Business, 21.04.2020 22:17 raymondmunoz4451

PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5] Tiger Company completed the following transactions. The annual accounting period ends December 31. Jan. 3 Purchased merchandise on account at a cost of $24,000. (Assume a perpetual inventory system.) Jan. 27 Paid for the January 3 purchase. Apr. 1 Received $80,000 from Atlantic Bank after signing a 12-month, 5 percent promissory note. June 13 Purchased merchandise on account at a cost of $8,000. July 25 Paid for the June 13 purchase. July 31 Rented out a small office in a building owned by Tiger Company and collected eight months’ rent in advance amounting to $8,000. Dec. 31 Determined wages of $12,000 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Required: 1. & 2. Prepare journal entries for each of the transactions through August 1 and any adjusting entries required on December 31. 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31.

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Answer from: montgomeryaevans

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PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5]

Tiger Company completed the following transactions. The annual accounting period ends December 31.

Jan. 3 Purchased merchandise on account at a cost of $24,000. (Assume a perpetual inventory system.) Jan.

27 Paid for the January 3 purchase.

Apr. 1 Received $80,000 from Atlantic Bank after signing a 12-month, 5 percent promissory note.

June 13 Purchased merchandise on account at a cost of $8,000.

July 25 Paid for the June 13 purchase.

July 31 Rented out a small office in a building owned by Tiger Company and collected eight months’ rent in advance amounting to $8,000.

Dec. 31 Determined wages of $12,000 were earned but not yet paid on December 31 (Ignore payroll taxes).

Dec. 31 Adjusted the accounts at year-end, relating to interest.

Dec. 31 Adjusted the accounts at year-end, relating to rent.

Required:

1. & 2. Prepare journal entries for each of the transactions through August 1 and any adjusting entries required on December 31.

3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31.

Prepared journal Entries for Questions 1, 2 and 3 are attached as images in this order

1 Journal Entry Worksheet 1 (image 1)

2 Journal Entry Worksheet 1 (image 2)

3 Journal Entry Balance sheet 1 (image 3)

PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets

Answer from: Quest

explanation:

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets...

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