Reference no: EM133168081
Question - During its first year of operations, Riverside Company completed the following two transactions. The company's fiscal year ends on December 31.
1. Paid and recorded wages of $135,000 during year 1; however, at the end of that year, wages of $1,800 for three days are unpaid and unrecorded because the next weekly pay day is January 6, of year 2.
2. Rented office space to another party and collected $3,375 on December 12, of year 1. The rent collected was for 30 days from December 12, year 1 through January 10, year 2, and was credited in full to rent revenue.
Required -
1. Prepare (a) the adjusting entry required on December 31, year 1 and (b) the journal entry required on January 6, year 2 to record the payment of any unpaid wages from December of year 1.
2. Prepare (a) the journal entry for the collection of rent on December 12, year 1, and (b) the adjusting entry on December 31, year 1.
3. Determine the financial statement effects for each of the journal entries you prepared in (1) and (2). Indicate the accounts affected, amounts, and direction of the effects (+ for increases and - for decreases) on the accounting equation.
4. Show how the liabilities related to these transactions should be reported on the company's statement of financial position at December 31, year 1.
|
What amount is debited to retained earnings on dec
: The investment has a carrying amount of P1,800,000. The date of distribution is on January 15, 20x2. What amount is debited to retained earnings on Dec
|
|
Determine the manufacturing cycle efficiency
: Waymouth Manufacturing operates a contract manufacturing plant located in Dublin, Ireland. Determine the manufacturing cycle efficiency
|
|
What is patricia gross tax liability
: In 2021, Patricia (age 10) received $7,880 from a corporate bond. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability
|
|
What is the taxpayer net capital gain or loss for the income
: She was delighted to profit on the sale of her jetski for $15,000 which she had purchased for $9,000 in June 2017. What is the taxpayer net capital gain or loss
|
|
Prepare the adjusting entry required on december
: Prepare (a) the adjusting entry required on December 31, year 1 and (b) the journal entry required on January 6
|
|
Significant range of components to strategic promotion
: Using skills gained so far, you should be able to understand, recognize and appreciate the significant range of components to strategic promotion
|
|
Effectiveness of project management system
: Explain the risks associated with your new organizational structure on the overall organization and the effectiveness of a project management system,
|
|
Identify the various stakeholders involved
: Identify the various stakeholders involved and determine which ones are likely to represent the forces for change or the forces resisting change
|
|
What is the amount of the taxable gifts
: At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $6,380 in cash. What is the amount of the taxable gifts
|