Question 1 of 10 -/1 E View Policies Current Attempt in Progress Cullumber Company borrows $87,600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Notes Payable Interest Payable Comma July 1 $ $ $ Dec. 31 Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Cullumber Company borrows $87,600 on July 1 from the bank by signing a $87,600,10%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Include margin explanations for the changes in revenues and expenses. (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.) Stockholders' Equity Retained Earnings Expense Revenue Dividend $ $ Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress Riverbed Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,370. All sales are subject to a 6% sales tax. Compute sales taxes payable. Sales taxes payable $ Prepare a tabular summary to record sales taxes payable and sales. Include margin explanations for the changes in revenues and expenses. (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.) Assets Liabilities Cash Sales Taxes Payable Common Stock Reveni Mar. 16 $ $ $ $ Current Attempt in Progress Riverbed Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,370. All sales are subject to a 6% sales tax. Compute sales taxes payable. Sales taxes payable $ Prepare a tabular summary to record sales taxes payable and sales. Include margin explanations for the changes in revenues and expenses. (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.) Stockholders' Equity Retained Earnings Expense Revenue Dividend $ $ $ Current Attempt in Progress Patricia Strand's regular hourly wage rate is $10, and she receives an hourly rate of $15 for work in excess of 40 hours. During a January pay period, Patricia works 48 hours. Patricia's federal income tax withholding is $95, and she has no voluntary deductions. Compute Patricia Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Patricia Strand's gross earnings $ Patricia Strand's net pay $ Current Attempt in Progress Cullumber Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2022, Cullumber sells 8,400 subscriptions for cash, beginning with the December issue. Cullumber prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare a tabular summary to record the following events. (a) (b) Receipt of the subscriptions in November. Adjustment at December 31, 2022, to record subscription revenue in December 2022. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Pd. in Cap. Cash Unearned Subscrip. Revenue Common Stock + Revenue Nov. $ $ $ $ Dec. 31 View Policies Current Attempt in Progress Cullumber Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2022, Cullumber sells 8,400 subscriptions for cash, beginning with the December issue. Cullumber prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare a tabular summary to record the following events. (a) (b) Receipt of the subscriptions in November. Adjustment at December 31, 2022, to record subscription revenue in December 2022. Include margin explanations for the changes in revenues and expenses. (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.) Stockholders' Equity Retained Earnings Revenue Expense Dividend $ $ $ Cullumber Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 82,000 shares of $1 par value common stock for cash of $307,500. Issued 2,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,850 shares of treasury stock for $9,200. Prepare a tabular summary to record the Cullumber Company transactions. Include margin explanations for the changes in revenues and expenses. (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.) Assets Liabilities Cash Common Stock + PIC in Excess o June 22 $ $ $ July 11 Nov. 28 Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Cullumber Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 82,000 shares of $1 par value common stock for cash of $307,500. Issued 2,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,850 shares of treasury stock for $9,200. Prepare a tabular summary to record the Cullumber Company transactions. Include margin explanations for the changes in revenues and expenses. (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.) Stockholders' E Paid-in-Capital Pref. Stock + PIC in Excess of Par Com. + + PIC in Excess of Par Pref. Treasury Stock $ $ $ Current Attempt in Progress Cullumber Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 82,000 shares of $1 par value common stock for cash of $307,500. Issued 2,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,850 shares of treasury stock for $9,200. Prepare a tabular summary to record the Cullumber Company transactions. Include margin explanations for the changes in revenues and expenses. (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.) + Retained Earnings Dividend + Revenue Expense $ $ $