Question No. (11) (5 minutes): Nano Company is a service company. Nano has the following balances...
Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan: Opened business by issuing shares for $80,000 cash. 20 Feb: Obtained a bank loan and signed a note for $20,000 cash. 28 Feb: Received advertising bill, to be paid later, $29,000. 1 April: Billed customers for services already performed, $14,000. 1 May: Paid cash three quarters of the advertising bill in transaction 28 Feb. above. 15 June: Received $14,000 cash from customers already billed...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...
Brian Vian owns and manages a computer repair service, following trial is the balance on December 31, 2016 (the end of its fiscal year) VIAN REPAIR SERVICE Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable 8,000 15,000 13,000 3,000 20,000 Supplies Prepaid Rent Equipment Accounts Payable Owner's Capital $19,000 40,000 $59,000 $59,000 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, $1,000. 2. Additional supplies acquired on account $4,200. 3. Miscellaneous expenses, paid...
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
Rolfe Company (a U.S.-based company has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)) Notes payable Coon stock Retained earnings Inventory Land Building Accumulated depreciation NGN 15,780 10, 200 4.020 42.280 220, 180) NEN 2.100 NGN 20,840 20,040 10,020 NON 50, 100 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It...
E3-5 Devin Wolf Company has the following balances in selected accounts on December 31,2017. Accounts Receivable $-0- Accumulated Depreciation-Equipment -0- Equipment 7,000 Interest Payable -0- Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable -0- Supplies 2,450 Unearned Service Revenue 30,000 All the accounts have normal balances. The information below has been gathered at December 31,2017 1 . Devin Wolf Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2017 2. A count of supplies on...
E3-5 Devin Wolf Company has the following balances in selected accounts on December 31, 2017 -0- Accounts Receivable $ -0- Accumulated Depreciation Equipment -- Equipment 7,000 Interest Payable Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable -- Supplies 2,450 Unearned Service Revenue 30,000 All the accounts have normal balances. The information below has been gathered at December 31, 2017 1. Devin Wolf Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2017. 2. A count...
NO written work
Question 2: The following balances appear in the 31st December 2016 Balance Sheet of Shing Company: Cash $40,000, Accounts Receivables $8,500, Inventory $5,300, Property $8,000, Accounts Payable $3,500, Accrued liabilities $700, Common Stock $15,000, Retained earnings $?. The following events occurred during 2017: 1. The company sold $1,300 worth of inventory for the price of $7,000. 2. The company's owner sold 500 common stock to a well-known businessman for the amount of $1,200. 3. On April 1,...
Exercise 3-5 Verne Cova Company has the following balances in selected accounts on December 31, 2017 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue $ 0 7,000 0 10,100 3,300 2,000 29,600 All the accounts have normal balances. The information below has been gathered at December 31, 2017 1. 2. 3. 4. 5. Verne Cova Company borrowed $10,100 by signing a 1296, one-year note on September 1, 2017. A...
Problem 3 8B Communications provides telecommunications consulting Service The business had the following account balances mmunications consulting services. The business ad Prepare adjusting entries an ad usted trial balance and financial statements $ 19,000 17.100 13,000 3,900 54,000 PARIS COMMUNICATIONS Unadjusted Trial Balance December 1, 2017 Cash Accounts receivable Prepaid advertising Supplies Computer equipment Accumulated amortization computer equipment Furniture Accumulated amortization furniture Accounts payable R. Paris, capital R. Paris, withdrawals Consulting revenue Salaries expense Supplies expense Travel expense 120,000 28.000...