Harbor View Marina records boat storage fees. Weekly charges: covered slips 12 at $95 each, open slips 18 at $75 each. Specify the total storage revenue.
Q: Solve these general accounting question not use ai
A: Step 1: Define Accrual BasisAs per the accrual basis of accounting, revenue should be recognized…
Q: Janson corporation balance included the following this question solution
A: Step 1: Define Current LiabilitiesCurrent liabilities are short-term obligations that are met using…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: What are Generally Accepted Accounting Principles (GAAP)?Generally Accepted Accounting Principles…
Q: Need Answer of this Question with General Accounting Method
A: Step 1: Definition of Turnover:The turnover ratio measures the worth of sales or revenues compared…
Q: I want to correct answer general accounting
A: Calculating Operating Cash Flow The Operating Cash Flow (OCF) can be calculated using the following…
Q: Hello tutor please provide this question solution general accounting
A: The debt to equity ratio is given as 0.25, which means that for every dollar of equity, the firm has…
Q: I want to correct answer general accounting
A:
Q: If you give me correct answer I will give you helpful rate on these accounting question
A: Step 1: Define Standard or Budgeted QuantityIn accounting, the standard or budgeted values of…
Q: Question
A: Explanation of Entity Concept: The entity concept is a fundamental accounting principle that treats…
Q: Received bills totaling $1320 for grand opening/fourth of July party. The bill from party rentals…
A: In this transaction, there are three accounts involved. They are:Party Expenses: This account will…
Q: Hi expert please give me answer general accounting
A: The formula for computing the return on asset (ROA) is:ROA = Net Income/Total Assets Thus, for…
Q: I need answer of this question solution general accounting
A: Step 1: Start with the beginning stockholders' equityStep 2: Calculate net incomeStep 3: Subtract…
Q: Lynn Company owns equipment that cost $120,000 when purchased on January 1, 2018. It has been…
A: Journal Entries for Case (a)Account Titles and ExplanationDebitCreditCash58000 Accumulated…
Q: Please provide the Transfer Pricing Schedule/Policy under the Optimum Transfer Pricing Method for…
A: To determine the optimal transfer price using the Optimum Transfer Pricing Method, we consider the…
Q: cost accounting subject
A: Step 1: Calculate Cost of Goods Sold (COGS):COGS = Beginning Inventory + Purchases + Freight-in -…
Q: give answer for this account query
A: Steps to Apply the Lower-of-Cost-or-Market Approach:Compare the cost and market value for each…
Q: strictly NO AI use please answer me in this account query
A: Step 1: NRV/Net realizable value Net realizable value = Estimated selling price - Cost to complete…
Q: A company uses the weighted -average method solve this question
A: Step 1: Define Assigning Cost in Process CostingThe production cost report is prepared in process…
Q: No. 7-12
A: Explanation of Fresh Daily Bakery: This is likely a small business or establishment that produces…
Q: Please provide answer the accounting question
A: Step 1: Define Average Collection PeriodIt refers to a time required for a firm to collect payments…
Q: General Accounting
A: To determine the total equity of the firm, we need to identify and sum the components that belong to…
Q: Business 123 Introduction to Investments May I please have a brief rhetorical analysis of the…
A: Rhetorical analysis shows how the discussion talks to the audience, in all likelihood an…
Q: Please given answer Accounting question
A: Step 1: Define Debt to Equity RatioThe debt to equity ratio is a financial ratio that calculates the…
Q: Answer this
A: Given:Total annual subscription fees = $72,000Subscription period = 12 months (from October 1, 2013,…
Q: Requirea information [The following information applies to the questions displayed below.] Oak…
A:
Q: General Account
A: Step 1: Formula Gross profit = Sales - Cost of goods sold Step 2: Substitution Gross profit = Sales…
Q: ??
A: Explanation of Business success measured through community benefits:This definition aligns with the…
Q: Answer??
A: Explanation of Direct Labor Hours: These represent the time spent by workers directly involved in…
Q: Need help with this question solution general accounting
A: Step 1: Cost of goods sold Cost of goods sold = Sales x Estimated gross profit rateCost of goods…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: o prepare an unadjusted trial balance as of January 31, 2024, let's follow these steps:1. Start with…
Q: Shankar Company uses a perpetual system to account for Inventory transactions. The company purchases…
A:
Q: I need questions answers accounting
A: Step 1: Define Variance AnalysisThe variance analysis is usually used for resources such as direct…
Q: Need answer of this accounting Question
A: Explanation of Beginning Count:The Beginning Count represents the number of plants available in…
Q: Please need answer the general accounting question
A: Step 1: Define Line of CreditLine of credit is a facility provided by the lender to the borrower to…
Q: Select correct answer
A: Depreciation methods are used in practice to spread the cost of an asset over the useful economic…
Q: Hanley carwash
A: Step 1: Define Profit Volume ratioThe profit volume (P/V) ratio shows the amount of profit or…
Q: Department w had 2,609..Accounting questions
A: Step 1: Define Units TransferredThe units transferred by the companies under the process costing…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Standard Cost Per Unit:The standard cost per unit of a product is helpful in…
Q: Om january....accounting question
A: Step 1: Define Stockholders' EquityStockholders equity refers to the value of a company that is…
Q: answer
A: The problem involves calculating estimated direct labor hours used in a predetermined overhead rate.…
Q: General Accounting Question please answer
A: Step 1: Define Straight-line DepreciationIt is a method that depicts the equal amount of expense…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt. Answer in all options. Vvvvvvv
A: Understanding Qualitative Information:Qualitative information refers to information that is not in…
Q: Need help with this question solution general accounting
A:
Q: Which circumstances warrant modifications to standard depreciation method?
