A business has taken out an annual licence at a cost of £10,496 which covers the period 01/08/X1 to 31/07/X2. Their year end is 28/02/X2. What is the value of the prepayment adjustment required at 28/02/X2? (Round to the nearest whole number) (Enter the value with no £ sign, comma or decimal places) Answer:
Q: The Canliss Milling Company purchased machinery on January 2, $930,000. A five-year life was…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: The direct-mail marketing company ABG buys a customer list for € 5.000 (e.g. a list of personal and…
A: An intangible asset is a type of asset that lacks a physical presence and is not a financial…
Q: Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par…
A: Treasury stock represent the acquisition of previously issued common shares. In simple words it…
Q: Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions…
A: The pension plan was set up to provide funds for employees' post-retirement needs. The primary goal…
Q: You need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of…
A: Companys Value using FCFF - Free cash flow (FCF) from operations is the cash available to pay back…
Q: Rundle Company has provided the following for the year. Budget Sales Variable product costs Variable…
A: This analysis helps organizations and individuals assess their financial performance and identify…
Q: Blossom Co. sells product P-14 at a price of $48 a unit. The per- unit cost data are direct…
A: The special order should be accepted if incremental income is greater than incremental…
Q: Vernon Company had 250 units of product in its work in process inventory at the beginning of the…
A: In management accounting, the term "equivalent units" refers to the idea of expressing partially…
Q: Question #1: Limits Incorporated Limits Incorporated [LI] had the following events occur during…
A: Under the perpetual inventory system, the stock is updated with each receipt and issue of goods. The…
Q: Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll.…
A: The salaries due to the employee is debited with the gross amount to salaries and wages expense by…
Q: Open a ledger account for Cash in balance column format. Post general journal entries that impact…
A: The ledger account is prepared in t-format. It is also called a t-account or subsidiary ledger. It…
Q: Required information [The following information applies to the questions displayed below.] Farell is…
A: Deductible amount =Min(Maximum allowable deduction),(Total loss)ie $25000 or $170000 whichever is…
Q: Janet Lawerence the controller for Toy Bike Maker Inc is preparing a production budget for the yea…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: Calculate free cash flow. (Show a negative free cash flow with
A: When assessing a company's financial performance and cash-generating capacity apart from financing…
Q: Concord Corporation reported net income of $2.2 million in 2022. Depreciation for the year was…
A: The Cash Flow Statement is the statement that shows the cash inflow and outflow of the company. This…
Q: ABC Co. entered into a long term construction contract for 3 years. Contract price agreed was…
A: Contract accounting is different from normal accounting transactions as a contract may take more…
Q: changes in operating assets and liabilities to arrive at net cash flows from operating activities.
A: Operating cash flow is the amount of cash generated from the company normal business operations.It…
Q: Instructions: Martin's fiscal year ends on December 31, and depreciation has been recorded through…
A: Details provided : Detailsamount( in $ )amount( in $ )Case ->>(1)(2) New truck's price…
Q: The following information pertains to the first year of operation for Crystal Cold Coolers…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Delmar Incorporated uses a standard cost system. Labor standards are 2.00 hours per widget at $15.10…
A: 1. Direct Labor Rate Variance: The difference between the actual labor cost per hour paid and the…
Q: ! Required information [The following information applies to the questions displayed below.] Nicole…
A: Start up cost is the cost which is required to start a business. It is incurred before starting of…
Q: Direct materials Direct labour Manufacturing overhead Unit product cost $124.00 76.00 24.00 $224.00
A: Incremental Costing:- Under incremental costing only those costs which are relevant for taking…
Q: A shareholder loaned $100,000 to the S Corp in TY2021 which was repaid in TY2022. Discuss the…
A: The objective of the question is to understand how to record a loan transaction between a…
Q: 5.1. ABC(LTD) is a manufacturer of Stationery. The Following information is given regarding ABC Ltd…
A: When there is a difference between the accounting income and tax income, the deferred tax…
Q: MusicMagic specializes in sound equipment. Company records indicate the following data for a line of…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: An analysis completed by the controller’s office, using the balance sheet approach, indicates that…
