Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The information listed below was obtained from the accounting records of Williams Company as of December 31, 2013, the end of the company's fiscal year.

(a) On August 1, 2013, the company borrowed $120,000 from the Bank of Wistful Vista. The loan was for 12 months at 9 percent interest payable at the maturity date.

(b) Finished goods inventory on January 1, 2013, was $200,000, and on December 31, 2013, it was $260,000. Cost of goods sold was $2,400,000. The company uses a perpetual inventory system.

(c) The company owned some property (land) that was rented to J. McArthur on April 1, 2013, for 12 months for $8,400. On April 1, the entire annual rental of $8,400 was credited to rent collected in advance, and cash was debited.

(d) On September 1, 2013, the company loaned $60,000 to an outside party. The loan was at 10 percent per annum and was due in six months; interest is payable at maturity. Cash was credited for $60,000, and notes receivable was debited on September 1 for the entire amount.

(e) Accrued salaries and wages are $18,000 at December 31, 2013.

(f) On January 1, 2013, factory supplies on hand equaled $200. During 2013, factory supplies costing $4,000 were purchased and debited to factory supplies inventory. At the end of 2013, a physical inventory count showed that factory supplies on hand equaled $800.

Prepare journal entries to adjust the books of Williams Company at December 31, 2013.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948625

Have any Question? 


Related Questions in Accounting Basics

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 - alpha corp was organized on january 2 2018

Question - Alpha Corp. was organized on January 2, 2018. During the first year of operation, Alpha issued 100,000 shares of $1 par value of common stock @ a price of $50 per share. On December 31st, Alpha reported Net In ...

Question - calculation of book valueon june 1 20 a

Question - Calculation of Book Value On June 1, 20 a depreciable asset was acquired for $4,560. The asset has an estimated useful life of five years (60 months) and no salvage value. Using the straight-line depreciation ...

Question - white mountain sled company manufactured 3000

Question - White Mountain Sled Company manufactured 3,000 Children's snow sleds during November. The following variable overhead data relates to November: Budgeted variable overhead cost per unit $12.00 Actual variable m ...

Assessment task select two public limited companies listed

Assessment task: Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then go to the Investor Relations secti ...

Question - us steel issues a 2000000 bond at 10 for 8 years

Question - US Steel issues a $2,000,000 bond at 10% for 8 years. The market interest rate is 9%. Be sure to use the time value of money tables, not the formulas; and round your answers to the nearest whole dollars. Quest ...

Question - brankov company has current assets of 95000 and

Question - Brankov Company has current assets of $ 95000 and current liabilities of $110,000. The company decides to issue stock and receives cash of $100,000. After this transaction, the company's current ratio will be: ...

Question - the blending department of luongo company has

Question - The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $100,000 Conversion costs: 20% compl ...

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As