Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

1) Laughter Landscaping has given independent cases at ending of the year on December 31, 2014.

a) Every Friday, Laughter pays employees for present week’s work. Amount of weekly payroll is $7,000 for 5-day workweek. This year December 31 falls on Wednesday.

b) Details of Prepaid insurance are given in account:
Prepaid insurance
Jan 1, $4,500

Laughter prepays the full year’s insurance each year on January 1. Record insurance expense for year ended December 31.

c) Beginning balance of Supplies was= $4,000. In the year, Laughter bought supplies for= $5,200, and at December 31 supplies on hand total= $2,400. Laughter designed landscape plan, and client paid Laughter $7,000 at start of project.

d) Laughter recorded this amount as unearned service revenue. Job will take numerous months to complete, and Laughter evaluates that company has earned= 60% of total revenue in present year.

e) Depreciation for present year includes Equipment, $3,700; and Trucks, $1,300.
Make a compound entry.

Requirements:

Journalize adjusting entry required on December 31, 2014, for each of preceding items affecting Laughter Landscaping.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M914979

Have any Question? 


Related Questions in Basic Finance

1 why are supporters of the efficient markets hypothesis

1. Why are supporters of the efficient markets hypothesis unconvinced that differences between the theoretical and actual behavior of financial markets actually invalidate the hypothesis? 2. According to an article in th ...

1 how have individual states become more active monitors of

1. How have individual states become more active monitors of takeover activity? 2. What is the signaling theory of mergers? What is the relationship between signaling and the mode of payment used in acquisitions? Is ther ...

Consider a lottery that pays to the winner an annuity of

Consider a lottery that pays to the winner an annuity of $800 that begins at the end of the first year and continues at the end of each consecutive year for a total of 18 years with one exception. Because of high adminis ...

Graph the means in figure 914 for the interaction between

Graph the means in Figure 9.14 for the interaction between self-esteem and ego threat. Does the graph look like one in which an interaction is present? Why or why not?

An investor can make an investment in a real estate

An investor can make an investment in a real estate development and receive an expected cash return of $45,000 at the end of six years. Based on a careful study of other investment alternatives, she believes that a 9 per ...

The cash conversion cycle is an important tool for the

The cash conversion cycle is an important tool for the financial manager in managing day-to-day operations of the firm. As an investor, knowing how the firm manages its CCC would provide useful insights about management' ...

Please show solution without using excel with formulas

Please show solution WITHOUT using excel. With formulas. Thank you. Ford is about to issue a new corporate bond, face value= $1,000, coupon rate % (Annual), term to maturity= 4 years. You know that a very similar bond is ...

Part a answer each of the following questions in a

Part A: Answer each of the following questions in a composition of one to two paragraphs, or perform calculations as requested. 1. Define liquidity risk, default risk and taxability risk, and explain how these risks rela ...

A model of a harbor is made on the length ratio of 3601

A model of a harbor is made on the length ratio of 360:1. Storm waves of 2 m amplitude and 8 m/s velocity occur on the breakwater of the prototype harbor. Significant variables are the length scale, velocity, and g, the ...

How are the payment terms of an fra different from those of

How are the payment terms of an FRA different from those of most other interest rate derivatives? Explain how FRAs are like swaps and how they are different? Compare the use of interest rate options with forward rate agr ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen