Homework Answers
| Journal Entry | |||
| Date | Account Title | Debit | Credit |
| Legal Fees | $ 75,000 | ||
| Accounting Fees | $ 35,000 | ||
| Promotional Fees | $ 15,000 | ||
| Staff Training Fees | $ 13,000 | ||
| Cash | $ 1,38,000 | ||
| (to record payment made to all the fees) | |||
Add Answer to:
RE12-4 LO 12.2 he following start-up costs, all paid in cash: Hook Corp. incurred the following...
All of the following items are expensed as start-up costs except Select one: a. one-time costs...
All of the following items are expensed as start-up costs except Select one: a. one-time costs for conducting business in a new territory. b. licensing fees for starting a new franchise. c. promotional costs for opening a new facility. d. accounting fees for forming a new company.
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and purchase equipment to start operating its sporting goods business. Line 1 Cost of land 300,000 2 Attorney’s fee, land acquisition 15,000 3 Architect’s fee, building design 35,000 4 Accrued Taxes on Land 2,500 5 Construction cost of Building 975,000 6 Annual Salary of staff who supervised the construction of the building for six months 80,000 7 Interest charges on loan for building paid during...
E7.17 (LO 4), AP Rigley Company expects to have a cash balance of $46,000 on January...
E7.17 (LO 4), AP Rigley Company expects to have a cash balance of $46,000 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. Prepare a cash budget for two months. 1. Collections from customers: January $71,000 and February $146,000. 2. Payments to suppliers: January $40,000 and February $75,000. 3. Wages: January $30,000 and February $40,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,000 and February...
The McClain Corp. is a distributor of hair care products and is ready to start the...
The McClain Corp. is a distributor of hair care products and is ready to start the third quarter, in which its peak sales occur. The company has requested a $ 75,000, 90-day loan from its bank to help them meet their cash requirements for the third quarter. Because McClain Corp has experienced difficulty in paying off their loans in previous years, the loan officer has requested the company to prepare a cash budget for the third quarter. The following data...
Problem 1-13AB Describing business activities LO C5 A start-up company often engages in the following transactions...
Problem 1-13AB Describing business activities LO C5 A start-up company often engages in the following transactions during its first year of operations. Classify those transactions in one of the three major categories of an organization's business activities. Business Activities Transactions 1. Selling and distributing products. 2. Purchasing a building. 3. Supervising workers. 4. Borrowing cash from a bank. 5. Paying employee wages. 6. Rent cost of office space. 7. Providing client services. 8. Purchasing land. Required information Use the following...
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and...
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and events took place: a) b) c) During January, Robin incurred organization costs of $26,000 (legal and accounting fees paid to set up and register the corporation). On February 31, Robin acquired a patent for $11,000. The remaining legal life at the time of acquisition was 12 years. Robin estimated, however, that the useful economic life was six years. Throughout the year, the firm incurred...
12.30 (LO 4) Sinjay Corporation incurred the following costs while manufacturing its product H AI CUNUS...
12.30 (LO 4) Sinjay Corporation incurred the following costs while manufacturing its product H AI CUNUS Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used $120,000 60,000 7,500 110,000 25,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 19,000 21,000 35,000 50,000 Work in process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inven- tory was $60,000...
Barry's BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the...
Barry's BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seasoning and sauce, $300 for signs to advertise the ribs, $150 to clean the grill after cooking the ribs, and $100 of administrative costs. How much are total product costs? $1,850 O $2,350 O $2,150 $2,050 We were unable to transcribe this imageModel Magic Manufacturing reported the following year-end balances: Beginning work in process inventory, $35,000; beginning...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz applies overhead at 50 % of direct labor cost. Labor Partner Senior nanager Staff accountants Hours Used Hourly Rate $550 210 14 90 70 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet A B > Record direct labor Note: Enter debits before credts Transaction...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2,...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below.) Wells Technical Institute ( WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31...
All of the following items are expensed as start-up costs except Select one: a. one-time costs for conducting business in a new territory. b. licensing fees for starting a new franchise. c. promotional costs for opening a new facility. d. accounting fees for forming a new company.
E7.17 (LO 4), AP Rigley Company expects to have a cash balance of $46,000 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. Prepare a cash budget for two months. 1. Collections from customers: January $71,000 and February $146,000. 2. Payments to suppliers: January $40,000 and February $75,000. 3. Wages: January $30,000 and February $40,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,000 and February...
Problem 1-13AB Describing business activities LO C5 A start-up company often engages in the following transactions during its first year of operations. Classify those transactions in one of the three major categories of an organization's business activities. Business Activities Transactions 1. Selling and distributing products. 2. Purchasing a building. 3. Supervising workers. 4. Borrowing cash from a bank. 5. Paying employee wages. 6. Rent cost of office space. 7. Providing client services. 8. Purchasing land. Required information Use the following...
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and events took place: a) b) c) During January, Robin incurred organization costs of $26,000 (legal and accounting fees paid to set up and register the corporation). On February 31, Robin acquired a patent for $11,000. The remaining legal life at the time of acquisition was 12 years. Robin estimated, however, that the useful economic life was six years. Throughout the year, the firm incurred...
12.30 (LO 4) Sinjay Corporation incurred the following costs while manufacturing its product H AI CUNUS Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used $120,000 60,000 7,500 110,000 25,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 19,000 21,000 35,000 50,000 Work in process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inven- tory was $60,000...
Barry's BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seasoning and sauce, $300 for signs to advertise the ribs, $150 to clean the grill after cooking the ribs, and $100 of administrative costs. How much are total product costs? $1,850 O $2,350 O $2,150 $2,050 We were unable to transcribe this imageModel Magic Manufacturing reported the following year-end balances: Beginning work in process inventory, $35,000; beginning...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz applies overhead at 50 % of direct labor cost. Labor Partner Senior nanager Staff accountants Hours Used Hourly Rate $550 210 14 90 70 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet A B > Record direct labor Note: Enter debits before credts Transaction...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below.) Wells Technical Institute ( WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31...
Most questions answered within 3 hours.
-
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 14 seconds ago -
Assuming that the wave speed varies little when sound waves are
traveling through a material that...
asked 13 minutes ago -
The rise of online shopping and Amazon, in particular, has
created major dilemmas for large food/CPG...
asked 12 minutes ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 24 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 20 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 23 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 34 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 44 minutes ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 44 minutes ago -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 54 minutes ago -
Explain the steps involved in making cDNA from mRNA, and how you
would create a cDNA...
asked 55 minutes ago -
A beta (β) particle is described by which of the following?
Select the correct answer below:...
asked 57 minutes ago