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aliya0001 [1]
3 years ago
10

Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the

beginning of 2018 were:
Problem Set B Enlarge Image During 2018, the following transactions occurred: Talbot provided animal care services, all on credit, for $210,300. Talbot rented stables to customers for $20,500 cash. Talbot rented its grounds to individual riders, groups, and show organizations for $41,800 cash.

There remains $15,600 of accounts receivable to be collected at December 31, 2018.

Feed in the amount of $62,900 was purchased on credit and debited to the supplies account.

Straw was purchased for $7,400 cash and debited to the supplies account.

Wages payable at the beginning of 2018 were paid early in 2018. Wages were earned and paid during 2018 in the amount of $112,000.

The income tax payable at the beginning of 2018 was paid early in 2018. Payments of $73,000 were made to creditors for supplies previously purchased on credit. One year's interest at 9% was paid on the notes payable on July 1, 2018. During 2018, Jon Talbot, a principal shareholder, purchased a horse for his wife, Jennifer, to ride. The horse cost $7,000, and Talbot used his personal credit to purchase it. Property taxes were paid on the land and buildings in the amount of $17,000. Dividends were declared and paid in the amount of $7,200. The following data are available for adjusting entries: Supplies (feed and straw) in the amount of $30,400 remained unused at year-end. Annual depreciation on the buildings is $6,000. Annual depreciation on the equipment is $5,500. Wages of $4,000 were unrecorded and unpaid at year-end. Interest for six months at 9% per year on the note is unpaid and unrecorded at year-end. Income taxes of $16,500 were unpaid and unrecorded at year-end.
Business
1 answer:
Goshia [24]3 years ago
6 0

Answer:

See answers below in the explanation

Explanation:

Journal Entries :

Journals

<u>Date Account and Explanation Debit Credit </u>

a Accounts receivable             210300  

Service Revenue                                   210300

(Record earned revenue)  

   

Cash                                    62300  

Service Revenue*                                   62300

(Record earned revenue)  

   

   

b  cash                                     199100  

accounts receivable**                            199100

(Record collection Account)  

*$41000+$20500=$62300

**$4400+$210300-$$15600=$199100

   

   

c Supplies                                     62900  

Accounts Payable                                   62900

(record purchase of supplies on credit)  

   

d Supplies                                      7400  

 Cash                                                   7400

(record purchase of supplies  

   

e Wages Payable                     14200  

Cash                                                   14200

Record Payment of previous wages  

   

Wages Expenses                    112000  

Cash                                                    112000

(Record Payment to Employees)  

   

f Income Tax payable            15100  

cash                                                     15100

(Record Payment of Income taxes  

   

g Accounts Payable                      73000  

cash                                                      73000

(record payment of account)  

   

h Interest Expense                      2700  

Interest Payable                                             2700  

Cash***                                                      5400

(Record Payment of Interest)  

   

i No journal entry required  

   

j Property Taxes Expense     17000  

cash                                                       17000

(Record payment of property taxes)  

   

k Dividends                             7200  

Cash                                                       7200

(Record Payment of dividends)  

   

*** $60000*9%=$5400    

   

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Answer:

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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,200,000. According to indepen
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Answer:

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Initial valuation of the land=$360000

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Initial valuation of the building A= \frac{Fair\ value\ of\ building\ A}{Total\ Fair\ value} *lump-sum

Initial\ valuation\ of\ the\ building\ A=\frac{\$585,000}{\$ 1,300,000}*\$1,200,000\\Initial\ valuation\ of\ the\ building\ A=\$540000

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Initial\ valuation\ of\ the\ building\ B=\frac{\$325,000}{\$ 1,300,000}*\$1,200,000\\Initial\ valuation\ of\ the\ building\ B=\$300,000

For Land:

Initial\ valuation\ of\ the\ building\ land=\frac{\$390,000}{\$ 1,300,000}*\$1,200,000\\Initial\ valuation\ of\ the\ building\ land=\$360000

Check of answer;

Sum of all initial Values= Lump-Sum

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$1,200,000=$1,200,000

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