2. REAL sells certain building naming rights and advertising opportunities within the REAL campus to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000 every quarter until the end of the contract. a. Please prepare the journal entries that are needed for December 2023. b. Please prepare the journal entries that are needed for January 2024.
Q: Crane Inc. issued $3,840,000 of 10%, 10-year convertible bonds on June 1, 2020, at 98 plus accrued…
A: The following information given below : 1. Issued $3,840,000 of 10%, 10-year convertible bonds on…
Q: Denver, Incorporated, has sales of $14.2 million, total assets of $11.3 million, and total debt of…
A: Shareholder equity helps investors and other companies in analyzing the growth or financial position…
Q: FX Services granted 16.0 million of its $1 par common shares to executives, subject to forfeiture if…
A: The objective of this question is to determine the effect on earnings in the year after the shares…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: The total manufacturing overhead applied is computed by adding the applied variable and fixed…
Q: Question Content Area On January 1, a $932,000, 10%, 5-year bond was issued for $904,040. Interest…
A: The objective of this question is to calculate the semiannual amortization amount of a bond issued…
Q: Net sales Less: Operating costs, except depreciation and amortization Less: Depreciation and…
A: The Earnings Per Share (EPS) is the formula that determines earnings available for each dollar of…
Q: Carmelo Fernandez and Bobby Morett formed a partnership, investing $67,500 and $202,500,…
A: When two or more people decide to go into business together and divide profits and losses according…
Q: Whispering Inc. began operations in January 2023 and reported the following results for each of its…
A: The term book value refers to the worth of a company as shown in its financial statements books, or…
Q: One of the principles of internal control is "establishment of responsibility". This principle does…
A: The principle of establishing responsibility is to means to assign various roles, responsibilities,…
Q: pany self-insures its property storm damage. d cost them $1920000 per year. The company estimates…
A: Cullumber Company insures its assets against fire and storm damage. Cullumber Company's total…
Q: Learned Corporation has provided the following information: Direct materials Direct labor Variable…
A: Product costs are the costs incurred on the making of the goods. These includes direct material,…
Q: Question: What is the purpose of the cash flow statement? a. Summarize a company's revenue and…
A: Lets understand the basics.Cashflow statement is as name suggest showing cash inflow and outflow in…
Q: I am working on a homework assignment and a question states that a $1500 expense was not previously…
A: Taxable income refers to the income on which the taxpayer is liable to pay the desired tax as stated…
Q: Falana Academy Surplus had 50,000 shares of common stock and 8,000 shares of 20%, $25 par value…
A: Earnings per shares shows the net income held in hands of the common shareholders of the company…
Q: Exercise 25-17 The South Division of Sunland Company reported the following data for the current…
A: Return on investment helps in measuring the performance by evaluating the profit and efficiency of…
Q: [The following information applies to the questions displayed below.] LaMont works for a company in…
A: Answer:- Transit pass benefits refer to a type of employee benefit where employers provide their…
Q: The prominent difference between performance reports in nonprofit and for-profit organizations is…
A: Lets understand the basics.Based on profit, organization gets divided into two types which are,(1)…
Q: Journalize the transaction Analyze the transaction and prepare the journal entry. Paid $880 cash on…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Mango Company applies overhead based on direct labor costs. For the current year, Mango Company…
A: Lets understand the basics.Predetermine overhead rate is calculated in order to allocate overhead…
Q: converted a $5,000 Accounts payable with a Notes payable on December 1, 2015. The note is a 60 day…
A: Accrual accounting records revenues and expenses when they are incurred, regardless of when the cash…
Q: e weekly management meeting just an hour away, Tarin, the accountant, was scrambling to reproduce…
A: Cost of Goods sold is the total of direct material , direct labour and manufacturing overheadPeriod…
Q: Patunia, Inc., has sales of $10.5 million, total assets of $8.2 million, and total debt of $3.8…
A: Return on asset is a measure of profitability, it shows the profit generated by using the total…
Q: Question: What is the purpose of depreciation in accounting? a. Increase asset value b. Allocate the…
A: The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…
Q: Service Department A Service Department B Producing Department C Producing Department D Proportion…
A: Lets understand the basics.Cost allocation methods are as follows:-(1) Direct method(2) Step down…
Q: Cost of Goods Sold that are NOT part of Goods Available for Sale are included in A. Work-in-Process…
A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule of costs of goods Manufactured are those Costs Which…
Q: Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions…
A: The following rules are used to prepare the journal entries:For real accounts ( Such as Cash) Debit…
Q: Problem Al-4B Journal entries for payroll transactions A company has three employees, each of whom…
