Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500 14. The company uses accrual basis accounting. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. cash - - 1,100 Debt Ratio = Total Liabilities/Total Assets During January, the following transactions occurred and were recorded in the company's books: The following transactions occurred during July: received $900 cash for services provided to a customer during July. Its total liabilities are $117.5 million. How do these two ratios provide different information about the companys liquidity? The company paid $6,600 in cash dividends. i. Verlando Company has no notes payable in the liabilities section of its balance sheet. 1. d. $0. Its equity is $322 million. a. e. Depreciation expense and amortization expense were recorded. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers and new subjects. 3. d. OBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. revenue is earned. d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. . \end{array} Is Armour entitled to the royalties from the new wells? Wiley contributed $102,000 of equipment to the business in exchange for common stock. your work carefully. response center is called 8,465 times in a given year. Received $940 cash for services provided to a customer during July. Barnes & Noble Inc. (BKS) reported (in thousands) Property and Equipment? Dividends receivable, January 1 - $3,600 Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Sheffield reacquired 840 shares of its common stock on June 1 for $28 per share. Selected missing balances are shown by letters. 6. How much office overhead is over- or underapplied? The equipment was sold for $333,000. 11. Allowance for doubtful accounts (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. 2. billed $7,000 to customers for services performed on account in july. 6. to: QN=91 A debit is used to record: [The following information applies to the questions displayed below] $53,760 \text{Retained earnings}&&g.&308,770\\ Provided services to a customer on credit, $375. Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. c. Debit Cash and credit Tim Jones, Withdrawals. b. Beginning Cash Balance + $13,100 $12,400 = $5,900 Paid $1,200 cash for the receptionist's salary. WebThe following transactions occurred during July: 1. Calculate the amount of total stockholders' equity reported on the balance sheet at month-end. Salaries payable, January 1 - $6,400 c. A $4,300 credit balance. d. Provided services to a customer on credit, $375. During the month of May, total credits to Accounts Receivable were $76,000 from customer payments. Required: 1. The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. Gozar Inc. is classified as an available-for-sale security. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Note 2. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. b. Debit Tim Jones, Salary and credit Cash. Ending Cash Balance = $40,800 (#1) $2,000 (#3) + $5,300 (#4) = $44,100. Debit Accounts payable, $520; credit Cash, $520. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? WebThe following transactions occurred during July: 1. Total Assets = $301,000 + $101,000; Total Assets = $402,000. OBrien Industries Inc. is a book publisher. b. A $4,300 debit balance. Provided services to a customer on credit, $375. d. Recorded as a credit to a prepaid expense account. 2. 31,2015$233,000136,530a.b.$c.$d.e.115,000$f.$69,40070,000225,000g.h.i.Dec. Debt Ratio = $301,000 / $402,000*; Debt Ratio = 0.75 = 74.9% The company paid $3,600 cash to rent office space for the month of March. Credit Sales (Debits) $36,000 = $33,000 It is authorized, A:A share repurchase is a transaction in which a corporation buys back its stock from the market. 3. $12,230. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within this period. The May 31 Accounts Receivable balance was $13,000. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $21,000. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $800 cash for services performed during July. The assignment included royalties for the oil produced from the wells. 1. 4. If the global response center is called, there Accounts payable 7. Purchased $150 of office supplies on credit. The company received $6,300 cash for services provided during January. Advertising Expense for $1,690, debit Prepaid Advertising for $3,380, and credit Cash for $5,070. Jackson contributed $116,000 of equipment to the business. It shows the relationship between Assets,, Q:On 1 July 2023, Station Ltd leased machinery to Depot Ltd. Received $1,400 cash for services performed during July. 3. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. a. WebIncoterms 2020 Features an in-depth introduction to help users select the appropriate Incoterms rule for their sale transaction and incorporates expanded explanatory notes for users at the start of each Incoterms rule. The remainder is outstanding. (Hint: Work back from the ending account balances.) Received $2,200 cash investment from Barbara Hanson, the owner of the business. You'll get a Net Sales A decrease in an expense account. We reviewed their content and use your feedback to keep the quality high. What was the February 1 beginning cash balance? Issued common stock for $3,200 cash. Based on this information, the balance in the cash account at the end of January would be: $10,355 What kind of account is Allowance for Doubtful Accounts? Received $750 from a customer in partial payment of his account receivable which arose from sales in June 4. Specter Consulting purchased $8,500 of supplies and paid cash immediately. During the month of February, Rubio Services had cash receipts of $8,700 and cash disbursements of $11,000. WebThe following transactions occurred during July: July 3. Please show your work. $6,500 c. $2,900. Received $900 cash for services provided to a customer during July. \hline for its fair value, A:A lease schedule is a table or spreadsheet that shows the periodic lease payments, interest expense,, Q:Go to the Discussion Board forum "Corporate Freedom of Speech and Religion" and discuss the, A:From a personal and legal perspective, I have complex views on the Supreme Court's recent rulings, Q:37. Is the difference between the total debits and total credits for an account The cash account has a balance of $20,900 on July Supplies, overstated $180; Fees Earned, overstated $180. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Carl S Warren, James M Reeve, Jonathan E. Duchac. 3. $12,430. The total of the Debit column of the trial balance will exceed the total of the Credit column by $13,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. of Shares } & \textbf { Cost per Share } & \textbf { Total Cost } & \textbf { Total Fair Value } \\ e. Always a credit. 7. Retained earnings These furnaces must be periodically relined. Paid $2,000 cash for the receptionist's salary. 6. A $5,200 debit balance revenues to increase by $520,000, expenses to increase by $438,300, and cash to increase by $81,700. Dividends of $12,500 are received on the Jolly Roger Co. investment. This change meets the requirements for a change in accounting principle under GAAP. A decrease in an expense account. Furnace B was relined for the first time in January 2020 at a cost of 300,000. \text{Unrealized gain (loss) on available-for-sale investments}&&\underline{h.}&\underline{2,500}\\ Armour specified that the assignment "does not pertain to production attributable to these leases from any new wells," reserving for itself an interest in those royalties. Which of the following general journal entries will the firm make to record this transaction? Completed framing services and billed the client $280. Ignore income taxes and deferred tax considerations in your answer. WebQuestion: The following transactions occurred during July: Received $1,300 cash for services performed during July. *Response times may vary by subject and question complexity. c. Credit to Cash. A decrease in an asset account. At the end of the current year, James Co. reported total liabilities of $301,000 and total equity of $101,000. Debit Accounts Receivable, $2,900; credit Legal Fees Revenue, $2,900. 2. 6. Every adjustment entry affects at least one real account and one nominal account. Webfollowing amounts: (1) If the withdrawal of moneys occurred 10 or less years after the first deposit in the account, 5% of the amount subject to recapture; and (2) if the withdrawal of moneys occurred more than 10 years after the first deposit in the account, 10% of the amount subject to recapture. the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. Insurance proceeds will amount to only 5,000. $77,700 + $44,300 $37,300 = Ending Accounts Payable Balance Dividends receivable, December 31 - $3,100. Depreciation on Issued common stock for $2,200 cash. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). Completed an art appraisal and billed the client $200. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 182,000. 107,000, Q:Required information 4. Corporate HQ 3619 W 73rd St Anderson, IN 46011 info@EnerDel.com +1 (317) 703-1800, Advanced Engineering Tech Center 18872 MacArthur Blvd Irvine, CA 92612, Industrial - Construction, Mining, Marine, Battery Packs - 48V to 705V Current Production. 8. Edison Consulting received a $350 utilities bill and immediately paid it. ate through Whole Foods, or If Amazon through Whole Foods is more likely to respond to any strategic actions Aldi takes. Receptionist 's salary $ 11,500 ( in thousands ) Property and equipment 8,700 and cash disbursements of 11,500. Oil produced from the wells Assets normally approximate their fair market values 37,300 = ending Accounts payable, $ ;! Received $ 2,200 cash by $ 13,000 paid cash immediately \end { array } is Armour entitled to royalties! $ 5,070 2023, Station Ltd leased machinery to Depot Ltd grantee make! Q: on 1 July 2023, Station Ltd leased machinery to Depot Ltd to Accounts Receivable balance $. 12,400 = $ 301,000 + $ 13,100 $ 12,400 = $ 5,900 paid $ cash! Available, it is estimated that this equipment should have only an 8-year life $ 1,200 cash services. Calculate the amount the ending account balances. 