Homework Answers
Revenue paid for 12 months = $4800
Number of months falling in 2018 = 2
Hence, revenue to be recognized in 2018 = 4800*2/12 = $800
Hence, the answer is B.
Add Answer to:
A.) 0
B.) $800
C.) $2,400
D.) $4,800
On November 1, 2018, John paid $4,800 ABC...
30. John takes out a life insurance policy on his life naming his wife, Mary, as...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
On November 1, 2021, Taylor signed a one-year contract to provide handyman services on an as-needed...
On November 1, 2021, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $3,840 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2022. Taylor should recognize revenue in 2021 in the amount of $0. $640. $1,920. $3,840.
Cash Supplies 900 Prepaid Insurance 4,800 (C) 6,000 (b) 4,500 (d) 4,800 800 900 3,400 Equipment...
Cash Supplies 900 Prepaid Insurance 4,800 (C) 6,000 (b) 4,500 (d) 4,800 800 900 3,400 Equipment 7,600 3,400 Web Servers Accounts Payable 900 (C) 12,000 900 Common Stock Services Revenue Selling Expenses 25,600 4,500 (d) 800 Use information from the T-accounts given above to prepare general journal entries for each of the seven transactions a through g View transaction list Journal entry worksheet 2 3 4 6 Record the owner investment in company Note: Enter debits before credits Transaction General...
The ABC Company reported taxable income of $500,000 in 2018. The company paid $105,000 in federal...
The ABC Company reported taxable income of $500,000 in 2018. The company paid $105,000 in federal taxes for 2018. If you start with taxable income of $500,000 what adjustment will be necessary for the $105,000 for purposes of calculating E&P? a. a $105,000 addition. b. a $105,000 deduction. c. no adjustment. d. none of the above. ABC Company reported taxable income of $500,000 in 2018. This amount does not include a $5,000 nondeductible (for tax purposes) meal expense. If you...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
show calculations (excel) On October 1, 2018 - ABC sold 1,000 shares of stock (100%) of...
show calculations (excel)
On October 1, 2018 - ABC sold 1,000 shares of stock (100%) of ABC Co. for $3,500,000. The $3,500,000 was paid directly to ABC in exchange for ABC common stock. The par value of the stock was $1,500/share. ABC Company purchased equipment for $300,000; paying $120,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 5% payable on January 1" of each subsequent year. ABC Company prepaid a year's (12months) worth of...
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c...
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c 3,000 G Accts Receivable 10,000 Common Stock 20,000 A F Prepaid Insurance 2.000 600 B Fees Earned 10,000 F D Computer 4,000 с E B Operating Expenses 800 2,400 600 Instructions indicate for each Debit and each Credit whether an asset, liability, stockholders' equity, revenue, or expense account was affected and whether the account was increased or decreased Account Debited Account Credited Transaction Type...
Cash Dec. 31 Accounts Payable 2,400 Dec 31 800 Service Revenue 25,000 Dec 31 400 (0)...
Cash Dec. 31 Accounts Payable 2,400 Dec 31 800 Service Revenue 25,000 Dec 31 400 (0) 25.400 Bal. Bal 800 2.400 Bal Office Supplies 2.000 1.700 (a Salaries Payable 310 (d) Salaries Expense Dec. 31 Dec. 31 (d) 7.000 310 Bal 300 310 Bal Bal 7.3101 Prepaid Insurance Unearned Revenue 400 700 Dec 31 (a Supplies Expense 1.700 Dec 31 600 580 (b) Bal 20 300 Bal Bal 1.700 Prepaid Insurance 600 580 (b Unearned Revenue Dec 31 400 Supplies...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed...
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that ABC Company should make on May 1" to record this event. 2. Record this event/entry in the Horizontal Financial Statement format below. Add any account titles/headings you need in...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
Cash Supplies 900 Prepaid Insurance 4,800 (C) 6,000 (b) 4,500 (d) 4,800 800 900 3,400 Equipment 7,600 3,400 Web Servers Accounts Payable 900 (C) 12,000 900 Common Stock Services Revenue Selling Expenses 25,600 4,500 (d) 800 Use information from the T-accounts given above to prepare general journal entries for each of the seven transactions a through g View transaction list Journal entry worksheet 2 3 4 6 Record the owner investment in company Note: Enter debits before credits Transaction General...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
show calculations (excel)
On October 1, 2018 - ABC sold 1,000 shares of stock (100%) of ABC Co. for $3,500,000. The $3,500,000 was paid directly to ABC in exchange for ABC common stock. The par value of the stock was $1,500/share. ABC Company purchased equipment for $300,000; paying $120,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 5% payable on January 1" of each subsequent year. ABC Company prepaid a year's (12months) worth of...
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c 3,000 G Accts Receivable 10,000 Common Stock 20,000 A F Prepaid Insurance 2.000 600 B Fees Earned 10,000 F D Computer 4,000 с E B Operating Expenses 800 2,400 600 Instructions indicate for each Debit and each Credit whether an asset, liability, stockholders' equity, revenue, or expense account was affected and whether the account was increased or decreased Account Debited Account Credited Transaction Type...
Cash Dec. 31 Accounts Payable 2,400 Dec 31 800 Service Revenue 25,000 Dec 31 400 (0) 25.400 Bal. Bal 800 2.400 Bal Office Supplies 2.000 1.700 (a Salaries Payable 310 (d) Salaries Expense Dec. 31 Dec. 31 (d) 7.000 310 Bal 300 310 Bal Bal 7.3101 Prepaid Insurance Unearned Revenue 400 700 Dec 31 (a Supplies Expense 1.700 Dec 31 600 580 (b) Bal 20 300 Bal Bal 1.700 Prepaid Insurance 600 580 (b Unearned Revenue Dec 31 400 Supplies...
On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that ABC Company should make on May 1" to record this event. 2. Record this event/entry in the Horizontal Financial Statement format below. Add any account titles/headings you need in...
Most questions answered within 3 hours.
-
Teams with high levels of ______ and ______ deal with task
conflict better than those without...
asked 9 minutes ago -
Create a C++ project called lab3b and add the following source
code init_struct.cpp to the project....
asked 20 minutes ago -
12.
A budget that can be easily adjusted to show budgeted revenues,
costs, and cash flows...
asked 28 minutes ago -
________ unemployment changes slowly and depends on
________.
Select one:
a. Frictional; the rate at which...
asked 56 minutes ago -
These surveys collect information in low- and
middle-income countries regarding the total fertility rate and the...
asked 1 hour ago -
I need to determine the concentration of hydrogen peroxide in a
solution using titrimetric analysis
25...
asked 1 hour ago -
Your are the Vice-President of operations for a New Orleans food
chain. In the aftermath of...
asked 1 hour ago -
Create a flowchart and a program; test the program. Program
Requirements.
- There are 10 members...
asked 1 hour ago -
Which of the following is not a sensory receptor?
a. a hair cell
b. a rod
c. a...
asked 1 hour ago -
Does the launch speed depend significantly upon the launching
angle? Is it reasonable?
asked 2 hours ago -
A disc of moment of inertia 3.00 kgm2 is rotating with angular
velocity 2.00 rad/s about...
asked 1 hour ago -
Hi, can somone help me with this question?
Omega Company reported the following information for the...
asked 1 hour ago