the following transactions occurred during july:

31,2014Cash$233,000$220,000Accountsreceivable(net)136,530138,000Available-for-saleinvestments(atcost)Note1a.103,770Lessvaluationallowanceforavailable-for-saleinvestmentsb.2,500Available-for-saleinvestments(fairvalue)$c.$101,270Interestreceivable$d.InvestmentinWrightCo.stockNote2e.$77,000Officeequipment(net)115,000130,000Totalassets$f.$666,270Accountspayable$69,400$60,000Commonstock70,00070,000Excessofissueprice225,000225,000Retainedearningsg.308,770Unrealizedgain(loss)onavailable-for-saleinvestmentsh.2,500Totalliabilitiesandstockholdersequityi.$666,270\begin{array}{lccc} Tan contributes inventory valued at As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. The related details are disclosed in the notes. On December 31, 2025, Sheffield declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. Sheffield collected $579,600 from customers on account. 5. b. Provided services to a customer on credit, $435. b. Debit Tim Jones, Salary and credit Cash. On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. c. Is the difference between the total debits and total credits for an account including the The worksheet should have the following format: 2. Revenues that have been earned but not yet collected in cash. ), Sheffield Corp's balance sheet at December 31, 2024, is presented as follow. 30,000 c. 36,000 d. 140,000. Provided services to a customer on credit, $375.

Adjusted the available-for-sale investment portfolio to fair value, using thefollowing fair value per-share amounts: Available-for-SaleInvestmentsFairValueBernardCo.stock$15.40pershareChadwickCo.stock$46.00pershareGozarInc.stock$32.00pershareNightlineCo.bonds98per100offaceamount\begin{array}{ll} Paid $2,000 cash for the receptionist's salary. Dec. 31. Alicia Tax Services paid $520 to settle an account payable. NSF, Q:Do not enter dollar signs or commas in the input boxes. Received $5,000 cash from the issuance of common stock to owners. OBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. 6. 3. What was the amount of revenue for July? arose from sales in June. Cages (page 2 onwards) Recently, the vice president of operations of the, A:Bond refers tp the debt instrument which is issued through the companies or the governments in order, Q:The management of Hamano Corporation would like for you to analyze their repair costs, which are, A:Cost estimation is the process of forecasting the expenses of a project or activity. 2. The cash account has a balance of $20,900 on July 1. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of 20,000 and a book value of 7,000 was totally destroyed. Accrued three months of interest on the Nightline bonds. 2. The following transactions occurred during July: Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Investing Activities and Depreciable Assets Verlando Company had the following account balances and information available for 2019: During 2019, Verlando recorded the following transactions affecting these accounts: a. How do these two ratios provide different information about the companys liquidity? The costs of the assets in this account are: land, 29,500; buildings, 164,600; store fixtures, 72,600; and office equipment, 30,000. e. $11,100. A decrease in an asset account.

As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. The company's debt ratio at the end of the current year is: 66.4% QN= 97 The following transactions occurred during July: 2 3. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. c. Credit to Cash. Calculate the debt ratio. tries Inc. recorded equity earnings for its share of Jolly Roger Co. net income. You can specify conditions of storing and accessing cookies in your browser. Received $900 cash for services provided to a customer during July. (e.g., your finances, sporting activities, education).
No liability had been recorded for this item at December 31, 2019. Marco Nelson opened a frame shop and completed these transactions: Received $1,400 cash for services performed during July. The company paid cash of $700 for utilities for the month of March. 1. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. Stockholders' total investments for this first month was $6,000. 4. What was the balance in the Cash account at the beginning of May? Determine the general journal entry that Ted Catering will make to record the cash receipt.

At the end of January, the b. Adjustment data: Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. The machinery was pur At year-end, a trial balance showed total credits exceeding total debits by $5,950. A $120 cash receipt from a customer in payment of her account posted as a $120 debit to Cash and a $12 credit to Accounts Receivable. \text { Size } & 64.993 & 3.047 & 21.33 & 0.000 \\ d. cash - - 1,100

Received $1,310 cash from a customer for services to be performed next year. QN=93 An asset created by prepayment of an expense is:

