Coin Coron Appliance Nantucket has just purchased a franchise from Con Cameron Appliance OCA Cack the icon to the adonal information Following is the chart of accounts for Colin Cameron Appliance-Nanocket As a new Business, a beginning balances are $0 Click the sconto www.The chart of accounts. Con Cameron Appiance-Nicket compared to owng transactions during 2004, first year of operations (click icon to view the transactions Read the Requirement 1. Record the transactions in the general jumal, Ontaxplanation fecord debts the cred Excludentions from aroulies a. Received 5510.000 cash from owner, Gamer Opened a new checking account at Nantucket National Bank and deposited the cash received from the owner. Date Accounts Debit Credit a) 550.000 Bamord, Capital 510.000 Following is the chart of accounts business, all beginning balances Click the icon to the ch - X More info Requirement 1. Record the trans a. Received $510,000 cash from Ir. Date CCA is a manufacturer of kitchen appliances, CCA markets its products via retail stores that are operated as franchise As a CCA franchisee, Colin Cameron Appliance-Nantucket will receive many benefits including having the exclusive right to sell CCA brand appliances in Nantucket CCA appliances have an excellent reputation and the CCA name and logo are readily recognized by consumers CCA also manages national television advertising campaigns that benefit the franchiseen. In exchange for these boots Colin Cameron Appliance-Nantucket will pay an annual franchise foto CCA based on a percentage of sales. The annual franchise toe is a separate cost and in addition to the purchase of the franchise In addition to purchasing the franchise Coin Cameron Appliance Nantucket will also purchase and with an existing building to use for its retail store store dures, and office equipment. The business will purchase appliances from CCA and resell them in its store, primarily to local building contractors for installation in new homes fa Cash Bamerd Capital Check answer Etext pages Calcula Print Done 536 PM 1014/2001 2 545 Type here to search business, all beginning balances are so Click the icon to view the chart of More info - X Requirement 1. Record the transaction a. Received $610,000 cash from owned entries) Owner Date Yal Cash Bamerd, Capital Colin Cameron Appliance Nantucket Chart of Accounts Cash Bamerd. Capital Potty Cash Bamard, Withdrawals Accounts Receivable Sales Revenue Allowance for Bad Debts Interest Revenue Merchandise Inventory Cost of Goods Sold Office Supplies Franchise For Expense Prepaid Insurance Solaris Expense Interest Receivable Utilities Expense Etext pages Calculator all Check answer Type here to search O 54' 53 PM 17/14/2021 Co the soon to view the additional information Following is the chart of accounts for C business all beginning balances are Click the icon to view the chart of More info Con Cameron Appliance Nantucket completed the following transactions during 2024 furst year of operations Click the con to the action) Requirement 1. Record the transaction a. Received 5510,000 cash from owned antes Date Wer (al Cash Bamed Capital Land Supplies Expense Building Badet pense Accumulated Depreciation --Bilding Bank Expense Store Patures Credit Card Expose Accumulated Depreciation Store Fores Depreciation Experise Building Office Equipment Depreciation Expense-Stors Fires Accumulated Depreciation Office Equipment Depreciation Expense Equipment Franchise Amortization Expense-Franchise Accounts Payable Interest Expense Inforest Payable Cash Short and Over Etext pages Calculator all Type bere to search Check answer 54F SIM 11/10/2001 >> - X Colin Cameron Click the loon to view the additional information) Following is the chart of accounts. business, al beginning balances Click the icon to view the ch More info Requirement 1. Record the trans a Received $510.000 cash from Date Cash Bamed Cupita & Received 5510,000 cash from owner, Bamerd, in exchange for capital Opened a new checking account at Nantucket National Bank and deposited the cash received from the owner b. Paid $45,000 cash for a CCA franchise c. Paid $290.000 cash and issued a $250.000, 10-year, 6% notes payable for and with an existing building. The assets had the following market values Land, 6110 000 Building $530,000 d. Paid $120.000 for store fatures Paid $55.000 for office equipment Paid S700 forice supplies 9. Paid 54 200 for a two-year insurance policy h. Purchased appliances from CCA (merchandise inventory) on account for $400,000 Established a petty cash fund for $250 Check answer Etext pages Calculat 5 TIM 11/14/2003 . 