question 1. P10-1B On January 1, 2018, Burlington Inc.’s general ledger contained these opening balances for its liability accounts:
|
Accounts payable |
$52,000 |
|
CPP payable |
3,810 |
|
EI payable |
1,598 |
|
Sales tax payable |
18,000 |
|
Employee income tax payable |
7,700 |
|
Unearned revenue |
16,000 |
The following selected transactions occurred during the month.
|
Jan. 5 |
Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. |
|
13 |
Paid $18,000 ($7,500 GST to the Receiver General and $10,500 PST to the provincial Minister of Finance) for sales taxes collected in December. |
|
14 |
Paid $13,108 to the Receiver General for amounts owing from the December payroll for the employee payroll deductions of $10,271 (CPP $1,905, EI $666, and employee income tax $7,700) and employee benefits of $2,837 (CPP $1,905 and EI $932). |
|
15 |
Borrowed $18,000 from HSBC Bank for three months; 6% interest is payable monthly on the 15th of each month. |
|
19 |
Provided services for customers who had made advance payments of $11,200. This amount includes applicable GST and PST, which is not payable until the related revenue is earned. |
|
22 |
Paid $32,000 to trade creditors on account. |
|
28 |
Received assessment of property taxes of $4,200 for the calendar year. They are payable on March 1. |
|
29 |
Paid employees for the month. Gross salaries totalled $40,000 and payroll deductions included CPP of $1,980, EI of $752, and employee income tax of $9,474. Employee benefits included CPP of $1,980 and EI of $1,053. |
Instructions
(a) Record the above transactions.
(b) Record any required adjusting entries at January 31.
(c) Prepare the current liabilities section of the statement of financial position at January 31.
In: Accounting
P10-1B On January 1, 2018, Burlington Inc.’s general ledger contained these opening balances for its liability accounts:
|
Accounts payable |
$52,000 |
|
CPP payable |
3,810 |
|
EI payable |
1,598 |
|
Sales tax payable |
18,000 |
|
Employee income tax payable |
7,700 |
|
Unearned revenue |
16,000 |
The following selected transactions occurred during the month.
|
Jan. 5 |
Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. |
|
13 |
Paid $18,000 ($7,500 GST to the Receiver General and $10,500 PST to the provincial Minister of Finance) for sales taxes collected in December. |
|
14 |
Paid $13,108 to the Receiver General for amounts owing from the December payroll for the employee payroll deductions of $10,271 (CPP $1,905, EI $666, and employee income tax $7,700) and employee benefits of $2,837 (CPP $1,905 and EI $932). |
|
15 |
Borrowed $18,000 from HSBC Bank for three months; 6% interest is payable monthly on the 15th of each month. |
|
19 |
Provided services for customers who had made advance payments of $11,200. This amount includes applicable GST and PST, which is not payable until the related revenue is earned. |
|
22 |
Paid $32,000 to trade creditors on account. |
|
28 |
Received assessment of property taxes of $4,200 for the calendar year. They are payable on March 1. |
|
29 |
Paid employees for the month. Gross salaries totalled $40,000 and payroll deductions included CPP of $1,980, EI of $752, and employee income tax of $9,474. Employee benefits included CPP of $1,980 and EI of $1,053. |
Instructions
(a) Record the above transactions.
(b) Record any required adjusting entries at January 31.
(c) Prepare the current liabilities section of the statement of financial position at January 31.
In: Accounting
On January 1, 2021, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2021, the company had the following transactions:
| 1. | February | 15 | Issue additional shares of common stock, $39,000. | |||
| 2. | May | 20 | Provide services to customers for cash, $54,000, and on account, $49,000. | |||
| 3. | August | 31 | Pay salaries to employees for work in 2021, $42,000. | |||
| 4. | October | 1 | Paid for one year's rent in advance, $31,000. | |||
| 5. | November | 17 | Purchase supplies on account, $41,000. | |||
| 6. | December | 30 | Pay dividends, $3,900. |
The following information is available on December 31, 2021:
Requirement
General Journal
General Ledger
Trial Balance
Income Statement
Statement of SE
Balance Sheet
1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab.
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab.
6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
7. Record the closing entries in the 'General Journal' tab.
In: Accounting
Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December: Part
A a. Issued common stock for $5,000 cash
b. Paid $1,200 cash for three months’ rent: December 2019; January and February 2020
c. Purchased a used truck for $10,000 on credit (recorded as an account payable)
d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense)
e. Paid $1,800 for a one-year truck insurance policy, effective December 1
f. Billed a customer $4,500 for work completed to date
g. Collected $800 for work completed to date
h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500
i. Collected $2,000 of the amount billed in f above
j. Billed customers $6,500 for work completed to date
k. Signed a $9,000 contract for work to be performed in January 2020
l. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500
m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received)
n. Received a bill for $100 for electricity used during the month (recorded as utilities expense).
1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary.
2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed.
3. Post the entries to general ledger T-accounts.
In: Accounting
Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December:
Part A a. Issued common stock for $5,000 cash
b. Paid $1,200 cash for three months’ rent: December 2019; January and February 2020
c. Purchased a used truck for $10,000 on credit (recorded as an account payable)
d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense)
e. Paid $1,800 for a one-year truck insurance policy, effective December 1
f. Billed a customer $4,500 for work completed to date
g. Collected $800 for work completed to date
h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500
i. Collected $2,000 of the amount billed in f above
j. Billed customers $6,500 for work completed to date
k. Signed a $9,000 contract for work to be performed in January 2020
l. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500
m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received)
n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). Required:
1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary. 2. Prepare journal entries to record the December transactions. General ledger account numbers and description
In: Accounting
data:highrate trickling filter
pipe dia = 30m
deep = 1m
swage flow = 4.5mld
recirulation ratio = 1.4
bod of raw sewage = 250mg/l
bod removed in primary clarifier = 25%
efficiency?
(ans:74%)
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The physician has ordered a heparin infusion at 15 units/kg/h. The patient weighs 74 kg. The IV bag is labeled Heparin 25,000 units/500 mL of NS. Calculate the flow rate in mL/h.
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Evaluate and provide two (2) main reasons with evidence which cause the failure/success of the merger and acquisition.
by using this article "Bristol-Myers Squibb’s $74 billion acquisition of Celgene would combine two troubled companies"
In: Finance
In: Economics
A normal distribution has a mean of μ = 80 with σ = 12. Find the following probabilities.
(a) p(X > 83)
(b) p(X < 74)
(c) p(X < 92)
(d) p(71 < X < 89)
In: Statistics and Probability