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The CFO of the company (Slippery Slide Limited) has hired you as the new accounting director. To keep your job, however, the CFO has asked

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The CFO of the company (Slippery Slide Limited) has hired you as the new accounting director. To keep your job, however, the CFO has asked you examine the following business events and complete the necessary adjusting entries for the end of the year. The company's tinancial year is from January 1 to December 31. It is now December 31, 2024 (thus end of the financial year). 1) The company paid $450,000 on October 1, 2024 for internet and telecommunication services for 12 months in advance. The company estimated a third of the internet and telecommunication services had expired by December 31, 2024. 2) The CFO estimated that wages and salaries owed to employees at the end of the year amounted to $675,000. These wages and salaries will be paid in the middle of February 2025 3) On April 1, 2024 the company was paid $850,000 in advance by a client for its services. At the end of December, the CFO estimated 60% of that amount had been earned. 4) The company bought a warehouse worth $26,000,000 at the start of the financial year (i.e., January 1, 2024). The company calculated that annual deprecation for the year would be $1,165,000. Required: Record all the necessary adjusting entries ONLY (do not show the original entries) based on the business events above. All adjusting entries are dated December 31, 2024. The CFO of Heads to Roll Limited is looking for someone to fire as the company needs to save money. The CFO has decided to make it fair by testing all the junior accounting staff with a simple test on closing entries. The CFO has presented each junior executive with the following list of accounts and account balances. Account Name Debit Credit Long-Term Receivables $600,000 Interest Revenue $450,000 Interest Expense $3,580,000 Worker Salary Expense $1,230,000 $625,000 Accounts Receivable Sales Revenue $37,500,000 Loss on Sale of Building $12,950,000 Administration Expense $6,396,000 Commission Revenue $900,000 Long-Term Loans $4,000,000 Cost of Goods Sold $14,500,000 General Expenses $8,350,000 Gain on Sale of Land $1,670,000 Inventory $1,300,000 Accounts Payable $490,000 Required: Record all necessary closing entries. All entries are dated December 31, 2020. You must type your answer into the text box space and in the area provided. No attachments are permitted. Format B > ACT 112-3 (Lec) >> Principles of Accounting 1 courses / FA 2020-21-ACT 112-3 / Week 9: Lecture 9 - October 27 2020 - Mid-Term Examination / Mid-Term Examination Link Following are events related to Loss and Loss Limited. Determine the impact on the accounting equation of the following transactions, and write the relevant journal entry for each: 1) The major owner and CEO of Loss and Loss Limited withdrew $2,000,000 in cash from her personal account. The major shareholder and CEO of Loss and Loss Limited used a quarter of the cash to pay for the holiday of the oldest child. The remainder was deposited into the company account of Loss and Loss Limited 2) Loss and Loss Limited sold inventory to Scrap and Scrap Limited who paid $4,950,000 in cash with another $4,150,000 on credit. The value of the inventory sold was $5,750,000 3) The CEO of Loss and Loss Limited recently emerged from a meeting with the CEO and CFO of Happy Days Limited. Soon after the meeting the CEO of Loss and Loss Limited announced a deal that would take effect in 9 months will be worth $4,000,000 in new sales. 4) Loss and Loss Limited (an oil and service firm) sold an offshore services vessel to Swiber Limited worth $25,000,000 by be paid $8,000,000 in cash, being transferred a warehouse worth $9,500,000 and with the remainder to be paid in cash in 6 months. Required: Record the journal entries for the transactions noted above from perspective of Loss and Loss Limited. All answers must be typed in the text box section provided

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