A: The objective of the question is to calculate the adjusting entry for bad debts using the balance…
Q: Gamila, James, Helen, and Carlos each owns an equal interest in GJHC Partnership, a calendar year…
A: When an asset or investment is sold for less than what was paid for it, a recognized loss is…
Q: trucking companie es of trailers: Retractable and Flat Beds. The information below relates to th…
A: The contribution margin is divided by the number of units sold to determine the contribution margin…
Q: Prepare the journal entries to record the following transactions for Cullumber Wholesale Company,…
A: Journal entry :— It is an act of recording transaction in books of account when transaction…
Q: If the selling price per unit is $80, the variable cost per unit is $20 and the fixed cost is 3600.…
A: BREAKEVEN POINTBreak Even means the volume of production or sales where there is no profit or…
Q: T Corp sold tangible personal property to its customers for $500. T Corp has nexus in the state…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: During the month, Inline Industries paid $582 to settle warranty claims. Inline uses an estimated…
A: Warranty expense describes the approximate cost that a business anticipates having to pay for…
Q: Required information [The following information applies to the questions displayed below.) On…
A: Businesses may use the depreciation deduction as a useful tool to gradually recoup the costs of…
Q: Carla Vista Clark opened Carla Vista's Cleaning Service on July 1, 2022. During July, the following…
A: Journal is the first step of accounting of transactions. All day to day business transactions are…
Q: Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule…
A: Leasing is a common practice in business where one party (the lessor) allows another party (the…
Q: Bernes Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Q: organ Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides…
A: Future value gives information about how an investment might increase or how much money could…
Q: Crane Corporation produces outdoor portable fireplace units. The following cost information per unit…
A: ABSORPTION COSTING:Absorption costing is a cost managerial accounting method in which all costs…
Q: Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its…
A: Cost of goods available for sale is the sum of beginning inventory balance and value of purchases.…
Q: On January 1, 2023, Holiday Corporation completed the following transactions (you can assume a 6%…
A: As per accounting concept, all costs directly associated with purchase of assets or making them…
Q: Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was…
A: RETURN ON EQUITYReturn on equity is the ratio between net income & average shareholders equity.…
Q: Sully Company's inventory records for the most recent year contain the following data: (Click the…
A: Inventory valuation is based on the flow of issuing inventory used by the organization. It can be…
Q: Determine the revenue of K's dealership.
A: Selling price to company L = 30,000 euros (as per the mentioned in the question)Selling price to…
Q: 4. Yoyo, Inc. produces 3 different products with costs as follows: Sales Revenue Variable Costs…
A: The decision making related to dropping or continuing a product may be done using incremental…
Q: Willow Products expects the following sales of its single product: Units March 5,200 April 6,200 May…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: age hourly rate of $11.70, prepare a jou ecord actual costs, standard costs, and a
A: Labour Variance is the difference between the actual cost and standard cost. It is divided into…
Q: Cash Receipt #95 Dated April 12, 2022 From WiseGuys, cheque # 189 for $1 800 in payment of invoice…
A: Journal entry refers to the initial recording of the transactions in the books. These entries are…
Q: Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken…
A: Lets understand the basics.Ratio analysis is done to compare data of two years or items provided in…
Q: Ship Company produces storage crates that require 44.0 meters of material at $0.20 per meter and…
A: The standard cost per unit comprises materials, labor and overhead cost. The overhead is applied to…
Q: At January 1, 2024, Covington Inc. reported the following information on its statement of financial…
A: T-accounts are individual general ledger accounts used in accounting.A T-Account is also known as a…
Step by step
Solved in 3 steps with 1 images
