What type of balance is D. Martin's a/c carrying?
Q: The sale of merchandise increases the Blank Space, of a business.
A: The correct answer is: (B) Revenue When a business sells merchandise, the revenue of the business…
Q: Crane Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: ompute, Disaggregate, and Interpret RNOA of Competitors Halliburton and Schlumberger compete in the…
A: The ratio refers to identifying the relationship between two variables. Under accounting, the ratio…
Q: Liabilities are increased by
A: The correct answer is: (B) Credits Liabilities are increased by credits because credits represent a…
Q: All About the Dough sells funnel cake for $6.25 per customer Variable costs are $3,50 per cake.…
A: Contribution Margin Ratio = Selling Price per Cake - Variable Cost per cake / Selling price per…
Q: Prepare the adjusting entry for each of the ff. situations. The last day of the accounting period is…
A:
Q: The present value of $40,000 to be received in 2 years, at 12% compounded annually, is _____…
A: Present value is today's value of the amount to be received in the future at an interest rate. In…
Q: A chef invests $40,000 of her own money, and $160,000 borrowed for a bank, to open her new…
A: There are 2 types of fund invested in an organisation such as Equity Investment & Borrowing from…
Q: In cell J13, create a formula using the DAVERAGE function to average the budget amounts for Comedy…
A: DAVERAGE returns the average of values in a column based on certain criteria. The syntax of DAVERAGE…
Q: Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN…
A:
Q: Data are as follows: Beginning inventory balances for Work in Process and Finished Goods inventory…
A: Prime cost means the addition of direct material consumed and direct labour incurred. Direct…
Q: Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's…
A: The Perpetuity inventory system is used to keep records and calculations of opening & closing…
Q: Evaluate the effect of bonds trading on the cash-flow management of bank’s treasury units
A: The effect of bonds trading on the cash-flow management of bank's treasury units will depend on the…
Q: Current assets: Cash December 31, 20Y6 Assets Marketable securities Accounts receivable (net)…
A: One of the basic financial statements that is prepared for the purpose of finding out the financial…
Q: Warren Company began the accounting period with a $34,000 debit balance in its accounts receivable…
A: Answer : Calculation of cash collection : Cash collection = Opening balance + Revenue during the…
Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on…
A: The amount of net income that will be reported on the year 1 income statement is: (A) $1,350 Net…
Q: QUESTION THRERCAY 1. The combined data for two firms appear below On millions) Firm A Net Income…
A: A cash flow statement is one of the important components of financial statements. It has three…
Q: How they come up
A: Economic ordered quantity (EOQ) is a minimum quantity of goods that makes the total cost of…
Q: per diem would be for one 24-hour period for either flying or driving.) As a manager, Bridget is…
A: There are two types of costs that are incurred by a business and those are relevant costs and the…
Q: The company estimated annual warranty expense of 2% of annual net sales. The net sales for the…
A: Warranty is the promise made by the seller to repair or replace the product sold within a particular…
Q: G COMPANY enters into a consignment arrangement with SM Company Under the arrangement, YG COMPANY…
A: In consignment accounting, the inventory is send to the consignee. The consignee is a third party…
Q: Prepare a selling and administrative expenses budget for December. Feathered Friends Inc.…
A: Budget is the estimation of revenue and expenses during a specific period. The selling and…
Q: 1. What is the working capital? a. 1,600,000 c. 7,300,000 b. 5,700,000 d. 1,800,000 2. What…
A: Working capital : Difference between the total current assets and total current liabilities are…
Q: The Lakeside Company uses a weighted-average process costing system. The following data are…
A: Standardized production processes use a process costing methodology. Every time a process cost sheet…
Q: Jacobs Company issued bonds with a $162,000 face value on January 1, Year 1. The bonds were issued…
A: The accounting equation states that a corporation's total assets are equal to the total of its…
Q: On November 30, 20x1, Minji's Chicken and Waffle granted a 5-year franchise right to Haerin for an…
A: Revenue Revenue, which is determined by multiplying the average sales price by the number of units…
Q: Would you be more favorably inclined to advise a 30-year-old individual to establish a traditional…
A: The correct answer is: (C) A. a traditional deductible IRA rather than a Roth IRA. The major reason…
Q: On January 23, 2019, Zenox Company sold $105,000 of furniture on account that had a cost of $82,000.…
A: Fixed Assets An organization seeks to employ fixed assets over the long term to help create income.…
Q: ithin a budget and wants to determine which is more conomical. What is the differential cost of…
A: Relevant cost Relevant cost refers to that costs which helps the company in taking decisions, it is…
Q: Three situations have arisen with audit clients of your firm 1. Renato Casillo has acted as…
A: 1. Self Interest Threat: When the audit firm, its partners, or associates (audit team members)…
Q: A transaction has been recorded in the T-accounts of Horowitz Corporation as follows: Debit A. B. C.…
A: Ans. Whenever stocks are issued, cash is received and stock is subscribed. Stock belongs to equity…
Q: Journalize with the following instructions for Nancy's Salon Feb. 1 Nancy paid cash for 60 bottles…
A: Journal Entry In accordance with the double-entry accounting method, journal entries are created in…
Q: 1. Which of the following statements is incorrect? a. Service departments provide services to other…
