017 inventory amount was correct. As a result of this error, 2016 income is overstated by $3,000 2016 ending inventory is overstated by $3,000. 2017 income is overstated by $3,000 2017 cost of goods sold is overstated by $3.000. Question 2 2pts a company desires to increase its inventory then it should se more goods that pudrases...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee
[LO15-2, 15-7]
On January 1, 2021, NRC Credit Corporation leased equipment to
Brand Services under a finance/sales-type lease designed to earn
NRC a 10% rate of return for providing long-term financing. The
lease agreement specified the following:
Ten annual payments of $63,000 beginning January 1, 2021, the
beginning of the lease and each December 31 thereafter through
2029.
The estimated useful life of the leased equipment is 10 years
with no residual...
REHENSIVE ACCOUNTING CYOLE ACR8 Hudson Corporation's balance sheet at December 31, 2016, is presented below HUDSON CORPORATION Balance Sheet December 31, 2016 Cash Accounts receivable $13,100 Accounts payable 8,750 20,000 Allowance for doubtful accounts (800) Retained earnings 12,730 19,780 Common stock $41,480 $41,480 During January 2017, the following transactions occurred. Hadson uses the perpetual inventory method. Hudson accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. Hudson wrote off as uncollectible the accounts of Walter...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
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