User Account

All Pages

What is total of the current liabilities at the end of year

Assignment Help Accounting Basics
Reference no: EM132186547

Question - Can someone please help me with the following questions?

Transaction Analysis - Polly's Cards & Gifts Shop had the following transactions during the year:

a. Polly's purchased inventory on account from a supplier for $8,000. Assume that Polly's uses a periodic inventory system.

b. On May 1, land was purchased for $44,500. A 20% down payment was made, and an 18 month, 8% note was signed for the remainder.

c. Polly's returned $450 worth of inventory purchased in (a), which was found broken when the inventory was received.

d. Polly's paid the balance due on the purchase of inventory.

e. On June 1, Polly signed a one-year, $15,000 note to First State Bank and received $13,800.

f. Polly's sold 200 gift certificates for $25 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 35% of the gift certificates had been redeemed.

g. Sales for the year were $120,000 of which 90% were for cash. State sales tax of 6% applied to all sales must be remitted to the state by January 31.

Required:

1. Identify and analyze the effect of transactions a through g.

2. Assume that Polly's accounting years end on December 31. Identify and analyze the effect of any necessary adjusting journal entries.

3. What is the total of the current liabilities at the end of the year?

Reference no: EM132186547

Questions Cloud

Why is alignment important : Why is alignment important? How can the project manager ensure alignment, and what can go wrong if alignment is not established? Illustrate with examples.
Personal or professional level : Can you provide some examples of how you were able to enhance communication either on a personal or professional level.
How the conflict evolved in terms of the five stages : Think of a recent conflict you had with someone. Describe how the conflict evolved in terms of the five stages discussed in the lesson.
Impact the level of effective communication : Explain how the chain of command in an organization can impact the level of effective communication.
What is total of the current liabilities at the end of year : On June 1, Polly signed a one-year, $15,000 note to First State Bank and received $13,800. What is the total of the current liabilities at the end of the year
Managing project group over international boundaries : What challenges do you believe that you personally might have as a PM in managing a project group over international boundaries?
Explain why expatriate turnover exists : The VP of Human Resource Management has asked you to present a PowerPoint presentation to upper management to discuss your previous findings.
Describe the different tastes of your intended customers : Would these differences be consistent or different among multiple countries in a geographic region? Explain why.
Record the warranty expense for the month of june : During the month of June, the company performed warranty work using $12,000 worth of parts for the warranty repairs. Record warranty expense for month of June

Reviews

Write a Review

Accounting Basics Questions & Answers

  An outside supplier has offered to sell the company all of

fothergill company makes 40000 units per year of a part it uses in the products it manufactures. the unit product cost

  A small company that transports business packages between

a small company that transports business packages between new york and chicago. it operates a fleet of small vans that

  Calculate the issue price of the bonds

3 year Bonds are issued at face value of $100,000 on January 1, 2016, Calculate the issue price of the Bonds

  Compute the flexible budget manufacturing cost

Cyber Construction's manufacturing costs for August when production was 1,000 units, Compute the flexible budget manufacturing cost amount for a month

  Accounts receivables from related parties

Accounts receivables from related parties should be shown separately from trade receivables.

  Starling corporation exchanges a yellow bus used in its

starling corporation exchanges a yellow bus used in its business for robin corporations gray bus and some garage

  How much of the $180,000 is a dividend to libby

How much of the $180,000 is a dividend to Libby?

  Shareholder basis for the stock

If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:

  The company uses the five activity cost pools are

the costs of managing the indoor tenant space depend on whether the tenants are located on the main level or other levels of the mall. Accordingly, the company uses the five activity cost pools listed below are:

  Prepare journal entry to record the issue of bonds

The bonds with the warrants sold at 101 ($8,080,000). Prepare journal entry to record the issue of bonds

  Prepare appropriate entries

Prepare appropriate entries for both IGA and Elf Leasing from the inception of the lease through the second rental payment on April 1, 2016

  Prepare a cvp income statement using the contribution margin

Prepare a CVP income statement using the contribution margin format in 2016. How many students are needed in order to achieve breakeven.

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