Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi still trying to get the right answer, but i think i do not know enough about oprations accounts. Can you please help me to

Hi still trying to get the right answer, but i think i do not know enough about oprations accounts. Can you please help me to find the right answer for the times interest earned ratio.... and of course the explanation . Thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
c. Unpaid salaries at the end of January are $26,100. d. Accrued income taxes at the end of January are $8,000. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $17,411. Answer is complete but not entirely correct. Analyze the following for Freedom fireworks: (Round your answer to one decimal place) On January 1,2024 , the general ledger of Freedom Fireworks includes the following account balances: During January 2024, the following transactions occur: years. Payments of $1,910 are required at the ead of each nonth for be months. January io Pay cash on account payable, $11,000. January 15 Pay cash for salaries, $28,900. January 10 Firework sales for the month total $195,00. The cost of the units sold is $112,500. Jamairy 31 Pay the first montily instalimint of $1,980 related to the $100,000 borramd on lanuary 1. The following information is avallable on January 31,2024. a. Debreclation on the butidina for the month of - tanciary is catculated using the straight line method. At the time the buiding was purchased, the company csitimated a service life of 10 yeors and ar rebidual value of $24.000 b. The company estimates additional future uncollectible accounts of $2,300. c. Unpaid siaries at the end of January are $26,100. d. Accrued income taxes at the end of January are $8,000. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The reclassification is $17,411. Answer is complete but not entirely correct. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) \begin{tabular}{|c|c|c|c|c|c|} \hline 10 & January 31 & Salaries Expense & 0 & 26,100 & \\ \hline & & Salaries Payable & 0 & & 26,1000 \\ \hline \multirow[t]{3}{*}{11} & January 31 & Income Tax Expense & 0 & 8,000 & a \\ \hline & & Income Tax Payable & 0 & & 8,000 \\ \hline & & - & & & \\ \hline \multirow[t]{3}{*}{12} & January 31 & Notes Payable (Long-term) & 0 & 17,4110 & \\ \hline & & Notes Payable (Current) & 0 & & 17,4110 \\ \hline & & & & & - \\ \hline \multirow[t]{2}{*}{13} & January 31 & Sales Revenue & 0 & 195,0000 & \\ \hline & & Retainod Earnings & 0 & & 195,0000 \\ \hline \multirow[t]{7}{*}{14} & January 31 & Retained Earnings & 0 & 179,183 & \\ \hline & & Salaries Expense & 0 & & 55,0000 \\ \hline & & Depreciation Expense & 0 & & 8000 \\ \hline & & Bad Debt Expense & 0 & & 2,3000 \\ \hline & & Cost of Goods Sold & 0 & & 112.5000 \\ \hline & & interest Expense & 0 & & 5830 \\ \hline & & Income Tax Expense & 0 & & 8,0000 \\ \hline \end{tabular} Requirement General Ledoer Income statement Anabyeis Post-dosing Ceneral Ledger Income statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For MBAs

Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally

6th Edition

161853100X, 978-1618531001

More Books

Students also viewed these Accounting questions

Question

Know how to create a position description

Answered: 1 week ago