Homework Answers
| Answer 6 | ||
| Data missing | ||
| Answer 7 | ||
| Accounts receivable | 6000 | |
| sales revenue | 6000 | |
| COGS | 5000 | |
| Inventory | 5000 | |
| Answer 8 | ||
| Unrealised holding gain/loss on AFS securities ( 28000 - 25000 ) | 3000 | |
| Fair value adjustment - AFS securities | 3000 | |
| Answer 9 | ||
| Utility exp. | 10000 | |
| Accounts payable | 10000 | |
| Answer 10 | ||
| Rent revenue ( 4000 * 2/4 ) | 2000 | |
| Unearned rent revenue | 2000 | |
| Unearned rent revenue should be increased by 2 months rent | ||
| and rent revenue should be decreased by 2 months rent | ||
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AP9-1
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Metlock, Inc. has the following information available for
accruals for the year ended December 31, 2017. The company adjusts
its accounts annually.
1.
The December utility bill for $385 was unrecorded on December
31. Metlock paid the bill on January 11.
2.
Metlock is open 7 days a week and employees are paid a total of
$3,150 every Monday for a 7-day (Monday–Sunday) workweek. December
31 is a Thursday, so employees will have worked 4 days (Monday,
December 28–Thursday, December...
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I need help with this problem please!
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AP9-1
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