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(d) The company had acquired equipment costing S40,000 on January 1 of the current year. Suppose...
The company borrowed using a note payable from the bank for $30,000 on January 1 of...
The company borrowed using a note payable from the bank for $30,000 on January 1 of the current vear, due with all interest on June 30 of the following year. The note payable requires 10% interest Debit and credit the accounts affected. Dec. 31 Ensure the equation still balances and debits - credits. Assets Liabilities Stockholders' Equity (h) The company calculated its income taxes as $26.110 for the current year ended December 31. Debit and credit the accounts affected. Dec....
Date of Submission ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS (PART 1) Prepare the required adjusting journal...
Date of Submission ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS (PART 1) Prepare the required adjusting journal entry for each situation as of December 31 of the current vear. See the last page for the unadjusted account balances shown in T-accounts. (a) Suppose Deana's had received a $1,800 shipment of supplies in September of the current year. When counting the supplies on December 31 of the current year, Deana's found only $800 worth of supplies on hand. Debit and credit the...
please answer all these Sunland Company has the following transactions during August of the current year....
please answer all these
Sunland Company has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. Receives $1,200 from clients for services performed. Pays secretary $1,490 salary. 16 27 (a) Effect on Assets, Liabilities,...
Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $188,000. The trial...
Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $188,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Prince Corporation Sword Company Item Debit Credit Debit Credit Cash $ 94,000 $ 39,000 Accounts Receivable 53,000 58,000 Inventory 188,000 108,000 Land 92,000 34,000 Buildings and Equipment 494,000 161,000 Investment in Sword Company 217,000 Cost of Goods Sold 494,000 257,000 Depreciation Expense 24,000 14,000 Other Expenses 74,000 74,000 Dividends Declared 56,000...
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $33,600 is purchased at the...
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $33,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,600 per year. 2. On June 30, the company lends its chief financial officer $36,000; principal and interest at 5% are due in one year. 3. On October 1, the company receives $10,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary...
Oriole Enterprises had the following selected transactions. 1. Bo Oriole invested $6,400 cash in the business....
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
Majka Company was started on January 1, Year 1. During Year 1, the company experienced the...
Majka Company was started on January 1, Year 1. During Year 1,
the company experienced the following three accounting events: (1)
earned cash revenues of $33,700, (2) paid cash expenses of $14,900,
and (3) paid a $3,200 cash dividend to its stockholders. These were
the only events that affected the company during Year 1
Required
a. Record the effects of each accounting event
under the appropriate general ledger account headings.
b. Prepare an income statement, statement of
changes in stockholders’...
On January 2, Summers Company received a machine that the company had ordered with an invoice...
On January 2, Summers Company received a machine that the company had ordered with an invoice price of $101,000. Freight costs of $650 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 1,400 shares of Summers Company common stock, par value $1 (market value, $3.50 per share). b. Signed a note payable for $53,000 with an 10.3 percent interest rate (principal plus interest are due April...
On January 1,2014, Father Company acquired an 80 percent interest in Sun Company for 425,000. The...
On January 1,2014, Father Company acquired an 80 percent interest in Sun Company for 425,000. The acquisition-date fair value of the 20 percent non-controlling interest's ownership shares was $102,500. Also as of that date, Sun reported total stockholders' equity of $400,000: $100,000 in common stock and $300,000 in retained earnings. In setting the acquisition price, Father appraised four accounts at values different from the balances reported within Sun's financial records. Problems Buildings (8-year remaining life)..............undervalued by $20,000 Land,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,undervalued by $50,000...
any one know how to do this? Question 2 of 4 -/1 View Policies Current Attempt...
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
The company borrowed using a note payable from the bank for $30,000 on January 1 of the current vear, due with all interest on June 30 of the following year. The note payable requires 10% interest Debit and credit the accounts affected. Dec. 31 Ensure the equation still balances and debits - credits. Assets Liabilities Stockholders' Equity (h) The company calculated its income taxes as $26.110 for the current year ended December 31. Debit and credit the accounts affected. Dec....
Date of Submission ADJUSTING ENTRIES AND POSTING TO T-ACCOUNTS (PART 1) Prepare the required adjusting journal entry for each situation as of December 31 of the current vear. See the last page for the unadjusted account balances shown in T-accounts. (a) Suppose Deana's had received a $1,800 shipment of supplies in September of the current year. When counting the supplies on December 31 of the current year, Deana's found only $800 worth of supplies on hand. Debit and credit the...
please answer all these
Sunland Company has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. Receives $1,200 from clients for services performed. Pays secretary $1,490 salary. 16 27 (a) Effect on Assets, Liabilities,...
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $33,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,600 per year. 2. On June 30, the company lends its chief financial officer $36,000; principal and interest at 5% are due in one year. 3. On October 1, the company receives $10,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary...
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
Majka Company was started on January 1, Year 1. During Year 1,
the company experienced the following three accounting events: (1)
earned cash revenues of $33,700, (2) paid cash expenses of $14,900,
and (3) paid a $3,200 cash dividend to its stockholders. These were
the only events that affected the company during Year 1
Required
a. Record the effects of each accounting event
under the appropriate general ledger account headings.
b. Prepare an income statement, statement of
changes in stockholders’...
On January 2, Summers Company received a machine that the company had ordered with an invoice price of $101,000. Freight costs of $650 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 1,400 shares of Summers Company common stock, par value $1 (market value, $3.50 per share). b. Signed a note payable for $53,000 with an 10.3 percent interest rate (principal plus interest are due April...
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
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