A: An organization has two types of department one of them is user department that provides the cost of…
Q: On July 1, 20X1, Pushway Corporation issued 100,000 shares of common stock in exchange for all of…
A: Acquisition Method Vs. Pooling of Interest Method:- Acquisition method is a method of accounting…
Q: Question 21 of 26 View Policies Current Attempt in Progress Skysong Industries began the year with…
A: Ending Inventory = Beginning Inventory + Units Started In the Period - Units Completed…
Q: Consider the following simplified financial statements for the Wims Corporation (assuming no income…
A: The question is asking about the preparation of the proforma income statement, and proforma balance…
Q: Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30,…
A: PAR VALUE OF COMMON STOCK : = PAR VALUE AMOUNT OF COMMON STOCK OUTSTANDING / NUMBER OF COMMON STOCK…
Q: Sun Corporation was organized on January 1, 2013. The articles of incorporation authorized 200,000…
A: In order to move balances from a temporary account to a permanent account at the end of an…
Q: Compute Net Operating Profit after Tax Refer to the balance sheet information below for Home Depot.…
A: Net operating profit after tax (NOPAT) It is a financial measure that shows how well a company…
Q: Stefani Company has gathered the following information about its product. Direct materials: Each…
A: Standard cost is the expected cost that would incur for producing a unit of product under standard…
Q: Emmons Lawn Maintenance (ELM) provides lawn and garden care for residential properties. In the…
A: Introduction:- The following basic information as follows:- ELM maintains 75 properties and earns…
Q: The statements of financial position for W Limited are as follows: 31 December Non-current assets…
A:
Q: 28. Your business buys a copy machine for $1,500 on January 12. You project a 3-year useful life,…
A: The MACRS or the Modified Accelerated Cost Recovery System places fixed assets into classes that…
Q: Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION…
A: Introduction A pro forma balance sheet resembles a historical balance sheet but shows a forecast for…
Q: olve by using the sinking fund or amortization formula. A manufacturing company has determined that…
A: Sinking funds are required to be paid for the payments that are going to be paid in the future time.…
Q: The following is a random list of the adjusted account balances of Wyoming Company as of the end of…
A: Adjusted trial balance is the statement which is prepared in order to check if the debits and…
Q: Question: A debenture of $100 each is issued at $90 per debenture. How much is the discount? A. $0…
A: Lets understand the basics. If debenture is issued for less than the face value of debenture then…
Q: t the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The…
A: Solution: Warranty expense is recognized in income statement in the year of sale based on estimate…
Q: Hi, can you send the spreadsheet or excel file? thank you
A:
Q: Procter & Gamble is a business that manufactures and sells kitchenware. For the year ended 30 June…
A: Inventory turnover is a financial ratio that measures that how much inventory is been sold relative…
Step by step
Solved in 2 steps with 2 images
- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITPA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200Account: A/R – Manitoba Equipment Co. No. 211 Dater2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE Aug 15 J22 1,600 00 Sep |4 J26 825 00 16 Ј30 176 00 Асcount: No. Date2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE
- a. Accounts Payable. 1,830 Cash. 1,830 b. Accounts Receivable.. 3,080 Cash. 3,080 C. Accounts Receivable. 10,380 Accounts Payable. 10,380 d. Cash 7,380 Accounts Payable. 1,830 Accounts Receivable.. 9,210 Using posting, the total for the Accounts Receivable account should be:At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800PA4. 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR Accts. DR COGS CR Receivable Merchandise Date Account Invoice No. Ref. CR Sales Inventory 2019 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) Shriver Company (S101) Feb. 4 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 17436 500.00 SALES JOURNAL Page 102 Accounts Sales Receivable, Discounts Sales, or Other Accounts CR Date Account Invoice No. Ref. Cash DR DR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 21 Payment from Shriver Co. Feb. 5 1723 980 20 1,000 2,000 2,000 1719 500 500
- On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00question General ledger Debit Credit Balance 01.11.20 50,000 31.12.20 Rental Revenue 6000 56,000 31.12.20 Rental Revenue 1800 57,800 01.01.21 Rental Revenue 6,000 51,800 Kindly show me the T Accounts for the above general ledger.
- DESCRIPTION OF TRANSACTION DEBIT (-) $150.40 (IFANY) CREDIT (+) %24 DATE BALANCE (-) %24 %24 NUMBER 959 4,810.00 -150.40 4,659.60 -69.60 2015 7/7 AT+T 960 7/15 Staples 69.60 4,590.00 845.00 7/19 Deposit 845.00 5,435.00 -518.38 961 7/20 West Electric 518.38 4,916.62 -388.04 962 7/24 Bank of America 388.04 ok 4,528.58 445.40 7/29 Deposit 445.40 nt $ 4,973.98 ences BANK STATEMENT Checks Balance $4,810.00 4, 659.60 5,504.60 5,116.56 5, 101.16 Date Deposits 7/1 balance $150.40 7/18 7/19 $845.00 7/26 388.04 7/30 15.40 SC BANK RECONCILIATION %24 5101.16 2$ 4973.98 Bank balance Lee.com checkbook balance Add: 445.40 Deposit in transit Deduct: Deduct: 15.40 Outstanding checks (total) Service charge %24 $ 4958.58 Ending bank balance Ending checkbook balance Next > < Prev 3 of 4If Accounts Payable has debit postings of P170,000 credit postings of P140,000 and a normal ending balance of P60,000 which of the following was its beginning balance? Group of answer choices P30,000 Cr. P30,000 Dr. P90,000 Dr. P90,000 Cr.Accounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.