Presented here are the accounts of
Town and Country RealtyTown and Country Realty
for the year ended
DecemberDecember
|
Land |
$10,000 |
Owner contribution, 2018 |
$36,000 |
|
|
Notes Payable |
29,000 |
Accounts Payable |
10,000 |
|
|
Property Tax Expense |
2,400 |
Accounts Receivable |
1,300 |
|
|
Hicks, Withdrawals |
36,000 |
Advertising Expense |
12,000 |
|
|
Rent Expense |
8,000 |
Building |
194,800 |
|
|
Salaries Expense |
63,000 |
Cash |
2,200 |
|
|
Salaries Payable |
800 |
Equipment |
13,000 |
|
|
Service Revenue |
235,000 |
Insurance Expense |
1,800 |
|
|
Office Supplies |
9,000 |
Interest Expense |
7,300 |
|
|
Hicks, Capital, Dec. 31, 2017 |
50,000 |
PrintDone
3131,
20182018.
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Requirements
|
1. |
Prepare
Town and Country Realty'sTown and Country Realty's income statement. |
|
2. |
Prepare the statement of owner's equity. |
|
3. |
Prepare the balance sheet. |
Requirement 1. Prepare
Town and Country Realty'sTown and Country Realty's
income statement.
|
Town and Country Realty |
||||
|
Income Statement |
||||
|
Year Ended December 31, 2018 |
||||
|
Revenues: |
||||
|
Service Revenue |
||||
|
Expenses: |
||||
|
Salaries Expense |
||||
|
Insurance Expense |
||||
|
Advertising Expense |
||||
|
Rent Expense |
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|
Interest Expense |
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|
Property Tax Expense |
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|
Total Expenses |
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|
Net Income |
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In: Accounting
The adjusted trial balance for Sturge Technology Services Ltd.
at August 31, 2021 is as follows:
| Sturge
Technology Services Ltd. Adjusted Trial Balance August 31, 2021 |
|||||
|---|---|---|---|---|---|
|
Debit |
Credit |
||||
| Cash | $11,710 | ||||
| Accounts receivable | 19,830 | ||||
| Supplies | 3,260 | ||||
| Prepaid insurance | 3,660 | ||||
| Equipment | 24,640 | ||||
| Accumulated depreciation—equipment | $5,630 | ||||
| Accounts payable | 2,520 | ||||
| Salaries payable | 2,310 | ||||
| Interest payable | 1,580 | ||||
| Rent payable | 1,370 | ||||
| Income tax payable | 1,590 | ||||
| Deferred revenue | 700 | ||||
| Bank loan payable, due 2024 | 25,400 | ||||
| Common shares | 4,850 | ||||
| Retained earnings | 5,190 | ||||
| Dividends declared | 580 | ||||
| Service revenue | 53,330 | ||||
| Salaries expense | 19,440 | ||||
| Rent expense | 12,560 | ||||
| Depreciation expense | 2,160 | ||||
| Supplies expense | 1,730 | ||||
| Interest expense | 1,580 | ||||
| Insurance expense | 1,150 | ||||
| Income tax expense | 2,170 | ||||
| Total |
$104,470 |
$104,470 |
|||
a. Prepare the closing entries at August 31. (List all debit entries before credit entries. Credit account tittles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
b. Prepare a post-closing trial
balance.
In: Accounting
In: Accounting
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,150,000. During 2021, costs of $2,050,000 were incurred with estimated costs of $4,050,000 yet to be incurred. Billings of $2,550,000 were sent, and cash collected was $2,300,000. In 2022, costs incurred were $2,550,000 with remaining costs estimated to be $3,675,000. 2022 billings were $2,800,000 and $2,525,000 cash was collected. The project was completed in 2023 after additional costs of $3,850,000 were incurred. The company’s fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred). 2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts" for construction costs incurred). 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022.
In: Accounting
Presented below is the trial balance of Sandhill Corporation at
December 31, 2020.
|
Debit |
Credit |
|||
| Cash | $354,000 | |||
| Sales Revenue | $14,580,000 | |||
| Debt Investments (trading) (at cost, $218,000) | 276,000 | |||
| Cost of Goods Sold | 8,640,000 | |||
| Debt Investments (long-term) | 537,600 | |||
| Equity Investments (long-term) | 499,200 | |||
| Notes Payable (short-term) | 162,000 | |||
| Accounts Payable | 818,400 | |||
| Selling Expenses | 3,600,000 | |||
| Investment Revenue | 114,000 | |||
| Land | 468,000 | |||
| Buildings | 1,872,000 | |||
| Dividends Payable | 244,800 | |||
| Accrued Liabilities | 172,800 | |||
| Accounts Receivable | 782,400 | |||
| Accumulated Depreciation–Buildings | 273,600 | |||
| Allowance for Doubtful Accounts | 45,600 | |||
| Administrative Expenses | 1,620,000 | |||
| Interest Expense | 380,400 | |||
| Inventory | 1,074,000 | |||
| Gain | 144,000 | |||
| Notes Payable (long-term) | 1,620,000 | |||
| Equipment | 1,080,000 | |||
| Bonds Payable | 1,800,000 | |||
| Accumulated Depreciation–Equipment | 108,000 | |||
| Franchises | 288,000 | |||
| Common Stock ($5 par) | 1,800,000 | |||
| Treasury Stock | 344,400 | |||
| Patents | 351,600 | |||
| Retained Earnings | 140,400 | |||
| Paid-in Capital in Excess of Par | 144,000 | |||
| Totals | $22,167,600 | $22,167,600 |
Compute each of the following:
| 1. | Total current assets | $ | ||
| 2. | Total property, plant, and equipment | $ | ||
| 3. | Total assets | $ | ||
| 4. | Total liabilities | $ | ||
| 5. | Total stockholders’ equity | $ |
In: Accounting
Presented below is the trial balance of Sandhill Corporation at December 31, 2020.
|
Debit |
Credit |
|||
| Cash | $289,100 | |||
| Sales Revenue | $11,907,000 | |||
| Debt Investments (trading) (at cost, $218,000) | 225,400 | |||
| Cost of Goods Sold | 7,056,000 | |||
| Debt Investments (long-term) | 439,040 | |||
| Equity Investments (long-term) | 407,680 | |||
| Notes Payable (short-term) | 132,300 | |||
| Accounts Payable | 668,360 | |||
| Selling Expenses | 2,940,000 | |||
| Investment Revenue | 93,100 | |||
| Land | 382,200 | |||
| Buildings | 1,528,800 | |||
| Dividends Payable | 199,920 | |||
| Accrued Liabilities | 141,120 | |||
| Accounts Receivable | 638,960 | |||
| Accumulated Depreciation–Buildings | 223,440 | |||
| Allowance for Doubtful Accounts | 37,240 | |||
| Administrative Expenses | 1,323,000 | |||
| Interest Expense | 310,660 | |||
| Inventory | 877,100 | |||
| Gain | 117,600 | |||
| Notes Payable (long-term) | 1,323,000 | |||
| Equipment | 882,000 | |||
| Bonds Payable | 1,470,000 | |||
| Accumulated Depreciation–Equipment | 88,200 | |||
| Franchises | 235,200 | |||
| Common Stock ($5 par) | 1,470,000 | |||
| Treasury Stock | 281,260 | |||
| Patents | 287,140 | |||
| Retained Earnings | 114,660 | |||
| Paid-in Capital in Excess of Par | 117,600 | |||
| Totals | $18,103,540 | $18,103,540 |
Compute each of the following:
| 1. | Total current assets | $ | ||
| 2. | Total property, plant, and equipment | $ | ||
| 3. | Total assets | $ | ||
| 4. | Total liabilities | $ | ||
| 5. | Total stockholders’ equity | $ |
In: Accounting
Presented below is the trial balance for ABC, Inc. as of December 31, 2008, before adjusting entries:
ABC , INC.
