Business, 20.02.2020 18:25 Kencharlot

Verne Cova Company has the following balances in selected accounts on December 31, 2015.

All the accounts have normal balances. The information below has been gathered at December 31, 2015.

1. Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2015.

2. A count of supplies on December 31, 2015, indicates that supplies of $900 are on hand.

3. Depreciation on the equipment for 2015 is $1,000.

4. Verne Cova Company paid $2,100 for 12 months of insurance coverage on June 1, 2015.

5. On December 1, 2015, Verne Cova collected $30,000 for consulting services to be performed from December 1, 2015, through March 31, 2016.

6. Verne Cova performed consulting services for a client in December 2015. The client will be billed $4,200.

7. Verne Cova Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2015.

Prepare adjusting entries for the seven items described above.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 18:10

Classifying inflows and outflows of cash classify each of the following items as an inflow (i) or an outflow (o) of cash, or as neither (n). lg 2 lg 2 item change ($) item change ($) cash +100 accounts receivable −700 accounts payable −1,000 net profits +600 notes payable +500 depreciation +100 long-term debt −2,000 repurchase of stock +600 inventory +200 cash dividends +800 fixed assets +400 sale of stock +1,000

Answers: 1

Answer

Business, 21.06.2019 21:00

Identify the management, organization, and technology factors responsible for slow adoption rates of internal corporate social networks.when a company decides to launch a social networking program the management, all need to be on board with the launch. from the ceo down to the shift or assistant manager everyone needs to know its coming and be excited. the organization of such a launch needs to be mapped out, and training provided for the new systems. within the company, they need to make sure the technology at hand (computers, tablets, and company phones), are all compatible with the system. when a company launches a new system, and the find that the employees are not adopting it, they need to investigate the reasons. is the management at all level's onboard? did we organize the launch properly? do we have the right technology for the system? things can goeither way but if

Answers: 2

Answer

Business, 22.06.2019 01:30

What is an example of a good stock to buy during economic expansion? a) cyclical stock b) defensive stock c) income stock d) bond

Answers: 3

Answer

Business, 22.06.2019 02:40

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

Answers: 2

Answer

You know the right answer?

Verne Cova Company has the following balances in selected accounts on December 31, 2015.

...

Questions