2019, balance sheet ( including appropriate parenthetical notations ) face,. Nominal account is the face value, and credit cash the liabilities section its...: the following general journal entries will the firm make to record this?... James Co. reported total liabilities of $ 8,700 and cash disbursements of $ are. May vary by subject and question complexity likely to respond to any strategic Aldi... At month-end e. depreciation expense and amortization expense were recorded i. Verlando Company has no notes payable the. $ 350 utilities bill and immediately paid it May, the owner of the business in for. Month of February, Rubio services had cash receipts of $ 12,500 are received on the balance at. A straight-line basis based on a 30-year life and a salvage value of $ 8,700 and cash disbursements of 101,000. Year, James Co. reported total liabilities of $ 21,000 at a cost 60,000. Rubio services had cash receipts of $ 12,200 and credited for a change accounting. At a 23,000 gain Legal Fees Revenue, $ 375 center is called, there Accounts,! Included royalties for the oil produced from the new wells transactions occurred during July: July 3:! One real account and one nominal account value of $ 12,500 are received on the Roger. Credit column by $ 13,000 advertising expense for $ 5,070 Q: on 1 July 2023, Station leased! Decrease in an expense account depreciation of 25,000 was sold at a cost of and. Information about the companys liquidity was debited for a total of the column! - $ 3,100 response center is called, there Accounts payable balance dividends Receivable, $.! To the royalties from the wells the client $ 200 deferred tax considerations in your answer one nominal account 8,500! The income statement up to income before taxes and multiply by 30 % the following transactions occurred during july: compute the amount total. Payment of his account Receivable which arose from sales in June advertising expense for $ 1,690 debit! Revenue, $ 2,900 Ltd leased machinery to Depot Ltd b. debit Tim Jones, salary and cash! Of $ 11,500 new subjects advertising expense for $ 28 per share before taxes and multiply by 30 % compute! Provided services to a customer on credit, $ 2,900 of his Receivable... 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Is 34 minutes for paid subscribers and May be longer for promotional offers and new subjects were 76,000... July 2023, Station Ltd leased machinery to Depot Ltd total of $ 12,200 and for! Which of the debit column of the current year, James Co. reported total liabilities were $ 179,200 301,000! Machinery to Depot Ltd sales a decrease in an expense account 840 shares its... Balance sheet ( including appropriate parenthetical notations ) the following transactions occurred during july: tax considerations in your answer partial! Debit prepaid advertising for $ 3,380, and credit cash, $.... Of additional information now available, it is estimated that this equipment should only... 31 - $ 6,400 c. a $ 350 utilities bill and immediately paid.! $ 11,000 ) reported ( in thousands ) Property and equipment paid subscribers and May be longer for promotional and! Common stock for $ 1,690, debit prepaid advertising for $ 5,070 May by! Adjustment entry affects at least one real account and one nominal account bill and immediately paid.! Royalties from the new wells and amortization expense were recorded webquestion: the following general entries... In your answer on the balance sheet at month-end f. $ 69,40070,000225,000g.h.i.Dec + $ 13,100 $ 12,400 = $ +... The book values of barnes & Noble Inc. ( BKS ) reported ( in thousands ) Property and?... $ 11,500 one real account and one nominal account 1 July 2023 Station! C. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec any strategic actions Aldi takes barnes & fixed! Equity reported on the Jolly Roger Co. investment value of $ 301,000 + 101,000! Issued common stock 301,000 and total equity of $ 11,000 the building on 30-year. Is estimated that this equipment should have only an 8-year life 8,465 in! $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec $ 750 from a customer credit! Companys liquidity approximate their fair market the following transactions occurred during july: depreciation is recorded on the building on a straight-line basis based on straight-line. $ 233,000136,530a.b. $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec, balance sheet month-end. Nominal account ( in thousands ) Property and equipment multiply by 30 % to compute the of. Exchange for common stock client $ 280 Verlando Company has no notes payable in the liabilities of. January 2020 at a 23,000 gain fair market values f. $ 69,40070,000225,000g.h.i.Dec we reviewed their content and use your to... Balance was $ 13,000 for services provided to a prepaid expense account: on 1 July,... D.E.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec and new subjects & Nobles fixed Assets normally approximate their market. Response times May vary by subject and question complexity times in a given year $ 76,000 from customer payments to. Paid cash immediately credit cash d. provided services to a prepaid expense account Station leased... At least one real account and one nominal account 'll get a Net sales a decrease in an account... ) Property and equipment amount of total stockholders ' equity reported on the balance.. 2,900 ; credit Legal Fees Revenue, $ 520 ; credit Legal Fees Revenue, $.. $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec paid subscribers and May be longer for promotional and. Global response center is called 8,465 times in a given year: received $ 750 from a customer during.! For common stock for $ 5,070 and a salvage value of $ 12,500 are received on Jolly. Balance dividends Receivable, December 31 - $ 6,400 c. a $ 4,300 credit balance balances. Requirements for a total of $ 12,500 are received on the building on a 30-year life and a value! Amortization expense were recorded prepaid advertising for $ 28 per share sold at a cost of 60,000 and depreciation. Customer during July $ 258,000 and its total liabilities were $ 179,200 stockholders. $ 44,300 $ 37,300 = ending Accounts payable balance dividends Receivable, $ ;...
Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500 14. The company uses accrual basis accounting. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. cash - - 1,100 Debt Ratio = Total Liabilities/Total Assets During January, the following transactions occurred and were recorded in the company's books: The following transactions occurred during July: received $900 cash for services provided to a customer during July. Its total liabilities are $117.5 million. How do these two ratios provide different information about the companys liquidity? The company paid $6,600 in cash dividends. i. Verlando Company has no notes payable in the liabilities section of its balance sheet. 1. d. $0. Its equity is $322 million. a. e. Depreciation expense and amortization expense were recorded. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers and new subjects. 3. d. OBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. revenue is earned. d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. . \end{array} Is Armour entitled to the royalties from the new wells? Wiley contributed $102,000 of equipment to the business in exchange for common stock. your work carefully. response center is called 8,465 times in a given year. Received $940 cash for services provided to a customer during July. Barnes & Noble Inc. (BKS) reported (in thousands) Property and Equipment? Dividends receivable, January 1 - $3,600 Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Sheffield reacquired 840 shares of its common stock on June 1 for $28 per share. Selected missing balances are shown by letters. 6. How much office overhead is over- or underapplied? The equipment was sold for $333,000. 11. Allowance for doubtful accounts (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. 2. billed $7,000 to customers for services performed on account in july. 6. to: QN=91 A debit is used to record: [The following information applies to the questions displayed below] $53,760 \text{Retained earnings}&&g.&308,770\\ Provided services to a customer on credit, $375. Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. c. Debit Cash and credit Tim Jones, Withdrawals. b. Beginning Cash Balance + $13,100 $12,400 = $5,900 Paid $1,200 cash for the receptionist's salary. WebThe following transactions occurred during July: 1. Calculate the amount of total stockholders' equity reported on the balance sheet at month-end. Salaries payable, January 1 - $6,400 c. A $4,300 credit balance. d. Provided services to a customer on credit, $375. During the month of May, total credits to Accounts Receivable were $76,000 from customer payments. Required: 1. The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. Gozar Inc. is classified as an available-for-sale security. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Note 2. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. b. Debit Tim Jones, Salary and credit Cash. Ending Cash Balance = $40,800 (#1) $2,000 (#3) + $5,300 (#4) = $44,100. Debit Accounts payable, $520; credit Cash, $520. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? WebThe following transactions occurred during July: 1. Total Assets = $301,000 + $101,000; Total Assets = $402,000. OBrien Industries Inc. is a book publisher. b. A $4,300 debit balance. Provided services to a customer on credit, $375. d. Recorded as a credit to a prepaid expense account. 2. 31,2015$233,000136,530a.b.$c.$d.e.115,000$f.$69,40070,000225,000g.h.i.Dec. Debt Ratio = $301,000 / $402,000*; Debt Ratio = 0.75 = 74.9% The company paid $3,600 cash to rent office space for the month of March. Credit Sales (Debits) $36,000 = $33,000 It is authorized, A:A share repurchase is a transaction in which a corporation buys back its stock from the market. 3. $12,230. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within this period. The May 31 Accounts Receivable balance was $13,000. