Homework Answers
| 3 |
| Under the Accrual basis of accounting, revenue is recognized when goods are shipped to customer. |
| FUBU will recognize revenue the day goods are shipped. |
| Option B: Increase in Accounts Receivable and Revenue |
| 4 |
| The payment received will Increase Cash and Decrease Accounts Receivable balance. |
| Option B is correct |
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After transferring his house into "mini factory" Daymond and his team were able to fulfill $75,000...
3. After transferring his house into mini factory Daymond and his team were able to fulfill...
3. After transferring his house into mini factory Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Assets Liabilities Stockholders' Equity...
Assume that one of the retailers that received FUBU apparel mentioned in question 3 just paid...
Assume that one of the retailers that received FUBU apparel mentioned in question 3 just paid for $30,000 worth of the apparel to FUBU. On that payment receipt day FUBU recorded: Assets Liabilities Stockholders' Equity Revenue Expense Net Income Options = Accounts payable + Unearned revenue + Common Stock Retained earnings А Cash Accounts 1+ receivables 30.000 + 30.000 30,000 + (30,000) 30.000 3000+ ( 30,000) + + + H + # с = 30.000 + + + + -...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s,...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry FUBU recorded in December? Net Assets Liabilities Stockholders' Equity Revenue Expense = Options Cash + Prepaid advertisement 2.000 Accounts payable Unearned revenue Common Stock Retained warnings A + + + D (2.000) + (2.000)...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s,...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry did FUBU make when it recognized Advertisement expense in January? Assets = Llabilities Stockholders' Equity Net Revenue - Expense = Income Options Cash Prepaid Accounts Unearned + Retained + Common + + advertisement...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and put the money into the business. Debt financing was recorded in the following manner: Assets Liabilities Stockholders' Equity Revenue - Expense = Net Income Options Accounts Cash Accounts Notes + Common receivables payable Retained + + Payables Stock earings А 100,000+ = + + 100,000 + 100,000 B 100,000 + (100,000) = . + + с 100,000 + + 100,000+ + D 100,000 +...
The following is selected financial information for West Company: Cash $ 40,000 15,000 125,000 75,000 20,000...
The following is selected financial information for West Company: Cash $ 40,000 15,000 125,000 75,000 20,000 Prepaid insurance Retained earnings Inventory Unearned revenue Salary expense Depreciation expense Property, plant, and equipment Accumulated depreciation Accounts payable Long-term notes payable (due in 5 years) Sales revenue 75,000 25,000 450,000 90,000 100,000 275,000 418,000 5,000 50,000 85,000 220,000 Salaries payable Common stock Accounts receivable Cost of goods sold What is the amount of West Company's total liabilities? A. $100,000 B. $105,000 C.$125,000 D....
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. b. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. C. Incurred and paid $190,000 in salaries for the year. d. Purchased $320,000...
3. After transferring his house into mini factory Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Assets Liabilities Stockholders' Equity...
Assume that one of the retailers that received FUBU apparel mentioned in question 3 just paid for $30,000 worth of the apparel to FUBU. On that payment receipt day FUBU recorded: Assets Liabilities Stockholders' Equity Revenue Expense Net Income Options = Accounts payable + Unearned revenue + Common Stock Retained earnings А Cash Accounts 1+ receivables 30.000 + 30.000 30,000 + (30,000) 30.000 3000+ ( 30,000) + + + H + # с = 30.000 + + + + -...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry FUBU recorded in December? Net Assets Liabilities Stockholders' Equity Revenue Expense = Options Cash + Prepaid advertisement 2.000 Accounts payable Unearned revenue Common Stock Retained warnings A + + + D (2.000) + (2.000)...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry did FUBU make when it recognized Advertisement expense in January? Assets = Llabilities Stockholders' Equity Net Revenue - Expense = Income Options Cash Prepaid Accounts Unearned + Retained + Common + + advertisement...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and put the money into the business. Debt financing was recorded in the following manner: Assets Liabilities Stockholders' Equity Revenue - Expense = Net Income Options Accounts Cash Accounts Notes + Common receivables payable Retained + + Payables Stock earings А 100,000+ = + + 100,000 + 100,000 B 100,000 + (100,000) = . + + с 100,000 + + 100,000+ + D 100,000 +...
The following is selected financial information for West Company: Cash $ 40,000 15,000 125,000 75,000 20,000 Prepaid insurance Retained earnings Inventory Unearned revenue Salary expense Depreciation expense Property, plant, and equipment Accumulated depreciation Accounts payable Long-term notes payable (due in 5 years) Sales revenue 75,000 25,000 450,000 90,000 100,000 275,000 418,000 5,000 50,000 85,000 220,000 Salaries payable Common stock Accounts receivable Cost of goods sold What is the amount of West Company's total liabilities? A. $100,000 B. $105,000 C.$125,000 D....
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. b. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. C. Incurred and paid $190,000 in salaries for the year. d. Purchased $320,000...
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