Homework Answers
| a-1 | Assets | = | Liabilities | + | Stockholders' Equity | Net Income | = | Revenue | - | Expenses | ||||
| Cash | $60,480 | = | Unearned revenue | $60,480 | + | $0 | $0 | = | $0 | $0 | - | $0 | ||
| a-2 | Event | General Journal | Debit | Credit | ||||||||||
| 1 | Cash | $60,480 | ||||||||||||
| Unearned revenue | $60,480 | |||||||||||||
| (Cash recived in advance) | ||||||||||||||
| b-2 | Event | General Journal | Debit | Credit | ||||||||||
| 1 | Unearned revenue | $10,080 | (60480/6) | |||||||||||
| Sales revenue | $10,080 | (60480/6) | ||||||||||||
| (revenue recognised) | ||||||||||||||
| c. | Current liability | |||||||||||||
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Required information The following information applies to the questions displayed below.) Kirkland Theater sells season tickets...
Required information The following information applies to the questions displayed below.) Kirkland Theater sells season tickets for six events at a price of $60. For the 2019 season, 4,350 season tickets were sold. Required: 6.1. Use the horizontal model to show the effect of the sale of the season tickets, Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. Balance Sheet Assets Liabilities Stockholders Equity Net Income...
PARTS A & B ! Required information [The following information applies to the questions displayed below.]...
PARTS A & B
! Required information [The following information applies to the questions displayed below.] A local theater company sells 1,350 season ticket packages at a price of $280 per package. The first show in the 10-show season starts this week (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 2. Prepare the journal entries related for the above transactions. (If no entry...
Required information [The following information applies to the questions displayed below.] A local theater company sells...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
Required information The following information applies to the questions displayed below) Prist Co. had not provided...
Required information The following information applies to the questions displayed below) Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2019. Based on an analysis of customer complaints made over the past two years, the cost of a warranty - program was estimated at 0.4% of sales. During 2019, sales totaled $4.061000. Actual costs of servicing products under warranty totaled $20.700. a-2. Record the journal entry...
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,240 on March 1, 2019. a-2. Prepare the journal entry to record the above transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the payment of a one-year insurance premium. Note: Enter debits before credits. Date General Journal Debit Credit Mar...
Required information The following information applies to the questions displayed below Abbott Landscaping purchased a tractor...
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Required information [The following information applies to the questions displayed below.) Apple Inc. is the number...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
Required information The following information applies to the questions displayed below.) Kirkland Theater sells season tickets for six events at a price of $60. For the 2019 season, 4,350 season tickets were sold. Required: 6.1. Use the horizontal model to show the effect of the sale of the season tickets, Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. Balance Sheet Assets Liabilities Stockholders Equity Net Income...
PARTS A & B
! Required information [The following information applies to the questions displayed below.] A local theater company sells 1,350 season ticket packages at a price of $280 per package. The first show in the 10-show season starts this week (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 2. Prepare the journal entries related for the above transactions. (If no entry...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
Required information The following information applies to the questions displayed below) Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2019. Based on an analysis of customer complaints made over the past two years, the cost of a warranty - program was estimated at 0.4% of sales. During 2019, sales totaled $4.061000. Actual costs of servicing products under warranty totaled $20.700. a-2. Record the journal entry...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,240 on March 1, 2019. a-2. Prepare the journal entry to record the above transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the payment of a one-year insurance premium. Note: Enter debits before credits. Date General Journal Debit Credit Mar...
Required information The following information applies to the questions displayed below Abbott Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
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