Question: On december 31 2010 yates co prepared an adjusting entry
On December 31, 2010, Yates Co. prepared an adjusting entry for $24,000 of earned but unrecorded management fees. On January 16, 2011, Yates received $37,500 cash in management fees, which included the accrued fees earned in 2010. Assuming the company uses reversing entries, prepare the January 1, 2011, reversing entry and the January 16, 2011, cash receipt entry.
Answer to relevant QuestionsMiller Company reported net income of $78,750 and net sales of $630,000 for the current year. Compute Miller’s profit margin and interpret the result. Assume that Miller’s competitors achieve an average profit margin of ...On November 1, 2010, a company paid a $15,300 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Colgate Company experienced the following events and transactions during July: July 1 Received $2,800 cash in advance of performing work for Vivian Solana. 6 Received $8,100 cash in advance of performing work for Iris ...The adjusted trial balance of Maytagg Repairs on December 31, 2011, follows. Required 1. Prepare an income statement and a statement of retained earnings for the year 2011, and a classified balance sheet as of December 31, ...Jazz Co. had the following transactions in the last two months of its fiscal year ended May 31. Apr. 1 Paid $2,600 cash to an accounting firm for future consulting services. 1 Paid $2,484 cash for 12 months of insurance ...
Post your question