A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…
Q: Sarasota Inc. has 100000 common shares outstanding and has a policy of paying a $1.80 annual…
A: Net income can be calculated by adding the dividend declared in closing retained earnings and…
Q: The adjusted trial balance of Heritage Book Store and Supply Company as of November 30, 20X1, after…
A: The preparation of the adjusted trial balance is the step of the accounting cycle. This trial…
Q: Ref. J1 J1 Debit 12,900 0 Credit 0 4,500 B
A: CashDateDebitCreditBalance01-Sep $ 12,900 $ 12,90005-Sep $ 4,500 $ 8,40025-Sep…
Q: Bankruptcy Risk and Z-Score Analysis Following are selected ratios for Logitech International SA for…
A: The Altman Z-score is the output of a credit-strength test that gauges a publicly traded…
Q: Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1,…
A: In the context of financial accounting, consolidation refers to the aggregation of financial…
Q: The number assigned to employers by the IRS for use in submitting and reporting tax payments is: O…
A: The Indian Revenue Service (IRS) is the largest Group A Central Service. It is one of the most…
Q: Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: The objective of the question is to calculate the financial impact of the reacquisition and…
Q: The following three identical units of Item 3C07 are purchased during April: Item Beta Units Cost…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: 350 in child care expenses so that she would be able to work. Of this amount, $660 was paid to…
A: Net Income -Net income is the remaining accounting profit a business has after covering all of its…
Q: Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The…
A: Prime cost is the total of Direct Material Consumed and Direct Labour Cost. It is also known as…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: If a taxpayer takes a withdrawal from a modified endowment contract and is less than 59.5 years old,…
A: A modified endowment contract is a type of life insurance policy that has been funded with premium…
Q: LCD Industries purchased a supply of electronic components from Entel Corporation on November 1,…
A: When components are purchased on November 01, 2024, the journal entry will be as follows:…
Q: The Financial Accounting Standards Board has the responsibility for setting accounting and financial…
A: The Financial Accounting Standards Board (FASB) has the responsibility for setting accounting and…
Q: The value chain describes the costs associated with making a product. What box(es) are expensed…
A: The costs incurred for production are classified as production costs.The costs that are incurred to…
Q: Diusitech Inc. Income Statement For the Year Ending on December 31 (Millions of dollars) Year 2 Year…
A: Financial measurements known as profitability ratios assess a company's potential to generate…
Q: Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year…
A: Balance sheet is a financial statement that shows list of final ending balance of assets,…
Q: The amount of net sales on the income statement would be Select
A: The income statement is a financial statement which shows the total sales and expenditure of a…
Q: 9 Roberta transfers property with a tax basis of $495 and a fair market value of $546 to a…
A: Amount realized: The whole amount obtained from a sale transaction is known as the amount realized.…
Q: Raw material purchases cost $ tA
A: The production budget, which establishes the number of products that must be produced, is created by…
Q: A company uses the FIFO method for inventory costing. At the beginning of a period it reported the…
A: Lets understand the basics.Equivalent units can be calculated using,(1) First in first out(FIFO)(2)…
Q: Division X of Bella Corporation sells Part A to other companies for $87.20 per unit. According to…
A: The pricing of products, services, or intellectual property that is moved inside an…
Step by step
Solved in 3 steps
- May I get complete and correct answer with working for all . Thanks 1. The company can purchase the equipment by borrowing $218,000 with a 25-month, 12% installment note. Payments of $9,898.67 are due at the end of each month, and the first installment is due on January 31, 2024. Record the issuance of the installment note payable for the purchase of the equipment. 2. The company can sign a 25-month lease for the equipment by agreeing to pay $7,900.78 at the end of each month, beginning January 31, 2024. At the end of the lease, the equipment must be returned. Assuming a borrowing rate of 12%, record the lease. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 3. As of January 1, 2024, does the installment note or the lease have a greater effect on increasing the company’s amount of reported debt, and by how much? (Round other intermediate and final answers to the nearest whole dollar amount.) 4. Suppose the…Please list all of the journal entries for 2022 the OHIO Contract. Your company name is PP. See below information: Ohio Contract On September 7th of the current year (2022), PP signed a contract with Ohio Contract, a large city in the northeast. PP will provide Ohio with 2,470 scooters for $855 each. Each of the scooters is included in a service agreement, whereby PP will provide all maintenance on the scooters for 3 years. In addition, it will provide labor at no charge for these repairs. At the time of the repair, PP will bill Ohio for the parts needed to accomplish the repair. Ohio paid WTG on September 7th of the current year. PP will deliver 665 scooters on October 1 of the current year, 875 scooters on January 1 of next year, and 930 scooters on April 1 of the next year. Because of the size of Ohio, and its potential to buy many more scooters, PP offers them a volume discount, based on how many scooters they purchase between September 7th of the current year and December 31st of…C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $40,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity date
