What is the cash balance in the trial Balance? A. 408500 on the credit side B. 396500 on the debit side C. 396500 on the credit side D. 408500 on the debit side 2. What are account receivable balance in the Trial Balance? A. 0 B. 10000 C. 2000 D. 12000
Q: Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar…
A: When a value has been added over multiple phases of product distribution, from the acquisition of…
Q: Consider the balance sheet for the DI listed below Assets Cash Securities Loans Total assets…
A: Debt to equity ratio is the measure of company's financial leverage or we can say the financial mix…
Q: 3) A generator was purchased two years ago at a price of P 1, 250,000 with a governmental tax of 4%…
A: Depreciation can be referred to as a decline in the book value of asset due to its usage in normal…
Q: View Policies Show Attempt History Current Attempt in Progress Sarasota Limited had net sales in…
A: Accounts receivable: It implies to the amount that is to be received by the business from the…
Q: Indicate whether the following statements about the conceptual framework are true or false. If…
A: There are accounting rules and regulations and these rules and regulation must be followed and these…
Q: Suppose that a project has a depreciable investment of $600,000 and falls under the following MACRS…
A: Depreciation indicates the reduction in the value of the hysterical cost of the asset due to the…
Q: For each of the above transactions, complete the tabulation, indicating the amount of each…
A: A) cash Dr. 15000 To game fee revenue. 15000 Impacts Asset as increase in asset,…
Q: Rocky Company has these account balances at the end of the year. Land Accounts Receivable Buildings…
A: Total assets It refers to the sum of the book values of all assets owned by the company, or…
Q: what is type of this account? General reserve Outstanding Salaries Provision for Taxation office…
A: General Reserve is an account created out of profit earned by a company for its business needs like…
Q: Mary's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records…
A: INTRODUCTION: The last in, first out (LIFO) accounting approach posits that the most recently…
Q: Odgen issued a $70,000, 12%, 10-year bond payable at 90 on January 1, 2016. Journalize the issuance…
A: Bonds are generally issued to raise money and can be issued at par, discount or premium. When bonds…
Q: Q32 For the following organisation, calculate the undiscounted cash flow. You can do it in Excel and…
A: Cash flow is net balance of cash movement at a specific point of time. Net cash flow is calculated…
Q: Design is a major requirement for you to be able to graduate BS ChE in Batangas State University.…
A: Payback Period - The duration needed to recoup an investment's cost is referred to as the payback…
Q: (b) Question 1 Tika Bhd has three production departments, Dept A, B, C, and service department…
A: Activity based costing is used to allocate overhead allocation. This is simplest method of overhead…
Q: Below are the names of four CPA firms and pertinent related facts. Unless otherwise stated, the…
A: Rule 505 of the AICPA will be applicable here. Rule 505 pertains to the form of practice and name…
Q: The balance sheet and income statement for the J. P. Robard Mfg. Company are as follows: Calculate…
A: Accounting Ratios: The mathematical relation between two or more financial figures is known as…
Q: 60 days after the date of the auditor's report is ordinarily an appropriate time limit within which…
A: Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working…
Q: If George were to die in the current year without change in any of the related facts, which one of…
A: It has been mentioned that George is owner of the estate whose value is the $1.8 million and he has…
Q: tant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 and…
A: Tax Liability - Tax liability is the sum of money you owe to the government in the form of taxes. It…
Q: The management of Penfold Corporation is considering the purchase of a machine that would cost…
A: Present value: It implies to today's value of a specific future sum of money or investment…
Q: 4) A steam turbine was purchased five years ago at a price of P 2, 750, 000 including tax.…
A: Depreciation is the reduction in the value of an asset due to the normal usage in business.…
Q: 2. Prepare a statement of stockholders' equity for the year HIGHLIGHT CONSTRUCTION COMPANY Statement…
A: To solve the above question we need to prepare Income Statement to find out net income earned or…
Q: A business has prepared the following standard cost card based on producing and selling 15,000 units…
A: Actual selling price per unit=Total actual salesActual units sold
Q: The following information applies 18 On December 1, Jasmin Ernst organized Ernst Consulting. On…
A: The important financial statements of the business include the income statement and balance sheet of…
