Business, 18.03.2021 01:20 mikaelalcool1

Sun Valley Corporation, owns and operates 8 ski resort properties located in the United States and Canada . The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. A. Borrowed $3,600,000 from the bank on December 1, signing a note payable due in six months.
B. Purchased a new snowplow for $83,000 cash on December 31.
C. Purchased ski equipment inventory for $45,000 on account to sell in the ski shops.
D. Incurred $52,000 in routine repairs expense for the chairlifts; paid cash.
E. Sold $365,000 of January through March season passes and received cash.
F. Sold a pair of skis from inventory in a ski shop to a customer for $470 on account. (The cost of the skis was $330).
G. Sold daily lift passes in December for a total of $263,000 in cash.
H. Received a $3,800 deposit on a townhouse to be rented for five days in January.
I. Paid half the charges incurred on account in (c).
J. Received $480 on account from the customer in (f).
K. Paid $265,000 in wages to employees for the month of December.
Requred:
1. Prepare journal entries for each transaction.
2. Assume that ending balance in the Accounts Receivable account at the end of December based on transaction (A) through (K).

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 08:00, savannahworkman11

How do communism and socialism differ in terms of the role that government plays in the economy ?

Answers: 1

continue

Business, 22.06.2019 11:00, idontknow1993

Zoe would like to be able to save for night courses at the local college. which of these would be a good way for zoe to make more money available for savings without dramatically changing her budget? economía

Answers: 2

continue

Business, 23.06.2019 01:50, angie249

Mart's boutique has sales of $820,000 and costs of $540,000. interest expense is $36,000 and depreciation is $59,000. the tax rate is 21 percent. what is the net income? $146,150 221,200 105,000 139,050

Answers: 3

continue

Business, 23.06.2019 12:00, maddihamidou

Lipman auto parts, a family-owned auto parts store, began january with $10,300.00 in cash. management forecasts that collections from credit customers will be $11,400.00 in january and $14,800.00 in february. the store is scheduled to receive $5,000.00 in cash on a business note receivable in january. projected cash payments include inventory purchases ($13,000.00 in january and $13,600.00 in february) and operating expenses ($2,700.00 each month). lipman auto parts' bank requires a $10,000.00 minimum balance in the store's checking account. at the end of any month when the account balance dips below $10,000.00, the bank automatically extends credit to the store in multiples of $1,000.00. lipman auto parts borrows as little as possible and pays back loans in quarterly installments of $2,000.00, plus 4 percent interest on the entire unpaid principal. the first payment occurs three months after the loan.

Answers: 2

continue

You know the right answer?

Sun Valley Corporation, owns and operates 8 ski resort properties located in the United States and C...