- C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $35,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) When the note is established To record the interest accruals at each quarter-end and interest payments at each payment date to record the principal payment at the maturity dateC&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $45,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity date View transaction list Journal entry worksheet CPrepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0
- On 11 August 2020, Vanya Ho entered into a contract with Diego Toh to renovate her school, The Umbrella Learning Centre and to set up the internet system for the school’s online lessons starting in October. They agreed to the total sum of $100,000 with a 10% deposit of $10,000 to be paid on the signing of the contract. $20,0000 was to be paid upon the design being approved by Vanya Ho. The balance of $70,000 was to be paid on the completion of the renovation works. The contract provided that Diego Toh was to complete the renovation works and handover the school to Vanya Ho not later than 20 September 2020.The design was approved by Vanya Ho on 18 August 2020. Diego Toh proceeded with the renovation which was completed on 19 September 2020. Vanya inspected the renovation work on 20 September 2020. She was not pleased with the internet system when she tested the wifi connection. The wifi signals were weak and created issues for running the online lessons. Diego Toh explained that his…On 11 August 2020, Vanya Ho entered into a contract with Diego Toh to renovate her school, The Umbrella Learning Centre and to set up the internet system for the school's online lessons starting in October. They agreed to the total sum of $100,000 with a 10% deposit of $10,000 to be paid on the signing of the contract. $20,0000 was to be paid upon the design being approved by Vanya Ho. The balance of $70,000 was to be paid on the completion of the renovation works. The contract provided that Diego Toh was to complete the renovation works and handover the school to Vanya Ho not later than 20 September 2020. The design was approved by Vanya Ho on 18 August 2020. Diego Toh proceeded with the renovation which was completed on 19 September 2020. Vanya inspected the renovation work on 20 September 2020. She was not pleased with the internet system when she tested the wifi connection. The wifi signals were weak and created issues for running the online lessons. Diego Toh explained that his…TBTF Incorporated rents commercial real state to locally based businesses. TBTF purchased a large office complex on January 2, 2022. In exchange for the real estate, TBTF issued a noninterest bearing note to the seller. This note will be paid in equal instalments that include both principal and interest at the end of each calendar year. Other information pertaining to the purchase of the real estate follows: Annual instalment payment amount Market rate of borrowing for TBTF Number of years note will be outstanding Portion of the purchase price to be allocated to land Portion of the purchase price to be allocated to land improvements $ 253,134 8% 9 24% 14% TBTF has a year end date of December 31. Required: Prepare the journal entries required by TBTF to account for the note on each of the following dates: January 2, 2022 December 31, 2024
- Help me with: 4. Prepare all journal entries related to this project for Jorg for all 3 years. 5. How will this project be carried on the balance sheet for 2019, 2020, and 2021? Jorg is building an office building for Wilmington Company for $20,000,000. The contract has the following characteristics: • The office building is built to the customer’s specifications and the customer can make changes to these specifications over the contract term. • Progress payments are made by the customer throughout construction. • The customer can cancel the contract at any time (with a termination penalty); any work in process is the property of the customer. Jorg provides you with the following details: December 31 2019 2020 2021 Costs incurred to date $8,000,000 $16,000,000 $18,000,000 Estimated costs to complete 6,000,000 3,000,000 — Billings to date 8,000,000 16,000,000 20,000,000 Collections to date 6,000,000 12,000,000 18,000,000To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2020, the company loaned $105,000 to new tenants on one-year notes with stated annual interest rates of 10 percent. Interest is to be received by Marketplace Mall on April 30, 2021, and at maturity on October 31, 2021. Required: Prepare journal entries that Marketplace Mall would record related to these notes on the following dates: (a) November 1, 2020; (b) December 31, 2020 (Marketplace Mall’s fiscal year-end); (c) April 30, 2021; and (d) October 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $30,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30 and December 31, and the interest and principal payments on February 28, 2019. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) Record the receipt of a note on February 28, 2018 for a $30,000 loan to an employee. (Note: Enter debits before credits.) Date General Journal Debit Credit Feb 28, 2018 [ ] […