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n November and December 2017, Gee Company, a subscriptions at $12 per year, starting with the January 2018 issue of the magazine. Required How much should Gee report in its 2017 income statement for subscriptions revenue on an accrual basis? What are Gees cash receipts in 2017 Revenue recognized Cash receipts
Under Hart Companys accounting system, all insurance premiums paid are debited to Prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to Prepaid insurance. Additional information for the year ended December 31, 2017, follows $210,000 Prepaid insurance at December 31, 2016 Charges to Insurance expense during 2017, including a year-end adjustnent of $35,000 Prepaid insurance at December 31, 2017 875,000 245,000 Required: What was the total amount of insurançe premiums Hart paid during 2017
The following information is provided for Kelly Plumbing Supply Cash received from customers during December 2017 $387,000 131,000 Cash paid to suppliers for inventory during December 2017 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141,000 Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017. The balance in the inventory account decreased by $39,000 over the same period Required What is gross profit for the month of December under accrual accounting?
On September 1, 2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2018, at an estimated gain of $375,000. The segment had actual and estimated operating profits (losses) as follows: Realized loss from 1/1/17 to 8/31/17 Realized loss from 9/1/17 to 12/31/17 Expected profit from 1/1/18 to 3/30/18 (300,000) (200,000) 400,000 The expected profit from 1n18 to 3/30/18 was based on Revsines expectations as of 12/31M7. Assume the marginal tax rate is 30%. Required: n its 2017 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)?
Required: Classify the following costs as period or traceable costs. Depreciation on office building Insurance expense for factory building Product liability insurance premium Transportation charges for raw materials Factory repairs and maintenance Rent for inventory warehouse Cost of raw materials Factory wages Salary to chief executive officer Depreciation on factory Bonus to factory workers Salary to marketing statf Administrative expenses Bad debt expense Advertising expense Re search and Warranty expense Electricity for plant
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Answer #1
Q1.
Total Subscription revenue receipts 36000
Annual subscription for 2017 to be recognized 12000
(36000*1/3)
Unearned revenue 24000
Revenue recognized 12000
Cash receipts 24000
Q2.
Prepaid insurance at the end 245000
Add: Insurance expenses recognizwd during the year 875000
Total 1120000
Less: Prepaid insurance in the beginning 210000
Total amount of Prepaid insurance paid during 2017 910000
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