On March 1, Blossom Co. began construction of a small building. The following expenditures were incurred for construction: March 1 April 1 May 1 June 1 July 1 $301,200 267,600 789,600 (a) 1,185,600 402,000 The building was completed and occupied on July 1. To help pay for construction $191,000 was borrowed on March 1 on a 12%, three- year note payable. The only other debt outstanding during the year was a $1,887,000, 10% note issued two years ago. Calculate the weighted-average accumulated expenditures. The weighted-average accumulated expenditures $

On March 1, Blossom Co. began construction of a small building. The following expenditures were incurred for construction: March 1 April 1 May 1 June 1 July 1 $301,200 267,600 789,600 (a) 1,185,600 402,000 The building was completed and occupied on July 1. To help pay for construction $191,000 was borrowed on March 1 on a 12%, three- year note payable. The only other debt outstanding during the year was a $1,887,000, 10% note issued two years ago. Calculate the weighted-average accumulated expenditures. The weighted-average accumulated expenditures $

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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Ajay
Current Attempt in Progress Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $55,000, GST $2,750, and PST $3,850. 2. 3. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,240 for CPP, $1,264 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 4. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,240 and $1,770, respectively. 5. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 6. On December 31, Swifty's legal counsel believes that the company will have to pay damages of $62,000 next year to a local…
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