Homework Answers
Requirement 3B
The amount still owing is to be reported under Option #3 Advertising Outstanding expense, which must be a 'current liability' account.
Under circumstances when there is no separate account for recording the amount still owing, the 'accounts payable' can also be used. However, Accounts Payable is used to credit amount owing to suppliers.
Hence, First alternative is Option #3, second alternative is Option #1.
Option #2 can never be the answer because Accounts Receivables = amount to be received by the company.
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ssessment 6 Saved Help Save 5418s REvenue Total Revenues 276, 000 Expenses Supplies Expense Salaries and...
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense...
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net Income (loss) 12000 10000 6000 2500 2000 77500 (2500) At January 1, 2018, Fugari reported retained earnings of $50000. Dividends for the year totalled $10000. At December 31, 2018, the company will report retained earnings of $32500 $17500 540000 $42500 Click if you would like to show Work for this questioni on Show Work
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
Advertising Expense Salaries Expense Rent Expense Total Expenses 12,000 64,000 8,000 95,200 89,800 Net Income $...
Advertising Expense Salaries Expense Rent Expense Total Expenses 12,000 64,000 8,000 95,200 89,800 Net Income $ Requirement 2. Prepare the statement of retained earnings. Dog Gone It Daycare Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, Dec 31, 2017 Net income for the year 89800 89800 33000 33000 Dividends 56800 Retained Earnings, Dec 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. 1 remaining 1 part Clear...
need help finding rent, utilities, salaries and wages, income tax expenses Val's Hair Emporium operates a...
need help finding rent, utilities, salaries and wages, income
tax expenses
Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Account Names Cash Supplies Prepaid Rent Debit $ 2,800 3,380 3,000 Accounts Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $8ee of supplies still exdst. This amount was paid November 1 for rent through the end of January $...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses Depreciation expense-Equip ..... Salaries expense ....... Insurance expense ........ Rent expense ...... Supplies expense ............ Utilities expense ................ Cash ..... Accounts receivable ....... Supplies ......... Prepaid insurance .......... Equipment Less accumulated depreciation ........... Total assets .... Liabilities Accounts payable ........... Supplies payable .... ..... Uneamed consulting revenue .......... Total liabilities .... Equity Owner's Capital ........ $ 4,350 1,800 8,670 2,300 $ 26,000 375_25,625 $...
need the income tax expense and income tax payable. Credit Account Names Cash Supplies Deferred Revenue...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
need assistance filling out chart in photo #2, based on the information in photo #1. Thanks...
need assistance filling out chart in photo #2, based on the
information in photo #1. Thanks in advance
The income statement for Pierre Paul Company for the year PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2020 Revenues Sales revenue $53,000 4,000 Interest revenue $57,000 Total revenues Expenses Cost of goods sold Salaries and wages expense Interest expense 30,000 18,000 1,500 Total expenses 49,500 $7,500 Net Income Date Account Titles and Explanation Debit Credit Dec. 31 (To...
I need help with these questions please cruals/Deferrals Saved Help Save & Exit Check my 1....
I
need help with these questions please
cruals/Deferrals Saved Help Save & Exit Check my 1. Received $40,000 cash from the issue of common stock. 2. Performed services on account for $82,000. 3. Paid a $6,000 cash dividend to the stockholders. 4. Collected $76,000 of the accounts receivable. 5. Paid $53,000 cash for other operating expenses. 6. Performed services for $19,000 cash. 7. Recognized $3,500 of accrued utilities expense at the end of the year. Required a. & c. Identify...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A)...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
Why are separate "expense" and "revenue" accounts used when all revenues and expenses could be shown...
Why are separate "expense" and "revenue" accounts used when all revenues and expenses could be shown directly in the retained earnings account? Describe three examples of transactions that would affect a firm's income statement. For each transaction, identify if the transaction has a positive or negative effect on the firm's net income.
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net Income (loss) 12000 10000 6000 2500 2000 77500 (2500) At January 1, 2018, Fugari reported retained earnings of $50000. Dividends for the year totalled $10000. At December 31, 2018, the company will report retained earnings of $32500 $17500 540000 $42500 Click if you would like to show Work for this questioni on Show Work
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
Advertising Expense Salaries Expense Rent Expense Total Expenses 12,000 64,000 8,000 95,200 89,800 Net Income $ Requirement 2. Prepare the statement of retained earnings. Dog Gone It Daycare Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, Dec 31, 2017 Net income for the year 89800 89800 33000 33000 Dividends 56800 Retained Earnings, Dec 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. 1 remaining 1 part Clear...
need help finding rent, utilities, salaries and wages, income
tax expenses
Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Account Names Cash Supplies Prepaid Rent Debit $ 2,800 3,380 3,000 Accounts Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $8ee of supplies still exdst. This amount was paid November 1 for rent through the end of January $...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses Depreciation expense-Equip ..... Salaries expense ....... Insurance expense ........ Rent expense ...... Supplies expense ............ Utilities expense ................ Cash ..... Accounts receivable ....... Supplies ......... Prepaid insurance .......... Equipment Less accumulated depreciation ........... Total assets .... Liabilities Accounts payable ........... Supplies payable .... ..... Uneamed consulting revenue .......... Total liabilities .... Equity Owner's Capital ........ $ 4,350 1,800 8,670 2,300 $ 26,000 375_25,625 $...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
need assistance filling out chart in photo #2, based on the
information in photo #1. Thanks in advance
The income statement for Pierre Paul Company for the year PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2020 Revenues Sales revenue $53,000 4,000 Interest revenue $57,000 Total revenues Expenses Cost of goods sold Salaries and wages expense Interest expense 30,000 18,000 1,500 Total expenses 49,500 $7,500 Net Income Date Account Titles and Explanation Debit Credit Dec. 31 (To...
I
need help with these questions please
cruals/Deferrals Saved Help Save & Exit Check my 1. Received $40,000 cash from the issue of common stock. 2. Performed services on account for $82,000. 3. Paid a $6,000 cash dividend to the stockholders. 4. Collected $76,000 of the accounts receivable. 5. Paid $53,000 cash for other operating expenses. 6. Performed services for $19,000 cash. 7. Recognized $3,500 of accrued utilities expense at the end of the year. Required a. & c. Identify...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
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