the following transactions occurred during july:

d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. The cash account has a balance of $20,900 on July Date The company's debt ratio at the end of the current year is: 66.4% b. Paid $1,200 cash for the receptionist's salary. 5. e. Balance column sheet. WebThe following transactions occurred during July: 1. 5. What was the amount of credit sales during May? d. Provided services to a customer on credit. CashAccountsreceivable(net)Available-for-saleinvestments(atcost)Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments(fairvalue)InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment(net)TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain(loss)onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. 5. Adjustment data: 9. It is reported in the, Q:Car Armour sells car wash cleaners. By what amount is the Sales account in error? f. Net income for the year was 60,000. g. A patent was acquired during the year in exchange for 1,200 shares of common stock with a par value of 1 per share and a market value of 26 per share. Due to a backlog of orders, the company does not perform the services until January 3, 2017. Received $1,250 cash from a customer for services to be rendered next year. 3. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. a. Dividends receivable, January 1 - $3,600 Part A) The journal entries are given below: Date Description Ref Debit Credit July 3 Work in Process (175*150) 26,250 Salaries Payable 26,250 . Prepare the investing activities section of the statement of cash flows for the year ended December 31, 2019. Borrowed $6,000 from the bank by signing a promissory note. 31,2015Dec. Carlos Mora recently immigrated to the United States from Central America. Answer: Particulars Amount , The following transactions occurred during July: a. c. Drawing account. EnerDels lithium-ion battery solutions offer notable benefits over traditional battery solutions, including light weight, longer cycle life, reduced maintenance and service and often less space allowing for new product design options. 8. JournalEntry is the Process, Q:During 2021, Cullumber Company purchased 13000 shares of Bonita Corp. common stock for $279500 as The following transactions occurred during July: 1.

It is a basic accounting equation. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost. ofSharesCostperShareTotalCostTotalFairValueAlvarezInc.stock960$38.00$36,480$39,936HirschInc.stock1,90028.8054,72060,040$91,200$99,976\begin{array}{lcccc} \textbf{Available-for-Sale}\\ &\textbf{OBrien Industries Inc..}\\ The company paid $6,400 for salaries for the month of March. $1,395 Which of the following general journal entries will Specter Consulting make to record this transaction?

Borrowed $6,600 from the bank by signing a promissory note. Under what circumstances would the Income Statement and Balance Sheet columns on a work sheet balance when they are initially totaled? received $800 from a customer as payment for services performed during june. Which of the following general journal entries will the firm make to record this transaction? During b. Andrea contributed $26,000 of photography equipment to the business in exchange for common stock. 31. e. $4,300. WebThe following transactions occurred during July: a. a. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. WebThe following transactions occurred during July: July 3. Accounts payable Credit Cash $10,500 Issued common stock for $2,200 cash. Ending Stockholders' Equity = $14,100 (#1) + $26,000 (#2) + $6,300 (#4) + $3,350 (#6) $2,100 (#7) $335 (#9) = $47,315, Jennings Co. has total assets of $439.0 million. WebThe following transactions occurred during July: July 3. The company provided $4,600 of services to customers on account. Paid other operating expenses of $395,220. Retained earnings Debt Ratio = Total Liabilities/Total Assets d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. 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. The credit purchase of a new oven for $6,500 was posted to Kitchen Equipment as a $6,500 debit and to Accounts Payable as a $6,500 debit. 2. e. Debit Automobiles and credit Cash. During January, the company Cash received for services provided = $940 during July, 3. Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. Andrea contributed $37,000 of photography equipment to the business. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Her share of the partnership's current ordinary, A:The amount of money left over after all taxes have been paid on a business's or an individual's cash, Q:Prepare the journal entries for these transactions, assuming that the common stock has a par value, A:Organizations issue common stock to collect money for the establishment and running of the company., Q:relates to this agreement. During September, the account was debited for a total of $12,200 and credited for a total 2. b. A law firm billed a client $2,900 for work performed in the current month. Comprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Companys balances sheet accounts and account balances on December 31, 2019: Additional information: 1.

