Business, 16.06.2020 18:57 thompsonhomes1

Cheyenne Corp. has the following balances in selected accounts on December 31, 2019. Accounts Receivable $0
Accumulated Depreciation Equipment 0
Equipment 6,000
Interest Payable 0
Notes Payable 10,100
Prepaid Insurance 3,780
Salaries and Wages Payable 0
Supplies 2,800
Unearned Service Revenue 32,400
All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1.
1. Cheyenne Corp. borrowed $10,100 by signing a 12%, one-year note on September 1, 2019.
2. A count of supplies on December 31, 2019, indicates that supplies of $950 are on hand.
3. Depreciation on the equipment for 2019 is $1,500.
4. Cheyenne Corp. paid $3,780 for 12 months of insurance coverage on June 1, 2019.
5. On December 1, 2019, Cheyenne Corp. collected $32,400 for consulting services to be performed from December 1, 2019, through March 31, 2020.
6. Cheyenne Corp. performed consulting services for a client in December 2019. The client will be billed $4,000.
7. Cheyenne Corp. pays its employees total salaries of $7,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2019.
Prepare adjusting entries for the seven items described above.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:10, Derienw6586

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

Answers: 3

continue

Business, 22.06.2019 08:20, cbrewer37

(05.04 mc) a 2012 report from the u. s. surgeon general stated: "another common practice is strategically locating tobacco-related marketing materials where young children will be exposed to them. tobacco industry executives acknowledge that products and advertising should be placed at eye level (pollay 2007), but in california, 48% of stores had at least one cigarette marketing item at or below 3 feet from the floor (feighery et al. 2001)." it was also noted that 25% of cigarette displays were next to candy. in addition, a national study found that about one-third of the stores had tobacco ads at low heights. after california banned counter displays, some stores place cigarettes in transparent displays so product brands could still be seen. why did some stores use transparent units to display the cigarettes? (3 points) to comply with the new rules while still encouraging cigarette purchases via visual exposure to ensure children and minors are not exposed to cigarettes and their eye-catching packaging to minimize exposure to humidity, extending the shelf life of the cigarettes' tobacco to reduce the occurrence of shoplifting, since cigarettes are high-revenue items

Answers: 3

continue

Business, 22.06.2019 14:30, adenn3693

In our daily interactions we can find ourselves listening to other people solely for the purpose of finding weakness in their positions so that we can formulate a convincing response. select one: true false

Answers: 1

continue

Business, 22.06.2019 20:10, alen919

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.

Answers: 1

continue

You know the right answer?

Cheyenne Corp. has the following balances in selected accounts on December 31, 2019. Accounts Recei...