Question

In: Accounting

&n

HORSE RIDING REALTY COMPAMY

BALANCE SHEET

As of September 31, 2020

ASSETS LIABILITY

Cash $160,000 Accounts Payable $100,000

Accounts Rec. $40,000 Wages Payable $50,000

Supplies $8,000 Note Payable 6% $100,000

Prepaid Rent $11,000 Deferred Revenue $50,000

Prepaid Ins $9,000 Total Liability $300,000

Equipment $240,000 EQUITY

Acc. Depr. $20,000 $220,000

Land $52,000 Common Stock $110,000

Total Assets $500,000 Retained Earnings $ 90,000

Total Equity $200,000

Total Liability & Equity $500,000

Oct. 1 Horse purchase $10,000 of supplies – paid cash

Oct. 2 Horse purchase equipment for $300,000, paid $60,000 in cash this date and signed a 8% note for the balance. Full payment of principle and interest due in 2025. This asset has a useful life of five years.

Oct. 3 Horse paid $12,000 cash to cover the office rent for October.

Oct. 5 Horse billed clients for $25,000 of work performed.

Oct. 7 Horse paid employees $50000 in cash for wages earned for September.

Oct. 15 Horse sold 40,000 shares in Horse Riding Reality Stock for $20 a share. Cash was received that afternoon - Direct deposit.

Oct. 20 Horse announced a cash dividend of $60,000 to be paid to shareholders who owned shares on November 1, 2020. Payment would be made on January 2, 2021.

Oct. 30 The prepaid insurance listed on the 9/31/20 ending balance sheet was a two year converge period and was placed on the balance sheet on September 30, 2020.

Oct. 30 Useful life of equipment listed on the prior balance sheet is 10 years.

Commission Fees earned this month were $220,000. Horse’s accountants realized October 2020 would be the first month in history that there would be no deferred revenue on the balance sheet.

Oct. 31. Balance on the supplies is $1500.

Oct. 31 Income Tax Rate for Werner is 20%.

12-B. Prepare and show journal entries for 1-12

October 31 – Prepare Financial Statements for the Month of October

Expert Solution

1) Journal Entries:

Balance Sheet:

hope it helps.

ekkarill92 answered 1 year ago

Which codes add 1 to integer n? 1) n=n+1; 2) n++; 3)++n; 4) n+=1; 5) n=--n+2

Let f : N → N and g : N → N be the functions defined...

Let f : N → N and g : N → N be the functions defined as ∀k ∈ N f(k) = 2k and g(k) = (k/2 if k is even, (k + 1) /2 if k is odd). (1) Are the functions f and g injective? surjective? bijective? Justify your answers. (2) Give the expressions of the functions g ◦ f and f ◦ g? (3) Are the functions g ◦ f and f ◦ g injective? surjective? bijective?...

Show for the following recurrence that T(n) = T(n/3) + nlog(n) is O(nlog(n)) (not using the...

Show for the following recurrence that T(n) = T(n/3) + n*log(n) is O(n*log(n)) (not using the Master theorem please)

If f(n) = 3n+2 and g(n) = n, then Prove that f(n) = O (g(n))

Suppose f : N→N satisestherecurrencerelation f(n + 1) (f(n) 2 if f(n)iseven 3f(n)+ 1 if f(n)isodd...

Suppose f : N→N satisestherecurrencerelation f(n + 1) (f(n) 2 if f(n)iseven 3f(n)+ 1 if f(n)isodd . Notethatwiththeinitialcondition f(0) 1,thevaluesofthefunction are: f(1) 4, f(2) 2, f(3) 1, f(4) 4, and so on, the images cyclingthroughthosethreenumbers. Thus f isNOTinjective(andalso certainlynotsurjective). Mightitbeunderotherinitialconditions?3 (a) If f satisestheinitialcondition f(0) 5,is f injective? Explain whyorgiveaspecicexampleoftwoelementsfromthedomain withthesameimage. (b) If f satisestheinitialcondition f(0) 3,is f injective? Explain whyorgiveaspecicexampleoftwoelementsfromthedomain withthesameimage. (c) If f satisestheinitialcondition f(0) 27,thenitturnsoutthat f(105) 10 and no two numbers less than 105 have the same...

convergent or divergent infinity sigma n = 1 sqrt(n^5+ n^3 -7) / (n^3-n^2+n)

find zero state response y[n+4]-y[n]=x[n], if x[n]= e^-n u[n]

a) write a program to compute and print n, n(f), f(f(n)), f(f(f(n))).........for 1<=n<=100, where f(n)=n/2 if...

a) write a program to compute and print n, n(f), f(f(n)), f(f(f(n))).........for 1<=n<=100, where f(n)=n/2 if n is even and f(n)=3n+1 if n is odd b) make a conjecture based on part a. use java

Find the smallest n ∈ N such that 2(n + 5)^2 < n^3 and call it...

Find the smallest n ∈ N such that 2(n + 5)^2 < n^3 and call it n^0，Show that 2(n + 5)^2 < n^3 for all n ≥ n^0.

def annoying_factorial(n): if n == 0 or n == 1: return 1 if n == 2:...

def annoying_factorial(n): if n == 0 or n == 1: return 1 if n == 2: return 2 if n == 3: return 6 if n == 4: return 4 * annoying_factorial(3) if n == 5: return 5 * annoying_factorial(4) if n == 6: return 6 * annoying_factorial(5) else: return n * annoying_factorial(n-1) def annoying_fibonacci(n): if n==0: return 0 if n==1: return 1 if n==2: return 1 if n==3: return 2 if n==4: return annoying_fibonacci(4-1)+annoying_fibonacci(4-2) if n==5: return annoying_fibonacci(5-1)+annoying_fibonacci(5-2) if...