Business, 18.06.2020 04:57 smariedegray

Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year, are as follows: DebitsCredits
Accounts Receivable$ 75,000
Equipment345,700
Accumulated Depreciation—Equipment $112,500
Prepaid Rent9,000
Supplies3,350
Wages Payable –
Unearned Fees 12,000
Fees Earned 660,000
Wages Expense325,000
Rent Expense–
Depreciation Expense–
Supplies Expense–
Data needed for year-end adjustments are as follows:
a. Unbilled fees at July 31, $11,150.
b. Supplies on hand at July 31, $900.
c. Rent expired, $6,000.
d. Depreciation of equipment during year, $8,950.
e. Unearned fees at July 31, $2,000.
f. Wages accrued but not paid at July 31, $4,840.
Required:
1.Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles.
2.What would be the effect on the income statement if adjustments (a) and (f) were omitted at the end of the year?
3.What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?
4.What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if adjustments (a) and (f) were omitted at the end of the year?

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 20:30

technology is the application of knowledge and tools to solve problems and perform tasks more efficiently. t/f

Answers: 1

Answer

Business, 22.06.2019 02:30

Required information [the following information applies to the questions displayed below.] the following data is provided for garcon company and pepper company. garcon company pepper company beginning finished goods inventory $ 13,800 $ 18,850 beginning work in process inventory 16,700 20,700 beginning raw materials inventory 8,800 13,500 rental cost on factory equipment 28,250 26,650 direct labor 22,400 37,400 ending finished goods inventory 17,300 14,300 ending work in process inventory 23,200 19,400 ending raw materials inventory 5,900 9,600 factory utilities 11,250 15,000 factory supplies used 10,900 5,700 general and administrative expenses 32,500 44,500 indirect labor 2,500 9,880 repairsâ€”factory equipment 4,820 2,150 raw materials purchases 41,500 63,000 selling expenses 54,800 49,000 sales 238,530 317,510 cash 33,000 23,700 factory equipment, net 222,500 124,825 accounts receivable, net 13,400 23,950 required: 1. complete the table to find the cost of goods manufactured for both garcon company and pepper company for the year ended december 31, 2017. 2. complete the table to calculate the cost of goods sold for both garcon company and pepper company for the year ended december 31, 2017.

Answers: 2

Answer

Business, 22.06.2019 05:30

U.s. internet advertising revenue grew at the rate of r(t) = 0.82t + 1.14 (0 ≤ t ≤ 4) billion dollars/year between 2002 (t = 0) and 2006 (t = 4). the advertising revenue in 2002 was $5.9 billion.† (a) find an expression f(t) giving the advertising revenue in year t.

Answers: 1

Answer

Business, 22.06.2019 16:00

Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)

Answers: 2

Answer

You know the right answer?

Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of th...

Questions