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The unadjusted trial balance of Teal Mountain Inc., a private company following ASPE, at December 31,...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Skysong, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Skysong, Inc., a private company following ASPE, at December 31, 2020, is as follows: Debit Credit Cash $17,330 Accounts receivable 102,600 Allowance for doubtful accounts $3,430 Inventory 59,600 Prepaid insurance 4,708 Bond investment at amortized cost 56,400 Land 31,900 Buildings 151,205 Accumulated depreciation—buildings 15,934 Equipment 34,200 Accumulated depreciation—equipment 5,700 Goodwill 16,550 Accounts payable 100,900 Bonds payable (20-year, 8%) 180,000 Common shares 115,300 Retained earnings 45,329 Sales revenue 192,500 Rent revenue 11,250 Rent expense 19,800 Supplies...
The unadjusted trial balance of Blue Spruce Corp., a private company following ASPE, at December 31,...
The unadjusted trial balance of Blue Spruce Corp., a private company following ASPE, at December 31, 2020 is as follows: Debit Credit Cash $11,900 Accounts receivable 59,100 Allowance for doubtful accounts $745 FV-NI investments 8,300 Inventory 56,400 Prepaid insurance 2,856 Prepaid rent 11,748 FV-OCI investments 14,200 Bond investment at amortized cost 19,000 Land 10,200 Equipment 110,000 Accumulated depreciation—equipment 16,900 Accounts payable 8,500 Bonds payable 60,000 Common shares 104,400 Retained earnings 100,794 Sales revenue 224,800 Rent revenue 9,600 Purchases 174,500 Purchase...
The unadjusted trial balance of Peace Hill Inc. at December 31, 2017, is as follows: Additional...
The unadjusted trial balance of Peace Hill Inc. at December 31,
2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
company has already paid for advertisements in Crizza
MMagazine for the first quarter of 2018.
2.
The building was purchased and occupied on January 1, 2015,
with an estimated useful life of 20 years, and residual value of
$31,800. (The company uses straight-line depreciation.)
3.
Prepaid insurance contains the premium costs of several...
Teal Mountain Inc., a private company following ASPE, is having difficulty meeting its working capital requirements....
Teal Mountain Inc., a private company following ASPE, is having difficulty meeting its working capital requirements. As a result, on January 1, 2020, the company sold bonds with a face value of $2.05 million, receiving $1,850,000 in cash. The bonds have an interest rate of 12% and mature on January 1, 2022. Interest is payable semi-annually on January 1 and July 1. Set up a schedule of interest expense and discount amortization under the straight-line method. Credit Interest Payable Schedule...
View Policies Current Attempt in Progress The unadjusted trial balance of Pronghorn Corp, a private company...
View Policies Current Attempt in Progress The unadjusted trial balance of Pronghorn Corp, a private company following ASPE, at December 31, 2020 is as follows Debit Credit $10.750 58,300 $745 8,300 57,400 2,976 11.196 14,750 18.000 10.400 102,500 Cash Accounts receivable Allowance for doubtful accounts FV-Nl investments Inventory Prepaid insurance Prepaid rent FV-OCl investments Bond investment at amortized cost Land Equipment Accumulated depreciation-equipment Accounts payable Bonds payable Common shares Retained earnings Sales revenue Rent revenue Purchases Purchase discounts Freight out...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Exercise 14-21 Teal Mountain Inc. had outstanding $11 million of 9.00% bonds (interest payable March 31...
Exercise 14-21 Teal Mountain Inc. had outstanding $11 million of 9.00% bonds (interest payable March 31 and September 30) due in 12 years. Teal Mountain was able to reduce its risk rating through investing in more real estate. As a result, on September 1, it issued $6 million of 10-year, 7% bonds (interest payable July 1 and January 1) at 96. A portion of the proceeds was used to call the 9.00% bonds at 106 on October 1. The unamortized...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits 7,900 9,250 3,700 240,000 72,500 Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 29,000 108,000...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Peace Hill Inc. at December 31,
2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
company has already paid for advertisements in Crizza
MMagazine for the first quarter of 2018.
2.
The building was purchased and occupied on January 1, 2015,
with an estimated useful life of 20 years, and residual value of
$31,800. (The company uses straight-line depreciation.)
3.
Prepaid insurance contains the premium costs of several...
Teal Mountain Inc., a private company following ASPE, is having difficulty meeting its working capital requirements. As a result, on January 1, 2020, the company sold bonds with a face value of $2.05 million, receiving $1,850,000 in cash. The bonds have an interest rate of 12% and mature on January 1, 2022. Interest is payable semi-annually on January 1 and July 1. Set up a schedule of interest expense and discount amortization under the straight-line method. Credit Interest Payable Schedule...
View Policies Current Attempt in Progress The unadjusted trial balance of Pronghorn Corp, a private company following ASPE, at December 31, 2020 is as follows Debit Credit $10.750 58,300 $745 8,300 57,400 2,976 11.196 14,750 18.000 10.400 102,500 Cash Accounts receivable Allowance for doubtful accounts FV-Nl investments Inventory Prepaid insurance Prepaid rent FV-OCl investments Bond investment at amortized cost Land Equipment Accumulated depreciation-equipment Accounts payable Bonds payable Common shares Retained earnings Sales revenue Rent revenue Purchases Purchase discounts Freight out...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Exercise 14-21 Teal Mountain Inc. had outstanding $11 million of 9.00% bonds (interest payable March 31 and September 30) due in 12 years. Teal Mountain was able to reduce its risk rating through investing in more real estate. As a result, on September 1, it issued $6 million of 10-year, 7% bonds (interest payable July 1 and January 1) at 96. A portion of the proceeds was used to call the 9.00% bonds at 106 on October 1. The unamortized...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits 7,900 9,250 3,700 240,000 72,500 Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 29,000 108,000...
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