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Question - Thiessen Tutoring Services provides in-home tutoring services to elementary school students. In December 2019, it provided four tutoring sessions to a client, who agreed to pay $400 after every 10 sessions. The company has a December 31 year end. Assume that Thiessen Tutoring Services will provide six more sessions to the client in January 2020, when the client will pay $400. Assume that Thiessen Tutoring Services provided the other six sessions to the client in January and the client paid in full at the end of the month. Thiessen Tutoring Services also borrowed $75,000 from the bank on November 1, 2019, and must repay the loan principal and interest on February 1, 2020. The bank charges an annual interest rate of 6% on the loan.
a) Record any adjusting entries required on December 31, 2019?
b) Record any adjusting entries required in 2020?
Calculate the receivables turnover ratio and average collection period for 2009. (Use ?oNet Product Sales.?? Assume all sales were credit sales.)
Solve for the new cost of capital, assuming the $10 million bond issued at par with a 4% coupon. The Comic Book Publication Group (CBPG) specializes in creating
What are the three components of Depreciation? Which components are estimates and which one is based on actual costs? When a company disposes of an asset how is the gain and loss on disposal computed? What are intangible assets? How do intangible ass..
Thomason Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $36,300 per month plus $2,070 per flight plus $1 per passenger. The activit..
A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $10,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash defic..
The B/C ratio for a new water reservoir in Texas is required to be 1.25. If the benefit is estimated at $2,900,000 per year and the maintenance cost is expected to be $1,800,000 per year, what is the allowed maximum initial cost of the project? The d..
If the 10-year Australian government bond rate is currently 3.8%, what would be the coupon rate at which a 10-year corporate bond rate for Seuss Inc would be set, taking into account the fact that the spread for a company with the same (5.6%) probabi..
A company had the following selected account balances at the end of 2014: what was the actual overhead for the year?. give the journal entry to dispose of the factory overhead account balances assuming it is written off to cost of goods sold.
The controller for P & P Products neglected to have her staff accrue the payroll for the last week in December, 2014. The following data should have been considered and accounted for in P & P Products’ books. Journalize any necessary entries to accru..
FINDING THE REQUIRED INTEREST RATE. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds
The Cuban Revolution was the most important event in Latin America in the 20th Century. Explain why and how the Cuban Revolution came about and discuss how it changed Cuba, how it changed U.S.-Latin American relations and how it affected the rest of..
question evaluating break-even sales and sales needed to earn a target operating income graphing cvp relationships
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