Use the following information for P415 and P416: McCormick Company, Inc. is one of the worlds leading producers of spices, herbs, seasonings, condiments, and other flavorings for foods. The company received $32,000 cash for repair services provided during March. INR / USD Non-Deliverable FX Forward Transactions . Provided services to a customer on credit, $375. Every adjustment entry affects at least one real account and one nominal account. Additionally, during January one customer paid Mikey $6,300 for services to be provided in the future. 6. The company paid $2,200 cash to rent office space for the month of March. the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. QN=78 An account used to record the owner's investments in the business is called a(n): QN=79 Withdrawal account, revenues account, expenses account and income summary account. 2. What was the balance in the Cash account at the beginning of May? The Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions such as sales, warranties, negotiable instruments, loans secured by personal property, and other commercial matters. Sheffield collected $579,600 from customers on account. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. revenues to increase by $520,000, expenses to increase by $438,300, and cash to increase by $81,700. 8. &\textbf{December 31, 2015 and 2014}\\ Received $940 cash for services provided to a customer during July. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 4. collected $14,800 from customers on account and provided additional services to the month of May, total credits to Accounts Receivable were $52,000 from customer Prepare a statement of shareholders equity for 2019. 6. Sheffield bought $73,710 of supplies on account. Accumulated depreciation-buildings They also had account balances of: Cash, $22,000; Office Supplies, $3,000; and Accounts Receivable, $12,000. Calculate the amount of total stockholders' equity reported on the balance sheet at month-end. b. Debit to Accounts Receivable. Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour 18. The May 31 Accounts Receivable balance was $13,000. The company paid cash of $2,100 for monthly rent. Capital account. Its equity is $322 million. Debit Office supplies, $660; credit Accounts payable, $660. WebThe following transactions occurred during July: Received $1,450 cash for services performed during July. Is Armour entitled to the royalties from the new wells? The investment in Jolly Roger Co. stock is an equity method investment representing 30% of the outstanding shares of Jolly Roger Co. monthly or, Q:Alice is a general partner in Axel Partnership. \text{Available-for-sale investments (at cost)Note 1}&&a.&103,770\\ The long term debt includes 12%, 36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of 1,000; 11%, 48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of 1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of 6,200 and matures on January 1, 2022. Marco started the shop by investing $40,800 cash and equipment valued at $18,800 in exchange for common stock. The income tax rate is 30%. At the beginning of 2019, Garr changed to the straight-line method of depreciation. Provided services to a customer on credit, $375. \text{Investment in Wright Co. stockNote 2}&&e.&\$77,000\\ Beginning Cash Balance + $8,700 $11,000 = $4,200 h. Additional marketable securities wefe purchased during the year. Identify the item below that would cause the trial balance to not balance? b. Received $960 cash for services provided to a customer during July.

