June’s sales are expected to be $100,000, and July’s sales are expected to be $150,000. Cash disbursements for the month of July are expected to be: a. $105,000 b. $107,000 c. $77,000 d.
e. ___F_____ Received $100,000 from the issuance of common stock. f. ___O_____ Paid $1,200 of interest on a note payable. g. ___I_____ Acquired a new laser printer by paying $650. h. ___N_____ Acquired a $400,000 building by signing a $400,000 mortgage note. 3.
The electricity cost was charged on a quarterly basis and charged back to each department on a quarterly basis also. The quarterly costs were September 2013 $13000, December $11000, March $10000 and June $11000. Retail Banking make payment of 100% of the cost up front as they are the controlling department. Retail Banking then process an adjusting entry to Commercial Banking’s cost centre for 30% of the expense and an adjusting entry to Financial Planning’s cost centre for 10% of the expense which together with its 60% obligation brings the total to 100%
Question: : (TCO D) On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank which allows Irey to borrow up to $1,700,000 at one percent above the prime rate for three years. On February 2, 2011, Irey borrowed $1,700,000 from County Bank and used $300,000 additional cash to liquidate $1,700,000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2010 balance sheet which is issued on March 5, 2011 is 9. Question: : (TCO D) Tender Foot Inc. is involved in litigation regarding a faulty product sold in a prior year.
3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10 Received a bill from the Daily News for advertising the opening of the Laundromat $200. 20 Bob withdrew $700 cash for personal use. 30 The company determined that cash receipts for laundry services for the month
c. ____F____ Paid a $5,000 dividend. d. __O______ Purchased $8,800 of merchandise for cash. e. ___F_____ Received $100,000 from the issuance of common stock. f. __O______ Paid $1,200 of interest on a note payable. g. _____I___ Acquired a new laser printer by paying $650.
A note for $7,500, plus interest was paid directly to the bank under an agreement singed five month ago. The note payable was recorded at $ 7,500 on the company’s books. Required: 1. Prepared a bank reconciliation that shows both the unadjusted and adjusted balance per books. 2.
• Prepaid expenses increased $150,000 during the year. • Accounts payable to suppliers of merchandise decreased $340,000 during the year. • Accrued expenses payable decreased $100,000 during the year. • Operating expenses include depreciation expense of $70,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.
Discount rate = 10%. Corporation B: Revenues = $150,000 in year one, increasing by 8% each year. Expenses = $60,000 in year one, increasing by 10% each year/ Depreciation expense = $10,000 each year. Tax rate = 25%. Discount rate = 11%.
The Branch table stores the start date of each manager. Create a query to determine how many years each manager has worked for the bank: (1) Add a new field to calculate the number of weeks of vacation each manager is eligible to take. (2) Use a nested IIf function to change the weeks of vacation to zero for any employee with a start date later than today. (3) Change the format of each field to the appropriate type, and then add appropriate captions for the calculated fields. (4) Save the query as Vacation.