Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all 4 The following is summary of information presented on the financial statements of a company on December 31,2020 . 1. Prepare a

please answer all 4
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is summary of information presented on the financial statements of a company on December 31,2020 . 1. Prepare a horizontal analysis of the Gross Profit (Round to one decimal place) 2. Prepare a vertical analysis of Gross Profit for the years 2019 and 2020 . (Round to one decimal place) Oridanuary 1, 2020 Conway Int. botrowed 5220.000 by signing a nine-month, 105 note paysble. Prepare the journal entry on October 1,2020 , the date the note was paid. fac Formet Tetle Johmson Company purchased a truck on Lanuary 1,2020, for $120.000. Estimated life of the truck is five vears or 100,000 miles, and its estimsted residual vake is $10.000. The first year, the truck was driven 9.500 miles, Calculate the depreciation expense for the first year wing the followire depreciation methodsi 1. Stasht-line 2. Units-of-production 3. Doible deelinine tolasce Durite dune 2025. Andy Cenwany hat the followine transacticns: 1. sales or $185.000 i\$142.000 en eccetint, $43.000 for casiti 2 Collections on account $128000 3. Wite cetis of uncollectbie rectivables, \$1.900 4. Aecovery of reteivatste greviouser written off, $600 Adisitional enforatione Lenere Cont of Gooits Soid and reund intenmediary calcufaticns to the ne irest dollar. Afidy uses the allowance method for uncolectibles. Requirements: Prepare the journat entrles for the June 2025 transactions. Ber-yze the transpctions represent a summary of events, ose June 30 for all dates. Omit explanations

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

Werte Controlling Zur Ber Cksichtigung Von Wertvorstellungen In Unternehmensentscheidungen

Authors: Bernhard Hirsch

2002nd Edition

3824476568, 978-3824476565

More Books

Students also viewed these Accounting questions

Question

At what level(s) was this OD intervention scoped?

Answered: 1 week ago