What is the annual reporting period for this company

Assignment Help Finance Basics

Reference no: EM13298164

Ramos Company completed its first year of operations on December 31, 2011. All of the 2011 entries have been recorded except for the following:

A. At year end employees earned wages of $7,000 which will be paid on the next payroll date, January 6 2012.

B. At year end the company had earned interesed revenue of $2,000. The cash wil be collected March 1, 2012.

Required:

A. What is the annual reporting period for this company?
2. Identify whether each transaction results in adjusting a deferred or an accrued account. The the required adjusting entry for transactions A and B. Include appropriate dates and write a brief explanation of each entry.
3. Why are these adjustments made?

Reference no: EM13298164

Questions Cloud

What is effective in changing physician behavior : For what reason did managed care originally emerge in the early 1900s? What did the HMO Act of 1973 do? What are the rules for patients in closed-access HMOs? What is the principle role of the member services department? What is effective in changing..

Hre a high skilled worker : What is the probability that the employer will hire a high skilled worker?

Create an amortization schedule : Discuss the distributions of principal, interest and the balance over the life of the loan. You must submit your backup in Excel or other supporting documentation showing how answers were reached.

Buyer value number of buyers : Participating in the market for a product are 12 consumers, each of whom will buy at most one unit of the good, and 11 suppliers, each of whom will sell at most one unit of the good. The distribution of buyer values is as follows:

What is the annual reporting period for this company : At year end employees earned wages of $7,000 which will be paid on the next payroll date, January 6 2012.

What amount must be invested today at an interest rate : What amount must be invested today at an interest rate of 4½%, compounded monthly, if you want to purchase a $450,000 machine 4 years in the future?

What is the new market value of the company : Again Inc is proposing a rights offering . Presently , there are 450,000 shares outstanding at $90 each. There will be 80,000 new shares offered at $84 each.

What is the present value of the tax savings : What is the present value of the tax savings related to depreciation of equipment?

Caltex oil v dredge : Develop knowledge and skills in the areas - Caltex Oil v Dredge

User Account

All Pages