User Account

All Pages

Calculate the amount of interest in the adjusting entry

Assignment Help Accounting Basics
Reference no: EM132565726

Question -

Q1. On May 1, Sofa So Good, Inc., purchased 100 shares of Staco Bell's stock for $8 each. At December 31, year end, the stock was trading for $9 each. Record the adjusting entry based on this stock information.

Q2. On November 1, Sofa So Good, Inc., lent $8,000 on a 3-month, 6% note with interest and principal due at maturity. Calculate the amount of interest in the adjusting entry for the year ended December 31.

Q3. Lawn & Order, Inc., purchased a truck on January 1, Year 1, at a cost of $87,000. The truck has an estimated useful life of 5 years or 107,000 miles. The estimated salvage value is $14,000. In Year 1, the truck was driven 16,000 miles. In Year 2, the truck was driven 20,000 miles. Accumulated Depreciation on the balance sheet using straight-line depreciation at December 31, Year 2, after two years of use, is

Q4. French Confection, Inc., bought machinery at a cost of $54,000 at the beginning of Year 1. If its salvage value is $6,000 and its useful life is 10 years, what will the Depreciation Expense be for the second year if the straight-line method is used?

Reference no: EM132565726

Questions Cloud

Create line item budget : Create a line item budget for the agency. Description of each type of budget. Create the line item budget in Microsoft Excel.
What is npv profile and illustrate using graph : What is NPV profile? Illustrate using graph. Do you agree that Net Present Value rankings depends on the cost of the capital? Illustrate with example
Question - Budgets Journal Entries : Question - Budgets Journal Entries. Prepare the General Ledger journal entries for the General Fund for the City of Corona for the fiscal year ended May
Which a decrease in accounts receivable will result : Which A decrease in accounts receivable will result? A negative cash outflow from operating activities./A positive cash inflow from investing activities
Calculate the amount of interest in the adjusting entry : On November 1, Sofa So Good, Inc., lent $8,000 on a 3-month, Calculate the amount of interest in the adjusting entry for the year ended December 31
Voting and the role of interest groups : Determine three roles that interest groups play in American politics in terms of impacting election outcomes.
What importance does the tapetum lucidum : What importance does the tapetum lucidum have in mammals other than humans?
Calculate the cost of each item being sold : Each hair brush costs $9 and each hair dryer costs $300. Using the weighted average cost method, calculate the cost of each item being sold
Sequence of dna and build slightly different : There are multiple ways your cells can read a sequence of DNA and build slightly different proteins from the same strand.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting theory and practices between fasb and iasb

Identify three (3) dissimilar major principles and assumptions in Accounting Theory and Practices between FASB and IASB

  What are the estimated conversion costs per unit what are

the estimated unit costs for a company to produce and sell a product at a level of 12000 units per month are as

  Show the journal entry if the sale of the equipment is sold

The straight-line method of depreciation was used. Show the journal entry if the sale of the equipment is sold for $18,000 at the end of the third year

  What is the annual savings

The furnace will last for 20 years, at which point it will need to be replaced and will have no salvage value. The discount rate is 10%. What is annual savings

  Abc auto insurance classifies drivers as good medium or

abc auto insurance classifies drivers as good medium or poor risks. drivers who apply to them for insurance fall into

  Write a check to the payroll bank account for total payroll

Which of the following steps are executed when a company draws one check for total payroll and deposits it in a special payroll bank account?

  Mike and michelle decided to liquidate their jointly owned

mike and michelle decided to liquidate their jointly owned corporation pennsylvania corporation. after liquidating its

  Which increase the operating efficiency of the truck

Paid $400 to install special shelving units, which increase the operating efficiency of the truck. Prepare Firefly's journal entries to record these two transactions.

  If the beginning inventory is understated by 1300 and

if the beginning inventory is understated by 1300 and ending inventory is understated by 700 what would be impact on

  Compute the total factor productivity measures for year

As the cost accounting manager at Cambria Chemicals (CC), Compute the total factor productivity measures for year 1 and year 2 based on the three inputs

  Falcon co produces a single product its normal selling

falcon co. produces a single product. its normal selling price is 30.00 per unit. the variable costs are 19.00 per

  Z mart appropriately uses the installment sales method

Z-Mart appropriately uses the installment sales method of accounting for its installment sales. During 2009, Z-Mart made installments sales of $300,000 and received payments of $135,000 on those sales. Z-Mart's gross profit margin is 30%.

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