154" 2 o Type here to search Following the chart of ou business all begining balance Click the con to view the - More info Requirement. Record the trang a. Received 5510,000 cash from Data al Cash Bamond Capital 1 Sold appliances on account to NOP Contractors for $220,000, msn/30 (cost, $50,000) Sold appliances to Allen Contracting for $100.000 (0, 353,000), receiving a month. 75 note Recorded credit cards of $55.000 (cost, $19,500.net of processor fo of 1 m. Received payment in full from NOP Contractors n. Purchased appliances from CCA on account for $630,000 0 Made payment on account to CCA $200,000 p. Sold appliances for cash to GB Home Bolders for $320,000 (cost $131.000) 4 Received payment in full on the maturity date from Alen Contracting for the note Sold appliances to Deard Contracting for $260.000 (cost: 5102,0001, recording a 9-montti 7% note Made payment on account to CCA. 5550,000 Etext pages Calcula Check Type here to search O G SA 54F Requirement 1. Record the brand a. Received $510,000 cash from Date Cash Bamera, Capital 4. Received payment in on the mounty data from Allen Contracting for the note Sold appliances to Deard Contracting for $200,000 (cost, $102,000), receiving a month, note. Made payment on account to CCA 5550,000 Sold appliances on account to various businesses for 5950,000, terma n/30 (cost, $285.000 . Collected 5720.000 cash on account Paid cash for expenses Salanes, $120,000: Utilities, $13.500 W. Replenished the petty cash hind when the fund had $117 in cash and petty cash tickets for $123 for office supplies Bamerd withdrew $6.000 y Paid the franchise fee to CCA of 4% of total sales of $1.005.000. V X Etext pages Calculat Check answe Print Done Type here to search 0 1 G C 22 SA 54F I'M 11 1. Record the transactiod entries) 510.000 cash from owner owner Cash Bamord, Capital 1. Record the transactions in the general Journal Omit explanations 2. Post to the general ledger 3. It is a common business practice to reconcile the bank accounts on a monthly basis However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Nantucket Nabonal Bank to the Cash account in the general ledger Record journal entries as needed and post to the general ledger. Use transaction as the posting reference Beginning Balance, January 1, 2024 $ Deposits and other credits 510,000 54 450 0 on on ages Calculator all Check answer SOM ype here to search O 54" TU/2021 30 Requirements 54.450 Requirement 1. Record the transaction Received $10,000 cash or own res Owner Dane 220.000 320,000 720.000 1.300 Cash Hamed. Capit 1.825.750 test Reven Checks and the debe EFT I Bank Check Check 100 40.000 300,000 55,000 Etext pages Calculator all Check answer Type here to search o 154 91M 11/2021 siness, al beginning balances are $ (Click the icon to view the chart of - X Requirements quirement 1. Record the transaction entries 55.000 120,000 250 Received $510,000 cash from owner Owner Date (0) Cash Bamerd, Capital 4.200 700 280,000 550.000 133.500 1 800 Bank service charge (1.581.590) $ 244,180 Ending balance, December 31, 2024 Cext pages Calculator all Check 54"F Type here to search O 10 9.10) - Google Chrome spx homeworkd=604376247&questionid=1&flushed=false&cid=6607977¢erwinnyes Question 1, CompF10-1... HW Score: 9.72%, 9.72 of 1 hansivo Dra Requirements 1. Record the transactions in the general journal. Omit explanations 2. Post to the general ledger. 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Nantucket National Bank to the Cash account in the general ledger Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. Beginning Balance, January 1, 2024 0 Deposits and other credits: 510,000 54,450 $ S Onnan Print Done O O 53'F equirements 54,450 220,000 320,000 720,000 1,300 Interest Revenue 1,825,750 Checks and other debits: 140 EFT to Bank Checks Checks: 46,000 390,000 55,000 Print Done w N R 53F Requirements 55,000 120,000 250 4,200 700 280,000 550,000 133,500 1,800 Bank service charge (1,581,590) Ending balance, December 31, 2024 244,160 Print Done O BI W 53F Requirements $ Ending balance, December 31, 2024 244,160 "Bank Checks is a company that prints business checks (considered a bank expense) for Colin Cameron Appliance-Nantucket 4. In preparation for preparing the adjusting entries, complete depreciation schedules for the first five years for the depreciable plant assets, assuming the assets were purchased on January 2, 2024: a. Building, straight-line, 30 years, $50,000 residual value. b. Store Fixtures, straight-line, 15 years, no residual value. c. Office Equipment, double-declining-balance, five years, $4,000 residual value. 