User Account

All Pages

Calculate the age of the fencing in months

Assignment Help Accounting Basics
Reference no: EM132035063

Question - The King Street Zoo operates a drive-through tourist attraction in Toronto. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:

Prepaid Rent $12,000

Fencing 40,000

Accumulated Depreciation-Fencing 6,000

Unearned Revenue 500

Other data:

1. Four months rent had been prepaid on April 1.

2. The fencing is being depreciated at $7,200 per year.

3. The unearned revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty-five of the tickets were used by customers.

Instructions

(a) Calculate the following:

Monthly rent expense.

The age of the fencing in months.

The number of tickets sold on April 1.

(b) Prepare the adjusting entries that were made by the Queen Street Zoo on April 30.

Reference no: EM132035063

Questions Cloud

What market segmentation has apple used : What is Apple's Segmentation strategy. Use the following questions to help focus your analysis.
Increasing in the business world : Cloud-based business interactions are increasing in the business world. What are the pros and cons of this technology?
Used as the basis for pricing other financial securities : Access the markets expectations about future interest rates and therefore can be used as the basis for pricing other financial securities.
Describe them and give an example for each : Reviewing pricing methods , identify 3 pricing strategies that you know retailers use this time of year. Describe them and give an example for each
Calculate the age of the fencing in months : The unearned revenue represents tickets sold for future zoo visits. Calculate the following: The age of the fencing in months
Manage brand equity in the coming years : What different strategies might emerge as to how to build, measure, and manage brand equity in the coming years?
Market penetration strategy : How do you develop a marketing strategy for packaged ice that includes a market penetration strategy, market development strategy, and a value proposition?
What are some factors companies must consider : How is the product, price, advertising, and promotion different for global markets than US markets? What are some factors companies must consider?
Wastefully spending excess cash flows : Which of the following are ways that a firm can reduce cash flows in order to preven managers from wastefully spending excess cash flows?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Allocate and depreciate difference between implied and book

Pullman Corporation acquired a 90% interest in Sleeper Company for $6,500,000 on January 1 2010. At that time Sleeper Company had common stock of $4,500,000 and retained earnings of $1,800,000.

  Summarize the variances that you computed in 1 above by

portland companys ironton plant produces precast ingots for industrial use. carlos santiago who was recently appointed

  What is the price paid for the t-bill by the investor

A 364 day T-bill with a face value of $1,000,000 was purchased by an investor at an interest rate of 2.38%, and sold after 100 days at interest rate of 2.35%.

  The company sells the toys for 4 each and it produces and

a company that manufactures toys has just developed a 50000 molding machine for producing a special toy. the machine

  Explain in one or two sentences the key differences between

succulent juice company manufactures and sells premium tomato juice by the gallon. succulent just finished its first

  How transfer affect calculation of consolidated net income

In preparing financial statements for the current year when the sale was made to Flatbush, how does this transfer affect calculation of consolidated net income?

  Problem regarding the working backward-depreciation

Polk Corp. purchased new store fixtures for $55,000 on January 31, 2012. Polk depreciates assets using the straight-line method and estimated a salvage value for the machine of $5,000. On its December 31, 2014, balance sheet, Polk reported the fol..

  What should be the current price

A bond has a 7.5 percent annual coupon rate. It will mature in 5 years, and semi-annual coupon pay­ments are made at the end of each year.

  What is timons basis in the note receivable

What is Timon's basis in the note receivable at the end of Year 2

  Describe process of computing a corporation taxable income

Briefly describe the process of computing a corporation's taxable income assuming the corporation must use GAAP to determine its book income

  Cost of goods sold and gross profit rate

At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods so..

  Present the journal entry to record the issuance of the

a determine the cost of each of the three issues under a perpetual system using the first-in first-out method. b

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd