E3-8A. Analysis of Adjusted Data Selected adjusted balances for Coyle Company are shown below as ofJanuary 31. The firm uses a calendar-year accounting period and makes monthly adjustments.Adjusted Balances as of January 31Supplies ....Supplies expense.Prepaid insurance..Insurance expense.$ 80096057482Wages payable.Wages expenseTruck...5003,2008,700Accumulated depreciation2,610a. If the amount in Supplies Expense represents the January 31 adjustment for the supplies usedin January, and $620 worth of supplies were purchased during January, what was the January1 balance of Supplies?b. The amount in the Insurance Expense account represents the adjustment made at January 31for January insurance expense. If the original insurance premium was for one year, what wasthe amount of the premium and on what date did the insurance policy start?If we assume that no balance existed in Wages Payable or Wages Expense on January 1, howmuch cash was paid as wages during January?d. If the truck has a useful life of five years, what is the monthly amount of depreciation expenseand how many months has Coyle owned the truck?C.

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
PROBLEM 1: The transactions of Dragon Company for December 2020 are shown below. Requirements: (a) Journalize each transaction and prepare the necessary adjusting entries; and (b) Prepare the current liabilities section of the balance sheet for the month ended December 31, 2020. Dec 1 Purchased P1,250,000 inventory on account. Received P200,000 from a lessee as an advance payment for rent over five months starting December 2020. Billed a customer who bought 400 units at P4,500 each. It is expected that 6% of the units will be defective and that repair costs will average P1,350 per unit Dec 3 Dec 9 Dec 15 Borrowed P900,000 from a bank by signing a 9-month, 10%, interest-bearing note. Dec 21 Paid P820,000 on account for inventory purchased on December 1. Dec 27 Sued by a disgruntied employee. Legal counsel believes that it is possible that the company will have to pay P80,000 in damages next year. Dec 30 Purchased new equipment for P650,000, paying P200,000 cash and signing a 3-year, 7%…
Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…
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