Question
1. Danza Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that at year end, the following items
1. Danza Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that at year end, the following items had not been recorded:
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On May 1, 20X8, Danza received a $12,000 advance for a six-month job and credited Revenue for $12,000.
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Interest on a $12,000 note payable bearing a 10% interest rate is paid quarterly. The last payment was made at the end of May 20X8.
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Danzas payroll is 14 salaried employees, each earning $900 a week for a 5-day workweek. Friday is payday. June 30 was a Tuesday.
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Prepare the adjusting entries necessary for the year ended June 30, 20X8.
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What is Danzas net income for 20X8?
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Accounting For Governments From Budget To Audit How Governments Plan Raise Spend And Then Account For Their Use Of Citizens Money In The 21st Century
Authors: Michael Parry, Jesse Hughes
1st Edition
1092763112, 978-1092763110
