Chapter 4 4.1. Manhattan Park adjusts its books cach month and closes its books on December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Chapter 4 4.1. Manhattan Park adjusts its books cach month and closes its books on December 31 each year. The trial balance at January 31, 2010, before adjustments, follows: Debit Credit Cash. 6,600 5,400 Supplies. Unexpired Insurance Equipment. Accumulated Depreciation: Equipment. Unearned Admission Revenue 12,600 72,000 S 18,000 12,000 Capital Stock Retained Earnings, January 1, 2010. 20,000 38,200 Admissions Revenue. 27,600 Salaries Expense. Utilities Expense. Rent Expense. 8,100 5,700 5.400 S115.800 S115.800 Refer to the above data. According to attendance records, $8,200 of the Unearned Admission Revenue has been earned in January. Compute the amount of admissions revenue to be shown in the January income statement: a $35,800. b $19,400. e $8,200. d $3,800. Refer to the above data. At January 31, the amount of supplies on hand is $2,300. What amount is shown on the January income statement for supplies expense? $2,300. b $5,400. e $3,100. $7,700. 3 Refer to the above data. The equipment has an original estimated useful life of six years. Compute the book value of the equipment at January 31 after the proper January adjustment is recorded: . $1,000. b $71,000. e $53,000. $60,000. 4 Refer to the above data. Employees are owed $1,200 for services since the last payday in January to be paid the first week of February. No adjustment was made for this item. As a result of this error: - Assets at January 31 are overstated. b January net income is overstated. Liabilities at January 31 are overstated. d Owners' equity at January 31 is understated. 5. Refer to the above data. On August 1, 2009, the park purchased a 12-month insurance policy. The necessary adjusting entry at January 31 includes which of the following entries? (Hint: The company has adjusted its books on a monthly basis.) A debit to Insurance Expense for $1,050. b A credit to Unexpired Insurance for $11,550. A credit to Unexpired Insurance for $1,800. d A debit to Unexpired Insurance for $10,800. a om00 ot January Chapter 4 4.1. Manhattan Park adjusts its books cach month and closes its books on December 31 each year. The trial balance at January 31, 2010, before adjustments, follows: Debit Credit Cash. 6,600 5,400 Supplies. Unexpired Insurance Equipment. Accumulated Depreciation: Equipment. Unearned Admission Revenue 12,600 72,000 S 18,000 12,000 Capital Stock Retained Earnings, January 1, 2010. 20,000 38,200 Admissions Revenue. 27,600 Salaries Expense. Utilities Expense. Rent Expense. 8,100 5,700 5.400 S115.800 S115.800 Refer to the above data. According to attendance records, $8,200 of the Unearned Admission Revenue has been earned in January. Compute the amount of admissions revenue to be shown in the January income statement: a $35,800. b $19,400. e $8,200. d $3,800. Refer to the above data. At January 31, the amount of supplies on hand is $2,300. What amount is shown on the January income statement for supplies expense? $2,300. b $5,400. e $3,100. $7,700. 3 Refer to the above data. The equipment has an original estimated useful life of six years. Compute the book value of the equipment at January 31 after the proper January adjustment is recorded: . $1,000. b $71,000. e $53,000. $60,000. 4 Refer to the above data. Employees are owed $1,200 for services since the last payday in January to be paid the first week of February. No adjustment was made for this item. As a result of this error: - Assets at January 31 are overstated. b January net income is overstated. Liabilities at January 31 are overstated. d Owners' equity at January 31 is understated. 5. Refer to the above data. On August 1, 2009, the park purchased a 12-month insurance policy. The necessary adjusting entry at January 31 includes which of the following entries? (Hint: The company has adjusted its books on a monthly basis.) A debit to Insurance Expense for $1,050. b A credit to Unexpired Insurance for $11,550. A credit to Unexpired Insurance for $1,800. d A debit to Unexpired Insurance for $10,800. a om00 ot January
Expert Answer:
Answer rating: 100% (QA)
Solution 1 Admission revenue to be shown in January income statement ... View the full answer
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Posted Date:
Students also viewed these accounting questions
-
A company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, 2013, Norton accrued $4,700 of salaries payable....
