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In: Accounting
Marcy's Event Planning Services, Inc. records deferred expenses and deferred revenues using the alternative treatments. The...
Marcy's Event Planning Services, Inc. records deferred expenses and deferred revenues using the alternative treatments. The business makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year. On October 1, Marcy's paid $ 3700 for insurance for a one-year period. At the end of the year, it will make an adjusting entry that debits Insurance Expense for $ 1542.
True False
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Explain the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the effect...
Explain the appropriate adjusting entry for prepaid expenses and
for deferred revenues. What is the effect on net income, assets,
liabilities, and owner’s equity of not recording a required
adjusting entry for prepayments? Please include an example.
The assets and liabilities of Hercules Inc. as of December 31,2019, and revenues and expenses for...
The assets and liabilities of Hercules Inc. as of December
31,2019, and revenues and expenses for the year ended on that date
follow: Land $98,000 Property tax expense $5,000 Note payable (due
2025) 95,000 Accounts receivable 25,000 Accounts payable 21,000
Advertising expense 10,000 Rent expense 3,000 Building 140,000 Cash
10,000 Salary expense 85,000 Common shares 75,000 Salary payable
12,000 Furniture 20,000 Service revenue 200,000 Interest expense
4,000 Supplies 3,000 Beginning retained earnings were $50,000, and
dividends totalled $50,000 for the...
Amasarcas Inc., is a wholesaler that distributes a single product. The company’s revenues and expenses for...
Amasarcas Inc., is a wholesaler that distributes a single
product. The company’s revenues and expenses for the last two
months are given below:
Sales in units
5,000 units
6,000 units
Sales revenue
$500,000
$600,000
Expense A
10,000
10,000
Expense B
125,000
150,000
Expense C
50,000
74,000
Expense D
10,000
18,000
Expense E
30,000
30,000
Net income
$275,000
$318,000
Which of the expenses (A, B, C, D, and E)...
Amasarcas Inc., is a wholesaler that distributes a single product. The company’s revenues and expenses for...
Amasarcas Inc., is a wholesaler that distributes a single
product. The company’s revenues and expenses for the last two
months are given below:
Sales in units
5,000 units
6,000 units
Sales revenue
$500,000
$600,000
Expense A
10,000
10,000
Expense B
125,000
150,000
Expense C
50,000
74,000
Expense D
10,000
18,000
Expense E
30,000
30,000
Net income
$275,000
$318,000
Which of the expenses (A, B, C, D, and E)...
Question 1 Revenues Revenue from sales of goods and services .......................... $100,000,000 Operating costs and expenses:...
Question 1
Revenues
Revenue from sales of goods and services
.......................... $100,000,000
Operating costs and expenses:
Cost of products and services sold
....................................... $30,000,000
Selling expenses
...................................................................
$3,000,000
Administrative expense
........................................................
$4,000,000
Total operating costs and expenses
............................... $37,000,000
Income from
operations..............................................................
$63,000,000
Interest expense (corporate bonds & loans)
............................... $500,000
Non-recurring expense (Legal expenses/fines in
settling a federal antitrust suit
.............................................. $100,000
Income taxes
...............................................................................
$740,000
Net income
.................................................................................
$61,660,000
During this year of operation, Bonus Realty owned and...
Keep-or-Drop, Services, Qualitative Aspects Jem Dawson owns Jem’s Special Event Planning Service, a full-service event planner....
Keep-or-Drop, Services, Qualitative Aspects
Jem Dawson owns Jem’s Special Event Planning Service, a
full-service event planner. Jem does much of the work herself and
hires additional help as needed. She plans corporate events,
weddings, and special occasion parties. Each of these is considered
a separate line of business due to the specialized aspects of each
type of event. Last year, Jem’s accountant provided the following
segmented income statement:
Corporate
Wedding
Special
Occasion
Total
Revenue
$55,300
$195,000
$168,000
$418,300
Less variable...
Restaurant Budget Exercise Assignment: Forecast Revenues and Expenses for the year 2018, using the format of...
Restaurant Budget Exercise
Assignment: Forecast Revenues and Expenses for
the year 2018, using the format of the Uniform System of Accounts
for Restaurants. Present monthly figures and the annual total.
Mid-week days are Monday – Friday, weekend days are Saturday and
Sunday. Use the 2018 calendar to get the appropriate number of
weekend and mid-week days in each month.
Assumptions:
Seasonality:
High Season: June – September
Shoulder Season: October, November, April, May
Off Season: December – March
Covers:
Lunch –...
During 2020, Harris Inc. reported revenues of $237,000 and expenses of $130,000, and declared cash dividends...
During 2020, Harris Inc. reported revenues of $237,000 and
expenses of $130,000, and declared cash dividends of $65,000.
Retained Earnings on December 31, 2019 was $165,000.
Required: Prepare closing journal entries as at
December 31, 2020; show your journal entries. Calculate the balance
in Retained Earnings on December 31, 2020. Please show your
work.
(use appendix to solve)
Champagne, Inc., had revenues of $14 million, cash operating expenses of $9.5 million, and depreciation and...
Champagne, Inc., had revenues of $14 million, cash operating
expenses of $9.5 million, and depreciation and amortization of $1.6
million during 2018. The firm purchased $650,000 of equipment
during the year while increasing its inventory by $450,000 (with no
corresponding increase in current liabilities). The marginal tax
rate for Champagne is 30 percent. What is Champagne's cash flow
from operations for 2018? What is Champagne's free cash flow for
2018?
Falcon Consultants, Inc., has provided the following list of assets, liabilities, revenues, and expenses from its...
Falcon Consultants, Inc., has provided
the following list of assets, liabilities, revenues, and expenses
from its December 31, 2017, accounting records. The beginning
retained earnings as of January 1, 2017, was $45,000 and the owner,
Lucky Falcon, received dividends of $14,000 during the year.
Required:
Prepare the income statement, the
statement of retained earnings and the balance sheet for Falcon
Consultants, Inc., as of December 31, 2017.
Accounts receivable
$16,300
Service
revenue
$67,500
Interest
expense
2,800
Cash ...
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