A: Explanation:Depreciation is a systematic method of allocating the cost of an asset over its useful…
Q: 2. This is the first accounting period for Fiona Franklin Financial Planning. The Temporary Equity…
A: Closing entries are recorded at the end of the reporting period to eliminate the temporary…
Q: Need help with this question solution general accounting
A: Part A:Computation of the length of the cash conversion cycle by using the following formula:Cash…
Q: General accounting
A: Step 1: Define Return on Equity (ROE)ROE is a profitability ratio that measures a company's ability…
Q: How would brought 125 inner tubes for $1225, paying down $500 with remaining due in 20 days be…
A: In this transaction, there are three accounts involved:Inventory: This is an asset account that will…
Q: Four grams of musk oil are required for each bottle of Mink Caress, a popular perfume made by a…
A: Detailed explanation: 1st2nd3rd4thYear TotalBudgeted Production in Bottles…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Define Credit SalesCredit sales of a company can be confirmed by looking at the accounts…
3.7 Question financial accounting
Step by step
Solved in 2 steps
- Journal entries for an Internal Service Fund Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the following information: Automobiles: The Motor Pool uses two 6-passenger vans, each costing $78,750 and each estimated to have a 5-year life when they were acquired in 2020. Driver salaries: The Motor Pool has a driver-administrator, who earns $78,750 a year, and a driver, who earns $61,250. The town uses a rate of 35 percent (to cover benefits, including pensions) for planning purposes. Insurance: In 2020, the town purchased a 3-year automobile accident policy at a cost of $10,500. Fuel and maintenance costs: Based on experience, the driver-administrator estimates that total fuel and maintenance costs for the year will be $14,000. Billing units: To simplify its record keeping, the Motor Pool charges a fixed price per trip. Arlington's budget office estimates it will provide 1,400 trips to the town's departments in 2021. Arlington Town had the…A local company received an invoice for $3,647.00 dated March 8 with terms 2/10, n/30. The company paid the bill March 15. What amount should be paid?List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook) a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…
- A plumbing supply company has a discount policy which states that, if a customer pays within 15 days of the invoice, the customer can take a 3% discount; otherwise, the full amount is due in 60 days from the date of the invoice. Which of the following notations are used in business to reflect this discount? A. 3/15,n/60 B. 3/60,15/n C. 15/3,60/n D. 3/n,15/60On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10For number four, record a journal entry for December 1-31 to record redemption and expected breakage revenue. The account titles in the journal entry are: DR. Unearned Gift Card Rvenue and Credit Sales Revenue and Sales Revenue (breakage), based an the information provided below, determine the amounts for each. Information: 1. On December 5, the store receive $550 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $810,600, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10, the store purchased for cash three delivery trucks for $121,700. The trucks were purchased in a state that applies a 5% sales tax. 4. The store sold 27 gift cards for $100 per card. At year-end, 22 of the gift cards are redeemed. Metlock expects three of the cards to expire unused.
- An invoice for a radio cost 1,220 is dated August 3, with the sales term 4/10 EOM. If the bill is paid on September 7, how much is due?A village ordered supplies for its Fire Department at an estimated cost of $15,030. The supplies were received with an invoice for $15,120. The village accepted the shipment and the invoice. Prepare journal entries to record these transactions in the General Fund. Note: Transactions should be classified as Public safety supplies. Note: Use Credit Vouchers payable when the expenditure is recorded. Journal Entry To record encumbrance for supplies ordered. To reverse encumbrance for supplies received. To record expenditure for supplies. Check Debit Credit 0 0 0 0 0 0 0 0 0 0 0 01. How should the $25 Referral Credit be recorded in Runway’s incomestatement?2. When would Runway record the $25 Referral Credit? What are the journalentries Runway would record when the $25 Referral Credit is earned bythe Existing Customer? What are the journal entries Runway would recordwhen the $25 Referral Credit is redeemed against a $100 purchase madeby the Existing Customer?3. Runway is planning to adopt IFRSs in the near future. What is the relevantaccounting guidance it would follow under IFRSs?
- CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.Listed below are selected transactions of Riverbed Department Store for the current year ending December 31. 1. 2. 3. 4. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $823,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $115,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 29 gift cards for $100 per card. At year-end, 24 of the gift cards are redeemed. Riverbed expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each…When would Runway record the $25 Referral Credit? What are the entries Runway would record when the $25 Referral Credit is earned by the Existing Customer? What are the entries Runway would record when the $25 Referral Credit is redeemed against a $100 purchase made by the Existing Customer?