Business, 16.02.2021 03:20 yadiegarcia0523
Than Nguyen opened a business called Nguyen engineering and recorded the following transactions in its first month of operations.
June 1: Than Nguyen, the owner, invested $158,000 cash, office equipment with a value of $19,500, and $89,000 of drafting equipment to launch the company in exchange for common stock.
June 2: the company purchased land worth $63,500 for an office by paying $26,000 cash and signing a long-term note payable for $36,900.
June 2: The company purchased a portable building with $40,500 cash and moved it onto the land acquired on June 2.
June 2: The company paid $11,700 cash for the premium on a 15-month insurance policy.
June 7: The company completed and delivered a set of plans for a client and collected $17,800 cash.
June 12: The company purchased $37,400 of additional drafting equipment by paying $24,000 cash and signing a long-term note payable for $13,400.
June 14: The company completed $37,200 of engineering services for a client. This amount is to be received in 30 days.
June 15: The company purchased $2,600 of additional office equipment on credit.
June 17: The company completed engineering services for $27,000 on credit.
June 18: The company revived a bill for rent of equipment that was used on a recently completed job. The $2,750 rent cost must be paid within 30 days.
June 20: The company collected $18,600 cash in partial payment from the client billed on June 14.
June 21: The company paid $2,000 cash for wages to a drafting assistant.
June 23: The company paid $2,600 cash to settle the account payable created on June 15.
June 24: The company paid $1,650 for minor maintenance of its drafting equipment.
June 26: The company paid $10,060 cash in dividends.
June 28: The company paid $2,000 cash for wages to a drafting assistant.
June 30: The company paid $3,660 cash for advertisements on the web during June.
Description of items that require adjusting entries on June 30, follow:
A.) The company has completed, but not yet billed, $17,600 of engineering services for a client.
B.) straight-line depreciation on the office equipment, assuming a 5 year life and a $2,300 salvage value, is $330 per month.
C.) straight-line depreciation on the drafting equipment, assuming a 5 year life and a $12,400 salvage value, is $1,900 per month.
D.) straight-line depreciation on the building, assuming a 25 year life and a $1,500 salvage value, is $130 per month.
E.) the balance in prepaid insurance represents a 15 month policy that went into effect on June 1.
F.) Accrued interest on the long-term note payable is $190.
G.) the drafting assistant is paid $2,000 for a 5 day work week. 2 days’ wages have been incurred but are unpaid as of month end.
Please answer and thank you
Please please
Answers: 1
Another question on Business
Business, 22.06.2019 01:00
The penalties for a first-time dui charge include revocation of drivers license a. 180 days b. ben 180 des and one year c. bence 90 and 180 d. one year
Answers: 2
Business, 22.06.2019 01:30
At the end of the week, carla receives her paycheck and goes directly to the bank after work to make a deposit into her savings account. the bank keeps the required reserve and then loans out the remaining balance to a qualified borrower named malik as a portion of his small business loan. malik uses the loan to buy a tractor for his construction business and makes small monthly payments to the bank to payback the principal balance plus interest on the loan. the bank profits from a portion of the interest payment received and also passes some of the interest back to carla in the form of an interest payment to her savings account. in this example, the bank is acting
Answers: 1
Business, 22.06.2019 03:30
Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?
Answers: 1
Business, 22.06.2019 13:20
Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?
Answers: 2
You know the right answer?
Than Nguyen opened a business called Nguyen engineering and recorded the following transactions in i...
Questions
Mathematics, 27.06.2020 23:01
Mathematics, 27.06.2020 23:01
Mathematics, 27.06.2020 23:01
Mathematics, 27.06.2020 23:01
Physics, 27.06.2020 23:01
