Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:
Oct. 1
Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Paid the premium on a one-year insurance policy, $1,200.
Paid the current month's rent, $1,040.
Oct. 3
Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance were placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.
Oct. 8
Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12
Paid utility bill for October, $154.
Oct. 16
Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19
Made payment to McKenna Company, $200.
Oct. 31
Cash bicycle repair revenue for the last half of October, $1,310.
Declared and paid cash dividend of $800.
A. Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $194.
c) The estimated depreciation on repair equipment is $70.
d) The estimated income taxes are $40.
B. Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Burrough also paid $3,000 to a search firm for finder's feesrelated to the acquisition. What amount will be recorded as goodwill by BurroughCorporation while recording its investment in Helyar?
Calculation of good will - Total Shareholders' Equity of Little
What are the major advantages besides disadvantages of each of the four types of auditing careers? What other kinds of auditing careers are available to those who are qualified?
Evaluate the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL). Evaluate the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).
The original cost of the first machine was $200,000 and the original cost of the second was $140,000. The firm’s tax rate is 40%. Compute net investment for this project.
Explain the negative tax considerations (if any) with respect to Debbie making gifts of the assets that you have recommended.
"Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that inventory is as follows: What should be the carrying value of Montana's inventory?
Create Bing's amortization schedule for lease terms and create all journal entries for Kingdom for 2012. Suppose a calendar year fiscal year.
Bill's sales volume was 300,000 appliances with an average selling price of $500 and expenses totaling $90 million. Determine whether Bill's return-on-sales ratio has met the companywide target. Has Bill done a good or a poor job? Explain.
What amount(s) related to the bonds would Baddour report in its income statement for the year ended September 30, 2011? What amount(s) related to the bonds would Baddour report in its statement of cash flows for the year ended September 30, 2011? I..
the obama healthcare bill changes the tax situation for certain "cadillac" health plans. exactly what is the tax law now on health care provided by employers? how will the proposed chages affect taxpayers? how much revenue will this provide for t..
Illustrate what do you think will be the impact on the fraudster once this becomes known? How do you distinguish a revenue fraud from legal earnings management?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd