Question 1 [40 points) The following information is available for Zoom Inc. on April 30 for...
Question 4 [30 points] Southgate Inc. is just finishing another year of operations. The company's unadjusted trial balance at April 30, 2014 is shown below. The following additional information is available at April 30 for the year just ended: a. The yearly depreciation on the furniture is $150 b. $250 of the rent paid to Southgate Inc. in advance has been eamed c. The Building was purchased in a previous year and will be sold for $15.750 after being used...
Prepare journal entries for April, 2014 to record the following transactions for Holden Corp. Assume a perpetual inventory system. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). April 2: Holden Corp. purchased merchandise from Stake Technology Inc. for $9,700 under credit terms of 2/10, n/60, FOB destination. April 18: Received a credit memorandum in the amount of $1,300 acknowledging the...
Prepare journal entries for January 2014 to record the following transactions for Ludwig Inc. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). a. January 3: Ludwig Inc. sold merchandise that cost $7,905 to Stake Technology Inc. for $9,300 under credit terms of 2/30, n/90, FOB shipping...
a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12. b. A $940,000 note payable requires 9.0% annual interest, or $7,050, to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $2,350 of interest expense has accrued. c. Total weekly...
Callaho Inc. purchased $95,000 of Ludwig Inc. 8% bonds at a price of 104.5 on January 1, 2014. The bonds mature on December 31, 2016. Callaho Inc. uses the straight-line method of amortizing any premium or discount on investments in bonds. At December 31, 2014 and 2015, the market value of the bonds is quoted at 104 and 105, respectively. Interest is paid out each year on December 31. Callaho Inc. follows ASPE and management accounts for this investment at...
a. On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,653 of interest expense has accrued on a note payable. The full interest payment of $4,958 on the note is due on May 20. c. Total weekly salaries expense for all employees is $12,000. This amount is paid at the end of the day on Friday...
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...
im sorry. this should be the first part of the question
Required information The following information appes to the questions displayed below On November 1, 2019, Wenger Co, padits landlord $3.00 in cash as an advance rent payment on its store location. The sik-month lease period ends on April 30, 2020, which time the contract may be renewed. Required: -1. Prepare the horizontal model to record the six month advanceret payment on November 1, 2019 (Use amounts with for increases...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $32,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,800 cast for the premium on a 12-month...
On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the company on May 12. A $440,000 note payable requires 8.8% annual interest, or $3,227, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $1,076 of interest expense has accrued. Total weekly salaries expense for...