QUESTION 2Using the information provided in Problem 3, provide the amount of Solstice Company's Rent Expense for the year.18000QUESTION 3Using the information provided in Problem 3, provide the ending balance of Solstice Company's Unearned Revenue.25000QUESTION 4Using the information provided in Problem 3, provide the amount of Solstice Company's Revenue at the END of the year.40000QUESTION 5Using the information provided in Problem 3, provide the ending balance in Solstice Company's Revenue T-account AFTER CLOSING ENTRIES have been made (remember the difference betweenadjusting entries and closing entries.) 3. At the beginning of the year, Solstice Company had the following account balances:• Cash: $10,000• Accounts Receivable: $4,000• Supplies: $5,000Land: $20,000• Accounts Payable: $5,000● Unearned Revenue: $6,000●Common Stock: $21,000●Retained Earnings: $7,000• Any other accounts not listed had a beginning balance of $0During the year Solstice Company had the following transactions:• 30-Jan: Issued additional shares of stock for $10,000•2-Feb: Purchased $4,000 of supplies on account● 1-Mar: Paid one years' worth of rent ahead of time. Rent is $1,500 a month.●● 5-Mar: Received $30,000 in cash from parents for a summer camp to be conducted overthe month of June. Of that, $5,000 is a nonrefundable application fee.7-Jul: Pay Salaries to camp counselors for the June summer camp in the amount of$5,000• 29-Jul: Billed customers $40,000 for a motivational speech workshop given at companyheadquarters.31-Oct: Received $15,000 payment from attendees of the motivational speechworkshop.• 14-Dec: Paid Dividends of $500●Other information:●The summer camp in June occurred as planned.4 employees spent the month of December preparing for next year's summer camp.Each employee has a monthly wage of $2,000. They will be paid on January 2.As of December 31, Supplies of $1,500 remain on hand

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Description: QUESTION 2Using the information provided in Problem 3, provide the amount of Solstice Company's Rent Expense for the year.18000QUESTION 3Using the information provided in Problem 3, provide the ending balance of Solstice Company's Unearned Revenue.2

it is to be noted that in accrual basis of accounting the payment has not much significance while…

Business

Accounting

QUESTION 2 Using the information provided in Problem 3, provide the amount of Solstice Company's Rent Expense for the year. 18000 QUESTION 3 Using the information provided in Problem 3. provide the ending balance of Solstice Company's Unearned Revenue. 25000 QUESTION 4 Using the information provided in Problem 3. provide the amount of Solstice Company's Revenue at the END of the year. 40000

QUESTION 2 Using the information provided in Problem 3, provide the amount of Solstice Company's Rent Expense for the year. 18000 QUESTION 3 Using the information provided in Problem 3. provide the ending balance of Solstice Company's Unearned Revenue. 25000 QUESTION 4 Using the information provided in Problem 3. provide the amount of Solstice Company's Revenue at the END of the year. 40000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4RP

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