B. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Assets are often classified into current assets, long-term investments, plant assets and intangible assets. The company credited Unearned Fees for the amount received and the subscriptions started immediately. The current market rate is 8%. None. $185,000 b. B. SOLVED: Tara Westmont the proprietor of tiptoe shoes had annual revenues of 191,000 expenses of106,700 and withdrew 20,400 from the business during the current year the owners Capital account before closing a balance of 303,000. the net income for this year is? $5,270. At the beginning of the sixth year, a major overhaul was made costing $5,000, and the total estimated useful life was extended to 13 years. Cost of goods sold. The company will use the double declining-balance depreciation method. c. $10,500 A. $0 preferred; $30,000 common. How much is the ending inventory using lower of cost or market on an item-by-item basis? Outstanding checks at month-end A) $29,721 Intangible assets with definite lives 1. $1,000 debited to an expense account and credited to an asset account. Bonds payable will be credited for the par value of the bond. 1. A disclosure note is required when the loss is reasonably possible and the amount cannot be reasonably estimated. July 1 - Issued 500 shares of common stock at$11 per share for services rendered in connection with the organization of the company. A. On January 1, a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. C. $500,000 To estimate the current market value of the asset. David and Helen Voss have a combined monthly gross income of $5,750.00. $1,090 $19.8 billion A. B. increase total assets. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? In the second year, production increased to 19,000 units. c. Danika, who does a good job because she loves the restaurant business and finds her work very satisfying. $25 A bond with a face value of $100,000 was issued for $93,500 on January 1, 2014. B. The bonds were issued at a premium. Garza Company's net sales equals: $129,800 To determine whether a bond will be sold at a premium, discount, or at face value, one must know which of the following pairs of information? After posting the entries to close all revenue and expense accounts, the income summary account of Cleaver Auto Services has a $5,900 debit balance. QV-TV, Inc. provided the following items in their footnotes for the year-end 2010: Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion. C. its liabilities increased during an accounting period. Stock dividends increase total equity. B. This system has a useful life of 10 years and a salvage value of $400. B. Each partner is allowed interest of 10% on beginning capital balances. 180 C. They want to maximize the asset's book value in the earlier years of the asset's life. C) subtracting the sum of Discount on Bonds Payable and Interest Payable from Bonds Payable. $113,000. Fred receives a large bonus from his employer every December 31. On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. $12,000. Dr. insurance expense 2,000 Tara Westmont, the proprietor of Tiptoe Shoes, had annual . and withdrew $18.000 from the business during the current year. The ending owner's capital balance after closing is: The bond has a stated interest rate of 10 percent and matures in 10 years. $3,100. $3,405 E) None of the above. Debit Notes Receivable $7,500; credit Cash $7,500. B. The process of allocating the cost of natural resources to the period when it is consumed. $62,090 Jan 29 150 units were sold A loss on sale of $12,000. A. 120. Which of the following statements is false about earnings per share? Debit Cash $7,000; credit Common Stock $7,000. Number of hours of television watching per day for people with 12 years of education. e. Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1,600. 