Q3. In December31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5.000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Answer:

Q3. In December31, 2022 the accountant discovered the following information: 1. Supplies purchased during the year and recorded as an assets were 20,000. As the Physical counting indicated that end of period supplies were 5.000. 2. Cash received for 5,000 during the year against services not yet provided to the clients and recorded as earned revenues. 3. Salaries for 25,000 incurred in the year but unpaid and unrecorded. 4. Revenues for 50,000 earned in the year but uncollected and unrecorded. 5. The annual Depreciation expenses for 10,000 unrecorded. Required: Pass the required Adjusting Entries for the above Information. Answer:

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

See similar textbooks

Similar questions

Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
The 2025 income statement of Wildhorse Corporation included the following items Service Revenue Interest Expense Unearned Service Revenue Interest payable All of Wildhorse's revenue is received in cash (no Accounts Receivable). The following items were taken from Wildhorse's balance sheet $367600 O $367600. O $370150. 4700 O $362900. O $394450. The cash received for services during the year is December 31, 2025 $26850 1250 December 31, 2024 $24300 1950
Directions. Read and analyse the given data. Answer the questions below on a separate sheet of paper. The January 31. 202x Statement of Financial Position of Shelpat Corporation follows: Cash 8,000 Accounts receivable (net of allowance for uncollectible Accounts of P2,000) 38,000 16,000 Inventory Property, plant and equipment (net of allowance for Accumulated depreciation of P60,000) 40 000 P. 102,000 Total Assets Additional information: • Sales are budgeted as follows: February P110,000 120 000 March • Collections are expected to be 60% in the month of sale. 38% the next month and 2 % uncollectible. • The gross margin is 25% of sales. Purchases each month are 75% of the next month's projected sales. The purchases are paid in full the following month. • Other expenses for each month, paid in cash, are expected to be P16,500. Depreciation each month is P5,000. 1. What are the budgeted cash collections for February 202x? P101,800 P104,000 P63,800 P66,000 a. с. b. d. 2. What is the…
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long –term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4
E6-5. Prepare Balance Sheet. Blackburn Building Products Company provided the following information for the current year ended December 31. Account Debit Credit Cash $ 645,235 Notes payable, due in 5 years $ 190,900 Retained earnings 857,735 Obligations under capital leases (noncurrent) 575,000 Obligations under pension plans 301,250 Deferred tax liability (noncurrent) 35,500 Accumulated other comprehensive loss 356,700 Current portion of long-term debt 356,800 Property, plant, and equipment-net 2,745,600 Investments in affiliate companies 567,500 (noncurrent) Accounts receivable 450,000 Bonds payable, due in 10 years 1,890,750 Investments at fair value (trading) 235,000 Accounts payable 500,000 Additional paid-in capital 710,300 Dividends payable 55,000 Equipment under capital lease 1,511,750 Intangible assets-net 205,700 Merchandise inventory 665,750 Income taxes payable 40,000 Common stock, $1 par value 1,870,000 Totals $7,383,235 $7,383,235 Required » a. Prepare the current-year…
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
Huron has provided the following year-end balances:· Cash, $25,000· Long-term Investments, $7,900· Accounts receivable, $9,300· Property, plant, and equipment, $98,700· Prepaid insurance, $3,600· Accumulated depreciation, $10,000· Inventory, $37,000· Retained earnings, $12,600How much are Huron's current assets? Group of answer choices a)$74,900. B)$163,600. c)$87,500.D)$95,400
Events Affecting Year 1 Provided $30,620 of cleaning services on account. Collected $24,496 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required (this part omitted) Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1.
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768,352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30.000 in Caloy's book are uncollectible. c) Other assets of P4.000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The partnership assumes the…
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000