User Account

All Pages

Prepare the required December year-end adjusting entries

Assignment Help Financial Accounting
Reference no: EM132928085

Problem - Depreciation on the company's wind turbine equipment for the year is $5,600. The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexpired insurance coverage remains at year-end.

The company received $4,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed.

As of December 31, $1,800 in wages expense for the organic produce workers has been incurred but not yet paid.

As of December 31, the company has earned, but not yet recorded, $460 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12.

For each of the above separate cases, prepare the required December 31 year-end adjusting entries.

Reference no: EM132928085

Questions Cloud

Which statements is not correct for economic income : Which statements is NOT correct for economic income? Which is NOT an example of a red flag to one should be aware of when evaluating earnings quality?
Analyze the key links between organization goals : Creating as well as maintaining a fully and correctly functioning integrated staffing management system for a going concern is part of the strategic function fo
Compute the net present value of the new machine : The old equipment has a book value of $100,000. However, it can be sold for only $20,000 if it is replaced. Compute the net present value of the new machine
Discuss features of corporatist theory of industrial : Briefly discuss features of the 'Corporatist theory' of industrial/ employment relations and explain the main argument of corporatist theory?
Prepare the required December year-end adjusting entries : Depreciation on the company's wind turbine equipment for the year is $5,600. Prepare the required December year-end adjusting entries
Describe the key objective of occupational health : 1) Describe the key objective of occupational health and safety legislation?
Develop solutions related to the creation : An entity relationship diagram including significant attributes against each entity - List any assumptions/business rules you have made
What percent of total sales was spent on delivery costs : Thompson's Hardware spent $50,740 this year on delivery costs alone. If total sales were $630,400, what percent of total sales was spent on delivery costs
What does rewriting history really mean : What does rewriting history really mean?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Planning and budgeting important to organization success

Why are planning and budgeting important to an organization's success? What are some operational and financial impacts as a result from planning and budgeting?

  Prepare depreciation expense and interest expense

Prepare depreciation expense , Interest expense and production of oil industry journal entries required for the platform and the asset retirement obligation

  Calculate the total interest earned over nine-year period

Calculate the accumulated balance in his investment fund at the end of 9 years. Calculate the total interest earned over the 9-year period

  Calculate the internal rate of return for each project

Calculate the internal rate of return (IRR) for each project. Calculate the internal rate of return (IRR) for each project.

  Evaluate the unit product cost for each month

Evaluate the unit product cost for each month using the absorption, variable and throughput costing approaches. Purpose an income statement for November using the variable costing approach

  Earnings per share and price-earnings ratio

Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required. Determine the company's price-earnings ratio.

  Describe liquidity asset management and recommendations

The memo should be divided into sections that describe liquidity, asset management, long-term debt paying ability, profitability and recommendations.

  What is the net amount of capital lease assets

What is the net amount of capital lease assets on the balance sheet? - What is the total amount of capital lease obligations on the balance sheet?

  Compute the roi and ri for this division

Assume that the Pip division is presented with an investment project yielding a 20 percent return on its investment requiring a cash outlay of $30,000. Would the manager of the Pip division accept this investment under the ROI approach? How about ..

  What you would do to correct the internal control weakness

Describe in detail the main internal control weakness in this situation. Specify what negative result could occur because of the internal control weakness. Describe what you would do to correct the internal control weakness.

  Find the collection forecast for june

Preparation of collection forecast form sales - Find the collection forecast for June?

  Prepare a consolidated balance sheet for consolidated ?rm

Prepare determination and distribution of excess schedule for People Corporation's investment in Sample. Prepare a consolidated balance sheet for the consolidated ?rm immediately after the acquisition by People Corporation.

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