Corporation acquired all of the outstanding voting stock of Mathias- I.pdf

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Corporation acquired all of the outstanding voting stock of Mathias, Inc., on January 1 , 2020 , in exchange for $5 , 875 , 000 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias's stockholders' equity was $2 , 000 , 000 including retained earnings of $1 , 500 , 000 . At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: Postacquisition, Allison employs the equity method to account for its investment in Mathias. During the two years following the business combination, Mathias reports the following income and dividends: No asset impairments have occurred since the acquisition date. Individual financial statements for each company as of December 31,2021 , follow. Parentheses indicate credit balances. Dividends declared were paid in the same period. Required: a. Show how Allison determined its December 31, 2021, Investment in Mathias balance. b. Prepare a worksheet to determine the consolidated values to be reported on Allison's financial statements..

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Similar to Corporation acquired all of the outstanding voting stock of Mathias- I.pdf

1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,600 $ 352,000 $ 352,000 a-1. Prepare an income statement for the year ended December 31, 2015. a-2. Prepare a statement of retained earnings for the year ended December 31, 2015. a-3. Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) b. Does the company appear to be liquid? No Yes c. Has the company been profitable in the past? No Yes 2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,200 $ 352,000 $ 352,000 a. Prepare all necessary closing entries at December 31, 2015. 1. Record the entry to close Lawn Care Revenue earned to income summary 2. REcord the entry to close all expense accounts to income summary 3. Record the entry to transfer net income earned in 2015 to retained earnings account 4. Record the entry to close dividends declared in 2015 to retained earnings account. Prepare an after-closing trial balance dated December 31, 2015. · Record the entry to close all expense accounts to income summary. · Record the entry to close all expense accounts to income summary. 3) Cat Fancy, Inc., has provided the following information from its most current financial statements: Total revenue $ 125,000 Total expenses 80,000 Total current assets 32,000 Total current liabilities 8,000 Total stockholders' equity, January 1, 2015 74,000 Total stockholders' equity, December 31, 2015 76,000 Compute the company’s net income per ...

1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx

dorishigh

ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 Issued 600,000 shares of stock for $10,300,000. January 10 Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years February 1 Paid $12,000 for a business insurance policy covering the two on February 1. February 22 Purchased $900,000 of supplies on account March 1 Paid wages of $185,600 March 23 Billed $2,810,000 for services rendered on account April 1 Paid $120,000 of the amount due on the supplies purchased February 22. April 17 Collected $300,000 of the accounts receivable May 1 Paid wages of $200,400. May 8 Received and paid bill for $96,000 for utilities. May 24 Paid $44,000 for sales commissions. June 1 Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 Billed customers for $520,000 of services rendered. June 30 Collected $310,000 on accounts receivable. July 10 Purchased $150,000 of supplies on account. August 25 Paid $155,000 for administrative expenses. September 23 Paid $31,000 for warehouse repairs. October 1 Paid general wages of $91,000. November 20 Purchased supplies for $61,000 cash. December 15 Collected $145,000 in advance for services to be provided in December and January. December 30 Declared and paid a $55,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Income summary REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15. d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Mars.

ACCT 215 CT Accounting Cycle Problem The John Marshall Com.pdf

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The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $30 , 000 . Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. Oct. 1 Declared a 6\% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.75 per share cash dividend to common stockholders of record on December 15, payable December 31 , 2022 . Dec. 31 Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2022, balances. Do not include the beginning balance in Retained Earnings in the tabular summary. (b) Record the 2022 transactions in the tabular summary. for the particular Asset, Liability or Equity item that was reduced.).

The stockholders' equity accounts of Sarasota Corp- on January 1- 2022.pdf

bharatlalwani01

AWeek Five Exercise Assignment Financial Ratios 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid expenses 800 800 800 Accounts payable 200 200 200 Notes payable: short-term 3,100 3,100 3,100 Accrued payables 300 300 300 Long-term liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc: 20X5 20X4 Net credit sales $832,000 $760,000 Cost of goods sold 440,000 350,000 Cash, Dec. 31 125,000 110,000 Average Accounts receivable 180,000 140,000 Average Inventory 70,000 50,000 Accounts payable, Dec. 31 115,000 108,000 a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7: Net sales $1,500,000 Interest expense $120,000 Income tax expense $80,000 Preferred dividends $25,000 Net income $130,000 Average assets $1,100,000 Average common stockholders' equity $400,000 a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places. b. Does the firm have positive or negative financial leverage? Briefly explain. 4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $76,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. 5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $ 76,000 $ 80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 143,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 332,500 350,000 Operating Expenses 93,500 85,000 Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work. 6. Ratio computation. The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparat ...

AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx

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Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Ben and Kelly Perry began operations of their Roof repair company (Perry Roofing, Inc.) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows: Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to simplify) 8,000 Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Income Tax Expense Totals 29,000 29,000 Transactions during 2021 follow: Borrowed $18,000 cash on July 1, 2021, signing a one-year, 10 percent note payable. Purchased equipment for $20,000 cash on July 1, 2021. Sold 10,000 additional shares of capital stock for cash at $1.1 market value per share at the beginning of the year. Earned $110,000 in revenues for 2021, including $30,000 on credit and the rest in cash. Incurred General and Administrative expenses of $16,000 for 2021, including $5,000 on credit and the rest paid with cash. Purchased $12,000 of supplies: $4,000 was paid in cash with the rest on account. Collected accounts receivable, $18,000. Paid accounts payable, $9,000. Paid 50,000 cash for wage expense. Received a $2,000 deposit on work to start January 15, 2022. Declared and paid a cash dividend, $5,000. Data for adjusting entries: Supplies of $5,000 were counted on December 31, 2021. Depreciation for 2021, $2,500. Interest accrued on notes payable (to be computed). Wages earned since the December 24 payroll but not yet paid, $800. Income tax expense was $9,000, payable in 2022. Required (all in an Excel file with separate spreadsheets): Set up T-accounts for the accounts on the trial balance and enter beginning balances. 1) Prepare journal entries for transactions ( a ) through ( k ) and 2) Post them to the T-accounts. 1) Journalize the adjusting entries ( l ) through ( p ) and 2) Post them to the T-accounts. Prepare a trial balance, with columns of both unadjusted and adjusted. Prepare: an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to 8,000 simplify) Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Inc.

Recording Transactions (Including Adjusting and Closing Entries)- Prep.pdf

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Problem Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year: 7/1: Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued. 7/7: Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work. 8/11: Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued. 12/14: Issued 30,000 shares to the MJB Company for land valued at $900,000. Instructions Prepare journal entries to record each transaction. Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to be changedOriginal AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.

ProblemIssuance of stock organization costs. Snowbound Corporat.docx

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Thomas Taylor started his own consulting firm, Taylor Consulting, on June 1,2022 . The June transactions resulted in a tabular summan, with June 30 unadjusted balances shown here. Liabilities + Stockholders' Equity Unearn. Record agintroents for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right- most column. Of a tronsoction results in a decrease in Assets, Uabilities or Stockholders' Equity ploce a negotive sign (or parentheed in font of the emount enternd fos the particular Aset, (iobility or Equity item that was feduced) 1. Supples on hand at June 30 total 5702 2. A utility bill for 5180 has not been recorded and will not be paid until next month. 3. The heurance policy is tor a year: 4. Services were performed for $4 , 018 of unearned service revenue by the end of the month. 5. Salaries of $1.225 are accrued at June 30 . 6. The equlgment has a S-vear life with no salvage value and is being depreciated at $245 per month for 60 months. 7. Invices representing $3.822 of services performed during the month have not been recorded as of June 30..

