Classifying Liabilities and Preparing Payroll Entries
This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.
This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.
I am unable to find a solution to the attached problem. Please use excel for your solution. Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Friendly Company at December 31, 2003 includes the following: Debits Credits Accounts Receivable 100,000 Allow
P2-3A Journalize transactions, post, and prepare a trial balance and financial statements. (SO 2, 4, 6, 7) Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for sto
Brief Exercise 11-1 Cardinal Company has the following obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and
You are the chief financial officer of a small company. At a recent meeting of the directors, an appraisal report was circulated showing the current market value of the company's property, plant, and equipment was $3,500,000. The same assets were listed on the company's balance sheet at $1,750,000. This figure represents histori
Assume Down.com was organized on May 1, 2006 to compete with Despair.com?a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.com's operations. a. Received $60,000 cash from the investors who organized Down.com Corporation. b. Borrowed $20,000 cash and
On July 31, 2007, Hanlon Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts: 1. The bank service charge for July was $25. 2. The bank collected a note receivab
Below is the problem, I have also attached documents that shows what I have already done in trying to solve the problem. Any assistance in this would be greatly appreciated: 3-1. The Company borrowed $125,000 in cash from Far West Bank. a. List the accounts impacted by the transaction. b. For each account, indicate whet
Assume that the following cases are independent and rely on the following data. Make entries on the books of both companies. Show all computations. Cowher Co. Hinson Co. Equipment (cost) $450,000 $825,000 Accumulated depreciation 145,000 450,000 Fair mar
The following journal entries are from the books of Kara Elizabeth Company: a. Buildings 90,000 Cash 35,000 Mortgage Payable 55,000 b. Cash 25,000 Capital Stock 25,000 c. Cash 40,000 Loan Payable 40,000 d. Salary Expense 12,000 Cash 12,000 e. Inventory 12,500 Accounts Payable 1
The following transactions are for the Burdette Construction Company: a. The firm bought equipment for $49,000 on credit. b. The firm purchased land for $500,000, $190,000 of which was paid in cash and a note payable signed for the balance. c. The firm paid $33,000 it owed to its suppliers. d. The firm arranged for a $1
Calculate the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31). (a) A 12 year, 8 percent bond issue, the market interest rate is 12 percent. (b) A 12 ye
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A corporation issues $2,000 Shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a. $20,000 b. $32,000 c. 12,000 d. 2,000
Payroll Journal Entries. See attached file for full problem description.
1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer). The company borrowed $20,000 on a 9% note on September 30, 2009. 2. Prepare the adjusting entry that would be made on December
Newspapers and book publishers should convert to electronic publishing over paper publishing as their primary product. Do you agree or disagree?
See attached file for full problem description. PART II — ACCOUNTS RECEIVABLE A. ACCOUNTS RECEIVABLE—UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Friendly Company at December 31, 2003 includes the following: Debits Cred
Apparently each year company A receives a 401K True up invoice base on last years adjustments. Adjustments such as employee percentage contribution change which will affect the percent the company matches. This was never caught in the accrual probably because of how the report is ran from the system. Type a memo explaining wh
1. Prepare the bank reconciliation at May 31, 2006. (a) Adj. cash bal. $8,025.50 2. Prepare the necessary adjusting entries for Agricultural Genetics Company at May 31, 2006. Agricultural Genetics Company of Lawrence, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2006, the company
My partnership is not going well, and me, (Partner A) and my 2 other partners, (Partner B) and (Partner C), have decided to liquidate the partnership. Partner (C) is a little concerned. While Partner (A) has plenty of money, Partner (B) is personally insolvent. The partnership sells the apartment building for $165,000, which i
See attached file for full problem description.
See attached file for full problem description.
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. There are two parts to this question. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record the accrued interest at December 31st, assuming adjusting journal entries
(a) journalize and post the march transactions. use page j1 for the journal and the three column form of account. (b) trial balance $17,500 (b) prepare a trial balance at march 31 on a work sheet. (c) adjusted trial balance $18,950 (c) enter the following adjustments on the work sheet and complete the work sheet. (1)
Following are five unrelated transactions or events pertaining to Midwest Drug Treatment and Counseling Service Agency (a nongovernmental NPO) for its current fiscal year. Prepare journal entries to record each transaction or event. 1) A public-spirited citizen made an unrestricted cash gift of $300,000 to the agency. 2) The
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding $2,500,000 Paid-in capital in excess of par 1,200,000 Total pai
Please help with the following problem. Kalt Company recorded journal entries for the payment of $50,000 of dividends, the $32,000 increase in accounts receivable for services rendered, and the purchase of equipment for $21,000. What net effect do these entries have on owners' equity? a. Decrease of $71,000. b. Decreas
The attached represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $260,000 $100,000 $60,000 $50,000 $30,000 $20,000 % uncollectible 1% 5% 7.5% 10% 12% E
A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in 2007, including a $720 sale to Helen Sweet. On December 31, 2007, the company estimated its bad debts at 1.5% of its credit sales. On June 1, 2008, the company wrote off, as uncollectible, the $720 account of Helen Sweet. On Dec