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30 What are two examples of needing to record a notes payable liability? Choose 2 answers. A company decides to pay $1.28 per share to each of its stockholders. A company makes each employee pay $25 for their keys, which is refundable upon the return of the keys when the employee leaves the company. A shipping company takes out a long-term loan for a new fleet of trucks. An office building has been cleaned at the end of the year, but the invoice has not yet arrived. A board of directors sends payments to all investors proportional to the percent of the company they own. A lending company agrees to lend $200,000 to another company, which signs an agreement for a three-month loan of $200,000 at a 5.1% interest rate.

in Requirements: s not been 1. Journalize every transaction in the General Journal 2. Post every general journal in the General Ledger 3. Prepare a trial balance he "out of f LAYTEY DRAGERN, a tax consultant, began his practice on December 2019. The transactions of the firm are as follows: n-balance December Mr. Dragern invested P150,000 in the firm. Paid rent for December to Marooney Devila's Realty P8,000. 3. Purchased supplies on account, P7,200. 1. 2. 4. Acquired P75,000 of office equipment from BibiKow Co, paying P37,000 down with the balance due in 20days. 5. Paid P7,200 on account for supplies purchased. 6. Paid the salaries for two weeks, P6,000 7. Performed consulting services to Dazzling Blowey for cash, P20,000. 8. Paid the salaries for two weeks, P6,000. CO 9. Performed consulting services to Gremma Repeh on account, P35,000. 10. Received and paid the telephone bills, P1,500. 11. Purchased supplies on account, P8,600. 12. Paid the accounts from BibiKow Co, P25,000. 13. Mr.…

Chapter 10, Question 10: American Paging, Inc., is the seventh largest paging company in the United States. In a recent balance sheet, it reported a current liability of $8,452,379 that was labeled Unearned Revenues and Deposits. A note to the financial statements explained: “Unearned revenues and deposits primarily represent monthly charges to customers for radio paging rental and dispatch billed in advance. Such revenues and deposits are recognized in the following month when service is provided or are applied against the customer’s final bill or last month’s rent.”  Required: What basic principle of accounting guides American Paging’s handling of its unearned revenues and deposits? Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts? Chapter 11 - Question 2: (a) What is meant by the limited liability of a stockholder? (b) Does this characteristic enhance or reduce a…

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1 Assume an investor deposits $115,332 in a professionally managed account. One year later, the account has grown in value to $147,367 and the investor withdraws $44,209. At the end of the second year, the account value is $91,455. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Your Answer: 2 Assume an investor deposits $118,152 in a professionally managed account. One year later, the account has grown in value to $149,976 and the investor withdraws $42,343. At the end of the second year, the account value is $91,322. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Answer:

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On January 1, Lumia Company's liabilities are $69,000 and its equity is $49,000. On January 3, Lumia purchases and installs solar panel assets costing $19,000. For the panels, Lumia pays $8,500 cash and promises to pay the remaining $10,500 in six months. What is the total of Lumia's assets after the solar panel purchase? Assets Equity January 1 Change January 3 || Liabilities $ 69,000+ $ + 49,000

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Rent expense Adjusting and Closing Entries 4,230 Insurance expense 1,212 Silver Lining, Inc., provides investment advisory services. The company adjusts its accounts monthly, but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, current year, appears as Salaries expense 32,520 Interest expense 432 Income taxes expense 8,280 follows. Totals $ 179,112 $ 179,112 SILVER LINING, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR Debit Credit Other Data Cash $51,402 1. Accrued but unrecorded and uncollected consulting services revenue totals $1,800 at December 31, current year. Accounts receivable 2,400 Office supplies 246 2. The company determined that $3,000 of previously unearned consulting services revenue had been earned at December 31, current year. 3. Office supplies on hand at December 31 total $132. 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the…

36 Jack's Snow Removal Company received a cash advance of $13,500 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will Multiple Choice increase assets by $4,500 increase stockholders's equity by $4,500 increase assets by $4,500 and increase stockholders's equity by $4,500 increase liabilities by $4.500

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.   Return on assets   enter the return on assets in percentages rounded to 2 decimal places %   enter the return on assets in percentages rounded to 2 decimal places %   15 continue.. Headland Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Headland and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2021, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,320 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,940 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Headland’s cash flow problems are due primarily to the company’s desire to finance a $302,050 plant expansion over the next 2 fiscal years through internally generated funds.The commercial loan…

rrent Attempt in Progress n providing accounting services to small businesses, you encounter the following situations. 1. 2. Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,200 plus GST of $210 and PST of $336. (i) During the month of March, Bramble Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,050 for income taxes. (ii) Bramble's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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