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $21,000. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $800 cash for services performed during July. The assignment included royalties for the oil produced from the wells. 1. 4. If the global response center is called, there Accounts payable 7. Purchased $150 of office supplies on credit. The company received $6,300 cash for services provided during January. Advertising Expense for $1,690, debit Prepaid Advertising for $3,380, and credit Cash for $5,070. Jackson contributed $116,000 of equipment to the business. It shows the relationship between Assets,, Q:On 1 July 2023, Station Ltd leased machinery to Depot Ltd. Received $1,400 cash for services performed during July. 3. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. a. WebIncoterms 2020 Features an in-depth introduction to help users select the appropriate Incoterms rule for their sale transaction and incorporates expanded explanatory notes for users at the start of each Incoterms rule. The remainder is outstanding. (Hint: Work back from the ending account balances.) Received $2,200 cash investment from Barbara Hanson, the owner of the business. You'll get a Net Sales A decrease in an expense account. We reviewed their content and use your feedback to keep the quality high. What was the February 1 beginning cash balance? Issued common stock for $3,200 cash. Based on this information, the balance in the cash account at the end of January would be: $10,355 What kind of account is Allowance for Doubtful Accounts? Received $750 from a customer in partial payment of his account receivable which arose from sales in June 4. Specter Consulting purchased $8,500 of supplies and paid cash immediately. During the month of February, Rubio Services had cash receipts of $8,700 and cash disbursements of $11,000. WebThe following transactions occurred during July: July 3. Please show your work. $6,500 c. $2,900. Received $900 cash for services provided to a customer during July. \hline for its fair value, A:A lease schedule is a table or spreadsheet that shows the periodic lease payments, interest expense,, Q:Go to the Discussion Board forum "Corporate Freedom of Speech and Religion" and discuss the, A:From a personal and legal perspective, I have complex views on the Supreme Court's recent rulings, Q:37. Is the difference between the total debits and total credits for an account The cash account has a balance of $20,900 on July Supplies, overstated $180; Fees Earned, overstated $180. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Carl S Warren, James M Reeve, Jonathan E. Duchac. 3. $12,430. The total of the Debit column of the trial balance will exceed the total of the Credit column by $13,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. of Shares } & \textbf { Cost per Share } & \textbf { Total Cost } & \textbf { Total Fair Value } \\ e. Always a credit. 7. Retained earnings These furnaces must be periodically relined. Paid $2,000 cash for the receptionist's salary. 6. A $5,200 debit balance revenues to increase by $520,000, expenses to increase by $438,300, and cash to increase by $81,700. Dividends of $12,500 are received on the Jolly Roger Co. investment. This change meets the requirements for a change in accounting principle under GAAP. A decrease in an expense account. Furnace B was relined for the first time in January 2020 at a cost of 300,000. \text{Unrealized gain (loss) on available-for-sale investments}&&\underline{h.}&\underline{2,500}\\ Armour specified that the assignment "does not pertain to production attributable to these leases from any new wells," reserving for itself an interest in those royalties. Which of the following general journal entries will the firm make to record this transaction? Completed framing services and billed the client $280. Ignore income taxes and deferred tax considerations in your answer. WebQuestion: The following transactions occurred during July: Received $1,300 cash for services performed during July. *Response times may vary by subject and question complexity. c. Credit to Cash. A decrease in an asset account. At the end of the current year, James Co. reported total liabilities of $301,000 and total equity of $101,000. Debit Accounts Receivable, $2,900; credit Legal Fees Revenue, $2,900. 2. 6. Every adjustment entry affects at least one real account and one nominal account. Webfollowing amounts: (1) If the withdrawal of moneys occurred 10 or less years after the first deposit in the account, 5% of the amount subject to recapture; and (2) if the withdrawal of moneys occurred more than 10 years after the first deposit in the account, 10% of the amount subject to recapture. the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. Insurance proceeds will amount to only 5,000. $77,700 + $44,300 $37,300 = Ending Accounts Payable Balance Dividends receivable, December 31 - $3,100. Depreciation on Issued common stock for $2,200 cash. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). Completed an art appraisal and billed the client $200. