due Saturday Sept 11HW #1 Problems Riva's River Rafting Riva's River Rafting Expeditions Inc....

Question

due Saturday Sept 11HW #1 Problems 					Riva's River Rafting 		Riva's River Rafting Expeditions Inc. is a calendar year corporation. 		NONE of the year-end adjusting entries have been recorded.  The following 		is an excerpt from the December 31, 2021 UNADJUSTED trial balance. 							DR	CR 			Rafting fees receivable				- 0 			Notes receivable - Lamco				200,000		OK 			Medical Supplies 				6,860		OK 			Prepaid Insurance				31,500		3500	31500 			Prepaid Advertising				- 0 			Interest receivable				- 0 			Salaries payable					- 0 			Interest payable					- 0 			Accrued expenses payable					- 0 			Unearned rafting fees					- 0 			Unearned subscription revenue					36,000	4500	36000 			Note payable - Scrooge National Bank					180,000	OK 			Raft Wreckers subscription revenue					18,000	4500	18000 			Rafting Fees Earned					945,000					Please record the adjustments below 			Interest income					- 0 			Advertising expense				36,750 			Insurance expense				41,800 			Interest expense				- 0 			Utilities expense				78,100					Name	Jose Penacabrera 			Salary expense				462,000 			Medical Supplies expense				37,600 														Journal 		The following information relates to the year-end adjustments:													Debit	Credit 		{a}	Riva  keeps an ample inventory medical supplies as rafters are frequently 									{a} 			thrown from their river rafts onto jagged rocks.  A physical  count of medical  			supplies revealed that the company had $2,960 of supplies were on hand 			as of December 31, 2021. 		{b}	Riva paid $42,000 on September 1, 2021  for insurance coverage covering the									{b} 			year beginning on September 1st. All other insurance costs 			had expired as of December 31, 2021. 		{c}	On August 1, 2021 Riva accepted $54,000 for annual subscriptions to her wildly 									{c} 			popular "Capsized and Wrecked Raft" videos.  Each month, beginning in August 2021,  			Riva sent the latest DVDs capturing the most recent raft wrecks to subscribers. 		{d}	A review of billings revealed that $3,300 of raft adventures had been provided in									{d} 			December 2021 but were NOT yet billed as of December 31, 2021. 		{e}	On December 1, 2021 Riva  paid $9,000 to WFAN for radio advertisements to be aired									{e} 			from December 1, 2021 through May 31, 2022. All other advertising costs had been 			consumed as of December 31, 2021. 		{f}	On December 11, 2021 Riva borrowed $180,000 @ 6% for 120-days from 									{f} 			Scrooge National Bank 		{e}	On Friday January 7, 2022 Riva paid $18,000 to employees for the TWO 									{e} 			five-day work weeks then ended. 		{g}	On December 1, 2021 Riva collected $19,200  for "Whitewater Wild Weekends in the 									{g} 			Drink". Companies that were required to pay for all reserved weekends in advance.   			Riva estimates that $3,800 of these advance payments remain unearned at 			December 31, 2021. 		{h}	On December 16, 2021 Riva loaned $200,000 @ 12% for 120-days to Lamco.									{h} 		{i}	Riva received a $7,800 PSE&G bill (Electricity) in January 2022. An examination of the 									{i} 			invoice revealed that 40% of the charges pertained to December 2021.  					Milo Tindolini, Inc. 		The following UNADJUSTED account balances as of December 31, 2020  		pertain to Milo Tindolini Inc. an internationally famous beauty salon:																		Increase	Decrease 																			Asset	Dr	Cr 							Debit	Credit											Liability	Cr	Dr 			Accrued salon fees receivable				- 0												Revenue/income	Cr	Dr 			Accrued expenses payable					- 0											Expense	Dr	Cr 			Supplies				- 0 			Prepaid insurance				15,000 			Prepaid maintenance				2,625 			Wages payable					- 0 			Interest payable					- 0											1875 			Unearned rent					5,250 			Unearned salon revenue					- 0 			Note payable - Fuestal Capital					300,000											2640 			Salon revenue					2,370,000 			Rental income					750 			Wages expense				269,500												875 			Interest expense				- 0					Name	Jose Penacabrera 			Insurance expense				46,200 			Supplies expense				33,600 			Utilities expense				14,375							Journal 			Maintenance expense				15,300								Debit	Credit 		a.	On November 1, 2020 Milo renewed various 6-month insurance policies 								a. 			which expire on April 30, 2021.  The total amount paid to renew these 			was $18,000.   		b.	Milo rents a 9-sq. foot area in his salon to "Nails by Weinstein Ltd."								b. 			On November 1, 2020 Milo received $6,000 from Prof. Weinstein for 			8-months rent in advance.  		c.	Milo developed a substantial backlog for the putrid, pasty, wimpy twit								c. 			makeover which is designed to make clients look like Eminem. 			During 2020 Milo accepted $8,500 in advance for makeovers which would 			be performed in 2021.								d. 		d.	On December 16, 2020 Milo borrowed $300,000 @ 15%interest from 			Fuestal Capital Corp.  The note has a term of 90-days. 		e.	In January of 2021 Milo received a PSE&G bill for $6,600.  Milo estimates that								e. 			40% of this unrecorded bill pertains to December 2020. 		f.	During December 2020 Milo paid $2,625 for three months of maintenance 			to be provided from Dec. 1, 2020 to Feb. 28th, 2021.  