• 59% My Messages E3.10 (LO 3) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air- conditioned units. Its trial balance on August 31 is as follows. Greco Resort Trial Balance August 31, 2020 Credit Debit $ 19,600 Cash Prepaid Insurance Supplies 4,500 2,600 20,000 Land Buildings Equipment Accounts Payable 120,000 16,000 $ 4,500 4,600 Unearned Rent Revenue 60,000 Mortgage Payable 91,000 Common Stock Retained Earnings 9,000 5,000 Dividends 76,200 Rent Revenue 44,800 Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 9,200 3,600 $245,300 $245,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Instructions a. Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit %24

• 59% My Messages E3.10 (LO 3) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air- conditioned units. Its trial balance on August 31 is as follows. Greco Resort Trial Balance August 31, 2020 Credit Debit $ 19,600 Cash Prepaid Insurance Supplies 4,500 2,600 20,000 Land Buildings Equipment Accounts Payable 120,000 16,000 $ 4,500 4,600 Unearned Rent Revenue 60,000 Mortgage Payable 91,000 Common Stock Retained Earnings 9,000 5,000 Dividends 76,200 Rent Revenue 44,800 Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 9,200 3,600 $245,300 $245,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Instructions a. Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Perform February 2023, journal entries and balance sheet.
Current Attempt in Progress Metlock, Inc. purchased an 18-month insurance policy on May 31, 2022 for $10080. The December 31, 2022 balance sheet would report Prepaid Insurance of: O $6160. O $3920. O $10080. O $0 because Prepaid Insurance is reported on the Income Statement. Save for Later Attempts: 0 of 1 used Submit Answer
! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
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Adjusted Trial BalanceJune 30, 2012 Account | DebitCreditCashS21.200 Accounts receivable38.900Supplies 14.300Prepaid insurance 1, 800Equipment32.600 Acc. deprequipment26, 800Building42.800Acc dep:building10.800Land 28.300Accounts pavable22.700Notes pavable22, 400Interest payable100Wages payable200Unearned service revenue5.600Capital stock79.100 Retained earningsDividends4, 200Service revenue26.100Dep. expense: equipment600Dep. expense: building300Wages expense3, 400Insurance expense500Interest expense100Utilities expense1.100Advertising expense400Supplies expense3.300 Total 193.800193, 800Required:a. Prepare the income statement, the statement of retained earnings, and the balance sheet.b. Journalize the closing entries.c. Prepare the after - closing trial balance.
Chapter : Adjustment financial statements
pter 15, 16, and 17 Saved p%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q Help Save & E payments. Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $621 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 61 million 2025 121 million 2026 131 million 2027 152 million 2028 156 million $ 621 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Note: Round your answer to the nearest whole million. Ignoring operating expenses and additional sales in 2025, what deferred tax liability would Isaac report in its year-end 2025 balance sheet? here to search Multiple Choice # $ 3 4 5 E R W 27 DOLL 9:29 PM Construction on…
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LTI Post Attend cengage lo * CengageNO M Reset your E Homework com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpr.. Chart of Accounts General Journal Instructions Delmarva Company, during its first year of operations in 2020, reported taxable income of $170,000 and pretax financial income of $100,000. The differenc between taxable income and pretax financial income was caused by two timing differences: excess depreciation on tax return, $70,000; and warranty expenses in excess of warranty payments, $40,000. These two timing differences will reverse in the next three years as follows: Year Depreciation Warranty Expenses 2021 $10,000 $20,000 2022 20,000 16,000 2023 40,000 4,000 Enacted tax rates are 30% for 2020, 35% for 2021 and 2022, and 40% for 2023. Required: