1.
Introduction: Financial statements are the position statement of the business that provide information related to the
The
2.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
The
3.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
The adjusted
4.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
The income statement.
5.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
The classified
6.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
The closing entries.
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Intermediate Accounting, 10 Ed
- SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.arrow_forwardOn January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing iPhone USB ue of its debt to increase. The agreement called for the company to receive payment based on a 8% fixed interest rate on a notional amount of $400,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating (LIBOR) settlement rates were 8% at January 1, 6% at March 31, and 4% June 30, 2021. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 0 $400,000 Required: 1. Calculate the net cash…arrow_forwardOn December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co. Indigo was short of cash, and Bridgeport Co. agreed to accept a $165,000 zero-interest-bearing note due December 31, 2025, as payment in full. Indigo is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%. Click here to view factor tables Prepare the journal entry to record the transaction of December 31, 2023, for Bridgeport Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Notes Receivable Discount on Notes Receivable Service Revenue Debit 165000…arrow_forward
- INMACULATA TRUCKING., INC. On April 1, 2020, Marie France organized a business called Inmaculata Trucking. Inc. During April, the company entered into the following transactions: Apr 1 Marie France deposited Php 500,000 cash in a bank account in the name of the business. Purchased for Phr 250,000 a transportation equipmentto be used in the business. Marie France paid 50% as down payment while the balance will be paid on May 15, 2020 Apr 1 Apr 1 Paid rental forthe month of April, Php 5,000 Apr 5 Earned and collected trucking income from Eva, Php 8,000 Apr 8 Earned trucking income from Julia, Php 30,000 on account and Julia will pay on May 8, 2020 Apr 10 Paid salaries of drivers, Php 10,000 Rented the vehicle to Joshua for Php 35,000, Joshua paid Php 20,000 on that date and the balance on April 20 Apr 15 Apr 18 Paid electric bills for the month, Php 2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php 2,300 Apr 29 Earned and…arrow_forwardplease and thank youarrow_forward1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work? LEDGER Score: 28/510 Account: Cash11Account No. DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 ✔ 3 4 5 6 7 ✔ 8 9…arrow_forward
- Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"arrow_forwardInformation for the questions is located in the image attached. Required 1 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.) WEB WIZARD, INC. Partial Balance Sheet At March 31 Assets Current Assets: [ ] [ ] [ ] [ ] Accounts Receivable, Net of Allowance [ ] [ ] [ ] [ ] [ ] [ ] [ ] Required 2 Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after,…arrow_forwardanswer the followingarrow_forward
- Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.arrow_forwardOn January 1, 2022, Ivanhoe Company issued $322,500, 7%, 5-year bonds at face value. Interest is payable annually on January 1. (a) ✓ Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2022 Account Titles and Explanation Cash Bonds Payable Debit 322500 Credit 322500 Ararrow_forwardExercise 9-3 On January 1, 2020, Swifty Limited paid $561,003.30 for 10% bonds with a maturity value of $540,000. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. Swifty accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end. Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Jan 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a bond amortization schedule. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Interest Income and Bond Premium Amortization Effective…arrow_forward
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,