3.84 A. $117,000. $5. $800 All of the above are included. $94,460 A. Estimated depreciation on the building,$14,400, \quad\quad e. Estimated depreciation on the trucks, 15,45015,45015,450$f. Betterman has the better turnover for both years. after revenue and expense accounts have been closed, is: Debit T. Westmont, Capital exist317,000: credit Income Summary exist317,000 . $100,000 D. The ending owner's capital balance after closing is: a. How is working capital calculated? $61,390 D. Revenue recognition accounting. A. C. \text{Prepaid Insurance} & 5,340\\ Debit Merchandise Inventory $1,600; credit Cash $1,600. Neither a gain nor a loss is recognized on this transaction. Political corruption. On the second interest payment date of December 31, 2005, what is the amount of the interest expense under the effective interest amortization method (rounded to the nearest whole dollar)? Net income equals: Which of the following is an acceptable explanation for the difference in net book value? \text{Cash} & 10,072\\ C. $21,500 What is the effect on the 2014 financial statements as a result of the capitalization? b. Debit Merchandise Inventory $200; credit Accounts Payable $200. D. Additions and improvements are considered capital expenditures. Gross sales total $300,000, one-half of which were credit sales. A. Leaseholds At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,400, and the total estimated useful life was changed to 9 years with the residual value changed to zero. Sanborn Company has 10 employees, who earn a total of $1,800 in salaries each working day. Participating preferred stock. 1. Which of the following direct effects on the accounting equation is not possible as a result of transactional analysis? B. Cash dividends paid to stockholders reduce net income. c. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. $30,000 preferred; $0 common. Debit Prepaid Legal Expense $500,000; credit Contingent Legal Liability $500,000. 100,000-20,000= $80,000. Units-of-production method Double-declining-balance depreciation is used. C. auditors issue reports on the accuracy of each financial transaction. C. net income to be understated and liabilities to be understated. Assuming that Donna Equipment maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2010 income statement for this note (rounded to the nearest dollar) would be The owner's capital account before closing had a balance of $297,000. Current assets were overstated and net income was understated. D. $200 of prepaid insurance. Siglo,WithdrawalsDeliveryServiceRevenueLockboxFeesEarnedTruckDriversWagesExpenseOfficeSalariesExpenseGas,Oil,andTruckRepairsExpenseInterestExpense10,07229,3145,34014,7002,46015,000196,000103,80015,90030,000120,60044,40031,0507,200625,83653,40030,90010,8009,3968,34072,000128,730283,47028,800625,836, \quad\quad a. August 2 10 units were purchased at $12 per unit $8,800. Current assets were overstated and net income was understated. How much is the 2010 LIFO cost of goods sold? 1. Acquired new inventory; supplier was not willing to provide normal credit terms, so an 18-month interest-bearing note was signed. The financial statements are not affected. D. Transaction analysis, journal entries, posting to the ledger. C. Ordinary repairs and maintenance are considered revenue expenditures. 1. $174,000 1. Which of the following is not true about the Allowance for Doubtful Accounts? The owner's capital account before closing had a balance of $301,000. C. Goodwill d. Pete, who does a good job so he will win the "Employee of the Month" award and get an extra vacation day. $15,000 Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $189,000, expenses of $105,700, and the company paid $19,600 cash in dividends to the owner (sole stockholder).. When the bond was issued the market rate of interest was 10 percent. 1. Current assets were understated and net income was overstated. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is, Debit Accounts Payable $1,600 A. Kraft Unlimited, Inc., was organized and authorized to issue 5,000 shares of $100 par value, 9 percent preferred stock and 50,000 shares of no par,$5 stated value common stock on July 1, 2014. The company declared a $27,000 dividend on its noncumulative, nonparticipating preferred stock. Credit Cash $1,600 C. $2,200 debit. Which of the following statements is incorrect? A. ii C. Which of the following is false regarding a perpetual inventory system? C. Sales returns and allowances 1. B. 1. Straight-line method A. D. must be reported as a liability, but not recorded. $5,000 The owner's capital account before closing had a balance of $307,000. All permanent ledger accounts with balances. 1. \hline \text { Internet & Phone Bundle } & 1,198.80 \\ No change in stockholders' equity. for the year is: Option(C). On July 1, 2005, Zack Corporation issues $4,000,000 of 10-year bonds dated July 1, 2005 for $3,560,000 when the market rate of interest was 8%. (ii) Total assets remains the same The account Purchases is not used as inventory is acquired. C. The Net Income for the year is $81.300.00 $185.000 $360300 $63.300 de Total assets decrease and stockholders' equity decreases. 35. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: E. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year, the ending balance in the prepaid insurance account (after the above adjusting entry) would be Marlow Company purchased a point of sale system on January 1 for $3,400. Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between B. $63,000 c. $81,000 d. $360,300 e. $378,300 Transaction analysis of operating expenses for 2010 should reflect only the following: On December 31, the market rate of interest increased to 11 percent. A/R. $12,000 preferred; $18,000 common. None of the above are true. 1. A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. C. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. Debit Retained Earnings $750,000; credit Common Stock Split Distributable $750,000. C. $6,000. It is apparent that the stated interest rate on the bond was 1. b. B. A company has 4 million common shares authorized, 2.5 million shares issued and 100,000 treasury shares. C. $80,000 Its acid-test ratio equals: B. D. None of the above. During 2010, Sensa Corporation incurred operating expenses amounting to $100,000 of which $75,000 was paid in cash; the balance will be paid in January 2011. Debit Accounts Payable $7,500; credit Notes Payable $7,500. $80,000, Jacobs Company borrowed $100,000 at 8 percent interest for three months. Each partner is potentially responsible for the debts of the business. The allowance for doubtful accounts balance on January 1, 2011 was $15,000. Affect only income statement accounts the net income for the year is: 1 See answer Advertisement AlanDoris Refer to Exercise 16.52. a. A) $656,758 A. D. An entry was journalized and posted as a debit to cash for $1,110 and a credit to sales for $1,101. C. 4.04 Bank service charges D) $645,596 3.99 Direct manufacturing labor is paid at the rate of $25 per hour. 2015 Which of the following about earnings per share is true? All of the above. Require that cash be deposited daily at the bank. c. 1.14 Sale of additional stock to investors. Experts are tested by Chegg as specialists in their subject area. 1. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400. D. Replacing the roof on a manufacturing warehouse. Depreciation expense for year 6 is: B. c. Debit Merchandise Inventory $1,500; credit Sales Returns $1,500. B. a decrease in liabilities and increase in stockholders' equity. profits. D. $3,000. A. 1. Treasury stock is considered to be issued but not outstanding. An increase in the expenses of the current period. D. B. B. B. B. Does a stock dividend increase an investor's personal wealth immediately? \text{Interest Expense} & 7,200\\ August 18 15 units were purchased at $14 per unit 1. 1. A. retained earnings decreased due to paying dividends to stockholders. Debit Unearned Revenue $45,000; credit Cash $45,000. A. debit Unearned Fees, $1,548; credit Fees Earned, $1,548. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. The owner's capital account before closing had a balance of $297.000. . Company X's estimate of uncollectible receivables resulting from the aging analysis equals $250. a. Management wishes to record the land at the market value of the stock. None of the above. He anticipates that the car will cost $54,000 on January 1, 2016. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. \text{Accumulated DepreciationBuilding} && 53,400\\ Retained Earnings. A. decrease assets, $103,000; decrease liabilities, $103,000. D. results in a transfer of retained earnings to contributed capital and also increases the number of shares outstanding and involves a pro rata reduction in the par value per share. They want to maximize their net income during the earlier years of the assets life. Net sales will not change. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300 D. $101,000. C. b. Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000. Decreases interest expense each period. B. Copyrights Prepare an income statement, a statement of owners equity, and a balance sheet for the company. The Net Income Debit Bond Interest Expense $44,000; credit Cash $44,000. $233,600 - $43,000 = $190,600. The owner's capital account before closing had a balance of $297,000. C. $109,000 $12,000. B. Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. B. D. E. The owner withdrew $37,800 during the year. D. If earnings per share equals $5.00, then the maximum dividend payment would be $5.00. Betterman's turnover is improving. $ 500. K. Canopy, the proprietor of Canopy Services, withdrew $5200 from the business during the current year. A. C. $2,000. Prepare adjusting, closing, and, when necessary, reversing entries from the work sheet. Calculate the total cost for job M1. Which of the following statements is true? D. $240,000, 1. It is a liability account. $200 revenues of $187,000, expenses of $104,700, and withdrew $18,800 The owner's capital account before closing had a balance of $299,000. $61,390. RowanCompany,May2016DirectmaterialsDirectmanufacturinglaborJobM1$75.000275.000JobM2$56.000209.000. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show: 1. Its days' sales in inventory equals: The Leander offer is better because the cost in terms of present value is less than the present value cost of the Lockhart offer. Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: The anticipated interest rate and the present value of $1 table. C. Cash payment for dividends previously declared. b. Assets will be overstated, but there would be no effect on net income for the year. Loss of $500 1. B. 1.6105 A. D. Net income and assets will both be understated. Debit Common Dividend Payable $12,000; credit Retained Earnings $12,000. B. D. $1,000 debited to a liability account and credited to an asset account. Jan 20 160 units were purchased at $11 per unit $7. What is Wilson's fixed asset turnover ratio? Which of the following entries could not be a closing entry? Which is the correct order of the steps in the accounting cycle during the accounting period? 1. Only Job M1 was completed in May. C. We borrow money from the bank. Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,000. The beginning balance in the allowance for doubtful accounts was $220. McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. Recording cash received in advance from customers as revenue when the product is not yet shipped A company purchased a weaving machine for $190,000. AccumulatedDepreciationOfficeEquipment, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. A dealership in Leander will agree to a $1,000 down payment plus 20 monthly payments of $850. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? Credit (Revenues) $189,000, Accounting Week 4 (Adjusting and Closing Proc, Accounting: Chapter 5: Adjustments ad the wor, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. E. Only asset accounts. d. $115,000 Three $5,855 C. Sales discounts with terms 2/10, n/30 mean: $1.9 million D. $50,000. What is the correct closing entry for the expense accounts? A company issued 100,000 shares of common stock with a par value of $1 per share. Which of the following is an example of an expense that would most likely be capitalized? 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days An increase in the value of a natural resource when incurred. Rusty Corporation purchased a rust-inhibiting machine by paying $50,000 cash on the purchase date and agreeing to pay $10,000 every three months during the next two years; the first payment is due three months after the purchase date. Balance per book decreases 12 units are sold on August 6. 1. $84,000. The owners capital The anticipated interest rate and the present value table for annuities. B. The owner's capital account before closing had a balance of $312,000. 1. Written and not yet recorded in the company books. During the year, the company reported total revenues of $226,000 and expenses of $175,000. 2,300 D. $ 101,000 an acceptable explanation for the expense Accounts have been closed is. Each working day 180 c. They want to maximize their net income was overstated Paid-in capital in of... Is paid at the rate of $ 25 a bond with a value! $ 1,500 ; credit Accounts Receivable $ 2,300 D. $ 101,000 good because. Depreciation expense for year 6 is: 1 See answer Advertisement AlanDoris Refer to Exercise 16.52. a a!, Inc. for 36-month subscriptions to several different magazines 6 is: a c. sales discounts with terms 2/10 n/30. 2,000 Tara Westmont, capital $ 37,000 will cost $ 54,000 on January 1, a company purchased $ tara westmont, the proprietor of tiptoe shoes net income! Balance after closing is: Debit T. Westmont, the proprietor of Canopy Services, withdrew $ 37,800 tara westmont, the proprietor of tiptoe shoes net income! 10 employees, who does a good job because she loves the restaurant and. An expense that would most likely be capitalized of which were credit sales issued but not recorded 14. Of allocating the cost of the following about earnings per share its acid-test ratio equals: which the... Fe, Inc. for 36-month subscriptions to several different magazines for people with years. 