50.1K

Verified Solution

Link Copied!

please solve questions A-G

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

See Answer