ACT3391 Intermediate Accounting I - On April 1, 2018, Y borrowed $900,000

Question # 00649745
Subject: Business
Due on: 10/17/2023
Posted On: 10/16/2023 10:44 PM
Tutorials: 1
Rating:
4.9/5
Question Dot Image

ACT 3391 Intermediate Accounting I

TRADITIONAL HOMEWORK ITEMS - FALL 2023 - ACT 3391

General Instructions for the Traditional Homework – refer to the instructions for traditional item no. 1.

4. (5 points) On April 1, 2018, Y borrowed $900,000 at 6%. Y pays interest every 6 months with interest payments every October 1 and April 1. Y will repay $450,000 of the principal on October 1, 2018 and the remainder on April 1, 2019. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:

a. April 1, 2018

b. October 1, 2018

c. December 31, 2018

d. April 1, 2019

e. October 1, 2019

5. (2 points) Presented below are selected account balances for C Company as of 12-31-xx:

Cash      $ 400,000

Accounts payable   $ 150,000

Retained earnings    $3,500,000

Sales revenues    $1,900,000

Loss on the sale of a stock investment    $ 5,000

Cost of goods sold    $ 600,000

Selling and administrative expenses   $ 200,000

 Interest expense   $ 20,000

 Income tax expense    $ 250,000

a. Prepare the ONE entry C should make to close out the all of the temporary accounts. Do NOT use an “income summary” account – close the temporary accounts directly into retained earnings.

b. What is C’s retained earnings balance AFTER making the closing entry?

6. (6 points) Zena Company’s financial records showed the following selected items for 2015:

Advertising receipts                  $450,000

Interest paid on borrowings     $ 34,000

Land rental revenues        $560,000

Wage expense                    $300,000

Zena follows the accrual basis of accounting. The following balances were taken from Zena’s balance sheets:

12-31-14 12-31-15 Advertising receivables 28,000 31,000 Prepaid advertising costs 42,000 36,000 Wages payable 30,000 21,000 Interest payable 12,000 8,000 Unearned advertising revenues 40,000 32,000 Unearned land rental revenue 45,000 33,000

a. What were Zena’s advertising revenues for 2015?

b. What was Zena’s interest expense for 2015?

c. How much cash did Zena pay out for wages and salaries during 2015?

d. How much cash did Zena collect for land rentals during 2015? 1

Dot Image
Getsolution Posted By :
Questions: 15530 Tutorials: 15529
Tutorials for this Question

ACT3391 Intermediate Accounting I - On April 1, 2018, Y borrowed $900,000

Tutorial # 00648630
Posted On: 10/16/2023 10:45 PM
Feedback Score: Not rated yet!
Purchased By: 2
Getsolution
Posted By:
Questions:
15530
Tutorials:
15529
Report this Tutorial as Inappropriate
Tutorial Preview
The solution of ACT3391 Intermediate Accounting I - On April 1, 2018, Y borrowed $900,000...
Attachments
ACT3391_Intermediate_Accounting_I_-_On_April_1,_2018,_Y_borrowed_900,000.ZIP (18.96 KB)

Great! We have found the solution of this question!

Related Questions
Strayer ACC556 Week 6 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 6 Discussion - Budgeting Please respond to the following: Compare and contrast a flexible budget and a static budget. Recommend which budget woul …
Strayer ACC556 Week 5 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 5 Discussion Accounts Receivable Management Please respond to the following: Examine the steps a company can take to evaluate the liquidity of re …
Strayer ACC556 Week 4 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 4 Discussion Capital Investments Please respond to the following: Analyze the pros and cons of identifying the potential intangible benefits of i …
Strayer ACC556 Week 3 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 3 Discussion Internal Controls Please respond to the following: Identify and discuss the six principles of control activities. Suggest the two mo …
Strayer ACC556 Week 2 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 2 Discussion Differences in Income Statements Please respond to the following: Distinguish between the income statement of a service company and a …
Strayer ACC556 Week 1 Discussion Latest 2024
ACC556 Financial Accounting for Mgrs Week 1 Discussion Financial Statements Please respond to the following: Introduce yourself to your peers by sharing something unique about your backgro …
Accounting Quiz - check The QM/ATR rule applies to which types
Argosy University Accounting Quiz Questions Question Title *4. (check The QM/ATR rule applies to which types of transactions? all that apply)  HELOCs  Closed-end consumer credit …
Accounting - Explore and apply the basic multidimensional
Accounting Question Explore and apply the basic multidimensional analysis by linking multiple cubes. Requirements: Create visualizations to answer the following questions. 1) Compute your tea …
Accounting Research Case - prepare an Accounting Research Memo
Accounting Research Case Required: prepare an Accounting Research Memo to the Heavenly Travel, Inc. 2022 Audit File. Since the events indicate that the carrying amount of the asset group may not be …
Colorado ACC300 Accounting Cycle and Shareholders Value
ACC 300 CSU Accounting Cycle and Shareholders Value Questions The Accounting Cycle and Stockholders’ Equity Analysis Part 3 ASSUME YOU ARE THE CHIEF ACCOUNTANT MAKING A PRESENTATION DUR …
Recent Questions
regis college nu641 exam
any exam questions …
Walden HLTH6412 Complete Course Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 1 Discussion EVIDENCE BASED RESOURCES You have probably heard of evidence-based medicine, but have you heard of evidenc …
Walden HLTH6412 All Assignments Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 1 Assignment DISTINGUISHING RELIABLE SOURCES OF INFORMATION Ensuring that you utilize reliable health information to in …
Walden HLTH6412 Module 6 Assignment Latest 2025
HLTH6412 Health Ed & Comm. Strategies Module 6 Assignment FINAL PROJECT Each day the public is exposed to many different forms of health communication. Health communications and the healt …
Walden HLTH6412 Module 5 Assignment 3 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 5 Assignment 3 INFOGRAPHIC FOR HEALTH EDUCATION TO E-LEARNING Keeping in mind the knowledge you gained from completing …
Walden HLTH6412 Module 5 Assignment 2 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 5 Assignment 2 INTRODUCTION TO DATA STORYTELLING WITH INFOGRAPHIC This assignment explores how much an infographic can …
Walden HLTH6412 Module 5 Assignment 1 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 5 Assignment 1 USING ARTIFICIAL INTELLIGENCE IN HEALTH EDUCATION It may be difficult to believe that the term Artificia …
Walden HLTH6412 Module 3 Assignment 2 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 3 Assignment 2 ASSESSING CULTURAL COMPETENCE Being a culturally competent health educator can help reduce the health eq …
Walden HLTH6412 Module 3 Assignment 1 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 3 Assignment 1 ASSESSING PERSONAL BIAS Bias is a result of our environment and background. We often make quick judgment …
Walden HLTH6412 Module 2 Assignment 2 Latest 2025
HLTH6412-1/HLTH8412E-1/HLTH5412 Health Ed & Comm. Strategies Module 2 Assignment 2 ASSESSING THE HEALTH LITERACY LEVEL OF HEALTH EDUCATION MATERIALS Carson, the community health educator …