SawPro Company, owned and operated by Heather Moore, opened for business in 2015. The company sells...
SawPro Company, owned and operated by Heather Moore, opened for business in 2015. The company sells a single model of commercial grade chain saws that it purchases from the manufacturer. Heather’s customers, primarily businesses offering landscaping and tree-services, purchase saws on account, with payment typically due within thirty-days.
The following transactions occurred during the calendar year ending December 31, 2018:
- Signed a five-year lease for retail space on May 1, 2015. The lease agreement requires cash prepayments of $400 per month, paid twelve months in advance, with the full amount due on May 1stof each year. Heather wrote a check for $4,800 on May 1, 2018.
Prepare a journal entry!
Homework Answers
Solution:
| Journal Entries - Saw Pro Company | |||
| Date | Particulars | Debit | Credit |
| 1-May-18 | Prepaid Rent Dr | $4,800.00 | |
| To Cash | $4,800.00 | ||
| (Being advance rent paid for the period 01.05.2018 to 30.04.2019) | |||
Add Answer to:
SawPro Company, owned and operated by Heather Moore, opened for
business in 2015. The company sells...
Create a Balance Sheet from the Information provided below for the company Wok City, Inc. as...
Create a Balance Sheet from the Information provided
below for the company Wok City, Inc. as of March 31,
2017
In March 2017, Wok City, Inc.
was formed by contributing
(1)$10,000 in cash in exchange
for all of the company's 1,000 shares of stock. Owner 1 convinced
his parents to loan the new venture
(2)$120,000 in cash, with
principal payable at the rate of $12,000 per year over ten years
and interest payable at a rate of 7.5 percent on...
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
THE CASE Sameer Arkell and Marcy Haddow had worked for Crowdsite, an international computer repair service,...
THE CASE Sameer Arkell and Marcy Haddow had worked for Crowdsite, an international computer repair service, for ten years. It therefore came as a surprise when they both received lay-off notices on a Friday afternoon early January 2015. Both were given severance packages that matched their seniority so they decided that this might be the catalyst to launch their own business repairing computers and related equipment for businesses in their community. Both were single and had no children, so no...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
I have this case study to solve. i want to ask which type of case study...
I have this case study to solve. i want to ask which
type of case study in this like problem, evaluation or decision? if
its decision then what are the criterias and all?
Stardust Petroleum Sendirian Berhad: how to inculcate the pro-active safety culture? Farzana Quoquab, Nomahaza Mahadi, Taram Satiraksa Wan Abdullah and Jihad Mohammad Coming together is a beginning; keeping together is progress; working together is success. - Henry Ford The beginning Stardust was established in 2013 as a...
Create a Balance Sheet from the Information provided
below for the company Wok City, Inc. as of March 31,
2017
In March 2017, Wok City, Inc.
was formed by contributing
(1)$10,000 in cash in exchange
for all of the company's 1,000 shares of stock. Owner 1 convinced
his parents to loan the new venture
(2)$120,000 in cash, with
principal payable at the rate of $12,000 per year over ten years
and interest payable at a rate of 7.5 percent on...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
I have this case study to solve. i want to ask which
type of case study in this like problem, evaluation or decision? if
its decision then what are the criterias and all?
Stardust Petroleum Sendirian Berhad: how to inculcate the pro-active safety culture? Farzana Quoquab, Nomahaza Mahadi, Taram Satiraksa Wan Abdullah and Jihad Mohammad Coming together is a beginning; keeping together is progress; working together is success. - Henry Ford The beginning Stardust was established in 2013 as a...
Most questions answered within 3 hours.
-
Which of the following is false regarding osmosis and diffusion?
a) A single glycogen molecule will...
asked 14 minutes ago -
20.
A diamond mine is expected to produce regular annual cash flows
of $1 million for...
asked 16 minutes ago -
Within the client’s IT system, supplier information is contained
in a supplier master file (SMF). Each...
asked 15 minutes ago -
Explain why sound travels faster in warm air than in cool air.
Suppose the room temperature...
asked 22 minutes ago -
The measured glucose level one hour after having a sugary drink
varies according to the normal...
asked 29 minutes ago -
Mic2 is a gene present on both the X and Y chromosome
of humans. Suppose a...
asked 28 minutes ago -
Consider this balanced chemical equation:
H2O2(aq)+3I−(aq)+2H+(aq)→I3−(aq)+2H2O(l)H2O2(aq)+3I−(aq)+2H+(aq)→I3−(aq)+2H2O(l)
In the first 10.0 seconds of the reaction, the concentration...
asked 31 minutes ago -
A neuropathologist is using a device with a thin circular coil
of current-carrying wire of radius...
asked 35 minutes ago -
A Carnot engine whose low-temperature reservoir is at 18.0°C has
an efficiency of 21.9%. By how...
asked 37 minutes ago -
A carpenter is making doors that are 2058.0 millimeters tall. If
the doors are too long...
asked 37 minutes ago -
Suppose you are analyzing a competitor of Levi's Luxury Shop and
determine that Current Assets are...
asked 51 minutes ago -
statistics show
that 40% of adults sleep with socks. Eight adults are randomly
selected
what is...
asked 59 minutes ago