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Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record...
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
part a. part b. part c. Required information [The following information applies to the questions displayed...
part a.
part b.
part c.
Required information [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable (long-term) Notes...
all help appreciated Required information [The following information applies to the questions displayed below] Starbooks Corporation...
all help appreciated
Required information [The following information applies to the questions displayed below] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 595 Accounts Receivable 295 Accumulated Depreciation 895 Cash 295 Common Stock 195 Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages for the month of March 2020 $ 214,000 Income Taxes withheld from employees 47,372 EI withheld from employees 1.66% CPP withheld from employees 4.95% Union dues withheld from employees 20,914 Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note when an equivalent loan would carry 10% interest. Drebin would record sales revenue on the date of sale equal to: Multiple Choice $50,000. The present value of $50,000 using a 10% interest rate. Zero. The future value of $50,000 using a 10% interest rate. Long-term interest-bearing notes receivable issued at an unrealistically low interest rate will be: Multiple Choice Accounted for on the installment...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the emainder. The Tournal entry would include a a. credit to Notes Receivable. b. credit to Machinery c. credit to Notes Payable. cebit to Cash. 4. Which of the following is not a valid adjusting entry? a. Debit interest expense credit interest payable. b. Cebit supplies expense, credit supplies c. Debit unearnest revenue, credit service revenue Cebit insurance expense, credit cash Which of the following...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
part a.
part b.
part c.
Required information [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable (long-term) Notes...
all help appreciated
Required information [The following information applies to the questions displayed below] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 595 Accounts Receivable 295 Accumulated Depreciation 895 Cash 295 Common Stock 195 Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the emainder. The Tournal entry would include a a. credit to Notes Receivable. b. credit to Machinery c. credit to Notes Payable. cebit to Cash. 4. Which of the following is not a valid adjusting entry? a. Debit interest expense credit interest payable. b. Cebit supplies expense, credit supplies c. Debit unearnest revenue, credit service revenue Cebit insurance expense, credit cash Which of the following...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
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