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can someone do this? its for accounting Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that
can someone do this? its for accounting
Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: a on July 1, 2021, a two-year insurance premium on equipment in the amount of $672 was paid and debited in full to Prepaid Insurance on that date Coverage began on July 1. b. At the end of 2021 , the unadjusted balance in the Supplies account was $1,000. A physical count of supplies on December 31, 2021. indicated supplies costing $330 were still on hand, c On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $830. The amount is not yet recorded. It will be paid during January 2022 d.On December 31, 2021 , the company completed a contract for an out-of-state company for $8,100 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. e On July 1, 2021, the company purchased a new hauling van. Depreciation for July-December 2021, estimated to total $2,900, has As of December 31, the company owes interest of $530 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022 No interest has been recorded yet 9. Assume the income after the preceding adjustments but before income taxes was $33,000. The company's federal income tax rate is 25% Compute and record income tax expense ces not been recorded. Required: 1. Give the adjusting journal entry required for each item at December 31, 2021 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Brokeback's net income would have been understated, or overstated, had the adjustments in requirement i not been made Required 1 Required 2 Give the adjusting journal entry required for each item at December 31, 2021. (If no entry is Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 56 7 Record the entry for insurance expense if, on July 1, 2021, a two-year insurance premium on equipment in the amount of $672 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Required 1 Required 2 Give the adjusting journal entry required for each item at December 31, 2021. (If no entry is required for a Journal Entry Required in the first account field.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet Record the entry for depreciation for a hauling van purchased by the company on July 2021. Depreciation for July December 2021, estimated to total $2,900, has not been recorded. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Het Required 2 > 2 3 5 6 Record the entry for $530 interest owed by the company as of December 31, on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest has been recorded yet. es Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Hogi Required 2 > Journal entry worksheet Required: 1. Give the adjusting journal entry required for each item at December 31, 2021. 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by whic Brokeback's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Brokeback's net income would have been understated, or overstated, had the adjustments in requirement i not been made. Brokebacks net income by Step by Step Solution
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