Homework Answers
1. Option (c) is correct
CR's practice is an example of Accrual accounting. Under accrual accounting, revenues are recognized when earned (irrespective of when it is received) and expenses are recognized when incurrred (irrespective of when they are paid).
2. Income statement for the year ended December 31, 2021:
| Description | Amount | Amount |
| Sales revenue | $540000 | |
| Cost of goods sold | ($250000) | |
| Gross margin | $290000 | |
| Operating expenses: | ||
| Salaries expense | $134000 | |
| Rent expense | $29000 | |
| Advertising expense | $3900 | |
| Depreciation expense | $44000 | |
| Total operating expense | ($210900) | |
| Income from operations | $79100 | |
| Other expenses: | ||
| Interest expense | $3400 | |
| Total other expenses | ($3400) | |
| Net income | $75700 |
Add Answer to:
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather...
The adjusted trial balance for China Tea Company at December 31, 2021, Is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, Is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16,100 270,000 80,800 79,100 540,000 250,000 134,000 29,000 44,000 3,400...
Saved The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is...
Saved The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 12,100 166,000 6,600 41,000 460,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 141,000 46,000 46,000 5,600 17,100 280,000 85,200 82,900 560,000 260,000 136,000 31,000...
The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented...
The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Debit Credit Cash 11,100 Accounts receivable 156,000 Prepaid rent 5,600 Inventory 31,000 Iquipment 360,000 Accumulated depreciation equipment 131,000 Accounts payable 36,000 Notes payable-due in three months 36,000 Salaries payable 4.600 Interest payable 12,100 Common stock 230,000 Retained earnings 63,200 Dividends 63,900 Sales revenue 460,000 Costs of goods sold 210,000 Salaries expense 126,000 Rent expense 21.000 Depreciation expense 36,000 Interest expense 2,600 Advertising expense...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11,900 164 000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16, 100 270,000 80,800 13, 700 540,000 250,000 134,000 29,000...
Help Save & Exit 18 Submit Check my work Part 1 of 3 The December 31,...
Help Save & Exit 18 Submit Check my work Part 1 of 3 The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,400 134,000 4,400 22,000 240,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $119.000 10,400 9,400 3,400 24,000 140,000 44,000...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr $ 8,000 21.09 415,000 Accounts Cash Prepaid rent Land Accounts payable Salaries payable Cornon stock Retained earnings Dividends Service revenue Salaries expense Rent expense Utilities expense Totals 17.00 22.000 use.ee 102.000 15,000 330,000 200.000 28,000 134,000 $721,000 $721,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
Chattahoochee Coolers’ trial balance as of December 31, 2012, follows: DR CR Cash 2,400 Accounts receivable...
Chattahoochee Coolers’ trial balance as of December 31, 2012, follows: DR CR Cash 2,400 Accounts receivable 10,400 Inventory 71,200 Prepaid rent 3,600 Equipment 24,100 Accumulated depreciation- equipment 7,200 Accounts payable 9,000 Salary payable Note payable-long term 20,100 Robert, Capital 56,000 Robert, withdrawals 36,400 Sales revenue 192,500 Cost of goods sold 66,000 Salary expense 46,400 Rent expense 14,500 Utilities expense 6,700 Depreciation expense Interest expense 3,100 ___ ___ Total 284,800 284,800 The following additional data at December 31,...
The accountant for Scott Industries prepared the following list of account balances from the company's records...
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31. Fees earned $165,000 Cash $30,000 Accounts receivable 16,000 Selling expenses 44,000 Equipment 64,000 Common stock 47,000 Accounts payable 12,000 Interest revenue 3,000 Salaries & wages expense 40,000 Income taxes expense 18,000 Income taxes payable 5,000 Rent expense 20,000 Calculate net income or net loss. Based on this information, is Scott Industries profitable?
The adjusted trial balance for China Tea Company at December 31, 2021, Is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16,100 270,000 80,800 79,100 540,000 250,000 134,000 29,000 44,000 3,400...
Saved The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 12,100 166,000 6,600 41,000 460,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 141,000 46,000 46,000 5,600 17,100 280,000 85,200 82,900 560,000 260,000 136,000 31,000...
The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Debit Credit Cash 11,100 Accounts receivable 156,000 Prepaid rent 5,600 Inventory 31,000 Iquipment 360,000 Accumulated depreciation equipment 131,000 Accounts payable 36,000 Notes payable-due in three months 36,000 Salaries payable 4.600 Interest payable 12,100 Common stock 230,000 Retained earnings 63,200 Dividends 63,900 Sales revenue 460,000 Costs of goods sold 210,000 Salaries expense 126,000 Rent expense 21.000 Depreciation expense 36,000 Interest expense 2,600 Advertising expense...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11,900 164 000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16, 100 270,000 80,800 13, 700 540,000 250,000 134,000 29,000...
Help Save & Exit 18 Submit Check my work Part 1 of 3 The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,400 134,000 4,400 22,000 240,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $119.000 10,400 9,400 3,400 24,000 140,000 44,000...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr $ 8,000 21.09 415,000 Accounts Cash Prepaid rent Land Accounts payable Salaries payable Cornon stock Retained earnings Dividends Service revenue Salaries expense Rent expense Utilities expense Totals 17.00 22.000 use.ee 102.000 15,000 330,000 200.000 28,000 134,000 $721,000 $721,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31. Fees earned $165,000 Cash $30,000 Accounts receivable 16,000 Selling expenses 44,000 Equipment 64,000 Common stock 47,000 Accounts payable 12,000 Interest revenue 3,000 Salaries & wages expense 40,000 Income taxes expense 18,000 Income taxes payable 5,000 Rent expense 20,000 Calculate net income or net loss. Based on this information, is Scott Industries profitable?
Most questions answered within 3 hours.
-
Blue Spruce Corp. owns equipment that cost $63,400 when
purchased on January 1, 2017. It has...
asked 41 seconds from now -
A lottery exists where balls numbered 1 to 17 are placed in an
urn. To win,...
asked 1 hour ago -
Please explain steps:
An 80 kg swimmer steps off a platform 10 m above the water...
asked 1 hour ago -
26) Briefly describe, using words or simple diagrams, the
chemiosmotic theory for coupling oxidation to phosphorylation...
asked 3 hours ago -
Suppose that XX is a random variable with mean 16 and standard
deviation 5 . Also...
asked 3 hours ago -
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 7 hours ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 7 hours ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 8 hours ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 9 hours ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 9 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 10 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 10 hours ago