- On June 30 of the current calendar year, Apricot Co. paid
$9,500 cash for management...
- On June 30 of the current calendar year, Apricot Co. paid
$9,500 cash for management services to be performed over a two-year
period. Apricot follows a policy of recording all prepaid expenses
to expense accounts at the time of cash payment.
Required:
1- Prepare the adjusting entry on December 31 for Apricot
Co.
2- Show the effect of the adjusting entry on Income statement
and balance sheet at the end of the
Current calendar
year
Larry uses an accrual method of accounting and a calendar year.
On December 30, 2016, he...
Larry uses an accrual method of accounting and a calendar year.
On December 30, 2016, he completed work for a client and submitted
his bill. The client had no dispute with the work done or the
amount of the bill. The client paid Larry's bill in 2017. In which
year should he report the income from this project? A.) He should
report the income in 2017 B.) He may choose to report the income in
either 2016 or 2017 C.)...
Anthony has an income of $10,000 this year, and he expects an
income of $5,000 next...
Anthony has an income of $10,000 this year, and he expects an
income of $5,000 next year. He can borrow and lend money at an
interest rate of 10%.
Consumption goods cost $1 per unit this year and there is no
inflation.
a. What is the present value of his endowment?
b. What is the future value of his endowment?
c. Write an equation to represent his budget set. Graph his
budget set? Label it well.
d. If his utility...
Morbeck Corporation's net income last year was $56,000. The
company paid a cash dividend of $31,000...
Morbeck Corporation's net income last year was $56,000. The
company paid a cash dividend of $31,000 and did not sell or retire
any property, plant, and equipment last year. Changes in selected
balance sheet accounts for the year appear below: Increases
(Decreases) Asset and Contra-Asset Accounts: Accounts receivable
($8,000) Inventory ($6,000) Prepaid expenses $12,000 Accumulated
depreciation $23,000 Liability Accounts: Accounts payable ($10,000)
Accrued liabilities $7,000 Income taxes payable $5,000 Bonds
payable $40,000 Based solely on this information, the net cash...
During
20x7, Advance Limited paid a total of $180,000 for rent, covering
the period from 1...
During
20x7, Advance Limited paid a total of $180,000 for rent, covering
the period from 1 October 20x6 to 31 March 20x8. Which of the
following should appear in the company’s financial statements for
the year ended 31 December 20x7?
Income
statement
Balance sheet
Group
of answer choices
$150,000 expense / Accrual $45,000
$150,000 expense/ Accrual $30,000
$120,000 expense/ Prepayment $30,000
$120,000 expense/ Prepayment $45,000
$120,000 expense / Accrual $30,000
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation Balance Sheet Beginning Balance Ending...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation Balance Sheet Beginning Balance Ending Balance
Assets Cash $ 140,000 $ 120,000 Accounts receivable 450,000 530,000
Inventory 320,000 380,000 Plant and equipment, net 680,000 640,000
Investment in ABC, Inc. 250,000 280,000 Land (undeveloped) 180,000
170,000 Total assets $ 2,020,000 $ 2,120,000 Liabilities and
Stockholders' Equity Accounts payable $ 360,000 $ 310,000 Long-term
debt 1,500,000 1,500,000 Stockholders' equity 160,000 310,000 Total
liabilities and stockholders' equity $ 2,020,000 $ 2,120,000 Guyer...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending
Balance
Assets
Cash
$
140,000
$
120,000
Accounts receivable
450,000
530,000
Inventory
320,000
380,000
Plant and equipment, net
680,000
680,000
Investment in ABC, Inc.
250,000
280,000
Land (undeveloped)
180,000
170,000
Total assets
$
2,020,000
$
2,160,000
Liabilities and Stockholders'
Equity
Accounts payable
$
360,000
$
310,000
Long-term debt
1,500,000
1,500,000
Stockholders' equity
160,000
350,000
Total liabilities and stockholders' equity
$
2,020,000
$
2,160,000
Guyer...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending...
Financial data for Guyer Corporation, for last year follow:
Guyer Corporation
Balance Sheet
Beginning
Balance
Ending
Balance
Assets
Cash
$
140,000
$
120,000
Accounts receivable
450,000
530,000
Inventory
320,000
380,000
Plant and equipment, net
680,000
660,000
Investment in ABC, Inc.
250,000
280,000
Land (undeveloped)
180,000
170,000
Total assets
$
2,020,000
$
2,140,000
Liabilities and Stockholders'
Equity
Accounts payable
$
360,000
$
310,000
Long-term debt
1,500,000
1,500,000
Stockholders' equity
160,000
330,000
Total liabilities and stockholders' equity
$
2,020,000
$
2,140,000
Guyer...
Financial data for Skylar and banks Corporation, for last year
follow:
Skylar and banks Corporation
Balance...
Financial data for Skylar and banks Corporation, for last year
follow:
Skylar and banks Corporation
Balance Sheet
Beginning
Balance
Ending
Balance
Assets
Cash
$
140,000
$
120,000
Accounts receivable
450,000
530,000
Inventory
320,000
380,000
Plant and equipment, net
680,000
640,000
Investment in ABC, Inc.
250,000
280,000
Land (undeveloped)
180,000
170,000
Total assets
$
2,020,000
$
2,120,000
Liabilities and Stockholders' Equity
Accounts payable
$
360,000
$
310,000
Long-term debt
1,500,000
1,500,000
Stockholders' equity
160,000
310,000
Total liabilities and stockholders' equity
$...