Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with these transactions please Oriole Pizza had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1.
I need help with these transactions please
Oriole Pizza had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $202,400, all on account. 2. Sales of pizzas for cash were $448,800, and sales of pizzas on account were $35,200. 3. The company paid $92,400 for wages. 4. The company also paid $22,000 for utilities expenses. 5. Payments for ingredients and supplies purchased on account totalled $193,600. 6. Collections from customers for sales on account totalled $33,440. 7. Ingredients and supplies valued at $198,000 were used in making pizzas that were sold. 8. A dividend of $13,200 was declared and paid at the end of the year: Information for adjusting entries: 9. At the end of 2024 , the amount of rent paid in advance was $1,320. 10. Wages owed to employees at the end of 2024 were $2,200. 11. The equipment had an estimated useful life of eight years, with no residual value. 12. The delivery vehicles had an estimated useful life of six years with a residual value of $7,040. Oriole Pizza had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $202,400, all on account. 2. Sales of pizzas for cash were $448,800, and sales of pizzas on account were $35,200. 3. The company paid $92,400 for wages. 4. The company also paid $22,000 for utilities expenses. 5. Payments for ingredients and supplies purchased on account totalled $193,600. 6. Collections from customers for sales on account totalled $33,440. 7. Ingredients and supplies valued at $198,000 were used in making pizzas that were sold. 8. A dividend of $13,200 was declared and paid at the end of the year: Information for adjusting entries: 9. At the end of 2024 , the amount of rent paid in advance was $1,320. 10. Wages owed to employees at the end of 2024 were $2,200. 11. The equipment had an estimated useful life of eight years, with no residual value. 12. The delivery vehicles had an estimated useful life of six years with a residual value of $7,040Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started