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1.Prepare adjusting journal entries for the year ended (date of) December 31, 2013, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
a. Depreciation on the company's equipment for 2013 is computed to be $18,000.b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.c. The Office Supplies account had a $700 debit balance on December 31, 2012; and $3,480 of office supplies were purchased during the year. The December 31, 2013, physical count showed $298 of sup plies available.d. Two thirds of the work related to $15,000 of cash received in advance was performed this period.e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.f. Wage expenses of $3,200 have been incurred but are not paid as of December 31, 2013.
An asset costs $80,000 and has a salvage value of $7,000. It has a four-year life. Using double-declining-balance depreciation, Year 2 depreciation would be:
Sunday Corporation prepared the following performance report for variable overhead costs for the last quarter of the year. Machine hours are the cost driver for all overhead costs. Cost Driver(Machine Hours) Variable Overhead Costs:
direct labor $70,000, manufacturing overhead $35,000, selling and administrative expenses $45,000; and purchase of securities $14,000. Aaron wants to maintain a balance of at least $25,000 cash at the end of each quarter. For first quarter p ..
How does the balance in Allowance for Bad Debts before adjustment affect the amount of the year-end adjustment under the percentage of sales method? Under the percentage of receivables method?
preparation of classified balance sheet from the given data.balance sheet preparation from the following data prepare a
from the data given compute the margin of safety.penury company offers two products. at present the following
Prepare a trial balance with the accounts arranged as illustrated in the chapter, and fill in the missing amount for Cash and prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2012
On May 1, 2014, Fisher Corp. acquired 4,000 shares (5%) of Wychek, Inc. stock for $25 per share. On October 18, 2014, Fisher Corp. received a dividend of $3 per share on the Wychek stock. The market value per share of Wychek's stock as of December 31..
Joe writes a check payable to Advance Autos. The check is drawn on his checking account with Progressive Bank.
Identify whether it represents an accounting change or an error. If an accounting change, identify the type of change.
Overhead variance Fixed And variable - determine the total, controllable, and volume overhead variances.
Will the data be stored for at least 5 years? Are participant recruitment and data collection steps adequately described, such that the study's risks and burdens can be discerned?
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