All other maintenance								f. 			costs had been consumed as of year-end and were charged to maintenance 			expense. 		g.	Milo's wildly popular Pacific seaweed facials require many application and 								g. 			several weeks for the maximum benefit to be realized.  The company invoices 			(bills) the facial cost after the final treatment. As of the year-end  $3,950 of 			seaweed facials had been performed but were not yet billed.								h 		h	Milo's employees are paid on a bi-weekly basis.  On Friday January 8th, 2021 			the employees were paid $13,200 for the two five-day work weeks then ended 		i	On December 10th, 2020 Milo purchased $5,600 of supplies.  This amount 								i 			was charged to the "Supplies expense" account.   The  year-end inventory of  			supplies amounted to $3,430.  All other supplies had been used as of year-end. 		Instructions: 			For each of the above conditions prepare the appropriate Dec. 31, 2020 			adjusting journal entry. 													Please type your solutions below 											Textbook Problem 12-1a page 624 											instruction #1 only 					            ACC102 Partnerships 		Problem #1		Textbook Problem 12-1a page 624 				instruction #1 only 											Problem #2						Income for 											{a}			Sonia	Jill	Kerri	Allocation 		Problem #2 		Sonia, Jill and Kerri had average capital balances of $220,000, $380,000 and $400,000 respectively  		during the current fiscal year.  The partnership agreement provides for an allowance  		of 4% on the average capital balances and salary allowances of $45,000 for Sonia, $25,000 for Jill,  		and $50,000 for Kerri. Any remaining amount or deficit is to be allocated in a ratio of 2:2:4 		for Sonja, Jill and Kerri  respectively. 		Instructions:  		{a}	Assuming net income for the year was  $142,000 prepare a schedule indicating the 			specific elements which make up the division of net income amongst the partners 		{b}	Prepare the appropriate closing entry to reflect the division of income from part {a} 		{c}	Assuming net income for the year was  $216,000 prepare a schedule indicating the 			specific elements which make up the division of net income amongst the partners								{b} 		{d}	Prepare the appropriate closing entry to reflect the division of income from part {c} 																	Income for 											{c}			Sonia	Jill	Kerri	Allocation 											{d} 		Problem #3									Problem #3 		Drs. Cummings and Rice sharing net income in a ratio of 3:5 agree to admit Dr. Voyard									{a} 		to the partnership.  Prior to the admission of Dr. Voyard, Drs. Cummings & Rice 		had the following capital balances: 				Dr. Cummings		$   240,000 				Dr. Rice		$   360,000 		{a}	Assuming Dr. Voyard agrees to contribute 				$   180,000	 for a 	20.00% 			interest in the partnership capital. Present the entry to record the admission of 			Dr. Voyard to the partnership.								{b} 		{b}	Assuming Dr. Voyard agrees to contribute 				$   180,000	 for a 	25.00% 			interest in the partnership capital. Present the entry to record the admission of 			Dr. Voyard to the partnership. 		Problem #4									Problem #4 		After discontinuing the ordinary business operations and closing the accounts, 		the ledger of the partnership of Kristin, Wilmer & Pauline indicates the following balances: 								P & L ratios 				Cash		$   69,000 				Non-cash assets		$   249,000 				Liabilities		$   35,000 				Capital - Kristin		$   80,000		2 				Capital - Wilmer		$   12,000		3 				Capital - Pauline		$   191,000		5 			Assumptions: the partners sell the non-cash assets for 					$   90,000	, 			and Wilmer is rumored to have taken up residence in the Fiji Islands where  			he is weight training the native women (never to be heard from again) 		Instructions:  		{a}	Prepare a tabular summary of the various steps in liquidation of the partnership. 		{b}	Prepare the journal entries relative to the steps in liquidation example 		Bobby "Two Books" Accounting Services Inc. is a calendar year corporation.									a	#3a		   Unearned Rent						       Rental Income 		NONE of the year-end adjusting entries have been recorded.  The following														8,000 		is an excerpt from the December 31, 2019 UNADJUSTED trial balance:										Oct	1,600									1,600	Oct 												Nov	1,600									1,600	Nov 							Debit	Credit								4,800						3,200 			Accrued fees receivable				- 0					Dec	1,600									1,600	Dec 			Interest receivable				- 0									3,200						4,800 			Notes Receivable				200,000 			Accounting supplies				8,950					Unearned rent			1,600 			Prepaid Advertising				6,500						Rental Income			1,600 			Prepaid Insurance				- 0														Increase	Decrease 			Prepaid Rent				- 0					      Earned - Revenue or Income			             Unearned				Asset		Dr	Cr 			Salaries payable					- 0				Oct	Nov	Dec	Jan	Feb			Liab.		Cr.	Dr 			Interest payable					- 0				1,600	1,600	1,600	1,600	1,600			Drawing 			Accrued expenses payable					- 0											Owners equity 			Unearned accounting fees					- 0											Revenue		Cr	Dr 			Unearned rent					4,800			b	#3b		Unearned Accounting Fees					Expense		Dr	Cr 			Unearned subscription revenue					16,000								- 0 			Note payable - Scrooge Bank					600,000								8,700 			Fees Earned					768,500								8,700 			Subscription revenue					8,000

