D. What is the amount of interest payable as of December 31 Year 1. (Do not round intermediate calculations. Round your answer to the nearest whole dollar) E. What amount of cash will Leach pay for interest expense in Year 2. F. What amount of interet expense will Leach recognize in Year 2? (Do not round intermediate calculations. Round youe...
Carla Vista Company expects to have a cash balance of $64,400 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $99,400, February $204,400. 2. Payments to suppliers: January $56,000, February $105,000. 3. Wages: January $42,000, February $56,000. Wages are paid in the month they are incurred....
can someone create a journal entry for this using these accounts below: also do number 3 and 4. this is the second part Complete the accounting cycle - Journal entries in panel For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2020 Jeff, decided to move to rented quarters...
Liu Zhang operates Lawson Consulting, which began operations in June 1st. The Retained Earnings account balance at June 1st was $0 and the owner invested $13,010 cash in the company on June 1. On June 30th the company's records show the following accounts and amounts for the month of June.Cash$5,500Dividends$1,600Accounts receivable4,600Service revenue12,300Equipment6,600Rent expense2,100Accounts payable3,090Wages expense8,000Common stock13,010Use the above information to...
Determine which accounts increase and/or decrease for each of the transactions. 1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a....
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July...
Help, please. I have test Problem 5 (10 points) Answer the following questions using the information below (show calculations) Callsh Company manufactures tires. Some of the company's data was misplaced. Use the following information to replace the lost data: Sales-Volume Variances Flexible Budget 450,000 Flexible Budger Variances Static Budget Actual Results 450,000 Units sold 412,500 Revenues (B) $168,320 $5,600 U...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. TI common stock was $127,300 and the retained earnings were $65,000 at April 1, the beginning of the current year. During the year, shareholders purchased an a $25,700 in stock $2,000...
The following are the transactions of the Goodrow Athletic Club for the six months ended 30 June 2000. The only assets and liabilities of the club at 1 January 2000. Cash in hand Furniture 112 700 96 730 Creditors Subscriptions due for the six months Subscriptions received in cash (including R50 in advance for July) Amount paid for purchase of...
2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 97,900 Accounts receivable, net 89,000 Inventory 79, 800 Prepaid expenses 6,000 Total current assets 272,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $377,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term)...