Can you help me to solve the problem 4-15B. Adjusting, receiving and subsequent cash entries Smart r

Can you help me to solve the problem 4-15B. Adjusting, receiving and subsequent cash entries Smart r

Can you help me to solve the problem 4-15B.

Adjusting, receiving and subsequent cash entries

Smart resource company's unadjusted trail balance on December 31, 2020, the end of its annual accounting period, is as follows

Information necessary to prepare adjusting entries is as follows:

a. Employees, who are paid $7,500 every two weeks, have earned $5,250 since the last payment. The next payment of $7,500 will be on January 4.

b. Smart Resource has earned but not recorded revenue for $8,250 for services provided to a customer who will pay for the work on January 24. At that time, the customer will also pay $3,100 for services Smart Resources will perform in early January.

c. Smart Resource's rents office space to a tenant who has paid only $450 of the $1,125 rent for the December. On January 12, the tenant will pay the remainder along with the rent for January.

d. An inventory of office supplies discloses $675 of unused supplies.

e. Preminums for insurance against injuries to employees are paid monthly. The $450 premium for December will be paid January 12.

f. Smart Resources owes $90,000on a note payable that requires quarterly payments accrued interest. The quarterly payments of $2,700 each are made on the 15th of January, April, July, and October.

g. An analysis of Smart Resources's service contracts with customers shows that $6,300 of the amount customers have prepaid remains unearned.

h. Smart Resources has a $37,500 note receivable on which interest of $175 has accrued. On January 22, the note and the total accrued interest of $575 will be repaid to Smart Resource.

Required

1. Prepare adjusting journal entries.

2. Prepare reversing entries.

3. Prepare journal entries to record the January 2021 cash receipts and cash payments identified in the above information. Problem 4-14B Cal You are the account at December 31, 20 a. Calculate the 4.14B Calculating current ratios and debt to equity ratios LO7 are the accountant at Spin Master. Refer to Appendix III for Spin Master's Consolidated Balance Sheets as mber 31, 2017. Your manager has asked you to do the following: alculate the current ratio, quick ratio, and debt to equity ratios for 2016 and 2017 (round to two de places). Comment on the ratios, the change between 2016 and 2017 and what additional information you would ant to know to get a better picture of Spin Master's financial performance. Problem 4-15B Adjusting, reversing, and subsequent cash entries LOS Smart Resource Company's unadjusted trial balance on December 31. 2020. the end of its annual accounting period, is as follows: Credit Debit $ 73,725 37,500 4,200 45,000 $ 18,000 90,000 37,500 60.000 Account Cash…… Note receivable……………. Office supplies…………… Land. Unearned service revenue……….. Note payable……. Justin Chambers, capital……….. Justin Chambers, withdrawals. Service revenue… Interest income……. Rent revenue….. Salaries expense. Insurance expense….. Interest expense….. Totals…. 267.000 2,550 12,375 193,500 4,950 8,550 $427,425 $427,425

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