This problem has several parts journalizing adjusting entries, preparing a ledger using T accounts, adjusted trial balance, income statement, retained earnings statement, classifed balance sheet and determine which accounts to close at end of the month. HELP!!!!
The Pharoah Hotel opened for business on May 1, 2022. Here is
its trial balance before adjustment on May 31.
| PHAROAH
HOTEL Trial Balance May 31, 2022 |
||||||
|---|---|---|---|---|---|---|
|
Debit |
Credit |
|||||
|
Cash |
$ 2,473 | |||||
|
Supplies |
2,600 | |||||
|
Prepaid Insurance |
1,800 | |||||
|
Land |
14,973 | |||||
|
Buildings |
72,400 | |||||
|
Equipment |
16,800 | |||||
|
Accounts Payable |
$ 4,673 | |||||
|
Unearned Rent Revenue |
3,300 | |||||
|
Mortgage Payable |
38,400 | |||||
|
Common Stock |
59,973 | |||||
|
Rent Revenue |
9,000 | |||||
|
Salaries and Wages Expense |
3,000 | |||||
|
Utilities Expense |
800 | |||||
|
Advertising Expense |
500 |
|||||
|
$115,346 |
$115,346 |
|||||
Other data:
| 1. | Insurance expires at the rate of $360 per month. | |
| 2. | A count of supplies shows $1,170 of unused supplies on May 31. | |
| 3. | (a) Annual depreciation is $3,720 on the building. | |
| (b) Annual depreciation is $3,120 on equipment. | ||
| 4. | The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) | |
| 5. | Unearned rent of $2,540 has been earned. | |
| 6. | Salaries of $780 are accrued and unpaid at May 31. |
In: Accounting
Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 2019, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 2019, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 2019 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1)Prepare the entry to record the revenue recognized for the nights paid by customers. 2)Prepare the entry to record the revenue recognized for the free nights redeemed by customers.
In: Accounting
8. The Smart CPA firm held an End of Tax Season party. The company expected attendance of 75 people and prepared the following budget:
Hotel room rental $600
Food 1,000
Entertainment 750
Decorations 250
Total Costs $2,600
Seventy five people attended the party. The following costs were incurred:
Hotel room rental $600
Food 1,150
Entertainment 750
Decorations 350
Total Costs $2,850
What is the variance for total costs?
A) $300 Unfavorable
B) $300 Favorable
C) $250 Favorable
D) $250 Unfavorable
9. The various stages through which a product passes are called
the ________.
A) product life cycle
B) value chain
C) performance plan
D) product performance plan
10. Research and development is the function of a value chain
that involves ________.
A) the detailed design and engineering of products, services or
processes
B) the generation of ideas related to new products only
C) the generation of ideas related to new products, services or
processes
D) the detailed design and engineering of new processes
11. Which of the following is a major factor causing changes in
management accounting today?
A) additional value chain functions
B) small advances in technology
C) increased global competition
D) shift to manufacturing-based economy
In: Accounting
Uber Inc purchased a car for $23,500. The car has a salvage value of $3,900 and is estimated to be in use for 150,000 miles. What is the accumulated depreciation at the end of Year 2 assuming mileage used in year 1 was 16,380, year 2 was 16,930, and year 3 was 22,440? $_______
In: Accounting
devise a system for you and three friends, at rest with you, to synchronize your clocks if your clocks are too large to move and are separated by hundreds of miles. 2. Can you think of an experiment to verify length contraction directly? Explain. has to be approximately 500 words.
In: Physics
How did the colonists exercise "choice" during the Enlightenment and Great Awakening? (This is so very important because since the colonists are 3,000 miles away from their monarchs and parliaments in Europe they are more able to exercise "choice" and they don't like it when that choice is taken away.
In: Psychology
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In: Accounting
Royal Park Ltd is an existing company that has issued previously 300,000 ordinary shares of $8 each and 100,000 5% preference shares of $15 each.
On 1st January 2019, Royal Park Ltd offered to issue an additional 250,000 ordinary shares for $11, payable in two installments:
Applications for 400,000 shares were received by the closing date of 30th January 2019.
On 10th February 2019, shares were allotted, and a refund was made to unsuccessful applicants.
Directors announced on 30th June 2019 a profit after tax of $900,000.
On 7th July 2019, the board of directors during the Annual General Meeting announced that the company will pay preference dividends and ordinary dividends of 6.2 cents per fully paid equivalent share from retained earnings.
On 3rd August 2019, payment was made for dividends declared.
Required:
a) Prepare the general journal entries to record the information
above.
Narrations are NOT required.
b) b) One of the existing shareholders of the company was upset about the approach the company used in issuing additional shares this year. They believed existing shareholders should have been considered first to raise the funds. List and discuss the approach the shareholder is referring to.
In: Accounting
1. A statistician is interested in the gross earnings of several of her favorite bands. She took a random sample of 30 of the Rolling Stones’ North American concerts, and found that the gross earnings averaged $2.27 million with a standard deviation of $0.5 million. One source suggests that the average gross earnings per concert for every stadium performance in North America is $2.11 million. Do the Rolling Stones earn more on average? Test at a 5% level of significance
2. A survey was conducted about the cost for a family of four to visit an amusement park for one day. A sample of 32 families yielded an average cost of $190.28 with a standard deviation of $51.75. Last year, a magazine published that the average cost for a family of four to visit an amusement park was $175. Based on the sample data above, can we conclude that the mean cost is actually higher than this at α=.05
3. According to a large local high school, senior students have a mean GPA of 3.07. A random sample of 38 seniors taking AP courses showed a mean GPA of 3.29 with a standard deviation of 0.42. At the 1% level of significance, can it be stated that seniors taking AP courses have a different GPA than the senior class as a whole?
In: Statistics and Probability
Pine rockland is an endangered ecosystem found only in South Florida. Invasive plant species threaten pine rockland by out competing the native plants and providing no nutritional value to native wildlife. The largest tract of pine rockland in Everglades National Park is at Long Pine Key. Scientists with the National Park Service are interested in knowing how effective different frequencies of prescribed burns are at removing invasive plant species. They measured the density (individuals/m2) of invasive plant species in an area that was not burned (no burn), an area that was burned once in the last 5 years (infrequent burn), and an area that was burned 5 times in the last 5 years (frequent burns). For each area, sampling was conducted by measuring the density at 20 random points.
Based on observations of these three areas and the need to decrease invasive species in these ecosystems, we could put forth the following question: How does the frequency of prescribed burns affect invasive plant species in pine rockland ecosystems?
In: Statistics and Probability