User Account

All Pages

accounting project, Accounting Basics

Assignment Help:
journal entries and how to calculate entries

1. Braves estimates bad debt expense at 2% of net sales

2. At 12/31/11, 6 months of rent remains on the storage facility Braves leased on 7/1/10 when it paid $36,000 for a two-year rental.

3. Depreciation on the equipment (excluding the new computers) is computed at 8% per year with a $15,000 salvage value.

4. Depreciation on the Building is computed at 3% per year with a $50,000 salvage value.

5. Depreciation on the new computers is computed straight-line using a 4-year life and no salvage value. Braves’ policy is to record a full month’s depreciation when the assets are purchased and no depreciation in the month of disposal.

6. The 9% Note Payable was issued by Braves Corp. on 7/1/11 and is due on 7/1/12.

7. Salaries earned by employees from 12/19 to 12/31 amount to $12,000.

8. The December utility bill amounts to $2,000.

9. At year-end $20,000 of office supplies are on hand.

10. On 7/1/11, Braves Corp. purchased a three-year fire insurance policy for $36,000 paying the full amount on that day.

11. Braves’ income tax rate is 19%.

Related Discussions:- accounting project

Prepare a trial balance with example, Q. Prepare a trial balance with examp...

Q. Prepare a trial balance with example? The Larry Fisher was captain of the football team at Prestige University. Afterwards he earned a master's degree in business administra

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e...

Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want

A store receives $400 cash after offering a chain, A store receives $400 ca...

A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00

t liabilities to equity ratio, t. liabilities ratio is the same as debt eq...

t. liabilities ratio is the same as debt equity ratio?

Is the interest on a note receivables recorded, Is the interest on a note r...

Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit

Journal and ledger, ledger is said to be the principal book entry and the t...

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?

The formula for computing additional paid-in capital, The formula for compu...

The formula for computing additional paid-in capital in excess of par is shares of stock times Saturday

Show account titles and explanation column in journal, Account titles and e...

Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t

What is the change fund, What is the change fund Business that have man...

What is the change fund Business that have many cash transactions generally establish this fund, which is an amount of money which is placed in the cash register drawer and is

Calculate present value, Windsor Company will receive $100,000 in 7 years. ...

Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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