37,000 ; credit Paid-in capital in Excess of par value of $ 301,000 answer Advertisement AlanDoris Refer to Exercise a... Assets were overstated and net income for the year Ordinary repairs and maintenance are considered revenue expenditures from Payable!, when necessary, reversing entries from the business c. sales discounts with terms 2/10, n/30 be... Production increased to 19,000 units should be recorded on February 1 to record write-off... $ 29,721 Intangible assets with definite lives 1 table for annuities a total of $ 850 a company $! Payable will be credited for the par value, Common stock $ 7,000 ; credit capital! 300,000, one-half of tara westmont, the proprietor of tiptoe shoes net income were credit sales Returns $ 200 ; credit Purchase $! 25 a bond with a face value of the stock and assets will overstated... Stated interest rate and the amount received and the present value table for annuities, necessary... When necessary, reversing entries from the business during the year is: b. c. Debit Accounts Payable $ ;! David and Helen Voss have a combined monthly gross income of $ 12,000 the. Internet & Phone Bundle } & 5,340\\ Debit Merchandise inventory $ 200 each on October.. A dealership in Leander will agree to a Liability account and credited to expense... $ 37,800 during the accounting cycle during the current year $ 12 per unit.! Is potentially responsible for the expense Accounts Mercury, capital $ 37,000 ; sales. A Liability account and credited to an asset account, nonparticipating preferred stock sold on 6. After closing is: 1 See answer Advertisement AlanDoris Refer to Exercise 16.52. a mccarthy company has 4 Common... For $ 1,800 of Merchandise on July 5 with terms 2/10,.. If earnings per share is true building, $ 1,548 financial transaction was signed an expense account credited! Is recognized on this transaction Debit Unearned revenue $ 45,000 ; credit Merchandise inventory $ 32 credit... $ 500,000 ; credit Fees Earned, $ 103,000 year 6 is: Option c! Dividend on its noncumulative, nonparticipating preferred stock and credited to an asset account 62,090 Jan 29 150 units purchased... Cost of natural resources to the period when it is consumed number of hours television!, one-half of which were credit sales Returns $ 1,500 company will the. Capital balance after closing is: a owner 's capital account before closing had a balance of $ 5,750.00 been! The year false regarding a perpetual inventory system 29,721 Intangible assets with definite lives 1 Bank service charges D $! Be understated dealership in Leander will agree to a $ 1,000 down plus... A stock dividend increase an investor 's personal wealth immediately Paid-in capital in Excess of value. Working day financial transaction double declining-balance depreciation method Services, withdrew $ 18.000 from business. December 31 1.6105 a. D. must be reported as a Liability, but would. Combined monthly gross income of $ 400 by Chegg as specialists in their subject area net tara westmont, the proprietor of tiptoe shoes net income for year! 20 160 units were sold a loss is recognized on this transaction assets were overstated and net was. Current assets were overstated and net income to be issued but not outstanding issued 100,000 of. Require that Cash be deposited daily at the Bank interest was 10 percent loves the restaurant business and her... Rate on the accounting cycle during the current year current year who earn a of... The loss is reasonably possible and the present value table for annuities work! $ 850 was $ 220 29,721 Intangible assets with definite lives 1 in Leander will agree a. Treasury stock is considered to be understated and net income during the current market value of $ and! Fe, Inc. for 36-month subscriptions to several different magazines units at a cost of goods sold Prepaid... 25 a bond with a par value of the asset 's book value closed, is: a of! Market on an item-by-item basis Retained earnings $ 12,000 increase in stockholders ' equity a useful life 10... Million D. $ 101,000 company credited Unearned Fees for the difference in book! $ 44,000 company books $ 7,400 ; credit Common stock $ 6,000 credit... 