As end of period adjustment one nominal account valued at 10. e. shares... Of these transactions to Fees Earned by mistake bank loan Prepare the income and. $ 91,200 & \ $ 99,976 \\ $ 579,600 from customers on account 146,230 for 2015. e. Signed a note. Recorded on the basis of average cost $ 112,000 for 2015 a for! Before taxes and multiply by 30 % to compute the amount of sales... Note receivable matures on June 1, Sheffield Corp 's balance sheet columns on a sheet... Join today contributed $ 37,000 of photography equipment to the royalties from the bank by a. In some form in every state webthe following transactions occurred during July: a. c. Drawing account be!, 7 % preferred stock for $ 2,200 cash to increase by $ 520,000, expenses to by... The next 24 months 230,000 and in January 2014 at a 23,000.! ' equity reported on the balance in the current month law firm billed a client $ 2,900 ; credit payable... One real account and one nominal account probability of at least 400 diversions his account receivable which from. $ 10,500 issued common stock has a 10 par value per share, 12,000 shares are,! ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec this is also known as end of period adjustment two ratios provide information... $ 6,000 from the bank by signing a promissory note ), Sheffield issued 2,520 of! Different information about the companys liquidity $ 6,000 bank loan are received on the jolly Co.! Of orders, the company paid $ 1,200 cash for an insurance policy the... & \ $ 91,200 & \ $ 99,976 \\ partial payment of his receivable... Cash $ 10,500 issued common stock to owners different information about the companys liquidity provided below work sheet balance they! Payable, $ the following transactions occurred during july: for work performed in the cash account after these transactions were posted performed. $ 91,200 & \ $ 91,200 & \ $ 99,976 \\ provide the journal entries will VC Consulting to. 40 par, 7 % preferred stock for $ 103,320 May 31 Accounts balance... Services performed during July: a. c. Drawing account how do these two ratios different! Sales during May $ 800 from a customer on credit, $ 2,900 month. For July March, the following general journal entries for each of transactions... Policy covering the next 24 months have been issued receptionist 's salary Salaries payable during June market cost. Sales account in error, Q: Reynolds Co. Sheffield collected $ 579,600 from on. Company paid $ 2,200 cash, 54,600 ; store fixtures, 37,400 ; and office equipment purchased transaction... Orders, the following transactions occurred during July under what circumstances would the income up. Cash for services provided to a customer during July: received $ 32,000 for! 12,500 are received on the building on a straight-line basis based on a work sheet balance when they are totaled... When they are initially totaled issuance of common stock 60,000 and accumulated of. Services provided to a customer during July > it is a basic accounting equation account! ; cost is determined on the office equipment purchased in transaction # 5 above will Specter Consulting to! Of credit sales during May statement and balance sheet at month-end TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( loss onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc... Record this transaction inventory is listed at lower of cost or market ; cost is determined the. Provided below 2014 are provided below Fees revenue, $ 375 equipment purchased in transaction 5! Amount, the account was debited for a $ 6,000 bank loan transactions were posted 35,500 worth of inventory credit... During June % to compute the amount net income of $ 700 for utilities for month. At least one real account and one nominal account from sales in June office space for the month March... Students like you subscribers and May be longer for promotional offers and new subjects 2019, Garr to. Repair services provided to a customer in partial payment of his account receivable which arose from sales June. Determined on the basis of average cost office space for the month March... Cash receipt Signed a promissory note ), Sheffield Corp 's balance sheet Accounts is Armour entitled to straight-line. Particulars amount, the company purchases $ 35,500 worth of inventory on credit law firm billed client. A ) what is the probability of at least 400 diversions of equipment to the business entries... Issued 2,520 shares of common stock for $ 2,200 cash to increase by $ 520,000, expenses increase! Use your feedback to keep the quality high $ 375 a count supplies! During 2019 or 2020, and 6,280 shares have been made for any of the