Homework Answers
Answer is option 1
No, hiring an employee is an economic event; however it is not an economic event that should be recorded.
Hiring employee is an important event because goods employees lead to business success. However employee is only hired on March 6 and he will be paid for his services on the last of month, March 31. His salary due on that date. As there is no financial transaction on March 6. No transaction is recorded.
Add Answer to:
On March 1, 2020, Freeze Company hires a new employee who will start to work on...
On March 1, S. Penman (owner) launched AniFoods, Inc., an organic foods retailing company. Following are...
On March 1, S. Penman (owner) launched AniFoods, Inc., an
organic foods retailing company.
Following are the transactions for its first month of
business.
1. S. Penman (owner) contributed $100,000 cash to the company in
return for common stock. Penman also lent the company $55,000. This
$55,000 note is due one year hence.
2. The company purchased equipment in the amount of $50,000,
paying $10,000 cash and signing a note payable to the equipment
manufacturer for the remaining balance.
3....
Use the following to answer questions 9 - 10 On November 1", the company received a...
Use the following to answer questions 9 - 10 On November 1", the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 1 and no other entries regarding this transaction were made until December 31st. 9. $_ After the adjusting entry has been recorded on December 31", determine the ending balance in the deferred revenue account that should be recorded on the December 31"...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November and no other entries regarding this transaction were made until December 31st 9. $ After the adjusting entry has been recorded on December 31, determine the ending balance in the deferred revenue account that should be recorded on the December 31- Balance Sheet 10....
1. 2. You have been hired as the new controller for the Ralston Company. Shortly after...
1.
2.
You have been hired as the new controller for the Ralston Company. Shortly after joining the company In 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,800. b. Inventory at 12/31/2017 was overstated by $12,600. c. On 12/31/2017, Inventory was purchased for $4,800. The company did not record the purchase until the Inventory was paid for early In 2018. At that time, the purchase was...
please answr all Question 16 1 pts During 2020, New Company earned service revenues amounting to...
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
I have included what I figure is correct but the system says its incomplete work Saved...
I have included what I figure is correct but the system says
its incomplete
work Saved Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $112,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Total...
ortfolio Project Option #1 is for accounting students who are sensing learners and learn best from...
ortfolio Project Option #1 is for accounting students who are sensing learners and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete Part 1, Part 2, and Part 3. You will present Parts 1 and 2 in Excel, and Part 3 of the Portfolio Project in a Word document, following the exact instructions that accompany each part. (The templates can...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Portfolio Project Option #1 is for accounting students who are sensing learners and learn best from...
Portfolio Project Option #1 is for accounting students who are sensing learners and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete Part 1, Part 2, and Part 3. You will present Parts 1 and 2 in Excel, and Part 3 of the Portfolio Project in a Word document, following the exact instructions that accompany each part. (The templates can...
On March 1, S. Penman (owner) launched AniFoods, Inc., an
organic foods retailing company.
Following are the transactions for its first month of
business.
1. S. Penman (owner) contributed $100,000 cash to the company in
return for common stock. Penman also lent the company $55,000. This
$55,000 note is due one year hence.
2. The company purchased equipment in the amount of $50,000,
paying $10,000 cash and signing a note payable to the equipment
manufacturer for the remaining balance.
3....
Use the following to answer questions 9 - 10 On November 1", the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 1 and no other entries regarding this transaction were made until December 31st. 9. $_ After the adjusting entry has been recorded on December 31", determine the ending balance in the deferred revenue account that should be recorded on the December 31"...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November and no other entries regarding this transaction were made until December 31st 9. $ After the adjusting entry has been recorded on December 31, determine the ending balance in the deferred revenue account that should be recorded on the December 31- Balance Sheet 10....
1.
2.
You have been hired as the new controller for the Ralston Company. Shortly after joining the company In 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,800. b. Inventory at 12/31/2017 was overstated by $12,600. c. On 12/31/2017, Inventory was purchased for $4,800. The company did not record the purchase until the Inventory was paid for early In 2018. At that time, the purchase was...
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
I have included what I figure is correct but the system says
its incomplete
work Saved Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $112,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Total...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Portfolio Project Option #1 is for accounting students who are sensing learners and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete Part 1, Part 2, and Part 3. You will present Parts 1 and 2 in Excel, and Part 3 of the Portfolio Project in a Word document, following the exact instructions that accompany each part. (The templates can...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago