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- What would be the journal entry for the following statement when converting from modified accrual to accrual accounting? The City finished a new Admin building with a final cost of $8,500,000 on June 30, 2022. Construction in progress at the beginning of the fiscal year was $6,000,000.please answer within 30 minutes.Sheffield Marina has 300 available slips that rent for $900 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 4% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 21% discount (this promotion hopefully will provide cash flow for major dock repairs).On December 31, 2020, all 300 slips for the 2021 season were rented at full price. On December 31, 2021, 213 slips were reserved and paid for the 2022 boating season, and 62 slips were reserved and paid for the 2023 boating season.(a) Prepare the appropriate journal entries for December 31, 2020, and December 31, 2021.
- On May 1. 2020, Indigo Inc entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $826 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $511) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (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.) Date Account Titles and Explanation Debit Credit May 1, No Entry 2020 (b) Prepare the journal entry on May 15, 2020, for Indigo. (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.) Date Account Titles and Explanation May 15. Debit Credit Cash 826 2020 un (C) Prepare the journal…For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third-party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000. Prepare the neccessary journal entry to record the contractual adjustments.On September 1, 2020, Mr. Chu paid P62,940 worth of insurance premium for two years.a. Using the Asset Method, give the Journal Entry on September 1, 2020 and the Adjusting Journal Entry on December 31, 2020.b. Using the Expense Method, give the Journal Entry on September 1, 2020 and the Adjusting Journal Entry on December 31, 2020.
- Would you please help me understand how my answers are incorrect? I have been looking at this for an hour.Thank you.Explain clearlyABC SAOG has entered a contract to supply a machinery on 1st December 2019 for OMR 1000,000 along with maintenance service for a period of 2 years with no additional charge. The payment terms were as follows: OMR 1000,000 if paid by 31st December 2019; OMR 1020,000 if paid by 31st January 2020; OMR 1040,000 if paid by 29th February 2020. It is highly probable that the customer will make payment in the month of January 2020. The stand-alone selling price for machinery was OMR 900,000 and the consideration for two years maintenance service is expected to be RO 300,000. What is the amount of obligation for maintenance service for two years? O a. OMR 250,000. Ob.OMR 100,000. Oc. OMR 750,000. O d. OMR 255,000.
- On May 1, 2020, Culver Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $942 in advance on May 15, 2020. Kickapoo pays Culver on May 15, 2020, and Culver delivers the mower (with cost of $585) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Culver. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Culver. (Credit account titles are automatically indented when the…In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.How to calculate the following: (COVID provisions) Lamden Company paid its employee Trudy, wages of $61,500 in 2020. Of this amount, $2,400 was allocated to sick pay for two weeks due to Trudy’s spouse contracting COVID and Trudy being quarantined. Trudy spent another 10 weeks at home caring for their children that were unable to attend school. Lamden allocated $10,000 in wages to family leave. Lamden allocated $6,000 of Trudy’s wages to the employee retention credit (5 weeks). The allocation of health care costs is $200 per week. Compute Lamden’s: Credit for sick pay Credit for family leave Employee retention credit