5. Record adjusting entries for the year ended December 31, 2024: a. One year of the prepaid insurance has expired. b. Management estimates that 6% of Accounts Receivable will be uncollectible. c. An inventory of office supplies indicates $623 of supplies have been used. d. Calculate the interest earned on the outstandina Deard Contracting note Print Done w N M 53F Requirements c. An inventory of office supplies indicates $623 of supplies have been used. d. Calculate the interest earned on the outstanding Deard Contracting note receivable. Assume the note was received on October 31. Round to the nearest dollar. e. Record depreciation expense for the year. f. Record amortization expense for the year on the franchise, which has a 10-year life. g. Calculate the interest owed on the note payable. Assume the note was issued on January 1. 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2024. Prepare a classified balance sheet as of December 31, 2024 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. a. Liquidity: i. Current ratio Print Done O W o 53F 2%, 9.72 Requirements January 1. 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2024. Prepare a classified balance sheet as of December 31, 2024. Assume Interest Receivable is a current asset and Interest Payable is a current liability. 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. a. Liquidity: i. Current ratio ii. Acid-test ratio iii. Cash ratio b. Efficiency: 1. Accounts receivable turnover ii. Day's sales in receivables iii. Asset turnover iv. Rate of return on total assets Print Done W N ? 53F Coin Coron Appliance Nantucket has just purchased a franchise from Con Cameron Appliance OCA Cack the icon to the adonal information Following is the chart of accounts for Colin Cameron Appliance-Nanocket As a new Business, a beginning balances are $0 Click the sconto www.The chart of accounts. Con Cameron Appiance-Nicket compared to owng transactions during 2004, first year of operations (click icon to view the transactions Read the Requirement 1. Record the transactions in the general jumal, Ontaxplanation fecord debts the cred Excludentions from aroulies a. Received 5510.000 cash from owner, Gamer Opened a new checking account at Nantucket National Bank and deposited the cash received from the owner. Date Accounts Debit Credit a) 550.000 Bamord, Capital 510.000 Following is the chart of accounts business, all beginning balances Click the icon to the ch - X More info Requirement 1. Record the trans a. Received $510,000 cash from Ir. Date CCA is a manufacturer of kitchen appliances, CCA markets its products via retail stores that are operated as franchise As a CCA franchisee, Colin Cameron Appliance-Nantucket will receive many benefits including having the exclusive right to sell CCA brand appliances in Nantucket CCA appliances have an excellent reputation and the CCA name and logo are readily recognized by consumers CCA also manages national television advertising campaigns that benefit the franchiseen. In exchange for these boots Colin Cameron Appliance-Nantucket will pay an annual franchise foto CCA based on a percentage of sales. The annual franchise toe is a separate cost and in addition to the purchase of the franchise In addition to purchasing the franchise Coin Cameron Appliance Nantucket will also purchase and with an existing building to use for its retail store store dures, and office equipment. The business will purchase appliances from CCA and resell them in its store, primarily to local building contractors for installation in new homes fa Cash Bamerd Capital Check answer Etext pages Calcula Print Done 536 PM 1014/2001 2 545 Type here to search business, all beginning balances are so Click the icon to view the