1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tankabanditka [31]
2 years ago
9

Waddell Company had the following balances in its accounting records as of December 31, 2018

Business
1 answer:
Molodets [167]2 years ago
5 0

1. The  two additional adjusting entries   are:

•Rent Expenses $5,225

•Revenue $3,700

2.  Balance sheet reported  is $42,000

3.  Netnet cash flow from operating activities  is $37,500

4. Rent expenset is $5,225$5,225

5.  Totaltotal liabilities is $23,770

6.  Supplies expense   $800

7.    Unearnedunearned revenue  is $3,700

8.    Netnet cash flow  is ($10,000)

9.   Totaltotal expenses is $24,125

10.   Total  service revenue is $71,700

 11.   Cash cash  Cash flows from financing activities  is $45,600

12.   Netnet income  is $26,216

13.   Retainedretained earnings  is $43,216

1. Additional adjusting entries that must be made are:

•Part of the Prepaid rent of the amount of $5,225 will be  allocated to the rent expense

Rent Expenses $5,225

($5,700 x 11/12 = $5,225)

•Part  of the revenue received in advance of the amount of  wi$3,700ll  be recognized as revenue

Revenue

($7,400 x 6/12 = $3,700)



2. Beginning balance $32,000

Add Cost of Land purchased $32,000

Less Cost of Land sold ($22,000)

Ending balance $42,000

3.Cash received from customers

Received cash in advance as a retainer for services to be performed monthly over the coming year $7,400

Received cash collections from accounts receivable $54,000

Cash Paid to Suppliers:

Paid cash in advance for a one-year lease for office space $(5,700)

Made a cash payment on accounts payable $(20,000)

Cash flow from operating activities $35,700

4.Rent for 12 months $5,700

Less Rent per months $475

($5,700/12)

Rent expense $5,225

5. Accounts Payable:

Beginning balance $23,000

Cash payment on accounts payable $(20,000)

Purchased supplies on account $970

Incurred other operating expenses on account $13,000

Balance of Accounts Payable $16,970

Unearned Income $3,700

Accrued salaries expense $5,100

Total Liabilities $23,770

($16,970+$3,700+$5,100)

6.Supplies purchased $970

Less Supplies on hand ($170)

Supplies expense $800

7.Revenue received ion July 1 for 12 months contract $7,400

50% earned in the year $(3,700)

Unearned revenue of the balance sheet $3,700

8. Cash used to purchase land $(32,000)

Proceeds from the sale of land $22,000

Cash used by investing activities $(10,000)

9. Lease for office space $5,225

Supplies $800

Other operating expenses $13,000

Salaries expense $5,100

Total expenses $24,125

10. Revenue earned from retainer received in advance $3,700

Service revenue on account $68,000

Total Service Revenue $71,700

11. Issue of common stock $48,000

Cash dividend to the stockholders $(2,400)

Cash provided by financing activities $45,600

12.Total Service Revenue $71,700

($3,700+$68,000)

Interest Revenue $116

Total expenses $(45,600)

Net income $26,216

13. Retained Earnings on the balance sheet is:

Beginning balance $17,000

Net income for the year $26,216

Ending balance $43,216



Learn more here:

brainly.com/question/24128263







You might be interested in
If a county government decided to build parks, then the money and resources would not be available for additional fire fighters.
Keith_Richards [23]

Answer:

a. Misallocation of resources

Explanation:

Misallocation of resources implies that assets are not put to their best, best, or proficient use. The utilization of the term misallocation in financial matters is that market analysts recognize two kinds of efficiencies: productive and allocative. The productive alludes to the (effective) utilization of assets to deliver given merchandise and ventures. The allocative alludes to which merchandise and enterprises ought to be created, and who ought to get the opportunity to devour them. Financial matters are generally worried about allocative thought of productivity.

3 0
2 years ago
Students for a Democratic Society (SDS) was an activist organization in the 1960s that protested the Vietnam War, racial injusti
Lorico [155]
Answer: counterculture

explanation: "subculture" is wrong, as are "ethnocentric group," "popular culture organization," and "movement for cultural diffusion"; the counterculture was a biggg force in the 60's and this was definitely an example of it
3 0
3 years ago
Read 2 more answers
You have an opportunity to invest in Australia at an interest rate of 8%. Moreover, you expect the Australian dollar (A$) to app
earnstyle [38]

Answer:

10.16%

Explanation:

The computation of the effective return for this investment is shown below:

Let us assume that we invested an amount in Australian dollars 100

The return is 8%

After one year, the amount is 108

Now the converting amount is 110.16 (108 × 102%)

Now the effective rate for this investment is

= 110.16 - 100

= 10.16%

7 0
3 years ago
In the game of economics, producers get information they need to determine how much people are willing to pay for a good or serv
Ira Lisetskai [31]

Answer:

The correct answer would be option D, Consumers.

In the game of economics, producers get information they need to determine how much people are willing to pay for a good or service from Consumers.

Explanation:

In the game of economics, consumers are the ones who will consume the products produced by the companies/producers, and they are the ones who will determine how much they are wiling to pay for a good or service.

For example, if a product's price is set at 5 dollars but no one is willing to pay 5 dollars for that product, then producers have to lower the prices to meet the customers' demands, and to sell their products.

So in this way, customers determine the prices of the products.

Learn more about Consumers at:

brainly.com/question/3096413

#LearnWithBrainly

8 0
3 years ago
Read 2 more answers
a. Ten years ago today, Excel Corp issued a regular coupon bond that had original maturity of 15 years. The bond pays interest s
Vlad [161]

Answer:

Total $1,271.0564

Explanation:

We have bond of 10 years ago, so the bond is left with 5 years of life

<u>we need to calculate the present value ofthe cuopon payment:</u>

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 50 (1,000 x 5%)

time 10 (5 years 2 payment a year)

rate 0.02 (4% annual divide by 2 to get semiannually)

50 \times \frac{1-(1+0.02)^{-10} }{0.02} = PV\\

PV $449.1293

<u>and the present value of the principal</u>

\frac{Maturity}{(1 + rate)^{time} } = PV

Maturity 1000

time 5

rate 0.04

\frac{1000}{(1 + 0.04)^{5} } = PV

PV  $821.9271

<u>We add both to get the present value ofthe bond</u>

PV c $449.1293

PV m  $821.9271

Total $1,271.0564

6 0
3 years ago
Other questions:
  • During the month of March, Karen Company's employees earned wages of $68,000. Withholdings related to these wages were $5,202 fo
    9·1 answer
  • Crash​ Sports, Inc. has two product lineslong dashbatting helmets and football helmets. The income statement data for the most r
    9·1 answer
  • Marcus has recently been asked to conduct a Feasibility Analysis for automating a process in his organization. In this regard, h
    7·1 answer
  • Johnson Controls reached beyond selling climate-control equipment and components by selling the service of managing facilities i
    10·1 answer
  • A corporation's board of directors are - the sole owners of the corporation. - control the day-to-day activities of the corporat
    5·1 answer
  • How did the constitution differ from the articles of confederation? Match the correct document on the left to each of the featur
    9·2 answers
  • What is a determinant of demand that would cause demand to increase?
    14·1 answer
  • In order for mutually beneficial trade to occur between two otherwise isolated nations, Multiple Choice each nation must face co
    15·1 answer
  • According to the path-goal theory, the participative style is recommended when group members are performing repetitive tasks.
    8·1 answer
  • Analyze various methods of conducting Internet research.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!