Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help soon Required information CP10-3 Recording and Reporting Current Liabilities (LO 10-2) [The following information applies to the questions displayed below) Riverside Company completed

need help soon image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information CP10-3 Recording and Reporting Current Liabilities (LO 10-2) [The following information applies to the questions displayed below) Riverside Company completed the following two transactions. The annual accounting period ends December 31, a on December 31, calculated the payroll, which indicates gross earnings for wages ($175,000), payroll deductions for Income tax ($17,500). payroll deductions for FICA ($19.000), payroll deductions for United Way ($3,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,200). Employees were paid in cash. but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded b. Collected rent revenue of $4,680 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue ces CP10-3 Part 2 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31 RIVERSIDE COMPANY Balance Sheet (partial) At December 31 0 PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio (LO 10-2, LO 10-5) Tiger Company completed the following transactions The annual accounting period ends December 31 Sanchase the content of 1,000 rentoryte) Jan. 27 Pald for the purchase Alle 19,0 from Melantier in the content June 13 Purchase the cost of $10. July 23 Pald for the wheel July 1 Rented out a wall office in Wing Tiger Cory and collationis rent in avance to 110.00. Dr. Oerind, were arred yet in December tenerellt Dec 11 Auto the Star, relating to interest De the contearen alting to rent Required 1. For each ledsacon and related adjusting entry indicate the accounts, amounts, and effects on the accounting equation 2. For each tem, indicate whether the deausets roto is increased or decreased or there is no change (Assume Tiger Company's debt-to-one is less than 10) Complete this question by entering your awwers in the tabs below. For eached train and adjusting entry indicate the accounts, amounts and effects on the accounting equation round imate collations, Enter any decreasestas of the winter your intration provided in the problem tamen 2 Ape 26 ya Dec. 31 Dec 31 PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio (LO 10-2, LO 10-5) Tiger Company completed the following transactions. The annual accounting period ends December 31 Jan. 3. Purchased merchandise on account at a cost of $28,000. (Assume a perpetual inventory system.) Jan. 27 Paid for the January 3 purchase Apr. 1 Received $84,eee fron Atlantic Bank after signing a 12-month, 7.8 percent promissory note. June 13 Purchased merchandise on account at a cost of $8,800. July 25 paid for the June 13 purchase. July 31 Rented out a small office in a building owned by Tiger Company and collected eight months' rent in advance amounting to $8,800. Dec. 31 Determined wages of $16,000 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Required: 1. & 2. Prepare journal entries for each of the transactions through August 1 and any adjusting entries required on December 31 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Red 1 and 2 Red Prepare journal entries for each of the transactions through August 1 and any adjusting entries required on December 31. (Do not round intermediate calculations. If no entry is required for a transaction/event, select No Journal Entry Required in the first secount field.) View transaction lit Journal entry worksheet 4 Record the wages expense, including payroll deductions Hote: Enter det beste edits General Journal Debit Credit Date Decontbt Record entry Clay View PB10-4 Comparing Bonds Issued at Par, Discount, and Premium (LO 10-3) Marshalls Corporation completed a $690,000, 6 percent bond issue on January 1, 2018. The bonds pay interest each December 31 and mature 10 years from January 1, 2018 Required: For each of the three independent cases that follow. provide the following amounts to be reported on the January 1, 2018, financial statements immediately after the bonds were issued (Deductions should be indicated by a minus sign.) Case A Issued at 100) Case B (at 98) Case C (at 102) January 1, 2018 Financial statements a Bonds Payable 6. Unamortized Premium for discount) c. Carrying Value

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

Quantitative Analysis For Management

Authors: Barry Render, Ralph M. Stair, Michael E. Hanna

11th Edition

9780132997621, 132149117, 132997622, 978-0132149112

Students also viewed these Accounting questions