The income statement for the month of June, 2021 of Vaughn Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3010 $7080 Rent Expense 1520 Advertising Expense 720 Supplies Expense 270 Insurance Expense 90 Total expenses 5610 Net income $1470 The entry to close the expense accounts includes as part of the entry O credit to Rent Expense for $1520. O debit to Salaries and Wages Expense for $3010. O credit to Income Summary for $5610. O debit to Income Summary for $1470.
Q: None
A: Detailed explanation: Question a)In the table, the "Debit" column increases assets, the "Credit"…
Q: Exercise 1-11 (Algo) Cost Behavior; Contribution Format Income Statement [LO1-4, LO1-6] Harris…
A: Detailed explanation: Understanding the ProblemThe problem involves two main tasks:Complete the…
Q: Give correct solution
A: Step 1: Introduction to the OutputOutput refers to the inventory or units produced or sold by the…
Q: Suppose on January 1 Austin's Tavern prepaid rent of $21,600 for the full year. At August 31, how…
A: Total rent paid = $21,600 Time period from 1st Jan to 31st August is = 8 months Because there are 12…
Q: Exercise 3-2 (Static) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing…
A: Reference:Deskera. (2021, April 3). Journalizing Transactions: Definition and Examples. Deskera…
Q: Please Provide correct answer
A: Step 1: Define Activity-Based CostingAn extensive method that uses activities as the foundation for…
Q: Don't use AI
A: Step 1:1. F. Reason: As Inventory is a Real Account, the principal should be followed is Debit what…
Q: No AI use
A: Question 1Accounts Payable£ 66,000 Notes Payable144,000Salaries and Wages Payable24,000Total…
Q: Not use ai please don't
A: The problem involves the determination of the ROE. ROE or Return on Equity is a gauge of a…
Q: I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain
A: Section 2: Method for answering the query: 1. Given the following information: - Free stream…
Q: QUESTION 6 Utilizing the information from the previous question please match the following:…
A: Here's how I approached the question, step by step:1. Identifying the Ratio CategoriesThe question…
Q: business operating in Seattle, Washington FUTA tax rate
A: In Seattle, Washington, businesses are required to comply with the Federal Unemployment Tax Act…
Q: None
A: Step 1:Adjusting entries are prepared at the end after the preparation of unadjusted trial balance.…
Q: The November 30, 2021, unadjusted trial balance of Quick Gigs is found in the Trial balance tab.…
A: The initial balance of computer supplies was $1,650 (purchased on December 15). The ending balance…
Q: Need help with this question
A: Step 1: Define Labor Rate VarianceThe labor rate alteration measures the comparison with the actual…
Q: Robinson Products Company has two service departments (S1 and S2) and two production departments (P1…
A: Step 1: Complete the Distribution TableSince each row represents the distribution of a service…
Q: Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an…
A: Explanation: A multistep income statement is a statement that reports revenue and expenses in a more…
Q: 13
A: Adjustments to the Consolidation Entries:Investment in Seed: Pot's investment in Seed ($2,833,000)…
Q: None
A: To determine Ryan's tax liability for 2023, we need to refer to the IRS tax rate schedules for…
Q: Current Attempt in Progress For each of the unrelated transactions described below, present the…
A: Cash ($19,500,000 * 0.98)$19,110,000 Disc on Payable ($19,500,000 - $19,110,000)$390,000 Bonds…
Q: None
A: Step 1: Given:Face value (FV) = $1,000Market price (P) = $998Years to maturity (n) = 15Yield to…
Q: need answer asaaap
A: Part A: Explanation: 1.A.The calculation for flexible budget variance is shown below.Flexible…
Q: Need help
A: Step 1: Introduction to the Required SalesIn marginal costing, required sales show the sales level a…
Q: E2-5 (Algo) Calculating Predetermined Overhead Rate and Applied Overhead [LO 2-3] Wheeler’s Bike…
A: First, we need to identify the overhead costs from the given costs. Overhead costs are those costs…
Q: Nakamura, Incorporated, has a total debt ratio of .63, total debt of $323,000, and net income of…
A: Total Debt given =$323,000Total Debt Ratio=Total Debt/Total Assets0.63=$323,000/Total Assets Total…
Q: not use ai please
A: Compute the total manufacturing costs to be allocated.Direct materials 72,000.00 Direct labor…
Q: What is the total of budgeted cash collections for December? How much is the book value of accounts…
A: 1.Accounts receivable balance, Nov 20, 20X1 (Collected in December)$76,000December sales…
Q: tutor multiple q requests
A: Sunland Company Premium Liability Calculation:Given Data:1 coupon per bag of dog food.8 coupons = 1…
Q: Provide correct solution
A: The problem involves the determination of the profit margin. Profit margin is a common measure of…
Q: None
A: Step 1: Define Profitability RatiosThe profitability ratios reveal a lot about the financial health…
Q: The following information pertains to Lextel, Inc., for 2008: Beginning inventory in units ements; d…
A: Difference Between Variable-Costing and Absorption-Costing IncomeWhen not all units produced are…
Q: On January 1, Year 1, Marino Moving Company paid $50,500 cash to purchase a truck. The truck was…
A: Initial Information:Original truck cost: $50,500Salvage value: $9,000Useful life: 4…
Q: solution for all needed
A: Step 11. Total liabilities Accounts payable66,000 Notes payable 144,000 Salaries and wages…
Q: Renewable Energies, Incorporated (REI) paid $108,000 to purchase a windmill. The windmill was…
A: Step 1: Step 1: Calculate the original annual depreciation (Years 1-4)The straight-line depreciation…
Q: Want the Correct answer
A: Step 1: Define Return on Total AssetsReturn on total assets refers to the ratio that shows the…
Q: Following are selected account balances (in millions of dollars) from a recent UPS annual report,…
A: 1. Journal Entries for Each Transaction:a. Provided delivery service to customers:Cash received:…
Q: Sunland Mining Company declared, on April 20, a dividend of $480,000 payable on June 1. Of this…
A: First, we need to understand the scenario. Sunland Mining Company has declared a dividend of…
Q: Remaining Time: 2 hours, 57 minutes, 20 seconds. Question Completion Status: QUESTION 1 Please…
A: Calculations:1. Total Current Assets:Total Current Assets = Cash + Accounts Receivable + Inventory +…
Q: Linda Butler is the new division controller of the snack-foods division of Daniel Foods. Daniel…
A: The ethical behavior of management accountants and financial managers is critical in ensuring that…
Q: Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions…
A: Journal Entries for Jefferson Framers' Transactions:Purchased land for $64,200 cash:Debit: Land…
Q: Hi expart Provide correct answer
A: Step 1: Define Operating ActivitiesTransactions that are related to a business's core operations are…
Q: Need answer
A: Step 1: Calculate the discounted cash flows for each yearThe formula for the discounted cash flow…
Q: Solve this problem
A: To solve this problem, we need to determine the cash coverage ratio. The cash coverage ratio or…
Q: How much cash will be freed up?
A: To calculate how much cash will be freed up, we need to use the relationship between the inventory…
Q: Don't use ai i will report you answer solve it as soon as possible with proper explanation
A: Required A: Net sales Net sales = Cash sales + Sales on credit - Sales returns - Sales discountsNet…
Q: 13
A: With the effects of intercompany transactions eliminated, the consolidated balance sheet worksheet…
Q: not use ai please
A: The key information includes: At this end of the Year 1 or the beginning of Year 2, there are…
Q: I need assitance finding the deferred income tax expense.
A: To compute the **deferred income tax expense or benefit**, we need to determine the difference…
Q: not use ai please
A: To calculate the diphtheria case fatality for each decade, use the formula: Case Fatality Rate…
Question in image, thanks!
Step by step
Solved in 2 steps
- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…The income statement for the month of June, 2021 of Stellar Enterprises contains the following information: Revenues $6900 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income $2890 1560 800 300 100 5650 $1250 The entry to close the expense accounts includes a credit to Income Summary for $5650. debit to Salaries and Wages Expense for $2890. debit to Income Summary for $1250. credit to Rent Expense for $1560.
- A. You are provided with the following information form the accounts of BBS Ltd for the yearending 30 June 2019Cash Sales 950 000Cost of Goods Sold 35 000Amount received in advance for services to be performed in August 2019 9 500Rent expenses for year ended 30 June 2019 9 000Rent Prepaid for two months to 31 August 2019 1 200Doubtful debts expenses 1 200Amount provided in 2019 for employees’ long-service leave entitlements 5 000Goodwill impairment expenses 7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cOn January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…The following accounts and account balances are available for Badger Auto Parts at December31, 2019:Accounts Payable $ 8,500Accounts Receivable 40,800Accumulated Depreciation (Furniture) 47,300Advertising Expense 29,200Cash 3,200Common Stock 100,000Cost of Goods Sold 184,300Depreciation Expense (Furniture) 10,400Furniture 128,000Income Taxes Expense 3,800Income Taxes Payable $ 3,600Interest Expense 6,650Interest Payable 1,800Inventory 60,500Notes Payable (Long-term) 50,000Prepaid Rent 15,250Retained Earnings, 12/31/2018 15,900Sales Revenue 264,700Utilities Expense 9,700Required:Prepare a trial balance. Assume that all accounts have normal balances.
- The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…The nominal accounts of MCValle Enterprise December 31, on 2019 have the fol- lowing balances: Requirements: Prepare a single-step statement of comprehensive income. Pro- vide a proper heading for the statement. Dr. Cr. Accounts P696,000 Service fees 48,000 Interest income 16,000 Gain on sale of equip- P240,000 24,000 EDUKAS NG ment Salaries expense Rent expense 16,000 8,000 Utilities expense Supplies expense Depreciation expense Taxes and licenses 6,400 1,600 Bad debts expense Interest expense Miscellaneous expense 800 MD P384,000 P760,000 TotalsTaylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
- On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?