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1. Prepare entries to record the following transactions:(a) a $5,000 cash investment made by the owner of a business.(b) $1,700 in revenue earned on account.(c) $2,500 of cash received in advance.(d) $750 of advertising paid in advance.(e) a $1,950 withdrawal(f) the collection of $650 in cash on account.(g) $275 of supplies purchased on account.(h) $420 of utilities expense owed.(i) a $215 cash payment made on account.(j) $700 of revenue earned in cash.
2. Before any adjustments have been recorded, unearned rent has a normal balance of $57. If $18 of rent remains unearned at year end, prepare the adjusting entry to record rental income earned.
3. On October 1 of the current year, a business prepaid $12 of property tax, in advance, for the next 12 months. As of December 31, it owed but had not yet recorded $6 in wages due in January of the following year. Prepare any adjusting and closing entries you think are needed at year end.
4. What would the normal balance be of a liability account a post closing trial balance? A revenue account? Drawing? Explain.
What is the cost of the raw materials requisitioned in June for each of the three jobs?
Maria, who is single, had the following items for 2010: Determine Maria’s adjusted gross income for 2010.
Determine the direct materials price and efficiency variances for Shirt Company. Evaluate the direct labor price and efficiency variances for Shirt Company.
If the firms effective interest rate is 15% per year and the life of the software is four year, what annual savings in shipping expenses mush there be to justify the purchase if the software
Adjustment in general account balances - Olsen Company has two office employees who earn $80 and $100 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. June 30 is a Tuesday in 2009.
Compute the amount of goodwill recognized, if any, on May 1, 2011 and determine the impairment loss, if any, to be recorded on December 31, 2011.
How much income must Sue report if she elects the annuity? C) How much income wouls Sue have to report if her nursing home bills amounted to only $36,000 per year?
The airline treated Al and his family to a one-week all-expenses-paid vacation at a resort near his home. This benefit was awarded because of Al’s outstanding safety record. The value of the vacation was $2,300. Which of these benefits are taxabl..
Evaluate the economic order quantity for the spice in terms of 10 pound bags and If the company works 250 days per year, on average how many bags of spice are used per working day?
Calculating Annuity Payments and Annuity Present Value of the project - Find the annual cash flow be and evaluate the present value of the savings?
Describe why overhead cost shifted from the high-volume product to the low-volume product under activity-based costing.
show through some examples that every other way of allocating income provides less utility than does the point identi?ed in part b. graph this utility maximizing situation.
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