Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image](https://dsd5zvtm8ll6.cloudfront.net/questions/2024/04/660e0a2f4b0d3_143660e0a2f41415.jpg)
Transcribed Image Text:
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% $ 6,560 129,800 474,000 120-day note payable, 4% Unearned revenues Warranty expense $ 90,000 306,000 7,400 Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal 1 Dec 31- Income tax expense Debit Credit Help Save & Exit Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% $ 6,560 129,800 474,000 120-day note payable, 4% Unearned revenues Warranty expense $ 90,000 306,000 7,400 Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal 1 Dec 31- Income tax expense Debit Credit Help Save & Exit
Expert Answer:
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Posted Date:
Students also viewed these accounting questions
-
What are the local company business in the philippines has a unique distribution strategy during pandemic
-
1.demostrate comprehension you might interpret execution shares gave by the board 2.explain what is implied by stock appreciation freedoms in administration 3.correlate the disparity or intermingling...
-
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Additional information: a. $10,800 of income tax was accrued...
-
What is the MFD? UFD? How are they related?
-
Canal+France, a subsidiary of Vivendi, acquired 85 percent of TPS Cinema in January 2007 for 787 millionfair value of Canal+France shares. Information on the acquisition is as follows (in millions):...
-
The figure shows a solid bounded below by the plane z = 2 and above by the sphere x + y + z = 8. (a) Find the volume of the solid using cylindrical coordinates. (b) Find the volume of the solid using...
-
Star Communications designs, manufactures, and sells telecommunication equipment, and provides services associated with their installation, operation, and maintenance in China, India, Korea, and...
-
Allenby Company has operating assets of $20,000,000. The companys operating income for the most recent accounting period was $2,640,000. The Fisher Division of Allenby controls $7,500,000 of the...
-
Problem 2: Compute the following derivative: d [tet + e dt ln(t) + T 1 t
-
Read the following two-part scenario and answer the questions provided. In each of your responses, please include: A clear answer that shows your understanding of the course material All of the...
-
Explain why, in a competitive market, firms only generate normal profits in the long run, whereas they can generate super normal profits in the short run?
-
Crane Windows manufactures and sells custom storm windows for three-season porches. Crane also provides installation service for the windows. The installation process does not involve changes in the...
-
1) Which are the three most salient differences between an asset deal and a share deal? 2) Why does the buyer wish (in most of the cases) to include Reps & Warrants in a SPA regarding a property? 3)...
-
Take a look at this article on how the law was ignored in the clearing of Kranji Woodland to make way for development....
-
Issue 1: The company since July 2022 to early 2023 has been losing money due to the volatility in the financial markets, raising interest rates and lack of consumer demand for the company's products...
-
How much of it did you understand when entering into the contract? Are any of the terms particularly surprising or unfair? If given the opportunity, would you void the contract? From learning about...
-
Using the protocols below and any other relevant material students draft 5 questions that incorporate aspects of the material elements of the offense outlined in the scenario below. The questions...
-
1) The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have a) An inelastic demand b) An elastic demand c) A demand curve that is...
-
Lake Company has the following shares outstanding: 20,000 shares of \(\$ 50\) par value, five percent cumulative preferred stock and 80,000 shares of \(\$ 10\) par value common stock. The company...
-
Minaret, Inc., issued 10,000 shares of \(\$ 50\) par value preferred stock at \(\$ 68\) per share and 12,000 shares of no-par value common stock at \(\$ 15\) per share. The common stock has no stated...
-
White Corporation has 80,000 shares of \(\$ 5\) par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App