Homework Answers
| Sl No | Account tilte | Debit | Credit |
| 1 | Cash | 32000.00 | |
| Common stock | 32000.00 | ||
| 2 | Supplies | 2000.00 | |
| Accounts payable | 2000.00 | ||
| 3 | Accounts payable | 1500.00 | |
| Cash | 1500.00 | ||
| 4 | Equipment | 8000.00 | |
| Cash | 3000.00 | ||
| Loans payable | 5000.00 |
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Question 18
1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be...
question 18 5-8 5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need...
question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg, 5.000). If no dollar value is needed in a blank, put "o' in the space provided. Account Title Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed on December 31 NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5.000). If no dollar value is needed in a blank, put 'o" in the space provided Account Title Debit Credit 2. Jones earned $58,000 of sales revenue during the year. Prepare the closing...
question 19 3,4,5 3. By December 31, Crabb had provided $14.000 of services to a customer...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2 1. Crabb received $18,000 from a customer on November 1 related...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ enter a dollar amount rounded to 0 decimal...
Exercise 16-21 On January 2, 2020, Crane Corp. issued a $82,000, four–year note at prime plus...
Exercise 16-21
On January 2, 2020, Crane Corp. issued a $82,000, four–year note
at prime plus 1% variable interest, with interest payable
semi–annually. On the same date, Crane entered into an interest
rate swap where it agreed to pay 8% fixed and receive prime plus 1%
for the first six months on $82,000. At each six–month period, the
variable rate will be reset. The prime interest rate is 7.7% on
January 2, 2020, and is reset to 8.7% on June...
Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information...
Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information and the t-accounts provided to record the club’s April purchase transactions, assuming it uses the perpetual inventory system. Sunflower purchased 320 engraved medals on account from Evans Engraving for $3.20 each on April 8. The terms of the purchase were 3/10, n/30. The medals were for the winners of a soccer tournament the following weekend. When Sunflower received the medals on April 12, it...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $208,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Mecounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 60,000 86,000 101,000...
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $214,000....
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $214,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation Assets Cash $ 70,000 $ 24,000 Accounts Receivable 87,000 52,000 Inventory 101,000 64,000 Buildings and Equipment (net) 218,000 159,000 Investment in Faith Corporation Stock 214,000 Total Assets $ 690,000 $ 299,000 Liabilities and Stockholders’ Equity Accounts Payable $ 84,000 $...
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $207,000....
Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $207,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation Assets Cash $ 62,000 $ 34,000 Accounts Receivable 81,000 39,000 Inventory 103,000 75,000 Buildings and Equipment (net) 212,000 160,000 Investment in Faith Corporation Stock 207,000 Total Assets $ 665,000 $ 308,000 Liabilities and Stockholders’ Equity Accounts Payable $ 84,000 $...
question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg, 5.000). If no dollar value is needed in a blank, put "o' in the space provided. Account Title Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed on December 31 NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5.000). If no dollar value is needed in a blank, put 'o" in the space provided Account Title Debit Credit 2. Jones earned $58,000 of sales revenue during the year. Prepare the closing...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Exercise 16-21
On January 2, 2020, Crane Corp. issued a $82,000, four–year note
at prime plus 1% variable interest, with interest payable
semi–annually. On the same date, Crane entered into an interest
rate swap where it agreed to pay 8% fixed and receive prime plus 1%
for the first six months on $82,000. At each six–month period, the
variable rate will be reset. The prime interest rate is 7.7% on
January 2, 2020, and is reset to 8.7% on June...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $208,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Mecounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 60,000 86,000 101,000...
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