Business, 12.05.2021 03:30, mahhvelousg97
At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $34,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $14,000 of the $34,000 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $29,000 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $16,000. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $8,000.
Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet
1. Record each of the transactions listed above in the āGeneral Journalā tab. Review the āGeneral Ledgerā and the āTrial Balanceā tabs to see the effect of the transactions on the account balances.
2. Review the āTrial Balanceā as of December 31, 2022, in the āTrial Balanceā tab.
3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the āIncome Statementā tab.
4. Prepare a classified balance sheet as of December 31, 2022, in the āBalance Sheetā tab.
5. Record the closing entries in the āGeneral Journalā tab.
Answers: 2
Business, 22.06.2019 01:10, isaiahmichel93081
Technology corp. is considering a $238,160 investment in a new marketing campaign that it anticipates will provide annual cash flows of $52,000 for the next five years. the firm has a 6% cost of capital. what should the analysis indicate to the firm's managers?
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Business, 22.06.2019 10:40, emojigirl5754
Two assets have the following expected returns and standard deviations when the risk-free rate is 5%: asset a e(ra) = 18.5% Ļa = 20% asset b e(rb) = 15% Ļb = 27% an investor with a risk aversion of a = 3 would find that on a risk-return basis. a. only asset a is acceptable b. only asset b is acceptable c. neither asset a nor asset b is acceptable d. both asset a and asset b are acceptable
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Business, 22.06.2019 11:20, greatsavagebeast
Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the āwith-and-withoutā method to value the compound instrument.
Answers: 3
Business, 22.06.2019 14:20, Champion9701
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
Answers: 3
At the end of 2022, the following information is available for Great Adventures. Additional interest...
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