{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:40:22-04:00", "answer_date": "2024-06-28 05:40:22", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4247642", "url": "\/study-help\/questions\/the-following-information-applies-to-the-questions-displayed-below-the-4247642", "question_creation_date_js": "2024-06-28T05:40:22-04:00", "question_creation_date": "Jun 28, 2024 05:40 AM", "meta_title": "[Solved] [The following information applies to the | SolutionInn", "meta_description": "Answer of - [The following information applies to the questions displayed below.] The following transactions occur over the remain | SolutionInn", "meta_keywords": "information,applies,questions,displayed,below,transactions,occur,remainder,year,aug,1,suzie", "question_title_h1": "[The following information applies to the questions displayed below.] The following transactions occur over the remainder of the year. Aug. 1 Suzie applies for and", "question_title": "[The following information applies to the questions displayed below.] The following transactions", "question_title_for_js_snippet": " The following information applies to the questions displayed below The following transactions occur over the remainder of the year Aug 1 Suzie applies for and obtains a $47,000 low interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities The loan is due in three years, and 6 annual interest is due each year on July 31 Aug 4 The company purchases 14 kayaks, costing $25,500 Aug 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $4,400 that was paid in advance on July 30, on the day of the clinic Tony conducts the first kayak clinic Aug 17 Tony conducts a second kayak clinic and receives $10,600 cash Aug 24 Office supplies of $1,900 purchased on July 4 are paid in full Sep 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one year rental policy for $4,080 ($340 per month) Sep 21 Tony conducts a rock climbing clinic The company receives $13,900 cash Oct 17 Tony conducts an orienteering clinic Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas Clinic fees total $18,700 Dec 1 Tony decides to hold the company s first adventure race on December 15 Four person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock climbing skills The first team in each category to complete all checkpoints in order wins The entry fee for each team is $510 Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor Victor will be paid $50 in salary for each team that competes in the race His salary will be paid after the race Dec 8 The company pays $1,100 to purchase a permit from a state park where the race will be held The amount is recorded as a miscellaneous expense Dec 12 The company purchases racing supplies for $2,900 on account due in 30 days Supplies include trophies for the top finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse Dec 15 Forty teams pay a total of $20,400 to race The race is held Dec 16 The company pays Victor s salary of $2,000 Dec 31 The company pays a dividend of $3,800 ($1,900 to Tony and $1,900 to Suzie) Dec 31 Using his personal money, Tony purchases a diamond ring for $4,500 Tony surprises Suzie by proposing that they get married Suzie accepts The following information relates to year end adjusting entries as of December 31, 2012 a Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $9,000 b Six months worth of insurance has expired c Four months worth of rent has expired d Of the $1,900 of office supplies purchased on July 4, $280 remains e Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded f Of the $2,900 of racing supplies purchased on December 12, $250 remains g Suzie calculates that the company owes $14,300 in income taxes Assume the following ending balances for the month of July (see the attached photo) Required Record adjusting entries as of December 31, 2012 (Do not round intermediate calculations )", "question_description": "

[The following information applies to the questions displayed below.] The following transactions occur over the remainder of the year. Aug. 1 Suzie applies for and obtains a $47,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, costing $25,500. Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $4,400 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic and receives $10,600 cash. Aug. 24 Office supplies of $1,900 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $4,080 ($340 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,900 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. Clinic fees total $18,700. Dec. 1 Tony decides to hold the company?s first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $510. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,100 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,900 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 Forty teams pay a total of $20,400 to race. The race is held. Dec. 16 The company pays Victor?s salary of $2,000. Dec. 31 The company pays a dividend of $3,800 ($1,900 to Tony and $1,900 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that they get married. Suzie accepts! The following information relates to year-end adjusting entries as of December 31, 2012. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $9,000. b. Six months? worth of insurance has expired. c. Four months? worth of rent has expired. d. Of the $1,900 of office supplies purchased on July 4, $280 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12, $250 remains. g. Suzie calculates that the company owes $14,300 in income taxes. Assume the following ending balances for the month of July. (see the attached photo) Required: Record adjusting entries as of December 31, 2012. (Do not round intermediate calculations.)\"image<\/p>", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "0821826867", "uri": "\/textbooks\/lectures-on-tensor-categories-and-modular-functors-1st-edition-978-0821826867-271255", "name": "Lectures On Tensor Categories And Modular Functors", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:40:22", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/match-the-items-in-the-right-column-with-those-in", "description": "Match the items in the right column with those in the left column. _____ 1. Statement of changes in owners equity _____ 2. Income statement _____ 3. Net income _____ 4. 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