Prepare financial statements - painting service

Assignment Help Accounting Basics
Reference no: EM1373665

On October 1, Sam's Painting Service borrows $80,000 from National Bank on a 3-month, $80,000, 4% note. Explain what entry must Sam's Painting Service make on December 31 before financial statements are prepared?

Reference no: EM1373665

Previous Q& A

  Prepare an end-of-year audit

trade between a buyer and a seller are free on board (FOB) destination. What document gives evidence that a liability exists and can be unrecorded?

  Impact on economy from individual tax rate reductions

During the Kennedy administration and Reagan administration Congress decreased tax rates on individuals. Determine the effect of these rate reductions on revenue flow into federal treasury?

  Calculate the return on average total equity

Calculate the return on average total equity for the fiscal years ending January and consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries.

  Find the cost of capital

The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.

  Fed want to decrease the money supply

Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why do not people rush to bank and retrieve their money?

  Find the standard price per kilogram for raw material

The material price variance was 1370 favorable and find the standard price per kilogram for raw material?

  Show the appropriate income tax allocation

Create a memo to Texaco Inc's chief accountant showing the appropriate income tax allocation required for the above items, adding the appropriate balance sheet presentation

  Comparing and contrasting state and federal tax research

Prepare a 3-5 page paper comparing and contrasting state and Federal tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.

  Trends in the population and economic growth

Lets say that as an worker of the World Bank that I have been proposed to research the requires of a country with a particular economic concern.

  Prepare common-sized income statements

What is the company's policy regarding revenue recognition and what inventory cost flow assumption it is using and prepare common-sized income statements for the most recent two years, and comment on items which you deem important.


Write a Review


Similar Q& A

  Arantxa corporation-equity securities journal entries

Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.

  Journal entry to record bond interest accrued

On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.

  Sustainability process

The drive to incorporate sustainability into every corporation's operations is a growing trend in the global economy. In fact, it can be said that for sustainability to become an integral part of a company's business strategy

  Amount of revenue for constructing large hotel

Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..

  Compare annual reports

With respect to the three reports in comparison: Income Statement, Cash Flow Statement, and Balance Sheet how can I "zero" in, or in laymen's terms, do an efficient comparison.

  Claiming dependents for taxation

Danni, who is single, maintains a home in which she, her 15-year old brother, and her 21-year old niece live. Danni provides the majority of the support for her brother, her niece, and her cousin, age 18, who is enrolled full-time at teh universit..

  Information on journal entries to record business

On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..

  Compute the equivalent units of production

Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.

  Transferring land to the corporation

Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is 275,000, the corporation assumes a liability on the property in the amount of 300,000...

  Business sector opportunities for accountants

Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.

  Balance sheet of raider corporation

Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. Explain how the use of the losses in Part a would change if instead Raider were a partnership and Monte and Allie wer..

  Taxation and research memorandum

The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd