Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

v Wildhorse Company has the following balances in selected accounts on December 31. 2022. All the accounts have normal balances. The following information has been

v
image text in transcribed
Wildhorse Company has the following balances in selected accounts on December 31. 2022. All the accounts have normal balances. The following information has been gathered at December 31,2022. 1. Wildhorse Company borrowed $14,400 by signing a 12%,1-year note on September 1,2022 . Interest will be paid when the note is repaid. 2. A count of supplies on December 31, 2022, indicates that supplies of $1,296 are on hand. 3. Depreciation on the equipment for 2022 is $1.440. 4. Wildhorse paid $3,024 for 12 months of insurance coverage on June 1, 2022. 5. On December 1, 2022, Wildhorse collected $43,200 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. 6. Wildhorse performed consulting services for a client in December 2022. The client will be billed $6,048. 7. Wiichorse pays its employees total salaries of $12,960 every Monday for the preceding 5 -day week (Monday through Fridayy. On Monday, December 29,employees were paid for the week ending December 26 . All employees worked the last 3 days of 2022. Wildhorse Company has the following balances in selected accounts on December 31. 2022. All the accounts have normal balances. The following information has been gathered at December 31,2022. 1. Wildhorse Company borrowed $14,400 by signing a 12%,1-year note on September 1,2022 . Interest will be paid when the note is repaid. 2. A count of supplies on December 31, 2022, indicates that supplies of $1,296 are on hand. 3. Depreciation on the equipment for 2022 is $1.440. 4. Wildhorse paid $3,024 for 12 months of insurance coverage on June 1, 2022. 5. On December 1, 2022, Wildhorse collected $43,200 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. 6. Wildhorse performed consulting services for a client in December 2022. The client will be billed $6,048. 7. Wiichorse pays its employees total salaries of $12,960 every Monday for the preceding 5 -day week (Monday through Fridayy. On Monday, December 29,employees were paid for the week ending December 26 . All employees worked the last 3 days of 2022

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

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

Additional Factors Affecting Group Communication?

Answered: 1 week ago