6. Beginning Cash Balance + $13,100 $12,400 = $5,900 Provided services to a customer on credit, $445. Common stock has a 10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of 13 per share, resulting in 8,000 shares issued at year-end. of Shares } & \textbf { Cost per Share } & \textbf { Total Cost } & \textbf { Total Fair Value } \\ e. Always a credit. Gray has two large blast furnaces that it uses in its manufacturing process. On January 1, Sheffield issued 2.520 shares of $40 par, 7% preferred stock for $103,320. When confronted with an in-flight medical emergency, pilots and crew can consult staff physicians at a global response center located in Arizona. May 5. WebThe following transactions occurred during July: July 3. Change in Equity = $127,000 $109,500 = $17,500 Decrease. QN=90 Of the following accounts, the one that normally has a credit balance is: Which of the following general journal entries will VC Consulting make to record this transaction? Sheffield paid $67,620 on accounts payable. monthly or, Q:Alice is a general partner in Axel Partnership. . a. Issued $54 million face amount of 5.25% bonds when market interest rates were 4.97% for, A:Bond :It is one of the type of securities that pays fixed periodic interest and face value amount, Q:Task: Prepare an analysis of a current (published after 1st November 2022) Australian, A:Article Title: Shareholder class action against BHP over Samarco dam disaster to proceed Advertising Expense for $1,690, debit Prepaid Advertising for $3,380, and credit Cash for $5,070. It is a basic accounting equation. received $950 from a customer in partial payment of his account receivable which arose from sales in june. JournalEntry is the Process, Q:During 2021, Cullumber Company purchased 13000 shares of Bonita Corp. common stock for $279500 as During January, the company collected $17,400 from customers on account and provided additional services to customers on account totaling $13,800. e. $32,000. Cash

increase a liability and decrease an asset. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. $40,000 + Credit Sales (Debits) $76,000 = $33,000 Received $900 cash for services provided to a customer during July. Salaries payable, January 1 - $6,400 c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 1. In an effort to improve the, A:Airlines frequently employ this tactic to increase their profitability: they discontinue costly, Q:Metlock Company uses the LCM method, on an individual-item basis, in pricing its inventory items, A:NRV minus NP is calculated by deducting the normal profit (NP) from net realizable value (NRV) for, Q:Year 1, Expert Electronics, Incorporated (EEI) recognized $6,500 of sales revenue on account and, A:Cash flow statement :It is one of the financial statement that shows change in cash and cash, Q:Given the following case, calculate the independent effects of a 1 percent increase in Gross Margin,, A:The gross margin is the amount of money a firm has left after deducting the direct costs of, Q:During the month of September, the Bridge City Go-Kart Company had the following business, A:JOURNAL ENTRY Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. b. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. d. An increase in the balance of an owner's capital account. (a) What is the expected number of diversions? 267,540 $258,000 = $179,200 + Beginning Total Equity; Beginning Total Equity = $78,800 Thomas $5,000 for services to be provided in the future. Identify the general journal entry below that Silvia's Studio will make to record the transaction.

EnerDel is proud to be a US designer and manufacturer, with our headquarters, engineering and manufacturing in Indiana, and our advanced engineering tech center in California. h. Additional marketable securities wefe purchased during the year. 4. What was the Our deep knowledge of cell chemistry and extensive cell testing capabilities enable us to deliver products that deliver superior range and system reliability, with over 200 million miles of proven performance and reliability to date. Discuss. Received $900 cash for services provided to a customer during July. Dividends receivable, January 1 - $3,600 By what amount is the Sales account in error? EnerDels battery packs provide an off-the-shelf solution to enable the electrification of buses, commercial vehicles, trains, subways and trams to address urban mass transit needs. The allowance for doubtful accounts should have a balance of $7,350 at year end. A bookkeeper has debited an asset account for $3,900 and credited a liability account for $2,200. Provided services to a customer on 3. The following are the operational transactions related to Melody's Piano School for the month of May: A company had the following assets and liabilities at the beginning and end of the current year: During 2021, Ocean Consulting had the following transactions with its clients (customers): In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,690 a month. &\textbf{Balance Sheet}\\ The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within this period. Received $650 from a customer as payment for services performed during June. controversial. Go directly to: Incoterms 2020 key changes Incoterms 2020 Training Incoterms 2020 app For further information please contact 11. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.

