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Wildhorse Pipeline Inc. operates on a calendar - year basis. At the end of December 2 0 2 4 , the company had the following
Wildhorse Pipeline Inc. operates on a calendaryear basis. At the end of December the company had the following current liabilities on its books: Accounts payable $ Wages payable Rent payable Dividend payable Deferred revenue In January, the following events occurred: Wildhorse's pipeline is located on leased land. The rent payable at the end of December represented the payments that should have been made at the beginning of November and December. In January, Wildhorse paid the past rent owed, as well as the rent for January and February. Wildhorse charges customers a tariff fee in advance for the use of the pipeline based on an estimate of expected use. By the end of January, the company had earned $ of the service revenue that had been received in advance from customers. Wildhorse declared a dividend in December of which $ was paid on January The balance will be paid in February. Wildhorse purchased flowmeters to measure the flow of gas in its pipelines on account at a cost of $ On January Vpem paid $ in cash to have the new flowmeters installed and calibrated to its requirements. Wildhorse's employees are paid a total of $ per day. Four workdays elapsed between the last payday and the end of the fiscal year. Ignore deductions for income tax, CPP and EI The four days were paid on January The company carries spare parts in inventory, and in January it purchased $ in spare parts on account and made payments of $ to suppliers.
Wildhorse Pipeline Inc. operates on a calendaryear basis. At the end of December the company had the following current
liabilities on its books:
Accounts payable $
Wages payable
Rent payable
Dividend payable
Deferred revenue
In January, the following events occurred:
Wildhorse's pipeline is located on leased land. The rent payable at the end of December represented the payments that
should have been made at the beginning of November and December. In January, Wildhorse paid the past rent owed, as well
as the rent for January and February.
Wildhorse charges customers a tariff fee in advance for the use of the pipeline based on an estimate of expected use. By the
end of January, the company had earned $ of the service revenue that had been received in advance from customers.
Wildhorse declared a dividend in December of which $ was paid on January The balance will be paid in February.
Wildhorse purchased flowmeters to measure the flow of gas in its pipelines on account at a cost of $ On January
Vpem paid $ in cash to have the new flowmeters installed and calibrated to its requirements.
Wildhorse's employees are paid a total of $ per day. Four workdays elapsed between the last payday and the end of the
fiscal year. Ignore deductions for income tax, CPP and EI The four days were paid on January
The company carries spare parts in inventory, and in January it purchased $ in spare parts on account and made
payments of $ to suppliers.
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