Lily's Floral Shop began the year with owner's equity of $20,000. During the year, Lily made additional owner investments of $18,000, recorded expenses of $55,000, and had owner drawings of $6,000. If Lily's ending owner's equity was $50,000, what was the company's revenue for the year? A) $63,000 B) $73,000 C) $65,000 D) Some other amount
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- At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.MConsider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
- Wetty Company began the year with owner's equity of $105,000. During the year, Wetty receive additional owner investments of $147,000, recorded expenses of $420,000, and had owner drawings of $28,000. If LWetty's ending owner's equity was $290,000, what was the company's revenue for the year? Select one: a. $486,000. b. $458,000. C. $605,000. O d. $633,000 Previous page Next pa hpThe net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?Blossom Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,016,000 on March 1, $1,296,000 on June 1, and $3,041,650 on December 31.Blossom Company borrowed $1,115,400 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 5-year, $2,469,300 note payable and an 10%, 4-year, $3,155,500 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58%.)
- Ayayai Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $3,600,000 on March 1, $2,400,000 on June 1, and $6,000,000 on December 31.Ayayai Company borrowed $2,000,000 on March 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5-year, $4,000,000 note payable and an 11%, 4-year, $7,000,000 note payable. Compute avoidable interest for Ayayai Company. Use the weighted-average interest rate for interest capitalization purposes. (Round "Weighted-average interest rate" to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5,275.)Bonita Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,896,000 on March 1, $1,296,000 on June 1, and $3,025,000 on December 31. Bonita Company borrowed $1,089,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,327,000 note payable and an 11%, 4-year, $3,795,000 note payable. Compute avoidable interest for Bonita Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted- average interest rate to 4 decimal places, e.g. 0.2152 and final answer to O decimal places, e.g. 5,275.) Avoidable interest $ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Vaughn Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,968,000 on March 1, $1,248,000 on June 1, and $3,046,000 on December 31. Vaughn Company borrowed $1,086,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 5-year, $2,448,000 note payable and an 10%, 4-year, $3,546,000 note payable. Compute avoidable interest for Vaughn Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted- average interest rate to 4 decimal places, e.g. 0.2152 and final answer to O decimal places, e.g. 5,275.) Avoidable interest $
- Grouper Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1.440.000 on March 1. $960.000 on June 1. and $2 400.000 on December 31 Grouper Company borrowed $800,000 on March 1 on a 5-year. 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5- year, $1,600.000 note payable and an 11%. 4-year. $2,800,000 note payable. Compute avoidable interest for Grouper Company. Use the weighted average interest rate for interest capitalization purposes.Martinez Enterprises began the year with owner's equity of $18,000. During the year, Martinez received additional owner investments of $25,000, recorded expenses of $72,000, and had owner drawings of $5,000. If Martinez's ending owner's equity was $52,000, what was the company's revenue for the year?Wildhorse Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,004,000 on March 1, $1,284,000 on June 1, and $3,055,000 on December 31. Wildhorse Company borrowed $1,163,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,377,000 note payable and an 11%, 4-year, $3,691,000 note payable. Compute avoidable interest for Wildhorse Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted-average interest rate to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5,275.) Avoidable interest
