User Account

All Pages

Discuss the company receives an advance payment

Assignment Help Accounting Basics
Reference no: EM131762461

Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through d and the adjusting entries as of its December 31 period-end for items e through g.

a. Supplies are purchased on December 1 for $2,000 cash.

b. The company prepaid its insurance premiums for $1,540 cash on December 2.

c. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work.

d. On December 28, the company receives $3,700 cash from another customer for remodeling work to be performed in January.

e. A physical count on December 31 indicates that the Company has $1,840 of supplies available.

f. An analysis of the insurance policies in effect on December 31 shows that $340 of insurance coverage had expired.

g. As of December 31, only one remodeling project has been worked on and completed. The $5,570 fee for this project had been received in advance and recorded as remodeling fees earned.

Reference no: EM131762461

Questions Cloud

Design the hr function : You have been retained to design the HR function, and present your recommendations in a report. Your answer should be presented in report format.
Analyze challenges and opportunity for growth or improvement : Analyze Challenges (common pitfalls) and opportunities for growth and/or improvement. Solutions for dealing with challenges common in project management.
Process for making widgets cannot : Our process for making widgets cannot fulfill the customer order requirements.
Questions that cuts across many different message : A task questionnaire typically contains a lengthy list of task questions that cuts across many different message (True or False)
Discuss the company receives an advance payment : On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work
What performance-based incentives does given offer include : What pay rate will you offer? What else may be included in the compensation package? What performance-based incentives does this offer include?
Explain the relationship an organization : Explain the relationship an organization's compensation plan should have with objectives.
Form of social insurance for employees : List and discuss at least three laws/regulations that directly guide the actions of employers in the area of total compensation.
Discuss which instrument will you prefer and why : Your educated guess is that the price will appreciate to $140 in five years and you want to use a discount rate of 10%. Which instrument will you prefer and why

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the responsibilities of client management

What are the responsibilities of the client's attorneys with respect to obtaining evidence regarding litigation, claims, and assessments?

  Investment as securities available for sale

Dorchester Corporation purchased one thousand shares of Winchester Corporation stock in 2006 for $800 per share and classified the investment as securities available for sale.

  Transaction structured as an acquisition

Problem: Chaney acquires 100% of the voting shares of Roberts on January 1, 2010 in a transaction structured as an acquisition. Assume that using the acquisition method, goodwill of $2,000,000 resulted. In addition to the initial payment to Robert..

  Create single company-wide contribution margin income

Create a single company-wide contribution margin income statement for AVS that includes each expense category

  Exploring bcom275 words, expressions, and concepts

Post any questions about the course materials, text readings, or sample final exam here in this thread. The individual assignment should remain an individual assignment, but you may certainly ask questions about similar problems.

  Prepare a cvp chart for the company

Apollo Company manufactures a single product that sells for $168 per unit and whose total variable costs are $126 per unit.

  Prepare journal entries to record the preceding transactions

Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec.

  March for the drying department

In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow:

  What are the maturities on intel''s long-term debt

1) What are the maturities on Intel's Long-term debt?

  Calculate the estimated inventory at the end of november

Royal Gorge Company uses the gross profit method to estimate ending inventory and Calculate the estimated inventory at the end of November

  Analysis of stockholders equitystar corporation issued both

analysis of stockholders equitystar corporation issued both common and preferred stock during 20x6. the stockholders

  Prepare the journal entry to record the redemption

The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2017, Prepare the journal entry to record the redemption

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