The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $5,000; Equipment, $17,000; Accounts Payable, $3,000; Common Stock, $11,000; Retained Earnings, $8,100; Dividends, $1,100; Service Revenue, $16,000; Salaries Expense, $11,000; and Utilities Expense, $4,000. Prepare the post-closing trial balance.

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.   16   Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.     31   Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb.   14   Received Todd’s payment of principal and interest on the note dated December 16. Mar.   2   Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.     17   Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr.   16   Privet dishonored her note. May   31   Midnight Co. dishonored its note. Aug.   7   Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep.   3   Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…

Fink Insurance collected premiums of $18,300,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $5.0 million to $9.3 million dollars during the year. What is Fink's revenue from insurance premium recognized for the current year? Multiple Choice $9,000,000. $22,600.000. $14,000,000

Weld Corporation is constructing a plant for its own use. Weld capitalizes interest on an annual basis. The following expenditures are made during the current year: January 1, $102,000; July 1, $986,000; September 1, $2,720,000; and December 31, $7,174,000. The following debts were outstanding throughout the current year. Debt Construction note, 12% Short-term note payable, 15% Amount $340,000 1,360,000 Accounts payable (noninterest-bearing) 1,360,000 Note: Round all of your answers to the nearest whole number or whole percentage point. a. Compute the amount of interest to be capitalized during the year. Calculation of Actual Interest Debt Debt Amount Interest rate Interest Amount Specific Debt Construction loan $ 340,000 12 % $ 40,800 General Debt Note payable $ 1,360,000 15% Total Actual Interest $ 204,000✔ 244,800 Calculation of Weighted Average Accumulated Expenditures Weighted Avg. Date January 1 July 1 $ Expenditures 102,000 ✔ 986,000 ✔ Months outstanding Accum. Expenditures 12 $…

The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:Received $43,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1.Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Paid $73,000 cash for other operating expenses during the year.Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2.Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2:Paid the balance of the sales tax due for Year 1.Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Repaid the principal of the note and applicable interest on April 1, Year 2.Paid $86,000 of other operating expenses…

The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:   Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Paid $62,000 cash for other operating expenses during the year. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1.   The following transactions apply to Walnut Enterprises for Year 2:   Paid the balance of the sales tax due for Year 1. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $102,500 of other…

Record the Year 1 transactions in general journal form.