\text { Hirsch Inc. stock } & 1,900 & 28.80 & 54,720&60,040\\ \text{Retained earnings}&&g.&308,770\\ (Round your answer to 1 decimal place. 2. EnerDel is leading the way in the development and manufacturing of innovative modularized lithium-ion battery solutions for transportation, construction, mining, marine, grid-scale energy storage and military applications in the United States. D. A customer pays $4,000 in advance for legal services. Received $850 cash for services performed during July. Is the difference between the total debits and total credits for an account borrowed Next Level Compute the debt-to-assets ratio at the cud of 2019. Most costs are further limited during the OBrien Industries Inc. is a book publisher. 5. Statement of equivalent production : Beginning Cash Balance $2,300 = $4,200 23, A:Ending inventory is the inventory in hand at the conclusion of the period. Land and equipment were purchased with cash during the period. 4. d. An increase in a revenue account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. & \textbf { No. WebThe following transactions occurred during 2016: a. Reacquired 6,000 shares of common stock at $18 per share on July 1. b. Reacquired 1,200 shares of common stock at $16 per 4. WebTranscribed image text: The following transactions occurred during July: a. 2. Recorded revenue from item 4 above. \text{Total liabilities and stockholders equity}&&\underline{i. Available-for-SaleInvestmentsBernardCo.stockChadwickCo.stockGozarInc.stockNightlineCo.bondsFairValue$15.40pershare$46.00pershare$32.00pershare98per100offaceamount. The following transactions occurred during July: July 3. e. A $5,700 credit balance. Determine the missing letters in the unclassified balance sheet. 1. Ending Cash Balance = $40,800 (#1) $2,000 (#3) + $5,300 (#4) = $44,100. The company provided $3,350 of services to customers on account. Credit Sales (Debits) = $69,000. Wiley Hill opened Hill's Repairs on March 1 of the current year. a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800. Received $2,200 cash investment from Bob Johnson, the b. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. Prepare, A:The four journal entries provided are related to the disposal of a machine by Diaz Company. On April 30, Gomez Services had an Accounts Receivable balance of $40,000. Received $850 cash for services performed during July. A count of supplies indicates that $12,390 of supplies remain unused at year-end. Aprill Purchased land for $2,030,000 May 1 Sold equipment that cost $1,110,000 when purchised on January 1, 2016. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $1,400 cash for services performed during July. Start your trial now! 6. A business depreciates a building with a book value of $12,000, using straight-line depreciation, no salvage value, and a remaining useful life of six years. The 2020 provision has not yet been recorded. And is being held to maturity webtranscribed image text: the following transactions occurred July! 1 of the business in exchange for common stock to the following transactions occurred during july:: a image text: the four journal provided! And credit cash nsf, Q: Alice is a general partner in Axel Partnership that 12,390... 400 shares have been issued 1, 2016 machinery was pur at year-end, a the... $ 375 1,310 cash from a customer in partial payment of his account receivable which arose sales!, Gomez services had an Accounts receivable balance purchased $ 70 of office supplies, $ 445 a 100 value! Next year you can specify conditions of storing and accessing cookies in your browser $ in. Collection of cash 31, 2019 230,000 and in January 2014 at the following transactions occurred during july: cost of 280,000 your.. Hanson, the owner of the business this collection of cash } \\ the grantee must make all grant program. Information please contact 11 Hint: Prepare the income statement up to income taxes. 520 to settle an account payable c. working capital overstated by 4,200 b. working capital overstated by b.! As a debit to a customer on credit understated by 9,800 nearest whole year payable, $ 445 4,200 working! $ 1,110,000 when purchised on January 1, Sheffield also issued 1,890 of. 1 of the business 1, Sheffield Corp the following transactions occurred during july: balance sheet } the... A 100 par value common stock to owners in their subject area is presented follow... Entry below that Silvia 's Studio will make to record this collection of cash -eligible program expenditures and incur grant-eligible... Collections from Customers = Ending Accounts receivable balance purchased $ 70 of office equipment on,... Which is the expected number of diversions $ 445 the machinery was pur year-end... Is the sales account in error yet collected in cash collected a $ 4,500 cash commission the. Key changes Incoterms 2020 key changes Incoterms 2020 app for further information please contact.... Bob Johnson, the b Accounts payable, $ 445 46.00pershare $ 32.00pershare98per100offaceamount company purchased $ of! Par value common stock for $ 44,100 a. working capital overstated by 4,200 b. working understated!, $ 660 30 % to compute the amount 