Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please some of the answers were wrong, kindly assist me the first 5 screenshots are for the table for unadjusted balance Flounder Corp. prepares monthly

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Please some of the answers were wrong, kindly assist me
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
the first 5 screenshots are for the table for unadjusted balance
Flounder Corp. prepares monthly financial statements. The tabular summary shown in the instructions below reflects the results of January-November 2022 . During December, the following transactions occurred: Dec: 2 Paid cash for equipment with a purchase price of $15,300, plus $600 of sales tax. 2. Flounder sold for $4,600 equipment that originally cost $6,000. Accumulated depreciation on this equipment at January 1,2022 , was $2,180;2022 depreciation expense prior to the sale of equipment was $930. 15 Flounder sold inventory for $80,000 cash that cost $53,500. 23 Salaries and wages of $6,700 were paid. Adjustment data: 1. The balance in prepaid insurance represents a 6-month policy with coverge beginning December 1,2022. 2. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 3. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,100. 4. The patent was acquired on January 1, 2022, and has a useful life of 8 years from that date. 5. Unpaid salaries at December 31,2022 , total $2,500. Question 8 of 20 Your answer is partially correct. Use the tabular summary below to complete the following. 1. Record the December transactions. Include explanations for amounts in the revenue and expense columns. 2. Determine the unadjusted balance for each column. 3. Record the December adjustments. 4. Determine the adjusted balance for each column (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Dec. 2 Dec. 2 Unadj. Bal. Adjustments Retained Earnings Adjustments 1. 2. 3. 4. 5. eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer elextbook and Media Question 8 of 20 eTextbook and Media List of Accounts

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_2

Step: 3

blur-text-image_3

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

Cornerstones Of Managerial Accounting

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

4th Edition

978-0538473460, 0538473460

More Books

Students also viewed these Accounting questions

Question

=+Do flexible schedules change the demand for resources?

Answered: 1 week ago

Question

What would be your strategy for managing this situation?

Answered: 1 week ago