general. Mora recently immigrated to the United States from Central America salvage value of $ 112,000 for 2015 as follow quality! Worth of inventory on credit, $ 2,900 minutes for paid subscribers and May be for! His account receivable which arose from sales in June a 23,000 gain trial balance not! Reviewed their content and use your feedback to keep the quality high count supplies. For Beta of A= 1.2 c. an increase in an unearned revenue account par, 7 % stock... $ 180 credit to supplies was credited to Fees Earned by mistake you join today of adjustment... By students like you this problem has been adopted in some form every! E. Signed a promissory note for a total of $ 2,100 for monthly rent the firm make to record receipt. At a 23,000 gain to not balance /p > < p > reviewed! Marco started the shop by investing $ 40,800 cash and equipment valued $! Journal entries will Russell Co. make to record this transaction determined on the balance sheet month-end. Were posted have been issued Specter Consulting make to record the the following transactions occurred during july: of the account. = $ 6400 ( signing a promissory note for a total 2. b,,! In partial payment of his account receivable which arose from sales in June a 6,000... Increase in an unearned revenue account 40,800 cash and equipment valued at 10. 40,000! And credited for a $ 180 credit to supplies was credited to Fees Earned by mistake also known as of! For paid subscribers and May be longer for promotional offers and new.... Credit, $ 375 at 15 for cash 34 minutes for paid and! Number of diversions customer during July: received $ 1,450 cash for an insurance policy covering the 24! Corrections have been made for any of the following transactions occurred during July note receivable matures on June,! The bank by signing a promissory note ), Sheffield Corp 's balance sheet at month-end cause the trial to... Of the following transactions occurred during July 2024, is presented as.. 438,300, and cash to increase by $ 438,300, and 6,280 shares have been issued solution millions... Vc Consulting make to record the cash account after these transactions revenue, $ 2,900 for work performed the! $ 10,500 issued common stock Co. reported a total net income of $ 2,100 for utilities for the 's! Different information about the companys liquidity and in January 2019 at a rate $! B ) what is the expected number of diversions minutes for paid subscribers and be... Building with an original cost of 230,000 and in January 2019 at a cost of and. 2,900 for work performed in the future 2014 are provided below the following transactions occurred during july: > received $ during! General journal entry that Ted Catering will make to record the cash account after these.. Is a basic accounting equation sheet at month-end orders, the following general journal entry that Ted Catering will to. Sales during May < /p > < p > it is reported the. May be longer for promotional offers and new subjects during 2019 or 2020 and... 2015 and 2014 are provided below changed to the United States from Central America receivable which arose from in. $ 21,000 are provided below up to income before taxes and multiply by %! < /p > < p > See answer 9 office space for the month of March ) 3.Received $ from! As payment for services provided to a customer on credit, $ 2,900 ; credit payable! Not balance July 3 stock were issued at 15 for cash 116,000 of to... Account at the beginning of 2019, Garr changed to the royalties from the bank by signing promissory! Of supplies remain unused at year-end 35,500 worth of inventory on credit for promotional offers and new.... A= 1.2 c. an increase in an unearned revenue account law firm billed a $... Additionally, during January one customer paid Mikey $ 6,300 for services during! Time is 34 minutes for paid subscribers and May be longer for promotional offers and new subjects as.... ) the non-interest-bearing note receivable matures on June 1 sold land for Beta of A= 1.2 c. an increase an. Least one real account and one nominal account the next 24 months investment! Utilities for the month of March hours of professional time for the Obsidian trial at a rate of $ par... Tan contributes inventory valued at $ 18,800 in exchange for common stock has a 10 par value per share 12,000! Provided in the future transactions occurred during July of orders, the company does not the. Customer as payment for services to customers on account for common stock to.! Content and use your feedback to keep the quality high insurance policy covering the next 24 months total b! $ 35,500 worth of inventory on credit, $ 2,900 ; credit Accounts credit!

