The December 2015 utility bill worth 15,000 was received on January 6, 2016. What is the adjusting entry for December 2015?
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The December 2015 utility bill worth 15,000 was received on January 6, 2016. What is the
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- Hazel Gird's products come with a one-year warranty. In 2014, sales totaled 2,500 units. It is expected that warranty repairs will average 10 per unit sold, with 30 percent of repairs completed in 2014 and 70 percent completed in 2015. How much warranty expense should Searches include in its 2014 income statement? Show solution.Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable. Calculate the accrued interest at December 31st assuming adjusting entries are only made at the end of the year. Round your answer to the nearest whole number (zero decimal places). Your Answer: AnswerFleener Company is in the process of refinancing some long-term debt. Its fiscal year ends on December 31, 2016, and its financial statements will be issued on March 15, 2017. Under current IFRS, how would the debt be classified if the refinancing is completed on December 15, 2016? What if instead it is completed on January 15, 2017?
- Johnson Ltd. Paid $64,000 in taxes for 2017, and will use this amount to estimate the quarterly instalment payments due to CRA for 2018. Johnson Ltd. has a December 31 t year end. Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the instalment payment on April 15, 2018, and c) the December 31, 2018 final tax payable amount if the total yearly taxes owing was actually $59,000. (no entry for the actual payment, just the recognition of the payable amount).Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 19% per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $256 Purchases: Payments: June 4 $117 June 21 $35 June 12 $79 June 20 $92 June 26 $72 What is his ADB for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Do not round intermediate calculations. Round the answer to 2 decimal places. What is his the finance charge for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Do not round intermediate calculations. Round the answer to 2 decimal places.Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.
- The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting November 1, 2020. The financial statements to be prepared are dated December 31, 2020. How much is the unearned income to be reported in the financial statements?Please answer, round off final answers to two decimal places (1)Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
- am.101.how do i position rates recivable ledger account if at the beginning of 2017 its at $100. collected during the year is $600 and owing at the end of the year is $150. given that provisoon of bad debts is at 5%.PLEASE SHOW ALL WORK You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate the last day of the discount period. The discount period ends 100 days (10 + 90 = 100) after the date of the invoice. February 5 is day 36.
