15. Pizza Company received $10,000 in cash franchise fees based
on weekly sales. $8,000 of the...
15. Pizza Company received $10,000 in cash franchise fees based
on weekly sales. $8,000 of the amount was due from franchise sales
recorded in the previous month and recorded as accounts receivable
and the remainder is from sales from the current month. What is the
cash revenue and accrual revenue?
a. Cash Revenue is $10,000 and accrual revenue is $10,000 during
the current month
b. Cash Revenue is $10,000 and accrual revenue is $8,000 during
the current month
c. Cash...
Monitor Muffler sells franchise arrangements throughout the
United States and Canada. Under a franchise agreement, Monitor...
Monitor Muffler sells franchise arrangements throughout the
United States and Canada. Under a franchise agreement, Monitor
receives $680,000 in exchange for satisfying the following separate
performance obligations: (1) franchisees have a five-year right to
operate as a Monitor Muffler retail establishment in an exclusive
sales territory, (2) franchisees receive initial training and
certification as a Monitor Mechanic, and (3) franchisees receive a
Monitor Muffler building and necessary equipment. The stand-alone
selling price of the initial training and certification is $16,600,...
How much should be deposited each year into a retirement account
starting now and continuing through...
How much should be deposited each year into a retirement account
starting now and continuing through year 9, if you want to be able
to withdraw $59,000 per year forever, at the beginning 30 years
from now? 9% per year. Enter the positive value.
The balance in the supplies account, before adjustment at the
end of the year, is $5,330....
The balance in the supplies account, before adjustment at the
end of the year, is $5,330. The year end is December 31.
Journalize the December 31 adjusting entry required if the
amount of supplies on hand at the end of the year is $1,875. Refer
to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART
OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17...
Prepaid Maintenance
$6,000
Commission Fees Earned
$97,000
Supplies
10,400
Rent Expense
10,800
Unearned Commission Fees
10,700...
Prepaid Maintenance
$6,000
Commission Fees Earned
$97,000
Supplies
10,400
Rent Expense
10,800
Unearned Commission Fees
10,700
Required
Prepare the necessary adjusting entries in the general journal as
of December 31, assuming the following:
Could you please help me figure out what the rent expense/rent
payable amount should be?
On September 1, the company entered into a prepaid equipment
maintenance contract. Burns Company paid $6,000 to cover
maintenance service for six months, beginning September 1. The
$6,000 payment was debited to...
Account Debit Credit
Cash $1,300
Merchandise inventory 46,000
Store supplies 18,900
Store equipment 147,600
Accumulated depreciation,...
Account Debit Credit
Cash $1,300
Merchandise inventory 46,000
Store supplies 18,900
Store equipment 147,600
Accumulated depreciation, store equipment 29,000
Accounts payable 12,000
Nymeth Sarda, capital 158,800
Nymeth Sarda, withdrawals 2,000
Sales 342,200
Sales discounts 3,000
Sales returns and allowances 9,000
Cost of goods sold 111,600
Sales salaries expense 94,000
Rent expense, selling space 12,000
Office supplies expenses 1,000
Rent expense, office space 56,000
Advertising expense 39,600
Totals $542,000 $542,000
Required
Prepare a classified multi-step income statement.
A lessor has an account, Equipment leased to others,
and the related account, Accumulated Depreciation: Equipment...
A lessor has an account, Equipment leased to others,
and the related account, Accumulated Depreciation: Equipment leased
to others , on its year-end balance sheet.How should the lease
related to these account be classified?
a) operation lease
b) direct financing lease
c) sales type lease
d) leveraged lease.