Business, 09.09.2021 21:10 doggosbepis
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. Incurred and paid $190,000 in salaries for the year. Purchased $320,000 of merchandise inventory on account during the year. Sold inventory costing $290,000 for a total of $455,000, all on credit. Paid rent of $55,000 on the sales facilities during the first 11 months of the year. Purchased $75,000 of store equipment, paying $25,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $50,000 owed for store equipment and $310,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $18,000 during the year. Collected $412,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $30,000 of interest on the note due to Oglesby National Bank. At year-end, accrued $5,000 of past-due December rent on the sales facilities. Required:
Answers: 3
Business, 22.06.2019 13:40, moneytt2403
Computing equivalent units is especially important for: (a) goods that take a relatively short time to produce, such as plastic bottles. (b) goods with sustainability implications in their production processes. (c) goods that are started and completed during the same period. (d) goods that take a long time to produce, such as airplanes.
Answers: 2
Business, 22.06.2019 14:50, keishadawson
The following information is needed to reconcile the cash balance for gourmet catering services. * a deposit of $5,600 is in transit. * outstanding checks total $1,000. * the book balance is $6,400 at february 28, 2019. * the bookkeeper recorded a $1,800 check as $17,200 in payment of the current month's rent. * the bank balance at february 28, 2019 was $17,410. * a deposit of $400 was credited by the bank for $4,000. * a customer's check for $3,300 was returned for nonsufficient funds. * the bank service charge is $90. what was the adjusted book balance?
Answers: 1
Business, 22.06.2019 20:00, kiaramccurty
River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%
Answers: 3
Use the horizontal model, or write the journal entry, for each of the following transactions and adj...
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