Shivi · Accepted Answer

HW #1 Problems
					Riva's River Rafting
		Riva's River Rafting Expeditions Inc. is a calendar year corporation.
		NONE of the year-end adjusting entries have been recorded.  The following
		is an excerpt from the December 31, 2021 UNADJUSTED trial balance.
							DR	CR
			Rafting fees receivable				- 0
			Notes receivable - Lamco				200,000		OK
			Medical Supplies 				6,860		OK
			Prepaid Insurance				31,500		3500	31500
			Prepaid Advertising				- 0
			Interest receivable				- 0
			Salaries payable					- 0
			Interest payable					- 0
			Accrued expenses payable					- 0
			Unearned rafting fees					- 0
			Unearned subscription revenue					36,000	4500	36000
			Note payable - Scrooge National Bank					180,000	OK
			Raft Wreckers subscription revenue					18,000	4500	18000
			Rafting Fees Earned					945,000					Please record the adjustments below
			Interest income					- 0
			Advertising expense				36,750
			Insurance expense				41,800
			Interest expense				- 0
			Utilities expense				78,100					Name	Jose Penacabrera
			Salary expense				462,000
			Medical Supplies expense				37,600
														Journal
		The following information relates to the year-end adjustments:													Debit	Credit
		{a}	Riva  keeps an ample inventory medical supplies as rafters are frequently 									{a}
			thrown from their river rafts onto jagged rocks.  A physical  count of medical 
			supplies revealed that the company had $2,960 of supplies were on hand
			as of December 31, 2021.
		{b}	Riva paid $42,000 on September 1, 2021  for insurance coverage covering the									{b}		Insurance Expense	14,000
			year beginning on September 1st. All other insurance costs											Prepaid insurance	28,000
			had expired as of December 31, 2021.											To Cash		42,000
		{c}	On August 1, 2021 Riva accepted $54,000 for annual subscriptions to her wildly 									{c}		Cash	54,000
			popular "Capsized and Wrecked Raft" videos.  Each month, beginning in August 2021, 											To Raft Wreckers subscription revenue		22,500
			Riva sent the latest DVDs capturing the most recent raft wrecks to subscribers.											To Unearned subscription revenue		31,500
		{d}	A review of billings revealed that $3,300 of raft adventures had been provided in									{d}		Rafting fees receivable	3,300
			December 2021 but were NOT yet billed as of December 31, 2021.											Rafting Fees Earned		3,300
		{e}	On December 1, 2021 Riva  paid $9,000 to WFAN for radio advertisements to be aired									{e}		Advertising expense	1,500
			from December 1, 2021 through May 31, 2022. All other advertising costs had been											Prepaid Advertising	7,500
			consumed as of December 31, 2021.											To Cash		9,000
		{f}	On December 11, 2021 Riva borrowed $180,000 @ 6% for 120-days from 									{f}		Interest expense	1,800
			Scrooge National Bank											To Interest Payable		1,800
		{e}	On Friday January 7, 2022 Riva paid $18,000 to employees for the TWO 									{e}
			five-day work weeks then ended.
		{g}	On December 1, 2021 Riva collected $19,200  for "Whitewater Wild Weekends in the 									{g}
			Drink". Companies that were required to pay for all reserved weekends in advance.  
			Riva estimates that $3,

HW #1 Problems Riva's River Rafting Riva's River Rafting Expeditions Inc. is a calendar year corporation. NONE of the year-end adjusting entries have been recorded. The following is an excerpt from...

Answer To: HW #1 Problems Riva's River Rafting Riva's River Rafting Expeditions Inc. is a calendar year...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment