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- In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note, Prepare the entry for the Amount borrowed.A. What are the expected revenues for S2BU for each month, April through September? Revenues are recorded in the month of the occasion. B. What are the expected cash receipts for each month, April through July?Veras Bus Transportation provides on-campus bus services for universities. On January 1, it enters into a one-year contract with Moose University to operate five bus lines traveling throughout the campus. Under the contract, Veras will be paid $114,000 on the last day of each month. In addition, Veras will receive an additional $134,000 at the end of each six-month period, provided it remains free of accidents. • On January 1, based on historical experience, Veras estimated that there is a 75% chance that it will remain free of accidents for the entire year. • On March 20, three of the most senior drivers at Veras abruptly left. As a result, Veras had to hire inexperienced drivers to fill the vacant positions. Consequently, Veras revised its estimate to a 25% chance that it would be entitled to receive the semiannual bonus and decided to continue this 25% probability estimate until its six-month review at the end of June. ⚫ On June 30, Moose confirmed that there was no accident between…
- Sole this journal entry Question: Record the appropriate adjustment to the January and February revenue.During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…The Tomac Swim Club arranged short-term financing of $12,600.00 on July 9 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $5500 on September 7, $3500 on November 5, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 9% per annum on July 9. The rate was changed to 10% effective September 1 and to 10.5% effective December 1. How much interest was paid on the loan? ..... The total interest paid was S| (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
- Bavarian Bar and Grill opened for business in November 2018. During its first two months of operation, the restaurant sold gift certificates in various amounts totaling $5,200, mostly as Christmas presents. They are redeemablefor meals within two years of the purchase date, although experience within the industry indicates that 80% of giftcertificates are redeemed within one year. Certificates totaling $1,300 were presented for redemption during 2018for meals having a total price of $2,100. The sales tax rate on restaurant sales is 4%, assessed at the time meals (notgift certificates) are purchased. Sales taxes will be remitted in January.Required:1. Prepare the appropriate journal entries (in summary form) for the gift certificates sold during 2018 (keepingin mind that, in actuality, each sale of a gift certificate or a meal would be recorded individually).2. Determine the liability for gift certificates to be reported on the December 31, 2018, balance sheet.3. What is the appropriate…The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $208.Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31.a. What is the financial statement effect of the receipt of the subscriptions on January 1?b. What is the financial statement effect of one week of earned revenue on March 25?Shields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000
- Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $7,600, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 90% of gift cards are redeemed within one year. Gift cards totaling $2,500 were presented for redemption during 2021 for meals having a total price of $2,900. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January.Required:1. Prepare the appropriate journal entries (in summary form) for the gift cards and meals sold during 2021 (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually).2. Determine the liability for gift cards to be reported on the December 31, 2021, balance sheet.3. What is the appropriate classification (current or…Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $640,000. The terms of the loan are 3.1% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. 1,653.33 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. 1,653.33 Oct. 20 Interest Expense Cash May 20 Cash 1,653.33 640,000 1,653.33 641,653.33The Tomac Swim Club arranged short-term financing of $13,000.00 on July 19 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $6100 on September 13, $3200 on November 25, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 6% per annum on July 19. The rate was changed to 6.5% effective September 1 and to 5.5% effective December 1. How much interest was paid on the loan? The total interest paid was S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)