Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense syrup sales: cash Syrup sales: credit Dividends paid Collections for credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid TOTALS Amount $3,000 $1,950 $750 $13,000 $6,000 $40 $1,700 $250 $1,600 $400 $600 Assets $3,000 0 $3,000 0 $3,000 13000 $16,000 6,000 $22,000 -40 $21,960 0 $21,960 -150 $21,710 -1,600 $20,110 -400 $19,710 -600 $19,110 $19,11 - - . - Liabilities 0 1,950 $1,950 750 $2,7000 = $2,700 = 0 = $2,700 = 0 = $2,700 = 0 = $2,700 = = $2,700 = -1,600 = $1,100 = 0 = $1,100 -$600 = $500 = $500 = = = = Owners Equity $3,000 -1,950 $1,050 -750 $300 13,000 $13,300 6,000 $19,300 -40 $19,260 0 $19,260 250 19,010 0 $19,010 -400 $18,610 0 $18,610 $18,610

Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense syrup sales: cash Syrup sales: credit Dividends paid Collections for credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid TOTALS Amount $3,000 $1,950 $750 $13,000 $6,000 $40 $1,700 $250 $1,600 $400 $600 Assets $3,000 0 $3,000 0 $3,000 13000 $16,000 6,000 $22,000 -40 $21,960 0 $21,960 -150 $21,710 -1,600 $20,110 -400 $19,710 -600 $19,110 $19,11 - - . - Liabilities 0 1,950 $1,950 750 $2,7000 = $2,700 = 0 = $2,700 = 0 = $2,700 = 0 = $2,700 = = $2,700 = -1,600 = $1,100 = 0 = $1,100 -$600 = $500 = $500 = = = = Owners Equity $3,000 -1,950 $1,050 -750 $300 13,000 $13,300 6,000 $19,300 -40 $19,260 0 $19,260 250 19,010 0 $19,010 -400 $18,610 0 $18,610 $18,610

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Over the winter months, Pharoah Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 275 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 225 customers purchased the package for $800, and in July, 84 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Pharoah Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March $ April $ May $ June $ July August September $
According to your studying of the Conceptual Framework, Discuss the following: 1. Selane Eatery operates a catering service specializing in business luncheons for large companies. Selane requires customers to place their orders 2 weeks in advance of the scheduled events. Selane bills its customers on the tenth day of the month following the date of service and requires that payment be made within 30 days of the billing date. Conceptually, when should Selane recognize revenue related to its catering service? 2. Mogilny Company paid $135,000 for a machine. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The company president believes that the company has a “right to this gain.” What does the president mean by this statement? Do you agree? 3. Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the chapter…
If a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:
On June 1, one company collected total subscriptions of $22,800 in which they promise to deliver of their products to his customers. They would earn the sales revenue equally for each month. As of December 31, what would be the balance of Unearned Revenue for one company?
The following information is taken from the accrual accounting records of Kroger Sales Company:a. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next2 months (February andMarch). The supplies will be used evenly over the next 2 months.b. Kroger pays its employees at the end of each month for salaries earned during that month.Salaries paid at the end of February and March amounted to $4,925 and $5,100, respectively.c. Kroger placed an advertisement in the local newspaper during March at a cost of $850. Thead promoted the pre-spring sale during the last week in March. Kroger did not pay for thenewspaper ad until mid-April.Required:1. Under cash-basis accounting, how much expense shouldKroger report for February andMarch?2. Under accrual-basis accounting, how much expense should Kroger report for February andMarch?3. CONCEPTUAL CONNECTION Which basis of accounting provides the most useful informationfor decision-makers? Why?
You are reviewing all customer complaints received in any one of your stores in a 12 month period. You want to know if there is a certain time of the working week in which you receive more complaints. please RANK the weekdays from the HIGHEST complaints reported to the LOWEST complaints reported for the last 8 months of the year.
Your Personal Chef, Inc. prepares healthy gourmet dinners for clients on a subscription basis. Clients pay $75 per week for 3 delivered dinners. During 2019, Your Personal Chef, Inc. received advance payments of $18,000. At December 31, 2019, two-thirds of the advance payments had been earned. Make the entry for the advance payments received during the year. Make the necessary adjusting entry at December 31, 2019. What is the balance in the Unearned Revenue Account after the adjusting entry is made?
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
How much sales revenue and net income would you expect PolicePrep to have in the next fiscal year (i.e., 12 months from July, 2003 to June, 2004; see Exhibit 5 on pg. 15). Please explain how you arrived at your answer. Note that Exhibit 5 covers 1 year, with the first column reporting 6 months data from July-Dec 02’ and the next two columns reporting data on the quarterly basis for Jan-Mar 03’ and Apr-Jun 03’)? If you don’t know what EBITDA stands for, please see: http://en.wikipedia.org/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization
On March 15, a customer pays $3,133 for ten 4-day passes to Disney World for avacation that will take place June 1–4. Did Disney earn the revenue on March 15?
Subject: acounting
Nick Andrewson uses gas to heat his home. He has accumulated the following information regarding his monthly gas bill and monthly heating degree-days. The heating degree-days value for a month is found by first subtracting the average temperature for each day from 65 degrees and then summing these daily amounts together for the month. Month Heating Degree-Days Gas Bill February 850 $129 April 300 $ 52