Homework Help Question & Answers

Problem (30 points) Darden Restaurants, Inc, describes itself as follows in its first footnotes 2. D...


Problem (30 points) Darden Restaurants, Inc, describes itself as follows in its first footnotes 2. D A RD E N we are a full
d) At the end of fiscal year 2019, Darden owed employees paid) during fiscal 2019. What adjusting journal entir wages owed to
For parte h-A, describe, when applicable, the impact on rewees expenses et income, assets, labi stockholdersequiry, and reta
Problem (30 points) Darden Restaurants, Inc, describes itself as follows in its first footnotes 2. D A RD E N "we are a full service restaurant company and as of May 26, 2019, we owned and operated 1,785 restaurante through diri the United States and Canada der the Olive Garden Long Horn Steakhouse Cheddar's Scratch Kitchen, Yard House The Cantal Grille. Seasons 52. marere, and Ellie V's Prime Seafood trademarks. We served wer 395 milimals cal 2019. As of Mary 26, 2019, we also had 70 restaurants operated by independent chan nes pratoare develop and franchise agree Darden's fiscal year ends on the last Sunday in May. Use the following information to provide the adjusting journal entry thar Darden Restaurants, Inc. should have made on May 26, 2019 which was the end of the fiscal year 2019. Assume that Darder makes adjusting entries once a year af fiscal year end. a) At the beginning of fiscal year 2019, Darden had 590 million in Supplies, and they purchased 545 million of Supplies during the fiscal year. A vear-end physical count of Darden's supplies indicates that they have $98 million worth of Supplies remaining as of May 26, 2019. If Darden did not make journal entries when they used supplies during the fiscal year, what adjusting journal entry should Darden make related to its Supplies on May 26, 20197 Account Title Debit Credit SPS $45 million b) On March 1, 2019, Darden paid $252 million for a one-year insurance policy starting on March 1, 2019 and running for 12 consecutive months. On March 1, Darden made the following journal entry Dr. Prepaid Insurance 252 million Cr. Cash 252 million Darden did not make any journal entries related to the prepaid insurance after the initial journal entry shown above. What adjusting journal entry should Darden make on May 26, 2019 related to prepaid insurance? Account Title Debit Credit c) At the end of fiscal 2019, Darden calculates that it has earned but not yet received or recorded $88 million of sales on account. What adjusting journal entry should Darden make on May 26, 2019 related to the sales on account? Account Title Debit Credit
d) At the end of fiscal year 2019, Darden owed employees paid) during fiscal 2019. What adjusting journal entir wages owed to employees? year 2019, Darden owed employees $175 million related to work completed (but not yet What adjusting journal entry should Darden make on May 26, 2019 related to these Account Title Debit Credit e) Darden's property and equipment depreciated $337 million during fiscal 2019. Account Title Debit Credit 1) On June 1. 2018 (beginning of the fiscal year), Darden received $480 million for gift cards sold but not yet redeemed. This amount is expected to be redeemed evenly over the next 10-year period (i.e., June 1, 2018 to May 31, 2028). On June 1, 2018 Darden made the following journal entry: Dr. Cash 480 million Cr. Unearned Revenue 480 million Darden did not make any journal entries related to the unearned revenue after the initial journal entry shown above. What adjusting journal entry should Darden make on May 26, 2019 related to the unearned revenue? Account Title Debit Credit 8) Darden receives a utility bill every four weeks for the previous four weeks. On June 16, 2019, Darden receives a bill of $6 million covering the two weeks of 2019 and the first two weeks of fiscal 2020. Assuming that utilities are used evenly over the period, what adjusting journal entry should Darden make on May 26, 2019 related to this future utility bill? Account Title Debit Credit This problem continues on the next page.
For parte h-A, describe, when applicable, the impact on rewees expenses et income, assets, labi stockholders'equiry, and retained earnings h) What is the effect on the income statement and the balance sheet if entries a), or b), or e) were omitted? Income Statement: Balance Sheet: 1) What is the effect on the income statement and the balance sheet if entry e) was omitted? Income Statement: Balance Sheet: j) What is the effect on the income statement and the balance sheet if entries d) or g) were omitted? Income Statement: Balance Sheet: k) What is the effect on the income statement and the balance sheet if entry f) was omitted? Income Statement: Balance Sheet:
0 0
Add a comment
Answer #1

