Waterway Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital. Prepare the April 20 and June 1 entries for Waterway. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Waterway Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital. Prepare the April 20 and June 1 entries for Waterway. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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

Pomona inc. uses the aging method in accounting for uncollectible accounts. On March 31, the company wrote off an uncollectible account of $2,600. What effect does the write-off have on the company's financial statements?
Whispering Mining Company declared, on April 20, a dividend of $466,000 payable on June 1. Of this amount, $128,000 is a return of capital. Prepare the April 20 and June 1 entries for Whispering. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Apr. 20 June 1 Debit Credit
The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.
Not a graded assignment
Near the end of its first year of operations, December 31, 2021, Vaughn Designs Ltd. approached the local bank for a $ 19,400 loan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting records, it did maintain a record of cash receipts and payments. The following information is available for the year ended December 31: Additional information: 1. Fees from design work earned but not yet collected amounted to $ 2,430. 2. The equipment was purchased at the beginning of January and has an estimated six-year useful life. The company uses straight-line depreciation. 3. Supplies on hand on December 31 were $ 1,230. 4. Rent payments included a $ 1,350 per month rental fee and a $ 1,880 deposit that is refundable at the end of the two-year lease. (Hint: Use the Prepaid Rent account for the refundable deposit.) 5. The insurance was purchased on February 1 for a one-year period expiring on January 31, 2022.…
Please Do not Give image format
Whispering Company has a stock portfolio valued at $3,800. Its cost was $3,200. If the Fair Value Adjustment account has a debit balance of $260, prepare the journal entry at year-end. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit 1187
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
On January 31, 2020, Allison company wrote off and uncollectible accounts of $8500. The company uses the allowance method for bad debts. The write off would cause total current assets to be? A decreased by $8,500, Increased by $8500 increase by $17,000 or will it remain the same amount?
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
At December 31, 2018, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2019, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realializable value of accounts receivab;le after the Brown account is written off?
please answer correctly thank you!