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What are the balance sheet transactions for their transactions? place write super neat because this is very complex. 4/9/2022 Orca Company sold common stock for
What are the balance sheet transactions for their transactions? place write super neat because this is very complex.
4/9/2022 | Orca Company sold common stock for $100,000 in cash. | |
2 | 4/11/2022 | Please record the necessary March adjusting entries: - Interest for both of the note payables - Prepaid Insurance for March has been used - Prepaid Rent for March has been used - Orca Company estimates bad debt as 8% of current A/R - Orca Company used 1/2 of the remaining supplies - $30,000 of salaries is recorded, but not paid - Utilities of $1,900 are paid |
3 | 4/11/2022 | Orca Company sold 150 units of inventory on account for $100 per unit -- Recall you are using FIFO. Orca Company has 70 units of $50 inventory remaining (from March 4th) and 500 units of $65 inventory (from March 21st) |
4 | 4/11/2022 | Orca Company pays an appraiser to assess useful life and salvage value for its building and equipment, which are going to begin being depreciated. The following is noted: - Incurs "appraisal expense" of $500 which is paid in cash and is NOT capitalized. - The Building with book value of $495,000 has a salvage value of $45,000 and useful life of 25 years. - The Equipment with book value of $3,000 has $0 of salvage value and 6-year useful life Record depreciation expense and accumulated depreciation for 2 months for the building (February/March) and 3 months for the Equipment (Jan-March). |
5 | 4/13/2022 | Orca Company released a new advertising campaign worth $10,000 with its new slogan "Wonderful are the Waves". Orca Company paid legal and registration costs of $18,000 for trademarking the phrase. |
6 | 4/13/2022 | Orca Company purchased 200 units of inventory for $55 per unit. |
7 | 4/13/2022 | Orca Company decides to sell its building. The purchaser agrees to take on Orca Company's note owed on the building and pay an additional $20,000. |
8 | 4/15/2022 | Orca Company sells 100 units of inventory for $100 on account |
9 | 4/15/2022 | A customer pays orca company $15,000 for services to be provided later. |
10 | 4/15/2022 | A customer recently sued Orca Company. Orca Company hired a law firm for $1,000, paid in cash, and the firm told Orca Company that a $10,000 loss is probable. Record the contingent liability |
11 | 4/18/2022 | Orca Company leases a new piece of equipment. The payments on the lease are paid annually and are $500 for 6 years with a borrowing rate of 5% and all payments are made at the end of April, starting this year. |
12 | 4/18/2022 | Orca Company issues a bond of face value $15,000. Orca Company will pay 4% annual interest on the bond. |
13 | 4/18/2022 | Orca Company provides services of $40,000 to a customer and is paid in cash. |
14 | 4/20/2022 | Please begin recording the adjusting entries for Orca Company. ONLY RECORD THE FOLLOWING ENTRIES BELOW (even if more are technically "needed") - Orca Company estimates bad debt as 8% of current A/R - Utilities of $1,250 are paid - Orca company accrues interest on the note receivable it has recorded - Orca Company records the additional depreciation on its Equipment - Orca Company makes a lease payment - Orca Company records Income Tax expense and Income Tax payable of 20% of current income before taxes |
15 | 4/20/2022 | In addition, please record the closing entries. You can record the closing entries as debits/credits to the total values for revenues and expenses instead of individual revenue and expense accounts (see the Excel provided) |
16 | 4/22/2022 | Orca Company currently has issued $175,000 of common stock with a par value of $1. This stock represents a total of 10,000 shares outstanding. Adjust the current equity accounts to remove common stock and record Additional-Paid in Capital |
17 | 4/22/2022 | Orca Company repurchases 1,000 shares of its own common stock for $8 per share |
18 | 4/22/2022 | Orca Company immediately receives an opportunity to resell 500 of those shares at $12 per share. Record this resale of the treasury stock. |
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