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hram777 [196]
3 years ago
7

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the comp

any’s first month.
April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company.
2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent.
3 The company purchased $1,000 of office supplies for cash.
10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $1,600 cash for two weeks' salaries earned by employees.
24 The company collected $8,000 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $1,600 cash for two weeks' salaries earned by employees.
29 The company paid $350 cash for minor repairs to the company's computer.
30 The company paid $750 cash for this month's telephone bill.
Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet
accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of owner's equity for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.
30 Nozomi withdrew $1,500 cash from the company for personal use.
Business
1 answer:
Radda [10]3 years ago
7 0

Answer:46795

Explanation:

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The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total
o-na [289]

Answer:

$344,000

Explanation:

Assets can be calculated by applying the accounting equations.  In the accounting equations

Assets = Liabilities + Equity

In this case, liabilities are  $117,000 and Equity is $227,000.

Therefore,

Assets = $117,000 + $227,000

Assets = $344,000

6 0
3 years ago
Skysong Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following e
liubo4ka [24]

Answer:

Explanation:

First of all, to make it easy, "Debit" will be written as "Dr" and "Credit" as "Cr"                  

                                       General journal

April 2

Dr Cash $27 070  

Dr Equipment $12 900

   Cr Owner's Capital      $39 970

April 2 No transaction has occurred

April 3

Dr Supplies $833  

   Cr Accounts Payable $833

April 7

Dr Rent Expense $546  

    Cr Cash          $546

April 11

Dr Accounts Receivable $1160

   Cr Revenue             $1160

April 12

Dr Cash $2,589

    Cr Unearned Revenue $2,589

April 17

Dr Cash $2,201  

    Cr Revenue  $2,201

April 21

Dr Insurance Expense $100.30

     Cr Cash                $100.30

April 30

Dr Salaries Expense $1,020

     Cr Cash                $1,020

April 30

Dr Supplies Expense $122

     Cr Supplies         $122

April 30

Dr Equipment $5,266

    Cr Capital  $5,266

8 0
3 years ago
Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89,600. He receives condemnati
Alexeev081 [22]

Answer:

A. Albert has a $4,480 realized gain of which $4,480 is recognized.

B. Adjusted basis $79,744

Explanation:

a. Calculation to determine the tax consequences to Albert of the condemnation proceeds.

Based on the information given Albert has a REALIZED GAIN of the amount of $4,480 of which the amount of $4,480 is RECOGNIZED, calculated as:

=$8,960 - [(5 acres / 100 acres) x $89,600)]

=$8,960 -$4,480

=$4,480

Therefore the tax consequences to Albert of the condemnation proceeds will be $4,480 realized gain of which $4,480 is recognized.

B. Calculation to Determine the tax consequences to Albert of the severance award.

Based on the information the SEVERANCE AWARD tend to decrease Albert's basis of remaining property which therefore means that His ADJUSTED BASIS in the remaining property will be calculated as:

Adjusted basis=($89,600 - $4,480)- $5,376

Adjusted basis=$85,120-$5,376

Adjusted basis=$79,744

Therefore The the tax consequences to Albert of the severance award will be Adjusted basis of $79,744

7 0
3 years ago
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1
kotykmax [81]

Answer:

1) Warranty expense = $550

2) Warranty liability = $550

3) Warranty liability = $435

Explanation:

As per the data given in the question,

1.) Warranty expense = 5% of dollar sales

= 5% × $11,000

= $550

2.) On year end Dec-31st balance of liability will be same as expense incurred as there is no repair in year 1.

So, Estimated  Warranty liability = Warranty expense

Estimated  Warranty liability = $550

3.) Beginning balance = $550

Repair cost = $115

End balance of year = Beginning balance - Repair cost

= $550 - $115

warranty liability = $435

5 0
3 years ago
Have you ever “confused problems with symptoms?” What does that phrase mean?
Vikentia [17]
Yes, I have.
“confused problems with symptoms" refers to a situation when we see the side effect of a problem as the most crucial thing to handle rather than the core of the problem itself.
For example, let's say that you cannot find fit clothings because you're overweight.  If your solution to this problem is to write a letter of complain to the company and demanding so they could produce suitable sized clothing for you (rather than losing weight), You're confusing problems with the symtoms.
3 0
3 years ago
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