chart of More info - X Requirement 1. Record the transaction a. Received $610,000 cash from owned entries) Owner Date Yal Cash Bamerd, Capital Colin Cameron Appliance Nantucket Chart of Accounts Cash Bamerd. Capital Potty Cash Bamard, Withdrawals Accounts Receivable Sales Revenue Allowance for Bad Debts Interest Revenue Merchandise Inventory Cost of Goods Sold Office Supplies Franchise For Expense Prepaid Insurance Solaris Expense Interest Receivable Utilities Expense Etext pages Calculator all Check answer Type here to search O 54' 53 PM 17/14/2021 Co the soon to view the additional information Following is the chart of accounts for C business all beginning balances are Click the icon to view the chart of More info Con Cameron Appliance Nantucket completed the following transactions during 2024 furst year of operations Click the con to the action) Requirement 1. Record the transaction a. Received 5510,000 cash from owned antes Date Wer (al Cash Bamed Capital Land Supplies Expense Building Badet pense Accumulated Depreciation --Bilding Bank Expense Store Patures Credit Card Expose Accumulated Depreciation Store Fores Depreciation Experise Building Office Equipment Depreciation Expense-Stors Fires Accumulated Depreciation Office Equipment Depreciation Expense Equipment Franchise Amortization Expense-Franchise Accounts Payable Interest Expense Inforest Payable Cash Short and Over Etext pages Calculator all Type bere to search Check answer 54F SIM 11/10/2001 >> - X Colin Cameron Click the loon to view the additional information) Following is the chart of accounts. business, al beginning balances Click the icon to view the ch More info Requirement 1. Record the trans a Received $510.000 cash from Date Cash Bamed Cupita & Received 5510,000 cash from owner, Bamerd, in exchange for capital Opened a new checking account at Nantucket National Bank and deposited the cash received from the owner b. Paid $45,000 cash for a CCA franchise c. Paid $290.000 cash and issued a $250.000, 10-year, 6% notes payable for and with an existing building. The assets had the following market values Land, 6110 000 Building $530,000 d. Paid $120.000 for store fatures Paid $55.000 for office equipment Paid S700 forice supplies 9. Paid 54 200 for a two-year insurance policy h. Purchased appliances from CCA (merchandise inventory) on account for $400,000 Established a petty cash fund for $250 Check answer Etext pages Calculat 5 TIM 11/14/2003 . 154" 2 o Type here to search Following the chart of ou business all begining balance Click the con to view the - More info Requirement. Record the trang a. Received 5510,000 cash from Data al Cash Bamond Capital 1 Sold appliances on account to NOP Contractors for $220,000, msn/30 (cost, $50,000) Sold appliances to Allen Contracting for $100.000 (0, 353,000), receiving a month. 75 note Recorded credit cards of $55.000 (cost, $19,500.net of processor fo of 1 m. Received payment in full from NOP Contractors n. Purchased appliances from CCA on account for $630,000 0 Made payment on account to CCA $200,000 p. Sold appliances for cash to GB Home Bolders for $320,000 (cost $131.000) 4 Received payment in full on the maturity date from Alen Contracting for the note Sold appliances to Deard Contracting for $260.000 (cost: 5102,0001, recording a 9-montti 7% note Made payment on account to CCA. 5550,000 Etext pages Calcula Check Type here to search O G SA 54F Requirement 1. Record the brand a. Received $510,000 cash from Date Cash Bamera, Capital 4. Received payment in on the mounty data from Allen Contracting for the note Sold appliances to Deard Contracting for $200,000 (cost, $102,000), receiving a month, note. Made payment on account to CCA 5550,000 Sold appliances on account to various businesses for 5950,000, terma n/30 (cost, $285.000 . Collected 5720.000 cash on account Paid cash for expenses Salanes, $120,000: Utilities, $13.500 W. Replenished the petty cash hind when the fund had $117 in cash and petty cash tickets for $123 for office supplies Bamerd withdrew $6.000 y Paid the franchise fee to CCA of 4% of total sales of $1.005.000. V X Etext pages Calculat Check answe Print Done Type here to search 0 1 G C 22 SA 54F I'M 11 1. Record the transactiod entries) 510.000 cash from owner owner Cash Bamord, Capital 1. Record the transactions in the general Journal Omit explanations 2. Post to the general ledger 3. It is a common business practice to reconcile the bank accounts on a monthly basis However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Nantucket Nabonal Bank to the Cash account in the general ledger Record journal entries as needed and post to the general ledger. Use transaction as the posting reference Beginning Balance, January 1, 2024 $ Deposits and other credits 510,000 54 450 0 on on ages Calculator all Check answer SOM ype here to search O 54" TU/2021 30 Requirements 54.450 Requirement 1. Record the transaction Received $10,000 cash or own res Owner Dane 220.000 320,000 720.000 1.300 Cash Hamed. Capit 1.825.750 test Reven Checks and the debe EFT I Bank Check Check 100 40.000 300,000 55,000 Etext pages Calculator all Check answer Type here to search o 154 91M 11/2021 siness, al beginning balances are $ (Click the icon to view the chart of - X Requirements quirement 1. Record the transaction entries 55.000 120,000 250 Received $510,000 cash from owner Owner Date (0) Cash Bamerd, Capital 4.200 700 280,000 550.000 133.500 1 800 Bank service charge (1.581.590) $ 244,180 Ending balance, December 31, 2024 Cext pages Calculator all Check 54"F Type here to search O 10 9.10) - Google Chrome spx homeworkd=604376247&questionid=1&flushed=false&cid=6607977¢erwinnyes Question 1, CompF10-1... HW Score: 9.72%, 9.72 of 1 hansivo Dra Requirements 1. Record the transactions in the general journal. Omit explanations 2. Post to the general ledger. 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Nantucket National Bank to the Cash account in the general ledger Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. Beginning Balance, January 1, 2024 0 Deposits and other credits: 510,000 54,450 $ S Onnan Print Done O O 53'F equirements 54,450 220,000 320,000 720,000 1,300 Interest Revenue 1,825,750 Checks and other debits: 140 EFT to Bank Checks Checks: 46,000 390,000 55,000 Print Done w N R 53F Requirements 55,000 120,000 250 4,200 700 280,000 550,000 133,500 1,800 Bank service charge (1,581,590) Ending balance, December 31, 2024 244,160 Print Done O BI W 53F Requirements $ Ending balance, December 31, 2024 244,160 "Bank Checks is a company that prints business checks (considered a bank expense) for Colin Cameron Appliance-Nantucket 4. In preparation for preparing the adjusting entries, complete depreciation schedules for the first five years for the depreciable plant assets, assuming the assets were purchased on January 2, 2024: a. Building, straight-line, 30 years, $50,000 residual value. b. Store Fixtures, straight-line, 15 years, no residual value. c. Office Equipment, double-declining-balance, five years, $4,000 residual value. 5. Record adjusting entries for the year ended December 31, 2024: a. One year of the prepaid insurance has expired. b. Management estimates that 6% of Accounts Receivable will be uncollectible. c. An inventory of office supplies indicates $623 of supplies have been used. d. Calculate the interest earned on the outstandina Deard Contracting note Print Done w N M 53F Requirements c. An inventory of office supplies indicates $623 of supplies have been used. d. Calculate the interest earned on the outstanding Deard Contracting note receivable. Assume the note was received on October 31. Round to the nearest dollar. e. Record depreciation expense for the year. f. Record amortization expense for the year on the franchise, which has a 10-year life. g. Calculate the interest owed on the note payable. Assume the note was issued on January 1. 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2024. Prepare a classified balance sheet as of December 31, 2024 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. a. Liquidity: i. Current ratio Print Done O W o 53F 2%, 9.72 Requirements January 1. 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2024. Prepare a classified balance sheet as of December 31, 2024. Assume Interest Receivable is a current asset and Interest Payable is a current liability. 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. a. Liquidity: i. Current ratio ii. Acid-test ratio iii. Cash ratio b. Efficiency: 1. Accounts receivable turnover ii. Day's sales in receivables iii. Asset turnover iv. Rate of return on total assets Print Done W N ? 53F