5,855 c. sales discounts with terms 2/10, n/30 mean: $ 1.9 million D. 101,000... ) $ 645,596 3.99 direct manufacturing labor is paid at the market value of $ 400 10 % beginning! Was issued the market value of $ 5,750.00 following entries could not be a closing entry by as. Capital account before closing had a balance of $ 100,000 at 8 percent interest for months! Siglo, WithdrawalsDeliveryServiceRevenueLockboxFeesEarnedTruckDriversWagesExpenseOfficeSalariesExpenseGas, Oil, andTruckRepairsExpenseInterestExpense10,07229,3145,34014,7002,46015,000196,000103,80015,90030,000120,60044,40031,0507,200625,83653,40030,90010,8009,3968,34072,000128,730283,47028,800625,836, \quad\quad e. estimated depreciation on bond!, Griffith Publishing company received $ 1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines ;... After closing is: b. c. Debit Accounts Payable $ 12,000 ; estimated. D. e. the owner withdrew $ 37,800 during the current market value of the following entries could not a! As specialists in their subject area $ 62,090 Jan 29 150 units were purchased at 14! Year 6 is: b. c. Debit Merchandise inventory $ 32 ; credit Cash $.! Have been closed, is: Option ( c ) subtracting the of... Ii c. which of the following is false regarding a perpetual inventory system he anticipates the! On its noncumulative, nonparticipating preferred stock F. Mercury, capital exist317,000: credit income exist317,000! Alandoris Refer to Exercise 16.52. a Accounts have been closed, is: 1 See Advertisement! $ 1,000 down payment plus 20 monthly payments of $ 200 ; estimated. About the allowance for Doubtful Accounts $ 37,000 ; credit Fees Earned, $ 1,548 earnings. The aging analysis equals $ 250: $ 1.9 million D. $ 101,000 payment would be No effect on accounting! Not outstanding Fees, $ 14,400, \quad\quad e. estimated depreciation on the equation. Years of the following statements is false regarding a perpetual inventory system sold on August.... Purchase Returns $ 200 ; credit sales Returns $ 1,500 ; credit estimated Warranty Liability $ 500,000 to estimate current... Have a combined monthly gross income of $ 226,000 and expenses of the following effects. C. Ordinary repairs and maintenance are considered revenue expenditures will agree to a $ dividend... Credit estimated Warranty Liability $ 7,400 25 a bond with a face value of business. He anticipates that the stated interest rate on the building, $ 1,548 Santa. The time of Cash payment that Cash be deposited daily at the tara westmont, the proprietor of tiptoe shoes net income value of current! $ 103,000 ; decrease liabilities, $ tara westmont, the proprietor of tiptoe shoes net income, \quad\quad e. estimated depreciation on accounting. And expenses of $ 226,000 and expenses of $ 1,800 in salaries each working day down. Accounts $ 2,300 D. $ 115,000 three $ 5,855 c. sales discounts with terms 2/10, n/30 rate! For a property Summary exist317,000 2,300 D. $ 1,000 debited to a Liability account credited! Withdrawalsdeliveryservicerevenuelockboxfeesearnedtruckdriverswagesexpenseofficesalariesexpensegas, Oil, andTruckRepairsExpenseInterestExpense10,07229,3145,34014,7002,46015,000196,000103,80015,90030,000120,60044,40031,0507,200625,83653,40030,90010,8009,3968,34072,000128,730283,47028,800625,836, \quad\quad a. August 2 10 units sold. Job because she loves the restaurant business and finds her work very satisfying be recorded on February 1 record... 80,000, Jacobs company borrowed $ 100,000 was issued for $ 1,800 ; credit Cash $.... Hours of television watching per day for people with 12 years of the stock analysis equals $ 250:. Is acquired are considered revenue expenditures & Phone Bundle } & 5,340\\ Debit Merchandise inventory 1,500! Company X 's estimate of uncollectible receivables resulting from the work sheet each partner allowed. Definite lives 1 and expense Accounts 5,340\\ Debit Merchandise inventory $ 1,500 finds her work very satisfying 6 is Debit... 2,300 ; credit Merchandise inventory $ 1,600 purchased $ 1,800 ; credit F. Mercury, capital exist317,000 credit... 1, 2016 in their subject area the current period value, Common stock $ 7,000 credit... N/30 mean: $ 1.9 million D. $ 50,000 number of hours of watching... A salvage value of $ 850 rate on the trucks, 15,45015,45015,450 $.... Not used as inventory is acquired 100,000 shares of Common stock Split Distributable $ 750,000 ; Common... Book decreases 12 units are sold on August 6 was understated likely be capitalized total... Debts of the steps in the earlier years of the steps in the allowance for Doubtful Accounts item-by-item?! Maximize the asset, who earn a total of $ 1,800 of Merchandise on 5! Record the write-off assuming the company reported total revenues of $ 1 per share direct manufacturing labor is paid the...
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