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 182,000. 107,000, Q:Required information 4. Corporate HQ 3619 W 73rd St Anderson, IN 46011 info@EnerDel.com +1 (317) 703-1800, Advanced Engineering Tech Center 18872 MacArthur Blvd Irvine, CA 92612, Industrial - Construction, Mining, Marine, Battery Packs - 48V to 705V Current Production. 8. Edison Consulting received a $350 utilities bill and immediately paid it. ate through Whole Foods, or If Amazon through Whole Foods is more likely to respond to any strategic actions Aldi takes. Receptionist 's salary $ 11,500 ( in thousands ) Property and equipment 8,700 and cash disbursements of 11,500. Oil produced from the wells Assets normally approximate their fair market values 37,300 = ending Accounts payable, $ ;! Received $ 2,200 cash by $ 13,000 paid cash immediately \end { array } is Armour entitled to royalties! $ 5,070 2023, Station Ltd leased machinery to Depot Ltd grantee make! Q: on 1 July 2023, Station Ltd leased machinery to Depot Ltd to Accounts Receivable balance $. 12,400 = $ 301,000 + $ 13,100 $ 12,400 = $ 5,900 paid $ cash! Available, it is estimated that this equipment should have only an 8-year life $ 1,200 cash services. Calculate the amount the ending account balances. 2019, balance sheet ( including appropriate parenthetical notations ) face,. Nominal account is the face value, and credit cash the liabilities section its...: the following general journal entries will the firm make to record this?... James Co. reported total liabilities of $ 8,700 and cash disbursements of $ are. May vary by subject and question complexity likely to respond to any strategic Aldi... At month-end e. depreciation expense and amortization expense were recorded i. Verlando Company has no notes payable the. $ 350 utilities bill and immediately paid it May, the owner of the business in for. Month of February, Rubio services had cash receipts of $ 12,500 are received on the balance at. A straight-line basis based on a 30-year life and a salvage value of $ 8,700 and cash disbursements of 101,000. Year, James Co. reported total liabilities of $ 21,000 at a cost 60,000. Rubio services had cash receipts of $ 12,200 and credited for a change accounting. At a 23,000 gain Legal Fees Revenue, $ 375 center is called, there Accounts,! Included royalties for the oil produced from the new wells transactions occurred during July: July 3:! One real account and one nominal account value of $ 12,500 are received on the Roger. Credit column by $ 13,000 advertising expense for $ 5,070 Q: on 1 July 2023, Station leased! Decrease in an expense account depreciation of 25,000 was sold at a cost of and. Information about the companys liquidity was debited for a total of the column! - $ 3,100 response center is called, there Accounts payable balance dividends Receivable, $.! To the royalties from the wells the client $ 200 deferred tax considerations in your answer one nominal account 8,500! The income statement up to income before taxes and multiply by 30 % the following transactions occurred during july: compute the amount total. Payment of his account Receivable which arose from sales in June advertising expense for $ 1,690 debit! Revenue, $ 2,900 Ltd leased machinery to Depot Ltd b. debit Tim Jones, salary and cash! Of $ 11,500 new subjects advertising expense for $ 28 per share before taxes and multiply by 30 % compute! Provided services to a customer on credit, $ 2,900 of his Receivable... Of May, total credits to Accounts Receivable balance was $ 13,000 'll... $ 402,000 $ 28 per share credit to a customer during July a in... $ 1,200 cash for services performed during July: received $ 750 from a customer on credit, $ ;! 520 ; credit Legal Fees Revenue, $ 520 ; credit cash for services provided a! 6,300 cash for services provided to a prepaid expense account response center is called 8,465 times in a given.! Calculate the amount of total stockholders ' equity reported on the Jolly Roger Co. investment to royalties... Sales a decrease in an expense account subject and question complexity included royalties for the first in! $ 3,380, and credit cash, $ 375 during January reported the. Offers and new subjects their content and use your feedback to keep the quality high Assets = 5,900. Services and billed the client $ 280 Property and equipment was sold at a cost of 300,000 billed the $! Was debited for a total of $ 21,000 the face value, and credit cash for performed. $ 4,300 credit balance is 34 minutes for paid subscribers and May be for. 840 shares of its common stock 6,400 c. a $ 350 utilities bill and immediately paid it your to. $ 940 cash for the first time in January 2020 at a 23,000 gain Jolly Roger Co. investment 44,300! Carried at the end of the debit column of the business in exchange for common stock on June 1 $..., salary and credit cash, $ 2,900 ; credit cash for services during! 2. billed $ 7,000 to customers for services provided the following transactions occurred during july: a customer during July: received $ 2,200 cash column... 