Reference no: EM13914541
Allantis Machining experienced the following events during 2013:
1. Started operations by acquiring $100,000 of cash from the issue of common stock.
2. Paid $12,000 cash in advance for rent during the period from February 1, 2013, to February 1, 2014.
3. Received $9,600 cash in advance for services to be performed evenly over the period from September 1, 2013, to September 1, 2014.
4. Performed services for customers on account for $130,400.
5. Incurred operating expenses on account of $63,000.
6. Collected $113,800 cash from accounts receivable.
7. Paid $44,000 cash for salaries expense.
8. Paid $56,000 cash as a partial payment on accounts payable.
Adjusting Entries
9. Made the adjusting entry for the expired rent. (See Event 2.)
10. Recognized revenue for services performed in accordance with Event 3.
11. Recorded $4,200 of accrued salaries at the end of 2013.
Events for 2014
1. Paid $4,200 cash for the salaries accrued at the end of the previous year.
2. Performed services for cash, $81,000.
3. Paid $50,000 cash to purchase land.
4. Paid $10,800 cash in advance for rent during the period from February 1, 2014, to February 1, 2015.
5. Performed services for customers on account for $164,000.
6. Incurred operating expenses on account of $98,200.
7. Collected $152,600 cash from accounts receivable.
8. Paid $96,000 cash as a partial payment on accounts payable.
9. Paid $82,000 cash for salaries expense.
10. Paid a $10,000 cash dividend to the stockholders. Adjusting Entries
11. Recognized revenue for services performed in accordance with Event 3 in 2013.
12. Made the adjusting entry for the expired rent
13. Recorded $7,000 of accrued salaries at the end of 2014.
Required
a. Record the events and adjusting entries for 2013 in general journal form.
b. Post the events for 2013 to T-accounts.
c. Prepare a trial balance for 2013.
d. Prepare an income statement, statement of changes in stockholders' equity, balance sheet and statement of cash flows for 2013.
e. Record the entries to close the 2013 temporary accounts to Retained Earnings in the general journal and post to the T-accounts.
f. Prepare a post-closing trial balance for December 31, 2013.
g. Repeat requirements a through f for 2014.
|
What are the required rates of return on the four stocks
: Several years ago, the Value Line Investment Survey reported the following market betas for the stocks of selected healthcare providers: Company Beta Quorum Health Group .90 Beverly Enterprises 1.20 HEALTHSOUTH Corporation 1.45 United Healthcare 1.70..
|
|
Establishing correlation between variables
: Describe different methods of establishing correlation between variables and provide an example of each?
|
|
Despite economists support of market approach to environment
: Despite economists' support of a market approach to environmental policy, the command- and-control approach continues to dominate the policy of most nations.
|
|
Heckel enterprises experienced the following events
: Heckel Enterprises experienced the following events for 2013, the first year of operation:
|
|
Allantis machining experienced the following events
: Allantis Machining experienced the following events during 2013: 1. Started operations by acquiring $100,000 of cash from the issue of common stock. 2. Paid $12,000 cash in advance for rent during the period from February 1, 2013, to February 1, 2014..
|
|
Projects are not mutually exclusive
: Project H requires an initial investment of $100,000 and the produces annual cash flows of $45,000 per year for each of the next 3 years. Project T also requires an initial investment of $100,000 and produces cash flows of $30,000 in year 1, $40,000 ..
|
|
Leveraged buyouts are commonly financed by the issuance
: Municipal general obligation bonds are ____. Municipal revenue bonds are ____. Some bonds are "stripped," which means that. Leveraged buyouts are commonly financed by the issuance of:
|
|
Compute overhead applied and the under
: Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
|
|
Susceptible to interest rate risk from investors perspective
: If the United States announces that it will borrow an additional $10 billion, this announcement will normally cause the bond traders to expect. Which of the following bonds is most susceptible to interest rate risk from an investor's perspective? __..
|