Chapter 2, Problem 2.5P

Determine the balance in the branch books of the home office account before adjustments as of December 31, 2021.

Whitaker Consulting Company has prepared a trial balance on following partially completed worksheet for the year ended December 31, 2019: 1. Complete the worksheet. 2. Prepare financial statements for 2019.

Prepare the company’s report-form Statement of Financial Position as at December 31, 2021. with supporting notes to financial statements.

Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…

Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.

On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a non-interest-bearing $80,000, 1-year note. The face value of the note includes the price of the equipment and the interest. The effective interest rate is an annual rate of 16%, and the note is to be paid in four $20,000 quarterly installments on March 31, June 30, September 30, and December 31. The price of the equipment is the present value of the four payments discounted at the effective interest rate.

Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.

The following accounts are taken from the ledger of Crane Company at December 31, 2022.

The following selected account balances were taken from the records of XYZ Company for the year 2021: Required: Prepare a statement of comprehensive income in one statement format for XYZ Company for the year ended December 31, 2021. Use the function of expense method with supporting notes.