- Pert Lad has been trading for one year as at 31 December 2021 and during that year the company paid elecariaty bs ca00 On 18 January 2022 the company received an electricity bill for the three months to 31 December 20o21 for Eet0 pad the bill on 31 January 2022. Its accounts for the year ended 31 December 2021 should show Select one answer: O A statement of profit or loss charge for electricity of £860 and an accrual of £410 on the statement of financial postion O A statement of profit or loss charge for electricity of £1.270 and a prepayment of £410 on the statement of financial positioe O A statement of profit or loss charge for electricity of £1.270 and an accrual of £410 on the statement of financial positon O A statement of profit or loss charge for electricity of E860 and a prepayment of £410 on the statement of financial positionA customer opens a certificate of deposit of $909,642. The current CD-rate is 9% and the CD duration is 162 days. What is the amount due to the customer at expiration of the CD? Round your answer to the nearest two decimals if needed. Do not type the $ symbol.A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $1775
- Company Zumba delivers goods to Customer Yuppie on 1 January 2018. The agreement between the two parties states that Customer Yuppie pays for the goods in two instalments, the first (£10,000) being paid on delivery and the second (£5,000) being paid in three years from the delivery date. The goods are transferred to the control of Customer Yuppie at the date of delivery. REQUIRED i) Present the journal entries for Zumba at the delivery date. (Assume that Company Zumba determines that the discount rate for imputing interest to the transaction is 10%.) ii) Present the journal entries for Zumba on 31 December 2018. iii) Present the journal entries for Zumba at the delivery date if the control of the asset has not been transferred at the date of delivery. Assume 10% as the discount rate, if necessary.What is the double-entry for each of the following transactions and adjustments inCompany X in the accounting year ending 31 December 2018: Required:(a) The sale of goods on 1 November 2018 on credit for £12,300. These goodscost £7,000(b) Rent of £6,000 paid on 1 December 2018 for the three months ended 28February 2019(c) Electricity of £600 for the three months ended 31 January 2019 invoiced toCompany X on 5 February 2019. A business has received £98,200 of rental income in the year ended 30 September 2021. Details of the rent received in advance and in arrears are shown below. Rent received in advance Rent arrears 30 September 2020 £ 2,400 7,000 A. £98,200 B. £104,000 C. £97,300 D. £92,400 30 September 2021 £ 4,600 3,400 Which of the following rental income figures should be included in the income statement for the year ended 31 September 2014?
- Hi, I need help with adjusting entries. A patent had been purchased for $4500 by issuing a notes payable 12/31. What would this adjusting entry look like?A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?The Trial Balance of Deco Enterprise as at 31 December 2019 shows the following: RM RM Incentive Received 25,600 Interest Paid 12,100 Rental Received 91,000 Insurance 2,400 The financial year for Deco Enterprise ends on 31 December every year. Below is the additional information as at 31 December 2019: i. Incentive receivable is RM7,560 ii. Interest incurred for the financial year is RM13,450 iii. Rental received per annum should be RM84,000 iv. Insurance was paid for the period from October 2019 to September 2020 Required : a. Adjusting journal entries to account for the additional information above. b. Update the above accounts accordingly.
- You are given the following information: On 01/04/2019, the company XPSO paid to the owner of the property (company KLM) the rents for one year with a total amount of € 66,000. At the time of payment, the account was charged prepaid rents. The landlord displayed the amount of rent collection in an obligation account. The payment of rents concerns the same property. Requested: Α. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company XPSO Β. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company KLM You are given the following information: The company DELTA 01/05/2019 received a long-term loan from the National Bank of Greece amounting to 205,000 with an annual interest rate of 7%. Interest is charged twice a year 30/4 and 31/10. The repayment of the full amount of the loan will take place on 30/04/2024. Requested: The relevant calendar entries 01/05/2019, 31/10/2019, 31/12/2019, 30/04/2020 and 31/10/2020 and 31/12/2020 for the company…SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $600,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $400,000; 1 August 20X2 $100,000 and 1 August 20X3 $100,000. SorCo has estimated that the interest rate required for this customer is 8%. SorCo follows IFRS. Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of cash on 1 August 20X2 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest whole dollar.)Miller Pty Ltd is an Australian company and registered for GST. Miller P/L paid the following expenses in Dec 2020 quarter. Salary & Wages $250000 Interest on a business loan $65000 Rent for the office $50266 Accounting Fees 4907 How much GST credit can Miller P/L claim in Dec 2020 quarter BAS?