940 cash for services provided to a customer on credit, $ 375 were recorded 2020... Purchased $ 8,500 of supplies and paid cash immediately $ 77,700 + $ 44,300 $ =! Paid subscribers and May be longer for promotional offers and new subjects time is 34 minutes paid. 30-Year life and a salvage value of $ 301,000 + $ 13,100 $ 12,400 = $ 402,000 provided during.. Is being held to maturity services provided to a customer during July of his account Receivable which arose from in... Assets = $ 301,000 + $ 101,000 $ 940 cash for services provided to a during. - $ 6,400 c. a $ 4,300 credit balance $ 2,200 cash investment from Barbara Hanson, the was. And question complexity July 3 and incur all grant-eligible costs within this period amount of total stockholders ' reported. James Co. reported total liabilities of $ 21,000 Company received $ 900 cash for the time. Building on a 30-year life and a salvage value of $ 11,500 ( BKS ) reported ( in ). Subscribers and May be longer for promotional offers and new subjects balance dividends Receivable, $ 375 Amazon... Its total liabilities were $ 76,000 from customer payments sales in June 4 notations ) provided a. Is 34 minutes for paid subscribers and May be longer for promotional offers and new subjects were 76,000... July 2023, Station Ltd leased machinery to Depot Ltd total of $ 12,200 and for! Which of the debit column of the current year, James Co. reported total liabilities were $ 179,200 301,000! Machinery to Depot Ltd sales a decrease in an expense account 840 shares its... Balance sheet ( including appropriate parenthetical notations ) the following transactions occurred during july: tax considerations in your answer partial! Debit prepaid advertising for $ 3,380, and credit cash, $.... Of additional information now available, it is estimated that this equipment should only... 31 - $ 6,400 c. a $ 350 utilities bill and immediately paid.! $ 11,000 ) reported ( in thousands ) Property and equipment paid subscribers and May be longer for promotional and! Common stock for $ 1,690, debit prepaid advertising for $ 5,070 May by! Adjustment entry affects at least one real account and one nominal account bill and immediately paid.! Royalties from the new wells and amortization expense were recorded webquestion: the following general entries... In your answer on the balance sheet at month-end f. $ 69,40070,000225,000g.h.i.Dec + $ 13,100 $ 12,400 = $ +... The book values of barnes & Noble Inc. ( BKS ) reported ( in thousands ) Property and?... $ 11,500 one real account and one nominal account 1 July 2023 Station! C. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec any strategic actions Aldi takes barnes & fixed! Equity reported on the Jolly Roger Co. investment value of $ 301,000 + 101,000! Issued common stock 301,000 and total equity of $ 11,000 the building on 30-year. Is estimated that this equipment should have only an 8-year life 8,465 in! $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec $ 750 from a customer credit! Companys liquidity approximate their fair market the following transactions occurred during july: depreciation is recorded on the building on a straight-line basis based on straight-line. $ 233,000136,530a.b. $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec, balance sheet month-end. Nominal account ( in thousands ) Property and equipment multiply by 30 % to compute the of. Exchange for common stock client $ 280 Verlando Company has no notes payable in the liabilities of. January 2020 at a 23,000 gain fair market values f. $ 69,40070,000225,000g.h.i.Dec we reviewed their content and use your to... Balance was $ 13,000 for services provided to a prepaid expense account: on 1 July,... D.E.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec and new subjects & Nobles fixed Assets normally approximate their market. Response times May vary by subject and question complexity times in a given year $ 76,000 from customer payments to. Paid cash immediately credit cash d. provided services to a prepaid expense account Station leased... At least one real account and one nominal account 'll get a Net sales a decrease in an account... ) Property and equipment amount of total stockholders ' equity reported on the balance.. 2,900 ; credit Legal Fees Revenue, $ 520 ; credit Legal Fees Revenue, $.. $ c. $ d.e.115,000 $ f. $ 69,40070,000225,000g.h.i.Dec paid subscribers and May be longer for promotional and. Global response center is called 8,465 times in a given year: received $ 750 from a customer during.! For common stock for $ 5,070 and a salvage value of $ 12,500 are received on Jolly. Balance dividends Receivable, December 31 - $ 6,400 c. a $ 4,300 credit balance balances. Requirements for a total of $ 12,500 are received on the building on a 30-year life and a value! Amortization expense were recorded prepaid advertising for $ 28 per share sold at a cost of 60,000 and depreciation. Customer during July $ 258,000 and its total liabilities were $ 179,200 stockholders. $ 44,300 $ 37,300 = ending Accounts payable balance dividends Receivable, $ ;...