Prepare journal entries to record the preceding transactions

Assignment Help Accounting Basics

Reference no: EM131189265

Assignment 1-

Part A-

a. Compute Hall's accrued interest as of December 31, 20X1.

b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.

c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.

Part B-

a. Prepare journal entries to record the preceding transactions and events.

b. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.

c. Prepare the current liability section of Visconti's December 31, 20XX balance sheet.

Assignment 2-

Part A-

a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?

Part B-

The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.

a. Compute the accounts-receivable and inventory-turnover ratios for 20X5.

Part B-

WATERLOO CORPORATION

Comparative Income Statements For the Years Ending December 31, 20X5 and 20X4 20X5 20X4 Net Sales.

Prepare a horizontal analysis of the balance sheet showing percentage changes from 20X4 to 20X5. Round all calculations in parts (a) and (b) to two decimal places.

Prepare a vertical analysis of the 20X5 income statement by relating each item to net sales.

Attachment:- Assignment.rar

Reference no: EM131189265

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