please solve questions A-G i have no further information On...

70.2K

Verified Solution

Question

Accounting

please solve questions A-G
image
image
i have no further information
On October 31 , you notice the following: a) You need to recognize depreciation on a building you bought on July 15th of this year. It has an expected life of 25 years and you use straight-line depreciation. See chart of accounts for cost information. b) You have accrued salaries of $495D-Sabries C-salaries 495 c) You need to recognize depreciation on the canbes d) You have used up one months worth of insurance (On August 1, Carl purchased a 5-month insurance policy for $2,845 ) D-Insuran e) You have only $682 worth of supplies on hand f) You need to recognize interest accumulated on the note payable g) You need to accrue income taxes of $22 Crazy Carl's Canoes Corporation Chart of Accounts \begin{tabular}{|c|c|c|c|} \hline Ledger \# & Account & \multicolumn{2}{|c|}{ Sept 30th Balance } \\ \hline \multicolumn{4}{|c|}{ ASSETS } \\ \hline 101 & Cash & $ & 29,999.00 \\ \hline 102 & Accounts Receivable & $ & 140.00 \\ \hline 103 & Supplies & $ & 821.00 \\ \hline 104 & Prepaid Insurance & $ & 1.707 .00 \\ \hline 105 & Land & $ & 41,107.00 \\ \hline 106 & Building & $ & 86,400.00 \\ \hline 107 & Accum. Depr. - Building & $ & 720.00 \\ \hline 108 & Equipment & $ & - \\ \hline 109 & Accum. Depr. - Equipment & $ & - \\ \hline \multicolumn{4}{|c|}{ LIABILITIES } \\ \hline 201 & Accounts Payable & $ & - \\ \hline 202 & Notes Payable & $ & - \\ \hline 203 & Salaries Payable & $ & - \\ \hline 204 & Interest Payable & $ & - \\ \hline 205 & Income Tax Payable & $ & - \\ \hline \end{tabular} \begin{tabular}{|lllr|} \hline \multicolumn{4}{|c|}{ OWNER'S EQUITY } \\ \hline 301 & Common Stock & $ & 130,353.00 \\ 302 & Retained Earnings & $ & 29,101.00 \\ 303 & Dividends & $ & - \end{tabular} \begin{tabular}{|cc|} \hline \multicolumn{3}{|c|}{ REVENUES } \\ \hline 401 Canoe Rental Revenues - \end{tabular} \begin{tabular}{|llll|} \hline \multicolumn{4}{|c|}{ EXPENSES } \\ \hline 501 & Advertising Expense & $ & - \\ 502 & Depr. Expense - Building & $ & - \\ 503 & Depr. Expense - Equipment & $ & - \\ 504 & Income Tax Expense & $ & - \\ 505 & Insurance Expense & $ & - \\ 506 & Interest Expense & $ & - \\ 507 & Salaries Expense & $ & - \\ 508 & Supplies Expense & $ & - \\ & & & \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students