HHomework question, to help me study. Thank
you. PLEASE SHOW WORK!
Homework Answers
Correct answer--------
| Unearned rent revenue | $ 48,000.00 | |
| Rent revenue | $ 48,000.00 | |
.
Rent revenue for 8 months is earned till December 31. The rent to be recorded will be calculated as 72000 /12 months x months.
Add Answer to:
HHomework question, to help me study. Thank
you. PLEASE SHOW WORK!
Sheridan Company sublet a portion...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and upload as a single file at the end of the exam. Part II Contd. 2. ABC company maintains its records cash basis of accounting during the year and then converts them to accrual basis at the end of the year through adjusting entries. While preparing the financial statements of ACC for the year ended December 31, 2020 on accrual basis, you discover the following:...
2. ABC company maintains its records cash basis of accounting during the year and converts them...
2. ABC company maintains its records cash basis of accounting during the year and converts them to accrual basis at the end of the year through adjusting entries. Whe preparing the financial statements of ACC for the year ended December 31, 2019 on accrual basis, you discover the following: a. ABC Company sublet a portion of its warehouse for a one-year period for an annual rental payment of $72,000, beginning on August 1, 2019. The tenant, XYZ company paid the...
if you could help me with #3 please. thank you The following transactions occurred during December...
if you could help me with #3 please. thank you
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $87,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $8,400 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $14,400...
Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
PLEASE EXPLAIN THE STEPS FOR ADJUSTING ENTRIES SO IT WILL HELP ME STUDY! THANK YOU! Exercise...
PLEASE EXPLAIN THE STEPS FOR ADJUSTING
ENTRIES SO IT WILL HELP ME STUDY! THANK YOU!
Exercise 3-10 (Part Level Submission) Wildhorse Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit WILDHORSE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,000 Prepaid Insurance 9,900 Supplies 8,000 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and...
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU! Exercise 3-19 (Part Level Submission) Blue Corp....
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU!
Exercise 3-19 (Part Level Submission) Blue Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Blue Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 $294,570 -0- $154,640 327,000 $31,880 93,550 399,140 Cash receipts...
Part II: Conceptual Framework and Accrual Accounting (15 points) 1. Presented below are three of accounting...
Part II: Conceptual Framework and Accrual Accounting (15 points) 1. Presented below are three of accounting procedures and practices at Ramirez Corp. For each of trese items, match exactly one item (assumption, principle, quality, or modifying convention) that 15 violated from the list below. (It is acceptable to use the same item for multiple responses, but Please note that listing multiple items for one response will not receive partial credit.) (6 points) نه نه نه ده Economic entity assumption Going...
please help me prepare the Income Statement thank you! 126 130 Question 7 The Marigold Corp....
please help me prepare the Income Statement
thank you!
126 130 Question 7 The Marigold Corp. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Marigold Corp. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $ 3,600 Supplies 2,050 Prepaid Insurance 3,000 Land 15,000 Buildings 59,400 Equipment 15,200 Accounts Payable $ 11,700 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 Common Stock 35,600 429 Rent Revenue 12,600...
Please help me this project. thank you!! - : X fi H I J K L...
Please help me this project. thank
you!!
- : X fi H I J K L M N O P Q R S T U V W X Y ДА В D E F G 2 Lawn and Garden Plus was founded in January 2013. Presented below is the unadjusted trial balances as of December 31, 2020. Complete the adjusting entries (below Trial Balance) and Adjusted Trial Balance. Cash and Equipment are started for you. 3 Adjusted DR CR $...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and upload as a single file at the end of the exam. Part II Contd. 2. ABC company maintains its records cash basis of accounting during the year and then converts them to accrual basis at the end of the year through adjusting entries. While preparing the financial statements of ACC for the year ended December 31, 2020 on accrual basis, you discover the following:...
2. ABC company maintains its records cash basis of accounting during the year and converts them to accrual basis at the end of the year through adjusting entries. Whe preparing the financial statements of ACC for the year ended December 31, 2019 on accrual basis, you discover the following: a. ABC Company sublet a portion of its warehouse for a one-year period for an annual rental payment of $72,000, beginning on August 1, 2019. The tenant, XYZ company paid the...
if you could help me with #3 please. thank you
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $87,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $8,400 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $14,400...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
PLEASE EXPLAIN THE STEPS FOR ADJUSTING
ENTRIES SO IT WILL HELP ME STUDY! THANK YOU!
Exercise 3-10 (Part Level Submission) Wildhorse Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit WILDHORSE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,000 Prepaid Insurance 9,900 Supplies 8,000 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and...
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU!
Exercise 3-19 (Part Level Submission) Blue Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Blue Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 $294,570 -0- $154,640 327,000 $31,880 93,550 399,140 Cash receipts...
Part II: Conceptual Framework and Accrual Accounting (15 points) 1. Presented below are three of accounting procedures and practices at Ramirez Corp. For each of trese items, match exactly one item (assumption, principle, quality, or modifying convention) that 15 violated from the list below. (It is acceptable to use the same item for multiple responses, but Please note that listing multiple items for one response will not receive partial credit.) (6 points) نه نه نه ده Economic entity assumption Going...
please help me prepare the Income Statement
thank you!
126 130 Question 7 The Marigold Corp. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Marigold Corp. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $ 3,600 Supplies 2,050 Prepaid Insurance 3,000 Land 15,000 Buildings 59,400 Equipment 15,200 Accounts Payable $ 11,700 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 Common Stock 35,600 429 Rent Revenue 12,600...
Please help me this project. thank
you!!
- : X fi H I J K L M N O P Q R S T U V W X Y ДА В D E F G 2 Lawn and Garden Plus was founded in January 2013. Presented below is the unadjusted trial balances as of December 31, 2020. Complete the adjusting entries (below Trial Balance) and Adjusted Trial Balance. Cash and Equipment are started for you. 3 Adjusted DR CR $...
Most questions answered within 3 hours.
-
Nitromethane (CH3NO2) burns in air to produce significant
amounts of heat.
2CH3NO2(l)+3/2O2(g)→2CO2(g)+3H2O(l)+N2(g)
ΔHorxn = -1418 kJ...
asked 2 minutes from now -
Assume X is a Chi-square random variable with 18 degrees of
freedom.
Find the values of...
asked 31 minutes ago -
Using the knowledge of calculus derive and sketch the marginal
cost (MC) and average cost (AC)...
asked 13 minutes ago -
A fair coin is repeatedly flipped. The following sequence of
heads and tails comes up: HTTHTHHTHHHHH....
asked 16 minutes ago -
which of yhe follwing disease is caused by virus?
typoid
tetanus
diphtheria
polio
asked 24 minutes ago -
All of the following represent government spending as a part of
aggregate demand except for:
A....
asked 31 minutes ago -
TaskMaster Enterprises employs a standard cost system in which
direct materials inventory is carried at standard...
asked 32 minutes ago -
show, using natural deduction
p V q, p -> r, q -> r proves r
asked 28 minutes ago -
2. Sketch the piecewise function. ?(?) = { |? + 2|, ??? ? ≤ 0 √?...
asked 1 hour ago -
Compound A decomposes according to the equation
A(g) ⇌ 2 B(g) + C
(g)
A...
asked 1 hour ago -
imagine that you were tasked with synthesizing100g of
acetylferrocene using ferrocene
1. how would you use...
asked 46 minutes ago -
Stock Dividends and Stock Splits
Whitacre Company's Stockholders' Equity section of the balance
sheet on December...
asked 49 minutes ago