View Policies Current Attempt in Progress The Monks, a minor league baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) (b) Paid $288,000 to San Diego as advance rent for use of San Diego Stadium for the six month period April 1 through September 30. Collected $576,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue. During the month of April, the Monks played five home games and four road games. Prepare the adjusting entries required at April 30 for the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Rent Expense (b)

View Policies Current Attempt in Progress The Monks, a minor league baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) (b) Paid $288,000 to San Diego as advance rent for use of San Diego Stadium for the six month period April 1 through September 30. Collected $576,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue. During the month of April, the Monks played five home games and four road games. Prepare the adjusting entries required at April 30 for the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Rent Expense (b)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 9PB: Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On...

See similar textbooks

Similar questions

Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
need help with full working and steps thanks answer in text Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000. Required: Prepare all the journal entries necessary to record the…
View Policies Current Attempt in Progress Assume the following data for Sandhill Home Appliance Repair for the payroll quarter ended March 31 . . . . Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: Date Account Titles and Explanation Apr. 15 $294,000.00 Sandhill is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. List of Accounts 22.491.00 58,800.00 Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Save for…
Shields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000
The Cougars football team sells season tickets in advance for $480 each. The season consists of 16 games. Half of these games are home games, and half of them are away games. For Year 3, the team has sold and collected payment for 10,000 season tickets. Through November 30, Year 3, six home games and five away games have been played. How much of the revenue collected in advance should be recognized on the income statement for the 11 months ended November 30, Year 3?
Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2
Problem 8.37 Cash Budget, Pro Forma Balance Sheet Objective 3 - Identify the components of the financial budget, and prepare a cash budget. Bernard Creighton is the controller for Creighton Hardware Store. In putting together the cash budget for the fourth quarter of the year, he has assembled the following data. a. Sales $100,000 July (actual) August (actual) September (estimated) October (estimated) 120,000 90,000 November (estimated) December (estimated) 100,000 135,000 150,000 b. Each month, 20 percent of sales are for cash, and 80 percent are on credit. The collection pattern for credit sales is 20 percent in the month of sale, 50 percent in the following month, and 30 percent in the second month following the sale. c. Each month, the ending inventory exactly equals 40 percent of the cost of next month's sales. The markup on goods is 33.33 percent of cost. d. Inventory purchases are paid for in the month following purchase. e. Recurring monthly expenses are as follows: Salaries…
Contact Support for textbook, writing, or account heln Balance Corporation borrowed P10,000,000 at 12% to finance in part the construction of a new office building on January 1, 2021 and in part for general purposes. The loan is to be repaid commencing the month following completion of the building. Expenditures for the completed structure totaled P8,000,000 during the year ended December 31, 2021. These expenditures were incurred evenly throughout the year. The entity earned interest of P80,000 for the year on the unexpended portion of the loan. What amount of interest is capitalized on December 31, 2021? What is the interest expense for 2021? O 720,000 O 1,000,000 O 1.200.000
OBJECTIVE 3 Problem 8.37 Cash Budget, Pro Forma Balance Sheet Bernard Creighton is the controller for Creighton Hardware Store. In putting together the cash budget for the fourth quarter of the year, he has assembled the following data. a. Sales July (actual) August (actual) September (estimated) October (estimated) November (estimated) December (estimated) $100,000 120,000 90,000 100,000 135,000 150,000 b. Each month, 20 percent of sales are for cash, and pattern for credit sales is 20 percent in the month of sale, 50 percent in the following month, and 30 percent in the second month following the sale. Each month, the ending inventory exactly equals 40 percent of the cost of next month's sales. The markup on goods is 33.33 percent of cost. d. Inventory purchases are paid for in the month following purchase. Recurring monthly expenses are as follows: percent are on credit. The collection с. е. Salaries and wages $10,000 4,000 1,000 Depreciation on plant and equipment Utilities Other…
b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?
Required information The following information applies to the questions displayed below] A local theater company sells 1,300 season ticket packages at a price of $270 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities Stockholders' Equity
The Tomac Swim Club arranged short-term financing of $13,100.00 on July 5 with the Bank of Commerce and secured the loan with a demand note The club repaid the loan by payments of $5900 on September 25, $3400 on November 11, and the balance on December 3o Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 10% per annum on July 5 The rate was changed to 9 5% effective September 1 and to 10 5% effective December 1. How much interest was paid on the loan?