Trial Balance
December 31, 2008
|
DR |
CR |
||
|
Cash |
$28,400 |
||
|
Accounts Receivable |
12,500 |
||
|
Prepaid Insurance |
7,200 |
||
|
Equipment |
25,000 |
||
|
Accumulated Depreciation – Equipment |
$ 800 |
||
|
Unearned Revenue |
6,000 |
||
|
Notes Payable |
7,950 |
||
|
Retained Earnings |
5,000 |
||
|
Common Stock |
29,000 |
||
|
Fee Revenue |
39,000 |
||
|
Salaries Expense |
13,200 |
||
|
Supplies Expense |
950 |
||
|
Interest Expense |
500 |
||
|
$ 87,750 |
$ 87,750 |
31. The Equipment was purchased on September 1, 2007. It has a useful life of ten years and an estimated salvage value of $1,000. ABC uses the straight-line method of depreciation. The adjusting entry at December 31, 2008 would include a:
a. credit to Accumulated Depreciation –Equipment for $800.
b. credit to Accumulated Depreciation –Equipment for $2,400.
c. debit to Depreciation Expense –Equipment for $800.
d. credit to Equipment for $2,400.
e. none of the above
32. Refer to the previous question. The adjusted balance in Accumulated Depreciation--Equipment on December 31, 2008, after the adjusting entry is:
33. Refer to question #31. At what amount will the Equipment be reported on the financial statements for the year ended December 31, 2008?
In: Accounting
Consider the market for pumpkin spice latte (PSL), Q is in thousand cups. Due to its “addictive” nature, local government is considering imposing a $1.00 tax on each cup. The demand and supply are: QD = 10 - 0.5P QS = -5 + 2P
A. (8) SOLVE for the pre-tax and tax prices and quantities: [HINT: It may help to draw the graph before calculating (b)] 1. (1) pre-tax equilibrium price and quantity in the pumpkin spice latte market 2. (6) price paid by buyers and price received by sellers under a $1.00 tax after paying the tax and the new equilibrium quantity under a $1.00 tax 3. (1) Government revenue from the tax Name _________________________________________________________ 10
B. (3) DRAW the PSL market and LABEL the following clearly 1. (1) pre-tax equilibrium P and Q 2. (1) Pb and Ps and Government revenue under a tax 3. (1) CS and PS and DWL under a tax
C. (4) EXPLAIN how demand and supply elasticity relates to consumer and producer burden of the tax Name _________________________________________________________ 11
BONUS Using your answers in Question 4 CALCULATE the (2.5) consumer burden and the (2.5) producer burden of the tax
In: Economics
Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 55 55 53 Revenue ($350.00q) $ 16,400 $ 19,250 $ 18,550 Expenses: Wages and salaries ($3,600 + $91.00q) 8,563 8,605 8,423 Fuel ($31.00q) 1,873 1,705 1,643 Airport fees ($810 + $32.00q) 2,460 2,570 2,506 Aircraft depreciation ($10.00q) 550 550 530 Office expenses ($220 + $1.00q) 443 275 273 Total expense 13,889 13,705 13,375 Net operating income $ 2,511 $ 5,545 $ 5,175 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
In: Accounting
Ten years ago Diana Torres wrote what has become the leading Tort textbook. She has been receiving royalties based on revenues reported by the publisher. These revenues started at $1.4 million in the first year, and grew steadily by 5.9% per year. Her royalty rate is 15% of revenue. Recently, she hired an auditor who discovered that the publisher had been under reporting revenues. The book had actually earned 10% more in revenues than had been reported on her royalty statements.
a. Assuming the publisher pays an interest rate of 3.7% on missed payments, how much money does the publisher owe Diana?
b. The publisher is short of cash, so instead of paying Diana what is owed, the publisher is offering to increase her royalty rate on future book sales. Assume the book will generate revenues for an additional 20 years and that the current revenue growth will continue. If Diana would otherwise put the money into a bank account paying interest of 3.8%, what royalty rate would make her indifferent between accepting an increase in the future royalty rate and receiving the cash owed today.
please , show every process !
In: Finance