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Need help calculating #34, #35, #38, and #39 Draw Page Layout Formulas Data Review View Tell me fx Use the straight-line method of depreciation Management
Need help calculating #34, #35, #38, and #39
Draw Page Layout Formulas Data Review View Tell me fx Use the straight-line method of depreciation Management has decided that B Byte of Accounting, Inc. Description of transaction June 1: Ryte of Accounting, Inc. aoquired $71.400 in ausb from lary and sued 3,400 shares of its Doon stock after $23.100 June 1: Byte of Accounting, Inc. issued 2,620 shares of is common stock in cash and computer equipment with a fair market value of $31.930 were received June : Byte of Accounting, Inessed 2,768 shares of common stock after acquiring from Courtney $45.150 in cash, computer equipment with a fair market value of $12,10 and office equipment with a fair value of 5798 June 2: A down payment of $35,000 in cash was made on additional computer equipment that was purchased for 5175,000. A five-year note was executed by Byte for the balance June 4: Additional office equipment costing 5500 was purchased on erit from Discount Computer Corporation June & Usadafactory office equipment costing $100 was retumed to Discount Computer for credit to be applied against the outstanding balance owed by Byte June 10: Byte paid $26.750 on the balance it owed on the June 2 purchase of computer equipment June 14. A one year insurance policy covering its computer equipment was purchased by Byte for 55.472 in cash. The effective date of the police tras une 16 June 16 A check in the amount of $6.500 was received for contingevee June 16: Byte purchased a building and the land it is on for $113.000. repair facilities and to store computer equipment. The lot on which the building is located issued 518,000. The balance of the lanatic to her to the hands with elcome Chart of Accounts Transaction Jamal Mac File Edit View Window Help Insert Format Tools Data SU AutSave ON sert Draw Page Layout Formulas Data Review View Tell m v fx Use the straight-line method of depreciation Management has decided B June 17: Cash of $6,300 was paid for rent for June July and August. Put the most into the Pre Rent mount June 17: Received a bill of $350 from the local newspaper for advertising June 21: Accounts payable in the amount of S400 were paid June 21: A fax machine for the office was purchased for $775 cash June 21: Billed various miscellaneous local customers $4,600 for coming services performed June 22 Paid salaries of $860 to equipment operation for the week ending June 18 June 22: Received a bill for S1,165 from Computer Parts and Real Co for repairs to the computer equipment June 22: Paid the advertising bill that was received on June 17. June 23. Purchased office supplies for SS55 on credit Record the purchases increase to the assets June 23: Cast in the amount of $3,685 was received on billings June 28: Billed $5.05 miscellaneous customers for services performed to June 25 June 29: Paid the bill received on June 22. from Computer Parts and Repairs Co. June 29: Cash in the amount of $5,500 was received for billings June 29. Paid salaries of $860 to equipment operates for the week ending June 25 June 30. Received a bill for the amount of $990 from D&GO Gas C June 30: Paid a cash dividend of 50.20 pet share to the three shades of By IMPORTANT N Welcome Chart of Accounts Transactions Glumal Review View ell me Home Insert Draw Page Layout Formulas Data XfxUse the straight-line method of depreciation Management has decided that assets pu B73 B A 54 26. June 30: Paid a cash dividend of $0.20 per Share to the three sbarebolders of Byte (IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions] 55 56 57 58 Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June July and August Expense the amount associated with one month's rent 59 50 28. A physical inventory showed that only $225.00 worth of office supplies remained on hand as of June 30. 61 82 29. The annual interest rate on the mortgage payable was 9.00 peromt. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16 65 84 30 Information relating to the prepaid Insurance may be obtained from the transaction recorded on June 14, Expense the amount associated with one half month's insurance 56 66 31 A review of Hyte's job worksheets show that there are unbilled revenues in the amount of $5,500 for the period of June 28-30 87 32 68 69 70 71 72 The fixed assets have estimated useful lives as follows: Building -31.5 years Computer Equipment 5.0 years Office Equipment 10 years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is 57.500. The office equipment has a scrap value of $450. The computer equipment has no scrap valoe Calculate the depreciation for one month 73 74 33 A review of the payroll records show that unpaid salaries in the amount of $516.00 are owed by Byte for three days, June 28 - 30 75 78 34 The note payable relating to the June 2. and 10 transactions is a five year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year 17 Welcome Chart of Accounts Transactions General Journal A Worksheet Ready MacBook Home B73 4 x fx Use the straight-line method of depreciation Management has decided that ase A B 33. A review of the payroll records show that unpaid salaries in the amount of $$16.00 are owed by Byte for three days, June 28 - 30. 3 & 34. 7 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day your (IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $140,000 On June 10, eight days later, $26,750 was repaid. Interest expense must be 3 calculated on the $140,000 for eight days. In addition, interest expense on the $113,250 balance of the loan ($140,000 less $26,750 - $113,250) must be calculated for the 20 days remaining in the month of June.] 9 0 11 35 Income taxes are to be computed at the rate of 25 percent of net income before tates [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.) 12 13 54 Closing Entries 55 36 36 Close the revenue accounts 37 BB Close the expense accounts 38 Close the income summary account 30 51 39. Close the dividends account + 93 34 -35 36 17 99 100 101 Welcome Chart of Account Transactions General Journal Workah Ready MadBoo Step by Step Solution
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