A three-fourths of the work related to 13000 cash recieved, Ask an Expert

Accounting

A. Three-fourths of the work related to $13,000 cash recieved in advance is performed this period.

B. Wages of $8,000 are earned by workers but not paid as of December 31, 2013.

C. Depreciation on the company's equipment is 2013 is $10.960.

D. The office Supplies account had a $310 debit balance on December 31, 2012. During 2013, $5,160 of office supplies are purchased. A physical count of supplies at December 31. 2013, shows $566 of supplies available.

E. The Prepaid Insurance account had a $5,000 balance on December 31, 2012. An analysis of insurance policies shows that $2,700 of unexpired insurance benefits remain at December 31, 2013.

f. The company has earned (but not recorded( $850 of interest from investments in CDs for the year ended December 31, 2013. The interest revenue will be received on January 10, 2014. g. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31, 2013. The company must pay the interest on January 2, 2014.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956733

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - pina corporation wants to withdraw 113110

Question - Pina Corporation wants to withdraw $113,110 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year ...

Question - effective financial reporting depends on sound

Question - Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation to ensure adequate disclosures and honesty and integrity ...

Question - on january 2 2017 the first year of operations

Question - On January 2, 2017 the first year of operations, Alpha Corp issued 15,000 shares of $10 par value common stock for $15 per share. On july 1, 2017 Alpha Corp 1,000 of these shares were reacquired for $20 each. ...

Question - lionel is an unmarried law student at state

Question - Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proc ...

Question - x company wants to estimate overhead costs in

Question - X Company wants to estimate overhead costs in March, when production is expected to be 1,400 units. To determine the parameters of its overhead cost function, it used account analysis with the January cost inf ...

Question - on january 1 2017 pina corporation sold a

Question - On January 1, 2017, Pina Corporation sold a building that cost $258,210 and that had accumulated depreciation of $105,500 on the date of sale. Pina received as consideration a $248,210 non-interest-bearing not ...

Question - various financial ratios could be used to

Question - Various financial ratios could be used to analyse a company's financial performance and position. a) What ratios would you calculate to evaluate a company's profitability? Provide two examples of the ratios an ...

Question - what is the present value on january 1 2016 of 7

Question - What is the present value on January 1, 2016, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2016, and the interest rate is 10% compounded annually?

Question - jimeniz enterprises issued 9 5-year 2600000 par

Question - Jimeniz Enterprises issued 9%, 5-year, $2,600,000 par value bonds that pay interest semiannually on September 1 and March 1. The bonds are dated September 1, 2014, and are issued on that date. The market rate ...

Question - the following are reported amounts from ellis

Question - The following are reported amounts from Ellis Company's multiple-step income statement: Cost of merchandise sold $199,840 Merchandise inventory 139,890 Sales 307,750 Sales discounts 5,850 Sales returns 11,690 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert