Business, 07.03.2020 05:42 laqu33n021
Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2016:
Alert Security Services Co.
End-of-Period Spreadsheet
For the Year Ended October 31, 2016
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Debit Credit Debit Credit Debit Credit
Cash 12
Accounts Receivable 90
Supplies 8
Prepaid Insurance 12
Land 190
Equipment 50
Accum. Depr.—Equipment 4
Accounts Payable 36
Wages Payable 0
Brenda Schultz, Capital 260
Brenda Schultz, Drawing 8
Fees Earned 200
Wages Expense 110
Rent Expense 12
Insurance Expense 0
Utilities Expense 6
Supplies Expense 0
Depreciation Expense 0
Miscellaneous Expense 2
500 500
The data for year-end adjustments are as follows:
• Fees earned, but not yet billed, $13.
• Supplies on hand, $4.
• Insurance premiums expired, $10.
• Depreciation expense, $3.
• Wages accrued, but not paid, $1.
Enter the adjustment data, and place the balances in the Adjusted Trial Balance columns. Leave cells blank that do not require an entry.
Enter the adjustment data, and place the balances in the Adjusted Trial Balance columns. Leave cells blank that do not require an entry.
Alert Security Services Co.
End-of-Period Spreadsheet
For the Year Ended October 31, 2016
1
Unadjusted
Unadjusted
Adjusted
Adjusted
2
Trial Balance
Trial Balance
Adjustments
Adjustments
Trial Balance
Trial Balance
3
Debit
Credit
Debit
Credit
Debit
Credit
4
Cash
12.00
5
Accounts Receivable
90.00
6
Supplies
8.00
7
Prepaid Insurance
12.00
8
Land
190.00
9
Equipment
50.00
10
Accumulated Depreciation-Equipment
4.00
11
Accounts Payable
36.00
12
Wages Payable
0.00
13
Brenda Schultz, Capital
260.00
14
Brenda Schultz, Drawing
8.00
15
Fees Earned
200.00
16
Wages Expense
110.00
17
Rent Expense
12.00
18
Insurance Expense
0.00
19
Utilities Expense
6.00
20
Supplies Expense
0.00
21
Depreciation Expense
0.00
22
Miscellaneous Expense
2.00
23
Totals
$500.00
$500.00
Answers: 2
Business, 21.06.2019 21:30
What are the main advantages and disadvantages of organizing a firm as a c corporation? the advantages are: (select all the choices that apply.) a. there is no limit on the number of owners a c corporation may have, thus allowing the corporation to raise substantial amounts of capital. b. the life of the business can continue beyond the death of any of the owners. c. the corporation can use the assets of the owners to pay for corporate liabilities. this attracts smaller investors to the corporation. d. the liability of the owners is limited to the amount of their investment in the firm. the disadvantages are: (select all the choices that apply.) a. income to a c corporation is subject to double taxation, once at the corporate level and again when received by the owners in the form of a dividend. b. the life of the business usually ends with the death of any of the owners. c. the c corporation is more complicated and more expensive to set up than other business entities. d. corporate liabilities can be passed on to the share
Answers: 1
Business, 22.06.2019 12:50
Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false
Answers: 3
Business, 22.06.2019 14:30
Turtle corporation produces and sells a single product. data concerning that product appear below: per unit percent of sales selling price $ 150 100 % variable expenses 75 50 % contribution margin $ 75 50 % the company is currently selling 5,600 units per month. fixed expenses are $194,000 per month. the marketing manager believes that a $5,300 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change?
Answers: 1
Business, 22.06.2019 20:50
Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?
Answers: 2
Alert Security Services Co. offers security services to business clients. The trial balance for Aler...
Mathematics, 23.05.2020 12:57
Biology, 23.05.2020 12:57
Mathematics, 23.05.2020 12:57
History, 23.05.2020 12:57
Mathematics, 23.05.2020 12:57
Mathematics, 23.05.2020 12:57
Computers and Technology, 23.05.2020 12:57
Health, 23.05.2020 12:58
Mathematics, 23.05.2020 12:58