-
Scott Inc. closes its books on December 31 of every year. The following information on its assets was contained in the records of the business as follows: Class 1 During 2019, a new office building...
-
Hatcher Company closes its accounts on December 31 each year. On December 31, 2018. Hatcher accrued $600 of interest income that was earned on an investment but not yet received or recorded (the...
-
Cadmium is a highly toxic substance with lethal effects on the human body in concentrations greater than 4.4 x 10-mol/L. Cadmium (II) carbonate has a Kp of 5.2 x 10-12 at 25C. Calculate the...
-
A company provides the following information: Required Comment on the profitability of the company and its dividend policy. 2012 2011 Return on equity Earnings per share Dividend payout ratio...
-
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet at the top of the following page at June 30, 2014, the end of the...
-
Prove that the optimum pressure ratio for intercooling of gas turbines with heat exchange is given below: \[\frac{p_{2}}{p_{1}}=\frac{p_{i}}{p_{1}}=\left(\frac{p_{2^{\prime}}}{p_{1}} ight)^{1 / 2}\]...
-
Stan Barker opened Quik-Stop Market on January 1, 2013. The business is subject to FICA taxes. At the end of the first quarter of 2013, Barker, as president of the company, must file Form 941,...
-
1. You are recently decided to invest $5,000 in the stock market. With such a small amount of money, you decide to invest in two stocks, allowing you easy access to a diversified portfolio. Relevant...
-
Lets return to the model of financial aid awards at a liberal arts college that was first introduced in Section 2.2. In that section, we estimated the following equation (standard errors in...
-
Porter's five forces analysis of weight watchers international Inc.
-
Congratulations and condolences.You have just been promoted to manage your company's "Star" product.Yes, they have classified it correctlyyou are the leader (45 % market share) in a high growth...
-
Problem 8.86. Define f : R R via f(x) = x. (a) Find two nonempty subsets A and B of R such that An B=0 but f-(A) = f(B). (b) Find two nonempty subsets A and B of R such that An B=0 but f(A) = f(B).
-
Find the present value PV of the given investment. (Round your answer to the nearest cent.) An investment earns 7% per year and is worth $80,000 after 6 years. PV = $53482.61
-
4. Let r(t) = (1 t, 1+ t, 6e). (a) Find an equation for the tangent line to this curve at t = 1. (b) Find an antiderivative R(t) of r(t) such that R(0) = (1, 1, 2).
-
a) If in Canada the working-age population is 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time....
-
The following information of Ahmed relates to the 2023 year of assessment: Income He earned a salary of R480 000. Net rentals of R60 000 were earned from a residential flat. Interest of R32 000 was...
-
Reichenbach Co., organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2018 and 2019. Instructions...
-
Increasing net operating asset turnover requires some combination of increasing sales and/or decreasing net operating assets. For the latter, many companies consider ways to reduce their investment...
-
Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. The contract price is $1,200 per employee and the...
-
At the beginning of 2019, Penman Company had the following (normal) account balances in its financial records: Accounts receivable ................................................. $122,000 Allowance...
-
Design second-order lowpass and highpass blocks, and combine them in cascade, to form a bandpass filter with passband \(0.3 \leq \omega \leq 0.4\), where \(\omega_{\mathrm{s}}=1\). Plot the resulting...
-
Plot the pole-zero constellation as well as the magnitude response of the transfer function of Exercise 4.20 for \(M=6,7,8\) and comment on the results. Exercise 4.20 Some FIR filters present a...
-
Design second-order lowpass and highpass blocks, and combine them in parallel, to form a bandstop filter with stopband \(0.25 \leq \omega \leq 0.35\), where \(\omega_{\mathrm{s}}=1\). Plot the...
Study smarter with the SolutionInn App