Thomas Taylor started his own consulting firm- Taylor Consulting- on J.pdf

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ill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Crane Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Hudson Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) (a) Fair Value Method (b) Equity Method Transaction Investment Account Dividend Revenue Investment Account Investment Revenue 1. At the beginning of Year 1, Crane bought 25% of Hudson's common stock at its book value. Total book value of all Hudson's common stock was $850,000 on this date. 2. During Year 1, Hudson reported $54,000 of net income and paid $27,000 of dividends. 3. During Year 2, Hudson reported $31,500 of net income and paid $20,000 of dividends. 4. During Year 3, Hudson reported a net loss of $12,000 and paid $3,800 of dividends. 5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue. Exercise 122 (Part Level Submission) The following information is available for Irwin Company for 2018: Net Income $119,000 Realized gain on sale of available-for-sale debt securities 10,000 Unrealized holding gain arising during the period on available-for-sale debt securities 30,000 Reclassification adjustment for gains included in net income 7,500 (a) Determine other comprehensive income for 2018. Other comprehensive income $ Exercise 123 On January 2, 2018, Tylor Company issued a 4-year, $600,000 note at 8% fixed interest, interest payable semiannually. Tylor now wants to change the note to a variable rate note. As a result, on January 2, 2018, Tylor Company enters into an interest rate swap where it agrees to receive 8% fixed and pay LIBOR of 5.5% for the first 6 months on $600,000. At each 6-month period, the variable interest rate will be reset. The variable rate is reset to 6.6% on June 30, 2018. Compute the net interest expense to be reported for this note and related swap transaction as of June 30, 2018. Net interest expense $ LINK TO TEXT Compute the net interest expense to be reported for this note and related swap transaction as of December 31, 2018. Net interest expense $ Brief Exercise 17-2 Pina Company purchased, on January 1, 2017, as an available-for-sale security, $65,000 of the 8%, 5-year bonds of Chester Corporation for $60,072, which provides an 10% return. Prepare Pina’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $61,750. (Round answers to 0 decimal places, e.g. 1,225..

ill in the dollar changes caused in the Investment account and Div.docx

gordienaysmythe

Excel Storage Corporation You are an accountant working at Kyle & Co. Jeff Reynolds, a partner in your firm, leaves you the following voicemail message: The scheduling manager tells me you have some time available. We have recently been advised that management of Excel Storage Corporation (ESC) has received an offer from Edge Capital Partners to sell 100% of all issued and outstanding common shares. I have a meeting with management in two weeks regarding this issue, and I havent had much time to think about this engagement. I have prepared some background information on the company for you to review, including background information on the client (Exhibit I), the companys most recent internal financial statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with ESC management earlier this month and made some notes from that meeting (Exhibit IV). They should all be in your inbox by now. Exhibit I Background Information Excel Storage Corporation (ESC) duplicates, DVDs, MP3s, and all forms of electronic files from master copies provided by its clients. The company started operations in 2000 in the basement of the home of part-owner, Amanda Biden. Sales increased quickly, and within one year of starting operations the company moved into a rented space in downtown Toronto. The market that ESC currently serves is mainly large companies that require training programs, corporate messages, and so on. The company is owned equally by Amanda Biden, Phil Mills, and Beth Iskiw. Amanda started the venture and has always managed the sales function. In order to keep the company growing, she brought in Phil and Beth as equal shareholders. Phil and Beth each paid $30,000 for one-third of Amandas shares. Phil is a good administrator and handles the accounting functions for the company. Amandas skills are mainly in sales. Beth looks after the production end and stays abreast of changes in technology. ESC has an October 31 fiscal year end. Exhibit II Internal Financial Statements Statement of Financial Position Exhibit II continued Statement of Income Exhibit II continued Notes to the Financial Statements Capital assets Future income tax asset A future tax asset has been recorded for noncapital losses carry forward. The losses were incurred during a bad year in fiscal 2018. ESC expects strong future profits to be able to generate taxable income to fully utilize the tax losses. The owners decided not to use the tax losses in the 2020 or 2019 fiscal years because they expect their marginal tax rate to increase significantly in the near future due to significant growth in income. Bank loan A small business bank loan and line of credit for $200,000 (presently unused) are secured by a general security agreement, a registered general assignment of book debts, and chattel mortgages on duplication equipment. Principal repayments on the small business loan are due as follows during the years ended October 31: Interest on the small busi.

Excel Storage Corporation You are an accountant working at.pdf

adcomp1

Week Four Exercise Assignment Liability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 6% on the first $55,000 earned · Medicare taxes: 1.5% on the first $130,000 earned · Federal income taxes withheld from wages: $7,500 · State income taxes: 5% of gross earnings · Insurance withholdings: 1% of gross earnings · State unemployment taxes: 5.4% on the first $7,000 earned · Federal unemployment taxes: 0.8% on the first $7,000 earned The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end. a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following: · Social Security taxes · Medicare taxes · Federal income taxes withheld · State income taxes · Insurance withholdings b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following: · Matching Social Security taxes · Matching Medicare taxes · State unemployment taxes · Federal unemployment taxes 2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following: 12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. 2/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit. 12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. 12/26 Borrowed $5,000 from First City Bank; signed a note payable due in 60 days. 12/31 Repaired six XY-80s during the month at a total cost of $162. 12/31 Accrued 3 days of salaries at a total cost of $1,400. Instructions a. Prepare journal entries to record the transactions. b. Prepare adjusting entries on October 31 to record accrued interest. c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date. 3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate. 9/10: Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed. 9/11: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate. 10/10: The note to Pans Enterprises was p.

Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx

alanfhall8953

(0) Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2017, its first month of operations: July 1 The owner, Manny Gill, invested $5,000 cash. 10 Purchased $2,500 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,500. 15 Completed security services for a graduation event and sent the client a bill for $1,500. 31 The owner withdrew $250 cash for personal use. Required 1. Set up the following general ledger accounts using either the T-account format or the balance column format: Cash (101); Accounts Receivable (106); Equipment (150); Accounts Payable (201); Manny Gill, Capital (301); Manny Gill, Withdrawals (302); Revenue (401); Expenses (501). 2. Record the journal entries for the month of July. 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. 4. Prepare a trial balance using the balances in your general ledger accounts. 5. Prepare the financial statements from your trial balance 6. Answer the analysis component ques.

(0) Manny Gill is an entrepreneur who started West Secure, a busines.pdf

agarvalcollections16

Financing Activities Financing activities include inflows and outflows of cash from transactions that either generate capital or repay capital provided to the company. As with investing activities, you must review the changes to equity accounts and noncurrent liabilities as well as collect any additional data related to equity accounts and noncurrent liabilities to correctly calculate the cash flows from financing activities. APPLY THE CONCEPTS: Prepare the financing activities section Additional financing activities data: 1. On February 1, 2013, Leonardo Inc. issued 12,800 shares of its $1 par value stock. The company received the par value for the shares and $25,600 in excess of par value. 2. Leonardo paid dividends of $9,600 to its stockholders on June 30, 2013. Use a minus sign (â€“) to indicate an outflow of cash. No sign is needed to indicate an inflow of cash. Cash flows from financing activities Solution Working Common stock Issued = 12800*1 + 25600 Common stock Issued = 38400 .

Financing Activities Financing activities include inflows and outflows.docx

jkristen1

Exercise 4 4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February. Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years. 1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January. 2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear? 3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31. 4. On what financial statement would Hawaii-Blue's January boat rental cost appear? Exercise 8 8. Closing entries. Gomez Company had the following adjusted trial balance on December 31: Cash $ 2,300 Accounts Receivable 16,500 Prepaid Insurance 1,200 Land 40,000 Accounts Payable $ 1,800 Miguel Gomez, Capital 43,700 Miguel Gomez, Drawing 2,500 Service Revenue 38,000 Rent Expense 9,000 Insurance Expense 5,400 Advertising Expense 3,500 Utilities Expense 3,100 $83,500 $83,500 1. Prepare the closing entries that Gomez would record on December 31. Problem 3 Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following: 1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31. 2. Unrecorded interest owed to the center totaled $275 as of December 31. 3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31. 4. Depreciation on the school's van was $3,000 for the year. 5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account. 6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday. 7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance: Date Paid Policy No. Length of Policy Amount Feb. 1, 20X2 1033MCM19 1 year $540 Jan. 1, 20X3 7952789HP 1 year 912 Aug. 1, 20X3 XQ943675ST 2 ...

Exercise 44. Accounting for prepaid expenses and unearned revenu.docx

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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2017, its first month of operations: July 1 The owner, Manny Gill, invested $5,000 cash. 10 Purchased $2,500 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,500. 15 Completed security services for a graduation event and sent the client a bill for $1,500. 31 The owner withdrew $250 cash for personal use. Required 1. Set up the following general ledger accounts using either the T-account format or the balance column format: Cash (101); Accounts Receivable (106); Equipment (150); Accounts Payable (201); Manny Gill, Capital (301); Manny Gill, Withdrawals (302); Revenue (401); Expenses (501). 2. Record the journal entries for the month of July. 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. 4. Prepare a trial balance using the balances in your general ledger accounts. 5. Prepare the financial statements from your trial balance 6. Answer the analysis component question.

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