REQUIRED 1 ONLY NEEDS ONE JOURNAL ENTRY.
REQUIRED 1 ONLY NEEDS ONE
JOURNAL ENTRY.
Homework Answers
Solution 1:
| Net Operating loss carryback | Amount (In '000) | Rate of Tax | Tax | Recorded as |
| Carried back - 2014 | $0.0 | 30% | $0.0 | |
| Carried back - 2015 | $0.0 | 30% | $0.0 | |
| Carried back - 2016 | $94.0 | 40% | $37.6 | |
| Carried back - 2017 | $34.0 | 45% | $15.3 | |
| Total Carryback | $128.0 | $52.9 | Income tax benefit |
| Adjusting Journal Entries - Wynn Sheet Metal | |||
| Event | Particulars | Debit (In '000) | Credit (In '000) |
| 1 | Receivables - Income Tax Refund | $52.90 | |
| To Income tax benefit - Net Operating Loss | $52.90 | ||
| (Being income tax benefit due to loss carryback recorded) | |||
Solution 2:
|
Income Statement - Wynn Sheet metal For the year ended December 31, 2018 |
|
| Particulars | Amount (In'000) |
| Operating loss before income tax | -$128.00 |
| Income tax benefit -Net operating loss | $52.90 |
| Net Income (Loss) | -$75.10 |
In a merchandising business, when merchandise sold on account, the only journal entry required is a...
In a merchandising business, when merchandise sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales. Select one: True False
- For each of the following transactions below, prepare the journal entry (if one is required)...
- For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On September 1, paid rent on the...
Required 1 Journal entry 1 - Record lease by lessee. Journal entry 2 - Record the...
Required 1
Journal entry 1 - Record lease by lessee.
Journal entry 2 - Record the cash payment January 1, 2021
Journal entry 3 -Record the cash payment December 31, 2021
Journal entry 4 -Record amortization of the right-of-use asset
on December 31, 2021
Required 2
Journal entry 1 - Record lease by lessor.
Journal entry 2 - Record the cash received (include maintenance
fee accrual)
Journal entry 3 -Record cash received by lessor
On January 1, 2021, NRC Credit...
General Journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Journal entry one is given. Journal entry 2 record the raw materials used in production, 189,000...
Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
General journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
In a merchandising business, when merchandise sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales. Select one: True False
- For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On September 1, paid rent on the...
Required 1
Journal entry 1 - Record lease by lessee.
Journal entry 2 - Record the cash payment January 1, 2021
Journal entry 3 -Record the cash payment December 31, 2021
Journal entry 4 -Record amortization of the right-of-use asset
on December 31, 2021
Required 2
Journal entry 1 - Record lease by lessor.
Journal entry 2 - Record the cash received (include maintenance
fee accrual)
Journal entry 3 -Record cash received by lessor
On January 1, 2021, NRC Credit...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
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