Alert Security Services Co. offers security services to business clients. The trial balance forAlert Security Services Co. has been prepared on the following end-of-period spreadsheetfor the year ended October 31, 2019:Alert Security Services Co.End-of-Period SpreadsheetFor the Year Ended October 31, 2019AdjustedTrial BalanceUnadjustedTrial BalanceAdjustmentsAccount TitleDr.Cr.Dr.Cr.Dr.Cr.Cash12Accounts Receivable90SuppliesPrepaid Insurance8.12Land190Equipment50 Accum. Depr.-Equipment4Accounts PayableWages PayableBrenda Schultz, CapitalBrenda Schultz, Drawing362608Fees Earned200Wages Expense110Rent ExpenseInsurance Expense12Utilities ExpenseSupplies ExpenseDepreciation ExpenseMiscellaneous Expense500500The data for year-end adjustments are as follows:a. Fees earned but not yet billed, $13.b. Supplies on hand, $4.c. Insurance premiums expired, $10.d. Depreciation expense, $3.e. Wages accrued but not paid, $1.Enter the adjustment data and place the balances in the Adjusted Trial Balance columns.

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a…

Answered: Alert Security Services Co. offers…

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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On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…
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