Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues:
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Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues:
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 Collected $1,490 of accounts receivable due from customers. 5 Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected...
Question 2 These financial statement items are for Splish Brothers Inc. at year-end, July 31, 2017....
Question 2 These financial statement items are for Splish Brothers Inc. at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,880 58,500 17,500 20,300 4,100 67,100 10,400 3,100 16,000 31,100 11,080 7,900 4,000 5,900 35,900 Prepare an income statement for the year. Splish Brothers Inc....
These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable...
These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable $3,480 Salaries and wages expense Supplies expense 58,800 17,400 19,900 Equipment Accounts payable 4 Service revenue ,100 67,400 10,300 Rent revenue Notes payable (due in 2020) 3,600 Common stock 16,000 10, Cash 30,500 Accounts receivable 11,580 8,000 Accumulated depreciation-equipment Dividends 4,000 Depreciation expense 6,000 Retained earnings (beginning of the year) 35,300 Tamarisk, Inc. Income Statement For the Year Ended July 31, 2017 :...
Nike, Inc. has a fiscal year-end of May 31. On May 31, 2015, Nike, Inc....
Nike, Inc. has a fiscal year-end of May 31. On May 31, 2015, Nike, Inc. reported $21,597 million in assets and $12,707 million in equity. During fiscal 2016, Nike’s assets decreased by $201 million while its equity decreased by $449 million. What were Nike’s total liabilities at May 31, 2015 and May 31, 2016?
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data: 2021 2020 2019 port Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79,000 56,000 46,000 35,000 After its July 31, 2021 year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 8%, two-year...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 8%, two-year bonds, on December 31, 2019, with a par value of $97,000 and semiannual interest payments. Seni annual Period-End (0) 12/31/2019 (1) 6/30/2020 (2) 12/31/2020 (3) 6/30/2021 (4) 12/31/2021 Un amortized Discount $5,940 4.455 2,970 1.RS Carrying Value $91,060 92,545 94.030 95.515 97,000 Use the above straight-line bond amortization table and prepare journal entries for the following. Required: (a) The issuance of bonds on December...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 9%, two-year...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 9%, two-year bonds, on December 31, 2019, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End (0) 12/31/2019 (1) 6/30/2020 (2) 12/31/2020 (3) 6/30/2021 (4) 12/31/2021 Unamortized Discount $6,180 4,635 3,090 1,545 Carrying Value $102,820 104,365 105,918 107,455 199,000 Use the above straight-line bond amortization table and prepare journal entries for the following. Required: (a) The issuance of bonds on December 31, 2019....
American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance...
American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018. Account Title Debits Credits Retained earnings 84,000 Sales revenue 790,000 Interest revenue 5,000 Cost of goods sold 440,000 Salaries expense 140,000 Rent expense 19,000 Depreciation expense 34,000 Interest expense 5,400 Insurance expense 6,400 Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
Question 2 These financial statement items are for Splish Brothers Inc. at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $ 3,880 58,500 17,500 20,300 4,100 67,100 10,400 3,100 16,000 31,100 11,080 7,900 4,000 5,900 35,900 Prepare an income statement for the year. Splish Brothers Inc....
These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable $3,480 Salaries and wages expense Supplies expense 58,800 17,400 19,900 Equipment Accounts payable 4 Service revenue ,100 67,400 10,300 Rent revenue Notes payable (due in 2020) 3,600 Common stock 16,000 10, Cash 30,500 Accounts receivable 11,580 8,000 Accumulated depreciation-equipment Dividends 4,000 Depreciation expense 6,000 Retained earnings (beginning of the year) 35,300 Tamarisk, Inc. Income Statement For the Year Ended July 31, 2017 :...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data: 2021 2020 2019 port Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79,000 56,000 46,000 35,000 After its July 31, 2021 year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 8%, two-year bonds, on December 31, 2019, with a par value of $97,000 and semiannual interest payments. Seni annual Period-End (0) 12/31/2019 (1) 6/30/2020 (2) 12/31/2020 (3) 6/30/2021 (4) 12/31/2021 Un amortized Discount $5,940 4.455 2,970 1.RS Carrying Value $91,060 92,545 94.030 95.515 97,000 Use the above straight-line bond amortization table and prepare journal entries for the following. Required: (a) The issuance of bonds on December...
Exercise 10-6 Straight-Line: Recording bond issuance and discount amortization LO P2 Dobbs Company issues 9%, two-year bonds, on December 31, 2019, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End (0) 12/31/2019 (1) 6/30/2020 (2) 12/31/2020 (3) 6/30/2021 (4) 12/31/2021 Unamortized Discount $6,180 4,635 3,090 1,545 Carrying Value $102,820 104,365 105,918 107,455 199,000 Use the above straight-line bond amortization table and prepare journal entries for the following. Required: (a) The issuance of bonds on December 31, 2019....
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