Business, 15.10.2020 08:01 RebelZane18
The ledger of Pina Colada Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared.
Debit Credit
Investment in Note Receivable $18,000
Supplies 22,500 Prepaid Rent 5,400
Buildings 210,000
Accumulated DepreciationâBuildings $135,000
Unearned Service Revenue 11,100
An analysis of the companyâs accounts shows the following.
1. The investment in the notes receivable earns interest at a rate of 12% per year.
2. Supplies on hand at the end of the month totaled $17,600.
3. The balance in Prepaid Rent represents 4 months of rent costs.
4. Employees were owed $2,800 related to unpaid salaries and wages.
5. Depreciation on buildings is $6,360 per year.
6. During the month, the company satisfied obligations worth $4,500 related to the Unearned Services Revenue.
7. Unpaid maintenance and repairs costs were $2,100.
Required:
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.
Answers: 2
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What additional information about the numbers used to compute this ratio might be useful in you assess liquidity? (select all that apply) (a) the maturity schedule of current liabilities (b) the average stock price for the industry (c) the average current ratio for the industry (d) the amount of current assets that is concentrated in relatively illiquid inventories
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The ledger of Pina Colada Corp. on July 31, 2022, includes the selected accounts below before adjust...
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