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3 years ago

Deluxe suites hotels incluedes the following selected accounts in its genarel ledger at December 31.2016:

Business

1 answer:

Sever21 [200]3 years ago

3 0

Answer:

Liabilities section of Luxury Suites' balance sheet at December 31.2016.

Liabilities

Non - Current Liabilities

Notes Payable $200,000

Total Non-Current Liabilities $200,000

Current Liabilities

Accounts Payable $33,000

Discounts on Bonds Payable $13,500

Interest Payable (due next year) $1,000

Salaries Payable $2,600

Estimated Warranty Payable $1,300

Sales Tax Payable $400

Total Current Liabilities $51,800

Explanation:

Liabilities are presented in the financial statements as either Current liabilities (due within a period of 12 months and Non-Current Liabilities (that are not due within a period of 12 months) as shown above.

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A customer at Jaquine, a French restaurant, complains to Brent, the owner, about a specialty dessert being unacceptable. Brent i

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Answer:

B. a task analysis

Explanation:

A task analysis is a detailed analysis to define a set of steps that needed to be taken in order to reach a certain goal. In business , task analysis is conducted by observing the actions of the employees and form a measurement to ensure that the employees is making a desired improvement.

In the example above, Brent's goal is to ensure that Mason will never repeat his mistake in using bad ingredients ever again.

After he defined the goal, he analyze the situation and create a steps that needed to be taken to achieve the goal. That 'step' is putting Mason in an additional training

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3 years ago

Each adjusted entry transaction needs to be posted to A. individual journal entries B. individual accrual accounts C. individual

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Answer: B. Individual ledger accounts

Explanation:

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2 years ago

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals o

SOVA2 [1]

Answer:

This indicates that

d.the company has a net loss of $9,575 for the period.

Explanation:

a) Data and Calculations:

Total debits of the balance sheet (assets) = $28,480

Total credits of the balance sheet (liabilities + equity) = $38,055

Difference (net loss) = $9,575 ($38,055 - $28,480)

b) With the determination of the net loss of $9,575, the two sides (debits and credits) of the balance sheet will equal. This is because the net loss of $9,575 will reduce the credits from $38,055 to $28,480.

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3 years ago

Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adju

PSYCHO15rus [73]

Answer:

A. $800

B. $4,800

August 1, 2019

C.$3,300

$1,500

Explanation:

(a) Calculation for what was the balance in Supplies on January 1

Balance in Supplies on January 1=$950 + $700 - $850

Balance in Supplies on January 1=$800

(b) Calculation for what was the total premium and when was the policy purchased

Total premium=($400 x 12 months)

Total premium= $4,800

Calculation for when was the policy purchased

Prepaid Insurance, 1/31 $2,400

Monthly premium $400

Number of months remaining 6

($2,400/$400)

Hence, The Policy was purchase on August 1, 2019

Cash Paid $2,500

Salaries and wages payable, 1/31 $800

$3,300

Less: Salaries and wages expense $1,800

Salaries and wages payable, 12/31/19 $1,500

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3 years ago

On July 1, 2008, Sheeley Company pays $8,000 to its insurance company for a 2-year insurance policy.InstructionsPrepare the nece

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Answer:

Debit Prepaid insurance $8,000

Credit Cash account $8,000

Being entries to recognize prepaid insurance as at July 1 , 2008

Debit Insurance expense $2,000

Credit Prepaid Insurance $2,000

Being entries to recognize insurance expense as at December 31.

Explanation:

The amount paid by Sheeley Company On July 1, 2008 is a prepayment (an asset) as it is paid in advance. The insurance cover was yet to be enjoyed as at that date.

Entries required to recognize this payment

Debit Prepaid insurance $8,000

Credit Cash account $8,000

Being entries to recognize prepaid insurance as at July 1 , 2008

As at 31 December, the company would have incurred expenses for 6 months out of the 24 months (2 years) paid for.

This amounts to

= 6/24 × $8,000

= $2,000

To recognize this by December 31

Debit Insurance expense $2,000

Credit Prepaid Insurance $2,000

Being entries to recognize insurance expense as at December 31.

3 0

3 years ago