XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

Question

Question

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common st

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

By December 31, the company has performed 7 months of services from June to December.

Unearned revenue is for 3 remaining months

Amount of unearned revenue = 128620*3/10= 38586

Amount of unearned revenue on December 31,2019 balance sheet = 38586

Add a comment

Answer 2

Similar Homework Help Questions

XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $372,000 cash. May 22: Purchased inventory costing $52,000 on account. June 1: Received $78,810 cash from a customer for services to be performed over the next ten months. August 19: Sold 74 the inventory purchased on May 22 for $112,000. The customer paid % of the bill on August 19 and agreed to pay the other %...
XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $319,000 cash. May 22: Purchased inventory costing $36,000 on account. June 1: Received $104,330 cash from a customer for services to be performed over the next ten months. August 19: Sold ¾ the inventory purchased on May 22 for $117,000. The customer paid ½ of the bill on August 19 and agreed to pay the other ½...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...

EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $359,000 cash. May 22: Purchased inventory costing $30,000 on account. June 1: Received $53,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $106,000. The customer paid ½ of the...

EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...

EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $280,000 cash. May 22: Purchased inventory costing $37,000 on account. June 1: Received $44,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $119,000. The customer paid ½ of the...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...

B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $239,000 cash. March 1: Purchased equipment for $85,000 cash. The eqyipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 12% note receivable. May 22: Purchased inventory costing $59,000 on account. June 1: Received $66,000 cash from a customer for services to be performed...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...

B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $230,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4.000 April 30: Lent a customer 560,000 on a 10-month, 11% note receivable May 22: Purchased inventory costing 561,000 on account. June 1: Received 573,000 cash from a customer for services to be performed...

B9-lR Company began operations in 2025 and entered into the following transactions during the year: February...

B9-lR Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $367,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 10% note receivable. May 22: Purchased inventory costing $38,000 on account. June 1: Received $23,000 cash from a customer for services to be performed...
ADJUSTING & CLOSING PROCESS XYZ Company began operations in 2019 and entered into the following transactions...

ADJUSTING & CLOSING PROCESS XYZ Company began operations in 2019 and entered into the following transactions during the year: May 1: Sold common stock to owners for $200,000 cash. June 1: Purchased equipment for $75,000 cash. The equipment was assigned a life of eight years and a residual value of $3,000. July 10: Purchased inventory costing $40,000 on account. August 1: Purchased a 3-year insurance policy for $36,000 cash. September 1: Received $12,000 cash from a customer for services to...
a Company started tasks in 2021 and went into the accompanying exchanges during the year February...

a Company started tasks in 2021 and went into the accompanying exchanges during the year February 15: ||| common stock was sold to owners for $252,000 cash.||| May 22: ||| Purchased inventory costing $59,000 on account.||| June 1: |||Received $43,000 cash from a customer for services||| to be performed over the next ten months. August 1: |||Purchased a 4-year insurance policy for $84,000 cash.||| August 19: |||Sold ¾ of the inventory purchased on May 22 for $131,000.||| ||| The customer...

IYQ Company began operations on June 1, 2019. The company entered into the following transactions during...

IYQ Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $295,000 and borrowed $69,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $152,000 by paying $66,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $42,000 of interest on its bank accounts in July. August...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

Homework Answers