. Prepare the necessary journal entry on September 30, 2020 to account for: CAD$3,045 on hand...

. Prepare the necessary journal entry on September 30, 2020 to account for:

CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD

Expert Solution

Date	Account Name	Debit	Credit

30-Sep-20	Foreign exchange Gain/loss A/c Dr	182.7
	To Profit/loss Account		182.7
	(Being loss due exchange fluctuation is adjusted to P&L A/c)
Workings
31-Mar	2.01
30-Sep	1.95
Profit/(loss)	(0.06)
No of Dollars	3045
Total Loss	(182.70)

ekkarill92 answered 1 year ago

Prepare the necessary journal entry to record the purchase of $100 of supplies on account:

This questions are for MULTIPLE CHOICE and CalculationREV #3 September 2008Prepare the necessary journal entry to record the purchase of $100 of supplies on account:The steps in an accounting cycle can be best described as:Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, closeJournalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, prepare adjusted trial balance, prepare financial statements, close, prepare post closing trial balanceAnalyze Transactions, Journalize, Post, prepare Unadjusted trial balance, prepare adjusted trial balance, prepare financial statements, close,...

The following are account balances as of September 30, 2020, for Ray Hospital. Prepare a balance sheet at September 30, 2020.

HCM 213 Q1. Balance sheet. The following are account balances as of September 30, 2020, for Ray Hospital. Prepare a balance sheet at September 30, 2020. (Hint net assets will also need to be calculated.) Also Find out the Current Ratio (1 Mark) and Net Working Capital (1 Mark) Givens Gross plant, property, and equipment $70,000,000 Accrued expenses $6,000,000 Cash $8,000,000 Net accounts receivable $15,500,000 Accounts payable $7,000,000 Long-term debt $45,000,000 Supplies $3,000,000 Accumulated depreciation $5,000,000

The following are account balances as of September 30, 2020, for Ray Hospital. Prepare a balance...

The following are account balances as of September 30, 2020, for Ray Hospital. Prepare a balance sheet for the given date i.e., September 30, 2020. (Hint net assets will also need to be calculated.) Also Find out the Current Ratio , and Net Working Capital Givens Gross plant, property, and equipment $70,000,000 Accrued expenses $6,000,000 Cash $8,000,000 Net accounts receivable $15,500,000 Accounts payable $7,000,000 Long-term debt $45,000,000 Supplies $3,000,000 Accumulated depreciation $5,000,000

for each of the following independent transactions a through d, prepare the necessary journal entry: (a)...

for each of the following independent transactions a through d, prepare the necessary journal entry: (a) Declared a $0.30 per share cash dividend on 400,000 shares of common stock outstanding. (b) Declared and distributed a 12% stock dividend on 600,000 outstanding shares of $10 par value common stock outstanding. Market price per common share on this date was $28. (c) Declared and distributed a 5-for-1 stock split on 900,000 shares of $10 par value common stock outstanding. (d) Declared and...

Question #1: For each of the following transactions, prepare the necessary journal entry.؟ a. The city...

Question #1: For each of the following transactions, prepare the necessary journal entry.؟ a. The city collects $1 million of taxes for an independent fire district located within the city. Journal entry: b. The city spends $1.2 million on street maintenance using the proceeds of a city gas tax dedicated for road and highway maintenance and improvements. Journal entry: c. The city receives a bequest of $1.5 million. The donor’s will, requires that the principal amount be invested in perpetuity...

For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension...

For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension expense and the year-end balances in the related pension accounts. Projected benefit obligation,1/1/20 (before) $580,000 Plan assets, 1/1/20 565,600 Pension liability 14,400 On January 1, 2020, Crane Corp., through plan grants prior service benefits having a present value of 93,000 Settlement rate 9% Service cost 54,000 Contributions (funding) 71,000 Actual (expected) return on plan assets 54,600 Benefits paid to retirees 40,000 Prior service cost...

The following are account balances (in ’000) at September 30, 20X1 for HMO Scotland. Prepare: (a)...

The following are account balances (in ’000) at September 30, 20X1 for HMO Scotland. Prepare: (a) balance sheet; and (b) income statement. Income Tax Expense $2,100 Prepaid Expense $22,000 Physician Services Expense $40,000 Long-term Investments $12,000 Premium Revenues $118,000 Cash and Cash Equivalents $100,000 Marketing Expense $12,500 Compensation Expense $23,000 Other Non-current Assets $12,800 Interest Income and Other Revenue $14,500 Accrued Expense $14800 Outside Referral Expense $7,500 Claims Payable – Medical $37,000 Medicare Revenues $18,000 Inventory $3,500 Occupancy and Depreciation...

Prepare the necessary adjusting journal entries on December 31, 2020. Also prepare an adjusted trial balance dated December 31, 2020

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office supplies 880 Prepaid rent. 3,960 Unexpired insurance 1,650 Office equipment 79,200 Accumulated depreciation: office equipment 26,400 Accounts payable 4,400 Notes payable (due 3/1/12) 66,000 Interest payable 660 Income taxes payable 9,900 Dividends payable 3,500 Unearned consulting fees 24,200 Capital stock 220,000 Retained earnings 44,000 Dividends 3,500 Consulting fees earned 550,000 Rent expense 16,170 Insurance expense 2,420 Office supplies expense 4,950 Depreciation expense: office equipment ...

Prepare the journal entry to apply factory overhead for April 30 according to the predetermined overhead...

Prepare the journal entry to apply factory overhead for April 30 according to the predetermined overhead rate. Refer to the Chart of Accounts for exact wording of account titles. Cavy Company estimates that total factory overhead costs will be $559,619 for the year. Direct labor hours are estimated to be 90,700. Required: Determine (a) the predetermined factory overhead rate; (b) the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job...

Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions...

Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2020, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourt’s books at a cost of $590,000. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of...

Question