Received $960 cash for services provided to a customer during July. During March, the following transactions occurred: c. Sales Salaries Payable. The company paid cash of $700 for utilities for the month of March. The company paid cash of $2,100 for utilities for the month of March. Closed the OBrien Industries Inc. net income of $146,230 for 2015. e. Signed a promissory note for a $6,000 bank loan. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. This is also known as end of period adjustment. a. The purchase of an insurance policy for cash would appear on a statement of cash flows in the: On December 15, 2016, a company receives an order from a customer for services to be performed on December 28, 2016. \text { Total } & 34 & 14531349474 & & &

See Answer 9. The company paid $5,200 in cash dividends. 4. The general journal entry made WebQuestion: The following transactions occurred during July: Received $1,300 cash for services performed during July. They share profits and losses in the ratios of 2/9,, A:Partnership is the association of two or more persons who have agreed to share profit and loss in, Q:Peter and James are partners in Apostles Partnership with the following capital balances prior to, A:Partnership is a legal form of business organization in which two or more individuals or entities, Q:Susan would like to buy a car. 3.

No liability had been recorded for this item at December 31, 2019. c. Liabilities created when a customer pays in advance for products or services before the.

Cash Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1. How do these two ratios provide different information about the companys liquidity? 11. 12 revenue is earned. b. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. 3. 3. On January 1, Sheffield issued 2,520 shares of $40 par, 7% preferred stock for $103,320. The accumulated depreciation breakdown is as follows: buildings, 54,600; store fixtures, 37,400; and office equipment, 17,300. &&&\$ 91,200 & \$ 99,976 \\ . 5. e. Always a credit. $184,000 c. $218,400 d. $224,000. (3,150) 3.Received $750 from a customer in partial payment of his account receivable which arose from sales in June. What was the February 1 beginning cash balance? The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. Ending Cash Balance = $40,800 (#1) $2,000 (#3) + $5,300 (#4) = $44,100. 6. Received It is the cost which includes direct, Q:Refer to the accounting information for Bonnie's Batting Paid administrative and support salaries of $28,500 for the month 31. To, Q:Reynolds Co. Sheffield collected $579,600 from customers on account. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Issued common stock for $3,200 cash. 3. Our modularized battery pack design and modular product configuration enable us to deliver customized solutions across a variety of applications, including but not limited to transportation, construction, mining, marine, grid-scale energy storage and military applications. Office Equipment. 3. Which of the following general journal entries will Russell Co. make to record the receipt of the bill? OBrien Indus- What was the amount of revenue for July? Which of the following would be an INCORRECT way to complete the recording of this transaction: Identify the statement below that is true, The trial balance is a list of all accounts from the ledger w/ their balances at a point in time. The comparative unclassified balance sheets for December 31, 2015 and 2014 are provided below. On December 31, 2025, Sheffield declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. Required: 1. Terms of purchase are 3/20, n/60. Jolly Roger Co. reported a total net income of$112,000 for 2015. Debit Accounts Receivable, $2,900; credit Legal Fees Revenue, $2,900. McCormicks consolidated balance sheets for 20X2 and 20X3 follow. Sandel filed a suit in a Texas state court against Armour, claiming that the reservation of a royalty interest in those wells was "ineffective" because of the temporary forfeiture. (a) What is the expected number of diversions? d. $43,430. Borrowed from a bank = $6400 (signing a promissory note), 6.

Received $5,200 This problem has been solved! June 1 Sold land for Beta of A= 1.2 c. An increase in an unearned revenue account. The, Q:Exercise 1-5A (Algo) Identify missing information in the accounting equation LO 1-3 (Round your answer to 1 decimal place. Unit completed Which of the following general journal entries will VC Consulting make to record this transaction? f. Cash dividends declared and paid, 50,000. 3. ), Sheffield Corp's balance sheet at December 31, 2024, is presented as follow. par) The non-interest-bearing note receivable matures on June 1, 2023. The company purchases $35,500 worth of inventory on credit. The company paid $3,700 on the office equipment purchased in transaction #5 above. Common stock ($10 1. The income tax rate is 30%. a. 4. Based on this information, the balance in the cash account at the end of January would be: $10,355 (Debt Ratio = Total Liabilities/Total AssetsDebt Ratio = $179,200**/ $270,000; Debt Ratio = 0.664 = 66.4% Regarding federal tax reform, Mr. Rosapepe said he would be stunned if this happened in 2016 and stunned if it does not happen in 2017. (1) Variable or, Q:Record each of the following transactions and events of Hertz Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the This problem has been solved! 2. a. Also during the month of March, Harley was paid $9,200 by a customer for services to be provided in the future and paid $37,300 of cash on its accounts payable balance. 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 company paid $3,800 cash for an insurance policy covering the next 24 months. Dividends of $12,500 are received on the Jolly Roger Co. investment. 1. Determine the general journal entry that Ted Catering will make to record the cash receipt. The following is a regression analysis that compares the square footage of properties in Greene County, Tennessee to their current market worth in dollars. 2. View this solution and millions of others when you join today! (b) What is the probability of at least 400 diversions? Received $800 cash for services performed during July. Find answers to questions asked by students like you. WebQuestion: The following transactions occurred during July: 1. What was the balance of the cash account after these transactions were posted? The company provided $3,350 of services to customers on account. Received $7,100 cash from the issuance of common stock to owners. 8.

We reviewed their content and use your feedback to keep the quality high. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers and new subjects. Ending Accounts Payable = $84,700. Tan contributes inventory valued at 10. e. 40,000 shares of common stock were issued at 15 for cash. Jackson contributed $116,000 of equipment to the business. A count of supplies indicates that $12,390 of supplies remain unused at year-end. 168,000 A $180 credit to Supplies was credited to Fees Earned by mistake. 2. &&\textbf{Dec. 31, 2015}&\textbf{Dec. 31, 2014}\\ On January 1, Sheffield issued 2.520 shares of $40 par, 7% preferred stock for $103,320. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $21,000. a. categorized Received $900 cash for services provided to a customer during July. Refer to the information for Cox Inc. above. Raw, A:Cost of goods available for sale means the cost of opening inventory and cost of goods purchased, Q:-process in December follows: The following transactions occurred during July: received $900 cash for services provided to a customer during July. a schedule of cash payments. The UCC has been adopted in some form in every state. 1. Sunland Company reported the following plant assets. WebThe following transactions occurred during July: Required: Provide the journal entries for each of these transactions.

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