Answer (a):

Supplies used = 90 + 45 - 98 = 437 million

Adjusting entry will be:

Answer (b):

Insurance policy was taken for one year (12 months)

March 1 to May 26 = 3 months

Insurance expense = 252 * 3/12 = $63 million

Answer (c):

Answer (d):

Answer (e):

As HOMEWORKLIB's policy 4 parts need to be answered; I have answered 5 parts

Add a comment
Know the answer?
Add Answer to:
Problem (30 points) Darden Restaurants, Inc, describes itself as follows in its first footnotes 2. D...
Your Answer:

Post as a guest

Your Name:
What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was...

    Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one...

  • Ups United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in...

    Ups United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the...

  • United Parcel Service, Inc. (UPS) says in its first footnote that:“it was founded in 1907 as...

    United Parcel Service, Inc. (UPS) says in its first footnote that:“it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world’s largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the largest airlines...

  • Instructions Ellsworth Enterprises borrowed $466,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends...

    Instructions Ellsworth Enterprises borrowed $466,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021. Required: 1. Prepare the entry for this note on September 30, 2020. 2. Prepare the adjusting entry for this note on December 31, 2020. 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to...

  • The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance...

    The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance tab. Information for adjustments is as follows: a. As of December 31, employees had earned $1,300 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,625 of salaries will be paid. b. The cost of supplies still available at December 31 is $1,500. c. The notes payable requires an interest payment to be made every three months. The amount...

  • The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name...

    The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 7,100 1,950 1,800 710 17,500 3, see 3,150 15,300 3,600 16, 800 760 610 560 3,15e 1,01e Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD...

  • The November 30, 2018, unadjusted trial balance of Solid Systems is found in the Trial balance...

    The November 30, 2018, unadjusted trial balance of Solid Systems is found in the Trial balance tab. Solid Systems had the following transactions and events in December 2018. Dec. 2 Paid $1,210 cash to Lakeside Mall for Solid Systems' share of mall advertising costs. Dec. 3 Paid $620 cash for minor repairs to the company's computer. Dec. 4 Received $7,300 cash from Kelley Engineering Co. for the receivable from November. Dec. 10 Paid cash to Mary Potter for six days...

  • The following unadjusted trial balance is for Ace Construction Co. as of the end of its...

    The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $57,700, and the owner invested $29,000 cash in the company during the 2019 fiscal year. Credit $ 29,000 6,600 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 NO. Account Title Debit 101 Cash $ 17,000 126 Supplies 9,500 128 Prepaid insurance 5,500 167 Equipment 163,520 168 Accumulated depreciation-Equipment...

  • Note Payable and Accrued Interest Labels and Amount Descriptions Instructions General Journal Chart of Accounts Balance...

    Note Payable and Accrued Interest Labels and Amount Descriptions Instructions General Journal Chart of Accounts Balance Sheet X Instructions Ellsworth Enterprises borrowed $425,000 on an 8 %. interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021 Required: 1. Prepare the entry for this note on September 30, 2020 2. Prepare the adjusting entry for this note on December 31, 2020 3. Indicate how the note...

  • The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal...

    The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Laundry Supplies 21,500.00 3 Prepaid Insurance 9,600.00 4 Laundry Equipment 232,600.00 5 Accumulated Depreciation 125,400.00 6 Accounts Payable 11,800.00 7 Sophie Perez, Capital 105,600.00 8 Sophie Perez, Drawing 10,000.00 9 Laundry Revenue 232,200.00 10 Wages Expense 125,200.00 11 Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.