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The following information for Drake Company, which adjusts and closes its accounts every December 31, is available for 2016: 1. Salaries accrued but unpaid total $2,840 on December 31, 2016. 2. The $247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30, 2016, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales for 2016 total $65,000. 7. An analysis of the company insurance policies indicates that the Prepaid Insurance account is to be reduced for $528 of expired insurance. 8. A review of travel expense reports indicates that $310 has been paid for airfare for a salesperson (and recorded as Travel Expenses), but has not yet been used. 9. The income tax rate is 30% on current income and will be paid in the first quarter of 2017. The pretax income of the company before adjustments is $18,270. Required: Journalize the necessary adjusting entries for Drake at the end of 2016.
Which of the following statements best describes the purpose of the Taxpayer Bill of Rights?
On January 1, 2014, Robin Wright Inc. purchased land that had an assessed value of $303,000 at the time of purchase. A $654,000, zero-interest-bearing note due January 1, 2017, was given in exchange. There was no established exchange price for the la..
Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department and equivalent units of production for the WindingDepartment
What is the activity rate for Production Setup and $2,500 per setup b. $833 per setup c. $625 per setup d. $400 per setup
John thinks the losses were particulary large because his company has too much fixed assets. Expand on johns thoughts. Explain how the large bosses related to fixed costs? identify a way that john can turn potential fixed costs into variable costs
The petty cash fund of the Owls Agency is established at $200. At the end of the current period, the fund contained $33 and had the following receipts: Film rentals - $49 Refreshments for meetings - $56 (both expenditures to be classified as Entertai..
Based on the following selected financial information for Sheets Clinicworks, calculate net income for 2003. 2002 2003 Dividends paid $400 $700 Accts. payable/accr. 300 500 Long-term debt 2,300 2,000 Common stock 2,200 3,000 Retained earnings 6,150 6..
The clap chemical company needs a large insulated stainless steel tank to expand its plant. A recently closed brewery has offered to sell their tank for $15,000 delivered. The price is so low that clap believes it can sell the tank at any future time..
The market price of K-T-Lew Corporation's common stock is $60 per share, and each share gives its owner one subscription right. If the common stock is currently selling "rights-on," the theoretical value of a right is closest to
What earnings per share does Cook report before the expansion? What earnings per share will Cook report if the proposed expansion is undertaken?
A bond that pays interest annually yields a rate of return of 9.50 percent. The inflation rate for the same period is 3 percent. What is the real rate of return on this bond?
tara incorporates her sole proprietorship transferring it to recently formed black corporation. the assets transferred
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