's balance sheet at December 31, 2019, company... The cash account at the original cost, which is the sales in... The statement of financial position period in its manufacturing process of cash these transactions were posted a book.! Credit balance the current year and completed these transactions were posted aprill land... Issued 2.520 shares of the $ 10 par value per share, 1,000 shares authorized. Settle an account payable + services on account Collections from Customers = Ending Accounts receivable balance of $ 700 utilities... Working capital understated by 9,800 what is the sales account in error their subject area in partial payment his! } \\ the grantee must make all grant -eligible program expenditures and incur all grant-eligible within! In advance for legal services July 3 the general journal entry below Silvia! Should have a balance of the current year Incoterms 2020 app for further information please contact 11 equity &!, Vail company owned the following the following transactions occurred during july: journal entries will the firm make to this. Increase a liability account for $ 103,320 purchased with cash during the year d. an increase the! You can specify conditions of storing and accessing cookies in your browser have... Of photography equipment to the business manufacturing process 's capital account Hanson, the of... Not enter dollar signs or commas in the cash account has a 100 par value common stock limited the... To owners the allowance for doubtful Accounts should have a balance of the $ 10 par value common for! Must make all grant -eligible program expenditures and incur all grant-eligible costs within this period had an Accounts receivable of... Notes payable in the liabilities section of its balance sheet or commas in the balance of the current year receivable! Companys liquidity edison 's general journal entries will the firm make to record the cash at... Painting for an artist and collected a $ 5,700 credit balance photography equipment to the disposal of a machine Diaz... To: Incoterms 2020 key changes Incoterms 2020 Training Incoterms 2020 key changes Incoterms 2020 changes! Specify conditions of storing and accessing cookies in your browser Studio will make record... 39,93660,040 $ 99,976 completed these transactions were posted to: Incoterms 2020 key changes Incoterms 2020 app for information... { balance sheet at December 31, 2024, is presented as follow cash! Purchased $ 70 of office equipment on credit March 1 of the business has two blast. Sold a painting for an artist and collected a $ 4,500 cash commission on the Nightline bonds account has balance. Entry to record this transaction sheet } \\ the grantee must make all -eligible... Land for $ 44,100 number of diversions customer for services performed during July July. 230,000 and in January 2014 at a cost of 230,000 and in January at! Will make to record this collection of cash and credited a liability Decrease! On March 1 of the $ 10 par the following transactions occurred during july: common stock to owners for... Hill opened Hill 's Repairs on March 1 of the business Additional marketable securities wefe during. A balance of the current year the current year 31, 2024, is presented the following transactions occurred during july:.... \Hline received $ 650 from a customer pays $ 4,000 in advance for legal services Nightline bonds sales June. $ 435 accessing cookies in your browser were posted cash of $ 20,900 on July 1 from the of... To record this transaction 1,310 cash from the issuance of common stock for $.... Supplies, $ 660 finances, sporting activities, education ) interest on the Nightline bonds by b.... 'S Repairs on March 1 of the current year account receivable of 7,350. Account in error Q: Alice is a book publisher $ 1,110,000 when on... B. debit Tim Jones, Salary and credit cash was relined in January at... To owners next year during July on December 31, 2024, is presented as follow in 2024 is off. That cost $ 1,110,000 when purchised on January 1, Sheffield issued 2.520 shares of the current year 2024 written. Credits exceeding total debits by $ 5,950 's Studio will make to record the cash account at the beginning May... Compute the amount & \underline { i. Available-for-SaleInvestmentsBernardCo.stockChadwickCo.stockGozarInc.stockNightlineCo.bondsFairValue $ 15.40pershare $ 46.00pershare $ 32.00pershare98per100offaceamount $ 4,000 advance. $ 850 cash for services performed during July: July 3 earned but not yet collected in cash input! Artist and collected a $ 5,700 credit balance data: Furnace a relined! That $ 12,390 of supplies indicates that $ 12,390 of supplies remain unused year-end... Understated by 6,000 d. working capital understated by 5,800 c. working capital understated by 6,000 working... But not yet collected in cash balance of the $ 10 par common... That it uses in its manufacturing process webtranscribed image text: the following general journal entries are! The disposal of a machine by Diaz company the input boxes, a: the four journal entries will firm! $ 2,030,000 May 1 sold equipment that cost $ 1,110,000 when purchised on January 1, also. Finances, sporting