Business, 05.09.2020 20:01 annan65

A company has a fiscal year-end of December 31: (1) on October 1, $20,000 was paid for a one-year fire insurance policy; (2) on June |30 the company advanced its chief financial officer $18,000; principal and interest at 8% on the note are due in one year; and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year. Prepare the necessary adjusting entries at December 31 for each of the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers: 2

Show answers

Answers

Answer from: kiraswife

Date Accounts Title and Explanation Debit Credit

Dec 31Insurance Expense $5,000

[($20000/12) x 3]

Prepaid Insurance $5,000

(To record insurance expense)

Dec 31 Interest Receivable $720

[($18000 x 8%)/12 x 6]

Interest Income $720

(To record accrual interest income)

Dec 31 Depreciation Expense $13,600

Accumulated Depreciation $13,600

-Equipment

(To record depreciation expense)

Answer from: Quest

Ok well you are not bhanu is the best way of a day of luck in which he i don't need yuu is the best way to get it to prove it is good for me is a name of girl then i know i know you are not bhanu is the best way to get it to prove it is good that the best way to get it to prove it is good for me is a 899hb of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people are happy children are enjoying sadness of a day changes into plesent people

Answer from: Quest

Ithink that it’s b

Another question on Business

Business, 22.06.2019 16:00

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Answers: 1

Answer

Business, 22.06.2019 17:20

Andy owns islander surfboard inc. in the past, andy has always given his employees bonuses during the holidays if they reached certain sales goals. this year, even though the company is thriving, he decided to cut bonuses from employees and award them to himself instead. what ethical theory of leadership is andy following?

Answers: 1

Answer

Business, 22.06.2019 21:10

An investor purchases 500 shares of nevada industries common stock for $22.00 per share today. at t = 1 year, this investor receives a $0.42 per share dividend (which is not reinvested) on the 500 shares and purchases an additional 500 shares for $24.75 per share. at t = 2 years, he receives another $0.42 (not reinvested) per share dividend on 1,000 shares and purchases 600 more shares for $31.25 per share. at t = 3 years, he sells 1,000 of the shares for $35.50 per share and the remaining 600 shares at $36.00 per share, but receives no dividends. assuming no commissions or taxes, the money-weighted rate of return received on this investment is closest to:

Answers: 3

Answer

Business, 23.06.2019 02:00

Opportunity cost is calculated by which of the following? a. adding the value of all lost opportunities. b. subtracting all costs from the total benefit. c. calculating the cost of time, energy, and sacrifice. d. finding the value of the best option that is not chosen.

Answers: 1

Answer

You know the right answer?

A company has a fiscal year-end of December 31: (1) on October 1, $20,000 was paid for a one-year fi...

Questions