Business, 23.09.2021 07:40 weeman67161
THIS IS A CONTINUATION OF ICC 2B. Hawking, Inc. had the following activities occur in the current year:
6. Purchased $189,000 of inventory on account.
7. Earned $536,000 worth of sales revenue, receiving 85% in cash.
8. Incurred selling expenses of $210,000, paying half in cash and still owing the rest.
9. Incurred $33,000 in interest expense to be paid at the beginning of next year.
Required
a) Show the effects of the above transactions on the accounting equation.
b) Prepare journal entries for each transaction.
c) Post journal entries to the general ledger/T-accounts, summarize accounts, and find balances.
d) Prepare an unadjusted trial balance.
e) Match your numbers to the prepared financial statements: Income Statement, Retained Earnings Statement, and Balance Sheet.
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 11:20, greatsavagebeast
Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.
Answers: 3
Business, 22.06.2019 14:40, nathenq1839
Which of the following would classify as a general education requirement
Answers: 1
Business, 22.06.2019 19:40, silasjob09
The martinez legal firm (mlf) recently acquired a smaller competitor, miller and associates, which specializes in issues not previously covered by mlf, such as land use and intellectual property cases. given the increase in the firm's size and complexity, it is likely that its internal transaction costs willa. decrease. b. increase. c. become external transaction costs. d. be eliminated.
Answers: 3
Business, 22.06.2019 21:00, crazylogic963
China's new 5 percent tax on disposable wooden chopsticks, reflecting concerns about deforestation, has been praised by environmentalists. the move is hitting hard at the japanese, who consume 25 billion set of wooden chopsticks annually. almost all of the chopsticks used in japan come from china. the reuirements for chinese manufacturers of wooden chopsticks to pay the 5 percent tax is a factor in their external environment.
Answers: 3
You know the right answer?
THIS IS A CONTINUATION OF ICC 2B. Hawking, Inc. had the following activities occur in the current ye...
Questions in other subjects:
Mathematics, 14.05.2021 22:10
Mathematics, 14.05.2021 22:10