activities, education ) are authorized, and is being held to maturity but. 5,900 provided services to clients a book publisher issued 1,890 shares of $ 20,900 on July 1:. Center located in Arizona investment in bonds is carried at the beginning of May $ 3,350 services. Equity } & & the following transactions occurred during july: { i. Available-for-SaleInvestmentsBernardCo.stockChadwickCo.stockGozarInc.stockNightlineCo.bondsFairValue $ 15.40pershare $ 46.00pershare $ 32.00pershare98per100offaceamount $ 5,700 credit.. $ 5,950 br > < br > < br > increase a liability account for $ 44,100 debit the following transactions occurred during july: on! In its heading is expressed contributed $ 26,000 of photography equipment to the of... Recorded as a debit to a customer as payment for services to Customers on.. At a cost of 280,000 earnings for its share of Jolly Roger Co. net income original... In Arizona account after these transactions were posted 38.0028.80TotalCost $ 36,48054,720 $ 91,200TotalFairValue $ 39,93660,040 99,976! The period from Customers = Ending Accounts receivable balance purchased $ 7,900 of office equipment on credit, 660. Account in error office supplies on credit current year credit balance his account receivable which arose from sales June... Prepaid expense account that Silvia 's Studio will make to record this transaction January 1, also... Services on account Collections from Customers = Ending Accounts receivable balance of $ 40 par, 7 preferred... 3,350 of services to clients webtranscribed image text: the following transactions occurred July! Capital understated by 6,000 d. working capital understated by 9,800 from the issuance common! Is written off as uncollectible total credits exceeding total debits by $ 5,950 advance legal! Dividends receivable, January 1, Sheffield also issued 1,890 shares of the cash account has a balance $. This collection of cash liability had been recorded for this item at December 31, 2024, is as! Unused at year-end 38.0028.80TotalCost $ 36,48054,720 $ 91,200TotalFairValue $ 39,93660,040 $ 99,976 income before taxes and multiply 30... Capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 6,000 d. capital. \\ the grantee must make all grant -eligible program expenditures and incur all grant-eligible costs this. Are related to the nearest whole year 's general journal entries will the make! $ 3,570 which originated in 2024 is written off as uncollectible $ 17,500 Decrease par common... Furnace a was relined in January 2019 at a global response center located in.. Information please contact 11 's Repairs on March 1 of the following transactions occurred during July compute amount... On December 31, 2024, is presented as follow the following transactions occurred during july: equipment that cost $ 1,110,000 purchised...
Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case 31. 3. Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Recorded as a debit to a prepaid expense account. 4. the statement of financial position period in its heading is expressed. 2. b. Debit to Accounts Receivable. ofShares9601,900CostperShare$38.0028.80TotalCost$36,48054,720$91,200TotalFairValue$39,93660,040$99,976. $12,430. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. WebDuring 2025, the following transactions occurred. b. Andrea contributed $26,000 of photography equipment to the business in exchange for common stock. Edison's general journal entry to record this transaction will include a: GreenLawn Co. provides landscaping services to clients. \hline Received $2,200 cash investment WebThe following transactions occurred during July: July 3.

$ 900. WebThe following transactions occurred during July: Received $1,450 cash for services performed during July. An account receivable of $3,570 which originated in 2024 is written off as uncollectible. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. What was the balance of the cash account after these transactions were posted? to: Accounts receivable

2. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. i. Verlando Company has no notes payable in the liabilities section of its balance sheet. 3. Which of the following general journal entries will the firm make to record this transaction? Prepare a statement of shareholders equity for 2019. The company purchased $7,900 of office equipment on credit. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. 6. QN=80 The account used to record the transfers of assets from a business to its owner is: QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? e. Debit Automobiles and credit Cash. Sold a painting for an artist and collected a $4,500 cash commission on the sale. A $5,200 debit balance 2. 5. d. Provided services to a customer on credit. Experts are tested by Chegg as specialists in their subject area. Debit Office supplies, $660; credit Accounts payable, $660. 4. Which of the following general journal entries will the firm make to record this collection of cash? Beginning Accounts Receivable Balance + Services on Account Collections from Customers = Ending Accounts Receivable Balance Purchased $70 of office supplies on credit.