1. On October 1, 2024, Hurricane lent $9,000 to another company. The other company signed a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. On October 1, 2024, Hurricane lent $9,000 to another company. The other company signed a note indicating principal and 12% Interest will be paid to Hurricane on September 30, 2025. 2. On November 1, 2024, Hurricane paid its landlord $4,500, representing rent for the months of November through January. The payment was recorded in Prepaid Rent for the entire amount on November 1. Costs related to rent for the first 11 months of the year total $15,000. 3. On August 1, 2024, Hurricane collected $13,200 in advance from another company to provide consulting services for one year. The entire amount was recorded in Deferred Revenue. Hurricane generates $160,000 in other Service Revenue during the year. 4. Utilities owed at the end of the year are $400. For the first 11 months of the year, Hurricane has paid $4,000 for utilities. 5. Salaries for the December earned by employees but not paid to them or recorded are $5,000. For the first 11 months of the year, Hurricane has paid $45,000 for salaries. 6. Hurricane began the year with $500 in supplies. During the year, the company purchased $2,500 in supplies. At year-end, supplies costing $600 remain on hand. Required: 1. For each item, determine the accounts to be adjusted on December 31, 2024, the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. 2. Prepare an income statement for the year ended December 31, 2024 based on the items above. Note: Amounts to be deducted should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each item, determine the accounts to be adjusted on December 31, 2024, the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. Account Interest Receivable Balance before adiustment S Interest Revenue 0 S 1. On October 1, 2024, Hurricane lent $9,000 to another company. The other company signed a note indicating principal and 12% Interest will be paid to Hurricane on September 30, 2025. 2. On November 1, 2024, Hurricane paid its landlord $4,500, representing rent for the months of November through January. The payment was recorded in Prepaid Rent for the entire amount on November 1. Costs related to rent for the first 11 months of the year total $15,000. 3. On August 1, 2024, Hurricane collected $13,200 in advance from another company to provide consulting services for one year. The entire amount was recorded in Deferred Revenue. Hurricane generates $160,000 in other Service Revenue during the year. 4. Utilities owed at the end of the year are $400. For the first 11 months of the year, Hurricane has paid $4,000 for utilities. 5. Salaries for the December earned by employees but not paid to them or recorded are $5,000. For the first 11 months of the year, Hurricane has paid $45,000 for salaries. 6. Hurricane began the year with $500 in supplies. During the year, the company purchased $2,500 in supplies. At year-end, supplies costing $600 remain on hand. Required: 1. For each item, determine the accounts to be adjusted on December 31, 2024, the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. 2. Prepare an income statement for the year ended December 31, 2024 based on the items above. Note: Amounts to be deducted should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each item, determine the accounts to be adjusted on December 31, 2024, the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. Account Interest Receivable Balance before adiustment S Interest Revenue 0 S
Expert Answer:
Answer rating: 100% (QA)
1 For each item determine the accounts to be adjusted on December 31 2024 the amount of the adjustme... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Below are transactions for Hurricane Company during 2024. 1. On October 1, 2024, Hurricane lent $9,000 to another company. The other company signed a note indicating principal and 12% interest will...
-
Comparative financial statements of the Boeckman Company for 2009 and 2010 are as follows: Comparative Balance Sheets Comparative Income Statements Additional information: The Boeckman Company is...
-
Obtain the Laplace transform of the function plotted in Figure. 2T -M
-
Returns to a single variable factor, also known as returns to a factor, refers to the change in output resulting from increasing one input (like labor or capital) while keeping all other inputs...
-
The velocity ratio of third systemof pulleys is _____.
-
On February 1, the Gazette Corporation hired Susan Sharp to conduct an audit of its books and to prepare financial statements for the corporations annual meeting on July 1. Sharp made every...
-
What are the challenges associated with conducting hazard analysis in multi-disciplinary environments, where processes involve a mix of mechanical, electrical, and chemical systems? How can...
-
Design a two-digit decimal counter that counts from 00 up to 49. The 74LS190 should be used for the units stage (least significant decimal digit) and the 74LS163 for the tens stage.
-
2) An integral type controller controls the current value i (Amper) in a RL (Resistor-Inductor) Circuit. The output of the controller is the source voltage (input voltage) Vs of the RL Circuit....
-
The city of Valley Ridge has a special fund with a total fund balance at year-end of $180,000. State law requires that 80% of the balance be used for public works services. The other 20% of the funds...
-
why would you add Alt Text to a combo chart?
-
How did they calculate the investment in soda company and the NCI in NA of soda company?
-
Define each of the following: Name server Access ISP Gateway
-
Show that if A is any m n matrix, then Im A = A and AIn = A.
-
Who is currently in your own network that you could use for prospecting? How might you add to your network?
-
Pick any three of the sources of prospects discussed in the chapter and pick a product or service you like. Develop several ideas for how you would use each source to locate leads for the product or...
-
Why do you think a salesperson might experience call reluctance? How can it be overcome?
Study smarter with the SolutionInn App