Entries by Us Online Professors

4–C. Part 1. General FundTransactions Required: a. Record journal entries forthe following transacti

4–C. Part 1. General FundTransactions Required: a. Record journal entries forthe following transactions for FY 2017. Make any computations tothe nearest dollar. Journal entry explanations are not required.Use control accounts for revenues, expenditures and budgetaryaccounts. It is not necessary to reflect subsidiary ledgerentries. (1) Encumbrances of $ 17,000 forpurchase orders outstanding at the end of […]

Exercise 13.3 Preparing a classified income statement. LO 13-1 The worksheet of Bridget’s Office

Exercise 13.3 Preparing a classified income statement. LO 13-1 The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,775 on January 1, 2019, and $52,725 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 […]

Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,000,… 1 answer below »

Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner’s Capital $8,800. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue […]

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 18 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 2 Total fixed selling expense $ 22,000 Total fixed administrative expense $ 14,000 Beginning merchandise inventory $ 10,000 Ending merchandise […]

1Using the selected data below, calculate the net cash provided by operating activities:Net incomeIn

1Using the selected data below, calculate the net cash provided by operating activities:Net incomeIncrease in accounts receivableIncrease in accounts payableGain on the sale of equipmentDepreciation expensePurchase of new delivery truck$240,000$15,000$12,000$8,000$18,000$35,000$247,000$250,000$255,000$263,0002Using the selected data below, calculate the net cash provided or (used) by investing activities:Net incomeDepreciation expenseGain on the sale of equipmentCash proceeds on sale of […]

1. Intercompany profit elimination entries in consolidation workpapers are prepared in order to:a…

1. Intercompany profit elimination entries in consolidation workpapers are prepared in order to:a. Nullify the effect of intercompany transactions on consolidated statementsb. Defer intercompany profit until realizedc. Allocate unrealized profits between controlling and noncontrolling interestsd. Reduce consolidated income2. The direction of intercompany sales (upstream or downstream) does not affect consolidation workpaper procedures when the intercompany […]

Based on the information given here, determine the firm’s current ratio and quick ratio at the end… 1 answer below »

Liquidity Analysis: Current Ratio and Quick Ratio Wesfarmers Limited is a major diversified Australian public company with interests in fertilizer and chemicals manufacturing, gas processing and distribution, coal mining and production, building materials, hardware and forest products, rural and country services, transport, country supermarkets, and insurance. The following schedule summarizes the composition of current assets […]