Prepare the adjusting entries for the month of March.

The ledger of Buerhle, Inc. on March 31, 2011, includes the following selected accounts before adjusting entries.

Debit

Credit

Prepaid Insurance

2,400

Office Supplies

2,500

Office Equipment

30,000

Unearned Revenue

10,000

An analysis of the accounts shows the following:

1. Insurance expires at the rate of $300 per month.

2. Supplies on hand total $900.

3. The office equipment depreciates $500 per month.

4. 2/5 of the unearned revenue was earned in March.

Prepare the adjusting entries for the month of March.

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Which of the following statements is false?

Which of the following statements is false?

(a) IFRS employs the time period assumption.

(b) IFRS employs accrual accounting.

(c) IFRS requires that revenues and costs must be capable of being measured reliably.

(d) IFRS uses the cash basis of accounting.

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Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent… 1 answer below »

Sweet Catering completed the following selected transactions during May 2016:May 1: Prepaid rent for three months, $2,700May 5: Received and paid electricity bill, $220May 9: Received cash for meals served to customers, $3,230May 14: Paid cash for kitchen equipment, $2,160May 23: Served a banquet on account, $1,800May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $2,910May 31: Recorded depreciation for May on kitchen equipment, $50If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

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accounting 1 answer below »

Bank Reconciliation and Entries

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

BANK RECONCILIATION FOR PRECEDING MONTH:

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Multiple choice 1 answer below »

1. The factor that is not relevant in computing depreciation is

salvage value.

useful life.

replacement value.

cost.

2. Lincoln Company sells 600 units of a product that has a one-year warranty on parts.

The average cost of honoring one warranty contract is $50. During the year 30 contracts are honored at a cost of $1,500. It is estimated that 60 contracts will be honored in the following year. The adjusting entry at the end of the current year will include a

debit to Warranty Expense for $4,500.

credit to Estimated Warranty Liability for $3,000.

credit to Estimated Warranty Liability for $4,500.

debit to Warranty Expense for $1,500.

3. The paid absence that is most commonly accrued is

voting leave.

vacation time.

maternity leave.

disability leave.

4. Most companies pay current liabilities

by issuing stock.

by creating long-term liabilities.

out of current assets.

by issuing interest-bearing notes payable.

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Zhao Co. has fixed costs of $354,000. Its single product sells for $175 per unit, and variable costs 1 answer below »

Zhao Co. has fixed costs of $354,000. Its single product sells for $175 per unit, and variable costs are $116 per unit. The company expects sales of 10,000 units. Prepare a contribution margin income statement for the year ended December 31, 2015.

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Jarvix Corporation, which has only one product, has provided the following data concerning its most

Jarvix Corporation, which has only one product, has provided the following data concerning its most recent month of operations Seling prices $11 Units in beginning inventory 400 Units produced JUnits sold 8,800 8900 Units in ending inventorys 300 Variable costs per unit: $34 Direct materials $37 Direct labor $3 Variable manulacturing overheadi $9 Variable selling and administrative Flaxed costs $61.600 Fxed manufacturing overhead $69/00 Fxed seling and administrtive The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fxed costs have been constant from month to month. What is the net operating income for the month under variable costing? O $17.800 O $2100 O $25.900 $18.500 Acco uinen 2302 6 et cn Gunderman Corporation has two divisions: the Alpha Division and the Charlie Division. The Alpha Division has sales of $295,000, variable expenses of $150,600, and traceable fixed expenses of $69,800. The Charlie Division has sales of $605,000, variable expenses of $333,800, and traceable fixed expenses of $131,100. The total amount of common fixed expenses not traceable to the individual divisions is $132,200. What is the company's net operating income? O$271,200 $415,600 $82,500 O $214,700 Jarvis Corporation, which has only one product, has provided the following data conceming its most recent month of operations $111 Selling pices 400 Units in beginning inventory JUnits produced 8.800 8.900 Unts solda 300 Units in ending inverory Variable costs per unit $34 Direct materials $37 Direct labor Varable manutacturing overhead $3 Variable selling and administrative Va Fed costs Fixed manufacturing overhead $61600 Fied selling and administretive $169300 Ce The company produces the same number of units every month, although the sales in units vary from month to month The company's variable costs per unit and total fised costs have been constant from month to month Trac What is the net operating income for the month under variable costing?h O $17800 Segr O $2300 O $25,900 O $18 500 perly c jent ma 000

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For each of the following items before adjustment, indicate the type of adjusting entry (prepaid…

For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types.

(a) Assets are understated.

(b) Liabilities are overstated.

(c) Liabilities are understated.

(d) Expenses are understated.

(e) Assets are overstated.

(f) Revenue is understated.

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Determine the amount that appears for Retained Earnings. 1 answer below »

Skolnick Co. was organized on April 1, 2011. The company prepares quarterly financial statements.The adjusted trial balance amounts at June 30 are shown below.

Debits

Credits

Cash

$ 6,700

Accumulated Depreciation—

$ 850

Accounts Receivable

600

Equipment

Prepaid Rent

900

Notes Payable

5,000

Supplies

1,000

Accounts Payable

1,510

Equipment

15,000

Salaries Payable

400

Dividends

600

Interest Payable

50

Salaries Expense

9,400

Unearned Rent

500

Rent Expense

1,500

Common Stock

14,000

Depreciation Expense

850

Commission Revenue

14,200

Supplies Expense

200

Rent Revenue

800

Utilities Expense

510

Interest Expense

50

Total debits

$37,310

Total credits

$37,310

(a) Determine the net income for the quarter April 1 to June 30.

(b) Determine the total assets and total liabilities at June 30, 2011.

(c) Determine the amount that appears for Retained Earnings.

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Prepare the adjusting entries for the month of April. Show computations.

The Green Thumb Lawn Care Inc. began operating on April 1. At April 30, the trial balance shows the following balances for selected accounts.

Prepaid Insurance

$ 3,600

Equipment

28,000

Notes Payable

20,000

Unearned Revenue

4,200

Service Revenue

1,800

Analysis reveals the following additional data.

1. Prepaid insurance is the cost of a 2-year insurance policy, effective April 1.

2. Depreciation on the equipment is $500 per month.

3. The note payable is dated April 1. It is a 6-month, 12% note.

4. Seven customers paid for the company’s 6 months’ lawn service package of $600 beginning in April.The company performed services for these customers in April.

5. Lawn services provided other customers but not recorded at April 30 totaled $1,500.

Instructions

Prepare the adjusting entries for the month of April. Show computations.

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