Homework Answers
Cash received for Dues = Revenue + Beginning Prepaid dues -
Ending prepaid dues + Ending Dues received in advance - Beginning
Dues received in advance.
$31000 = Revenue + 2700 - 1500 + 100 - 600
Revenues = $30300
Prepaid Dues is treated as equivalent to accounts receivable.
Add Answer to:
Use the information below to answer the following: 1/1/X0 12/31/X0 Prepaid dues $2,700 $ 1,500 Dues...
Use the information below to answer the following: 1/1/X0 12/31/X0 Unearned interest $5,800 $ 5,000 Prepaid...
Use the information below to answer the following: 1/1/X0 12/31/X0 Unearned interest $5,800 $ 5,000 Prepaid interest $ 700 $ 500 Accrual basis interest expense $ 20,000 What is cash paid for interest for the year? $19, 200 $19,800 c. $20,200 $20,600 $20,800
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for...
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for cash, $3,500. 5 Performed services and received cash, $1,600. 8 Paid advertising expense, $300. 11 Performed service on account, $3,400. 19 Purchased computer on account, $1,500. 24 Collected for August 11 service. 26 Paid account payable from August 19. 29 Paid salary expense, $800. 31 Adjusted for August insurance expense (see August 1). 31 Earned revenue of $400 that was collected in advance back...
Fantastic Catering completed the following selected transactions during May 2016: . • May 1: Prepaid rent...
Fantastic Catering completed the following selected transactions during May 2016: . • May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $70 May 9: Received cash for meals served to customers, $2,700 • May 14: Paid cash for kitchen equipment, $2,700 • May 23: Served a banquet on account, $2,900 • May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 • May 31: Recorded depreciation for...
Required information (The following information applies to the questions displayed below.] The December 31, 2021, unadjusted...
Required information (The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,300 14,300 6,360 3,300 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,300 10,000 5,300 47,160 31,500 $64,760 $64,760 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,360, represents payment on October 31, 2021, for rent...
Depreciation on the company’s wind turbine equipment for the year is $5,700. The Prepaid Insurance account for the solar panels had a $2,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance
Depreciation on the company’s wind turbine equipment for the year is $5,700.The Prepaid Insurance account for the solar panels had a $2,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $950 of unexpired insurance coverage remains at year-end.The company received $5,100 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed.As of December 31, $1,900 in wages expense...
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative...
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200 Accounts Payable $300 Common Stock $600 Service Revenue $500 Wages Expense $100 Rent Expense $200 If the inventory of supplies is $20, the adjusting entry would contain a Debit to Supplies for $20. Credit to Supplies for $20. Debit to Supplies Expense for $130. Credit to Supplies Expense for $130. QUESTION 13 If the insurance...
Presented below is the trial balance of the Buffalo Golf Club, Inc. as of December 31....
Presented below is the trial balance of the Buffalo Golf Club, Inc. as of December 31. The books are closed annually on December 31. BUFFALO GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,550 Accounts Receivable 14,700 Allowance for Doubtful Accounts $1,200 Prepaid Insurance 9,500 Land 353,200 Buildings 150,000 Accumulated Depreciation-Buildings 48,000 Equipment 196,500 Accumulated Depreciation-Equipment 91,700 Common Stock 381,500 Retained Earnings 158,117 Dues Revenue 204,200 Green Fees Revenue 5,703 Rent Revenue 17,600 Utilities Expenses 58,420 Salaries and...
SP04-05 Given P04-05 Given Data P04-05: BALBOA'S GYM October Transactions October 8,500 12,000 Receive membership dues...
SP04-05 Given P04-05 Given Data P04-05: BALBOA'S GYM October Transactions October 8,500 12,000 Receive membership dues for October Issue common stock for cash Purchase boxing equipment: Price of equipment Cash paid at time of purchase Pay for advertising Pay dividends to stockholders Pay six months' liability insurance beginning Nov. 1 Receive cash in advance for November memberships Receive but do not pay utility bill Pay employees' salaries for month 9,600 4,800 1,500 4,400 6,900 5,600 5,200 7,300 Additional Information: Beginning...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $126,000 11, 100 10,100 4,100 31,000 210,000 51,000 410,000 310,000 15,500 31,000...
Use the information below to answer the following: 1/1/X0 12/31/X0 Unearned interest $5,800 $ 5,000 Prepaid interest $ 700 $ 500 Accrual basis interest expense $ 20,000 What is cash paid for interest for the year? $19, 200 $19,800 c. $20,200 $20,600 $20,800
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for cash, $3,500. 5 Performed services and received cash, $1,600. 8 Paid advertising expense, $300. 11 Performed service on account, $3,400. 19 Purchased computer on account, $1,500. 24 Collected for August 11 service. 26 Paid account payable from August 19. 29 Paid salary expense, $800. 31 Adjusted for August insurance expense (see August 1). 31 Earned revenue of $400 that was collected in advance back...
Fantastic Catering completed the following selected transactions during May 2016: . • May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $70 May 9: Received cash for meals served to customers, $2,700 • May 14: Paid cash for kitchen equipment, $2,700 • May 23: Served a banquet on account, $2,900 • May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 • May 31: Recorded depreciation for...
Required information (The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 9,300 14,300 6,360 3,300 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,300 10,000 5,300 47,160 31,500 $64,760 $64,760 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,360, represents payment on October 31, 2021, for rent...
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200 Accounts Payable $300 Common Stock $600 Service Revenue $500 Wages Expense $100 Rent Expense $200 If the inventory of supplies is $20, the adjusting entry would contain a Debit to Supplies for $20. Credit to Supplies for $20. Debit to Supplies Expense for $130. Credit to Supplies Expense for $130. QUESTION 13 If the insurance...
SP04-05 Given P04-05 Given Data P04-05: BALBOA'S GYM October Transactions October 8,500 12,000 Receive membership dues for October Issue common stock for cash Purchase boxing equipment: Price of equipment Cash paid at time of purchase Pay for advertising Pay dividends to stockholders Pay six months' liability insurance beginning Nov. 1 Receive cash in advance for November memberships Receive but do not pay utility bill Pay employees' salaries for month 9,600 4,800 1,500 4,400 6,900 5,600 5,200 7,300 Additional Information: Beginning...
(The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $126,000 11, 100 10,100 4,100 31,000 210,000 51,000 410,000 310,000 15,500 31,000...
Most questions answered within 3 hours.
-
The production capacity for acrylonitrile
(C3H3N) in the United States exceeds 2
million pounds per year....
asked 4 minutes ago -
explain and comment out your answer
43. How many address lines are required to address a...
asked 10 minutes ago -
A sample of 45 observations is selected from a normal
population. The sample mean is 49,...
asked 25 minutes ago -
A construction company is planning to bid on a building
contract. The bid costs the company...
asked 22 minutes ago -
A firm operating in a purely competitive environment is faced
with a market price of $250....
asked 29 minutes ago -
•Let’s say someone claims the average population size is
600 feet squared and the housing authority...
asked 36 minutes ago -
Cynaide is a deadly poison that blocks the last step in the
electron transport chain of...
asked 41 minutes ago -
Your friend tells you that there is a vending machine on campus
that dispenses M&M packs...
asked 56 minutes ago -
What advantages are there to using piperidine rather than
hydroxide as a base?
asked 54 minutes ago -
7. The life of a Freeze Breeze electric fan is normally
distributed with a mean 4...
asked 57 minutes ago -
1. A 751 mL NaCl solution is diluted to a volume of 1.06 L and a...
asked 1 hour ago -
8
A $20,000 face value STRIPS is currently quoted at 38.642 and
has 8 years to...
asked 1 hour ago