Homework Answers
1.
Insurance expense:
= $7,200 X 3 / 12
= -1800 (Expense)
2.
Depreciation expense:
= $400 X 3
= -1200 (Expense)
3.
0 (no effect on net income)
4.
= $1,600 X 3/4
= 1200 (Income)
Add Answer to:
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry....
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require...
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require adjustment at December 31, 2019, the corporation's accounting year-end: 1. Prepaid insurance at December 31, 2018 was $5,900. At year-end 2019 Nandi Corporation was informed by its insurance broker that exactly $18,200 of insurance expense was incurred by Nandi in 2019. During 2019 Nandi Corporation made payments of $16,000 which were debited to the insurance expense account. 2. The allowance for doubtful accounts has...
ABC Company provided the following income items to its outside accountant. This is the first time...
ABC Company provided the following income items to its outside accountant. This is the first time the accountant has worked with ABC, and during the initial meeting she failed to ask if ABC is an accrual basis taxpayer or a cash basis taxpayer. Calculate ABC’s income using both methods so the accountant is ready for her next meeting with them. You are calculating ABC’s income as of December 31, 2018. Include explanations in your calculation. (4 POINTS) $10,000 received December...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
ABC Company provided the following income items to its outside accountant. This is the first time...
ABC Company provided the following income items to its outside accountant. This is the first time the accountant has worked with ABC, and during the initial meeting she failed to ask if ABC is an accrual basis taxpayer or a cash basis taxpayer. Calculate ABC’s income using both methods, Accrual base and Cash base, so the accountant is ready for her next meeting with them. You are calculating ABC’s income as of December 31, 2019. Include explanations in your calculation....
Background: Laughter Landscaping collected the following data for the December 31, 2018 adjusting entries, as well as subsequent entries related to those adjustments.
12/31/2018Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laughter will pay its employees on January 3.12/31/2018On January 1 of the current year, Laughter purchased an insurance policy that covers two years, $8,000.12/31/2018The beginning balance of Office Supplies was $4,300. During the year, Laughter purchased office supplies for $5,600, and at December 31 the office supplies on hand total...
For each of the following independent situations, prepare journal entries to record the initial transaction on...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Magnificent Magazines received $12,000 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019. b. Walker Window Washing paid $1,200 cash for...
The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance...
The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance policy for cash, $8,400. Jan 4 Paid utilities bill that was received in December 2015, $450. Jan 9 Performed a service on account, $12,000. Jan 16 Paid monthly salary to employees, $2,700. Jan 21 Received $18,000 from a customer on account. Jan 25 Received $600 from January 9 transaction. Jan 31 Prepared the adjusting entry for insurance from January 1 transaction. Jan 31 Accrued...
During the course of your examination of the financial statements of Trojan Corporation for the year...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $93,000 a. An insurance policy covering 12 months was purchased on October 1, 2018. for $19.800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $3,300 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $2,800 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $98,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $22,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $3,800 cash advance from a customer...
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require adjustment at December 31, 2019, the corporation's accounting year-end: 1. Prepaid insurance at December 31, 2018 was $5,900. At year-end 2019 Nandi Corporation was informed by its insurance broker that exactly $18,200 of insurance expense was incurred by Nandi in 2019. During 2019 Nandi Corporation made payments of $16,000 which were debited to the insurance expense account. 2. The allowance for doubtful accounts has...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Magnificent Magazines received $12,000 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019. b. Walker Window Washing paid $1,200 cash for...
The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance policy for cash, $8,400. Jan 4 Paid utilities bill that was received in December 2015, $450. Jan 9 Performed a service on account, $12,000. Jan 16 Paid monthly salary to employees, $2,700. Jan 21 Received $18,000 from a customer on account. Jan 25 Received $600 from January 9 transaction. Jan 31 Prepared the adjusting entry for insurance from January 1 transaction. Jan 31 Accrued...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $93,000 a. An insurance policy covering 12 months was purchased on October 1, 2018. for $19.800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $3,300 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $2,800 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $98,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $22,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $3,800 cash advance from a customer...
Most questions answered within 3 hours.
-
There are 3 models that generate 3 below predicted values for
CAD
Model1: $1.00
Model2: $1.112...
asked 3 minutes ago -
Please note this is a question for my midterm so answer
seriously and make sure it...
asked 7 minutes ago -
Conduct a search of "the difference between marketing strategy
and tactics" and scan the results. Select...
asked 12 minutes ago -
what could be done to increase the likelihood of transfer of
training if the work environment...
asked 14 minutes ago -
Consider the following argument: It’s too hot or it’s too cold.
If it’s too cold, I’ll...
asked 14 minutes ago -
Steve's Specialties, Inc. paid its dividend yesterday, which as
$ 3.00. The dividend has been growing...
asked 30 minutes ago -
We are trying to decide a warehouse location to minimize our
costs of moving supplies to...
asked 30 minutes ago -
Create a SWOT Analyst diagram on topic Disaster Recovery Plan
for an commercial business.
asked 28 minutes ago -
How do we make sure that our professional judgment as an auditor
is "free" from bias?
asked 46 minutes ago -
discuss the design features of one of the first point-
factor job evaluation methods that continues...
asked 51 minutes ago -
Carbonated cola is more acidic than coffee or even orange juice
because cola contains phosphoric acid....
asked 53 minutes ago -
Which of the following is the type of join that matches each row
of the first...
asked 1 hour ago