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Finance
The balance in the unearned fees account, before adjustment at the end of the year, is
$112, 790. Of these fees, $69,735 have been earned. In addition, $13, 200 of fees have
been earned but have not been billed. Journalize the adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees.
$112, 790. Of these fees, $69,735 have been earned. In addition, $13, 200 of fees have
been earned but have not been billed. Journalize the adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees.
Finance
The prepaid insurance account had a balance of $5,400 at the beginning of the
year. The account was debited for $6,000 for premiums on policies purchased
during the year. Journalize the adjusting entry required at the end of the year for
each of the following situations: (a) the amount of unexpired insurance applicable
to future periods is $1,000; (b) the amount of insurance expired during the year is
$10,400.
year. The account was debited for $6,000 for premiums on policies purchased
during the year. Journalize the adjusting entry required at the end of the year for
each of the following situations: (a) the amount of unexpired insurance applicable
to future periods is $1,000; (b) the amount of insurance expired during the year is
$10,400.
Finance
For the year ending November 30, 2010, Towson Medical Services Co. mistakenly omitted adjusting entries for (1) $1,430 of supplies that were used, (2) unearned revenue of
$11,150 that was earned, and (3) insurance of $6,000 that expired. Indicate the combined
effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended
November 30, 2010.
$11,150 that was earned, and (3) insurance of $6,000 that expired. Indicate the combined
effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended
November 30, 2010.
Finance
Derby Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies;
Office Equipment; Accounts Payable; Terri Burell, Capital; Terri Burell, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Journalize the following selected transactions for March 2009 in a two-column journal and posting to T account. Journal entry explanations may be omitted.
Mar. 1. Paid rent for the month, $3,000.
2. Paid advertising expense, $1,800.
5. Paid cash for supplies, $900.
6. Purchased office equipment on account, $12,300.
10. Received cash from customers on account, $4,100.
15. Paid creditor on account, $1,200.
27. Paid cash for repairs to office equipment, $500.
30. Paid telephone bill for the month, $180.
31. Fees earned and billed to customers for the month, $26,800.
31. Paid electricity bill for the month, $315.
31. Withdrew cash for personal use, $2,000.
Office Equipment; Accounts Payable; Terri Burell, Capital; Terri Burell, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Journalize the following selected transactions for March 2009 in a two-column journal and posting to T account. Journal entry explanations may be omitted.
Mar. 1. Paid rent for the month, $3,000.
2. Paid advertising expense, $1,800.
5. Paid cash for supplies, $900.
6. Purchased office equipment on account, $12,300.
10. Received cash from customers on account, $4,100.
15. Paid creditor on account, $1,200.
27. Paid cash for repairs to office equipment, $500.
30. Paid telephone bill for the month, $180.
31. Fees earned and billed to customers for the month, $26,800.
31. Paid electricity bill for the month, $315.
31. Withdrew cash for personal use, $2,000.
Finance
On October 1, 2009, Nautilus Co. received $15,300 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2009.
Finance
Can you please explain why the sale price on the pizza question is 12 when it's on a 20% promotion but after the promotion it drops to 9.60 should the sale price not increase after the promotion has finished
Finance
Analyse the following transactions according to traditional approach.
a. 1.1.2011 Sunitha started his business with cash Rs. 5,00,000
b. 2.1.2011 Borrowed from Malathi Rs. 5,00,000
c. 2.1.2011 Purchased furniture Rs. 1,00,000
d. 4.1.2011 Purchased furniture from Meenal on credit Rs. 1,50,000
e. 5.1.2011 Purchased goods for cash Rs. 50,000
f. 6.1.2011 Purchased goods from Ram on credit Rs. 2,50,000
g. 8.1.2011 Sold goods for cash Rs. 1,25,000
h. 8.1.2011 Sold goods to Shyam on credit Rs. 55,000
i. 9.1.2011 Received cash from Shyam Rs. 25,000
j. 10.1.2011 Paid cash to Ram Rs. 90,000
a. 1.1.2011 Sunitha started his business with cash Rs. 5,00,000
b. 2.1.2011 Borrowed from Malathi Rs. 5,00,000
c. 2.1.2011 Purchased furniture Rs. 1,00,000
d. 4.1.2011 Purchased furniture from Meenal on credit Rs. 1,50,000
e. 5.1.2011 Purchased goods for cash Rs. 50,000
f. 6.1.2011 Purchased goods from Ram on credit Rs. 2,50,000
g. 8.1.2011 Sold goods for cash Rs. 1,25,000
h. 8.1.2011 Sold goods to Shyam on credit Rs. 55,000
i. 9.1.2011 Received cash from Shyam Rs. 25,000
j. 10.1.2011 Paid cash to Ram Rs. 90,000
Finance
Following is the balance sheet for the period ending 31st March 2011 and 2012. If the current year’s net loss is Rs.38,000, Calculate the cash flow from operating activities.
31st MARCH
2011
2012
Short-term loan to employees
15,000
18,000
Creditors
30,000
8,000
Provision for doubtful debts
1,200
-
31st MARCH
2011
2012
Short-term loan to employees
15,000
18,000
Creditors
30,000
8,000
Provision for doubtful debts
1,200
-
Finance
Draw the Balance Sheet for the following information provided by Sandeep Ltd..
a. Current Ratio : 2.50
b. Liquidity Ratio : 1.50
c. Net Working Capital : Rs.300000
d. Stock Turnover Ratio : 6 times
e. Ratio of Gross Profit to Sales : 20%
f. Fixed Asset Turnover Ratio : 2 times
g. Average Debt collection period : 2 months
h. Fixed Assets to Net Worth : 0.80
i. Reserve and Surplus to Capital : 0.50
a. Current Ratio : 2.50
b. Liquidity Ratio : 1.50
c. Net Working Capital : Rs.300000
d. Stock Turnover Ratio : 6 times
e. Ratio of Gross Profit to Sales : 20%
f. Fixed Asset Turnover Ratio : 2 times
g. Average Debt collection period : 2 months
h. Fixed Assets to Net Worth : 0.80
i. Reserve and Surplus to Capital : 0.50
Finance
Audra acquires the following new five-year class property in 2011:
Asset Acquisition Date Cost
A January 10 $106,000
B July 5 $70,000
C November 15 $1,950,000
Total $2,126,000,
Audra elects § 179 for Asset C. Audra's taxable income from her business would not create a limitation for purposes of the § 179 deduction. Audra takes additional first year depreciation. Determain her total cost recovery deduction ( including section 179 deduction) for the year.
Asset Acquisition Date Cost
A January 10 $106,000
B July 5 $70,000
C November 15 $1,950,000
Total $2,126,000,
Audra elects § 179 for Asset C. Audra's taxable income from her business would not create a limitation for purposes of the § 179 deduction. Audra takes additional first year depreciation. Determain her total cost recovery deduction ( including section 179 deduction) for the year.