Q: Information on Concord Corporation, which reports under ASPE, follows:
A: Journal entry is a primary entry that records the financial transactions initially. The transactions…
Q: 9. Acc Company incurred the following expenditures for 2022: Purchase of Land Land survey Fees for…
A: When additions and enhancements are performed on a particular land area to increase its usage…
Q: A taxpayer, age 64, purchases an annuity from an insurance company for $66,000. She is to receive…
A: When an annuity is purchased from the insurance company than amount paid to purchase the annuity is…
Q: Assets decreased by $50,000 during the year. Liabilities decreased by $10,000 during the year.…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: A corporation, which had 25,400 shares of common stock outstanding, declared a 4-for-1 stock split.…
A: Stock split refers to one of the ways that the company uses to increase the number of shares issued…
Q: Tiktok Corporation has shared the following data about its labor costs for August: Standard wage…
A: The capacity to employ labor in a manner that is consistent with expectations is what the labor…
Q: 12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital. N's…
A: Ordinary share capital is the capital amount at par value of issued shares . Share premium is the…
Q: 2. Transfer the journal entry into the general ledger and related subsidiary ledger
A:
Q: Revenue $181,232.65 Food Cost $65,240.00 Operating Supplies Expenses $6,828.12 BOH Salaries…
A: Labor cost refers to the cost or the expenditure which is incurred through the employers for the…
Q: e the percentage method of income tax calculations to complete the payroll roster: Marital…
A: Taxes are to be withhled depends on the income and the marital status and it depends on the slab of…
Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…
A: Average daily balance is calculated by multiplying the unpaid balance with the number of days then…
Q: Cloudy Company had the following historical collection pattern for its credit sales: 70% collected…
A: Lets understand the basics. Management prepares budget in order to estimate future profit and loss…
Q: Maurice Ltd. is a private Canadian company. It has been preparing its financial statements in…
A: Ratios are the mathematical expression between two numeric data to establish a meaningful…
Q: Ivanhoe Company sells goods to Pharoah Company during 2025. It offers Pharoah the following rebates…
A: Revenue refers to the amount that is being earned from selling goods or services to customers that…
Q: On January 4, 2021, Runyan Bakery paid $356 million for 10 million shares of Lavery Labeling Company…
A: Significant Influence A situation where a company exercises minimal control over the company is…
Q: Rebecca is a doctor with an AGI of $139,000 before consideration of income or loss from her dog…
A: Taxable income refers to the income on which tax is to be paid to the state, local and central…
Q: Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000…
A: Income or losses in the partnership are divided among partners based on the stipulation made in the…
Q: Mr. Amir Is engaged in the business of manufacturing and import of fast moving consumer goods (F…
A: The sale of products and services to consumers is known as retail. A retailer buys products in bulk…
Q: Andreasen Corporation manufactures thermostats for office buildings. The following is the cost of…
A: Contribution margin per unit=Selling price-Variable cost per unit Break-even point units=Fixed…
Q: Mrs. Manoban has a gross taxable compensation income of PHP 400,000 and personal exemption of PHP…
A: Personal exemption will be deducted php 100,000 Money in time deposit and interest income from…
Q: Data collected in sales invoice, purchase order, receiving report, employee time card
A: A company records the sale, purchases, employees hired, salaries of employees, and other direct and…
Q: Determine the accumulated amounts after 5 years of P1,000.00 invested at the rate of 10% compounded…
A: Compound interest: When an amount is invested by an investor for the long term, he can earn income…
Q: Ayayai Company has the following account balances: Sales Revenue $245,600, Sales Discounts $3,610,…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Following are preacquisition financial balances for Padre Company and Sol Company as of December 31.…
A: Consolidated financial statements refers to the statements which are prepared through the parent…
Q: Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS…
A: Business organization are required to charged the depreciation expenses, so that the assets are…
Q: Galino Company, which has only one product, has provided the following data concerning its most…
A: Absorption costing is also known as full costing. It is the method of adding all costs incurred in…
1. What is the cash balance in the
A. 408500 on the credit side
B. 396500 on the debit side
C. 396500 on the credit side
D. 408500 on the debit side
2. What are account receivable balance in the Trial Balance?
A. 0
B. 10000
C. 2000
D. 12000
Step by step
Solved in 3 steps
- Crane-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1, 2021, Crane-on received a three-month $22,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Crane-on incurred the following: Sept. 1 Purchased inventory on account for $17,000 from Black Diamond, terms n/30. The company uses a perpetual inventory system. 30 Repaid the $22,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Oct. 1 Issued a six-month, 4%, $17,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable on the first of each month. 2 Borrowed $20,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for advanced climbers. Interest…5) Chapter 11 Inc. entered into the following transactions relating to notes payable: Sept. 1 Purchased inventory costing $48,000 by signing an 8-month, 6% note payable. Nov. 1 Purchased inventory costing $30,000 by signing a 1-year, 7% note payable. a. Prepare journal entries to record the above transactions. b. Assuming Chapter 11 Inc. has a December 31 year end, prepare any adjusting entries needed for the accrual ofinterest. For ease of computation assume that Chapter 11 Inc. calculates interest expense based on the number of months outstanding, rather than the number of days.The following are selected 2019 transactions of Kelly Company a. October 1: Purchased inventory from Sid Corporation on account $100,000. Kelly records purchases gross and uses a periodic system. b. November 1: Issued a $60,000 6-month 10% note to Sid in payment of account. c. November 1: Borrowed $80,000 from FB Bank by signing a 15 month, zero interest bearing $110,000 note. Required: 1. Prepare the journal entries for the transactions above. 2. Prepare the adjusting entries as at December 2019
- Publishing completed the following transactions during 2018 Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $540, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance.
- On, November 1, 2025, Ashton, Inc. purchased merchandise inventory for $38,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 9%. The journal entry to record the accrued interest expense on December, 31, 2025 would be:An office supply company that sells and services commercial office copiers was founded in 2020. Record the following transactions from the month of September 2024. Regular entries: Sept. 1 Purchased a new delivery truck for $88,800, paying $36,400 cash and financing the balance using a note payable at 9% per annum. The note payable is due in 12 months, and interest on the note must be paid on the first day of every month, beginning on October 1, 2024. The truck has a useful life of six years and a residual value of $8,880. Sept 1 Paid $2,664 for an insurance policy on the new truck for the period September 1, 2024, to August 31, 2025. Sept 5 Purchased inventory on credit at a cost of $14,430. Sept 12 A local University, one of the company’s largest customers, signed a photocopy service contract. The contract runs from October 1, 2024, to September 30, 2025, and will mean that the company services all of the university’s photocopiers. InIn accordance with the contract terms, the…Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Nester Company whose fiscal year end is December 31, You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description 7/1/20Y5 Accepted a 5-month, 6% note in settlement of a past due customer account, Barns Company, with a $9,000 balance. 11/1/20Y5 Accepted a promissory note from a Nester Company executive in exchange for providing the executive with S20,000 to be used for relocation costs. The note carries interest of 9% and is due in 8 months. 12/1/20Y5 Received the amount due on the note from Barns Company. 12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company executive. 7/1/20Y6 Received full payment from the Nester Company executive.
- Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done XOn September 1, 2024, Allied Moving Corporation borrows $100,000 cash from First National Bank. Allied signs a six-month, 6% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corporation. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of notes payable. Note: Enter debits before credits. Date September 01, 2024 General Journal Debit Crediton december 1st Daw company accepts a $18,000, 45-day, 10% note from a customer. 1. prepare the year end adjusting entry to record accrued interest revenue on december 31st. 2. prepare the entry required on the notes maturity date assuming it is honored. note: using 360 days a year