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Question 7 – Set 2 (TCO F) This is a 2-part question. Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations. Beginning prepaid insurance, $500. Payments for insurance during the period are $900. Ending prepaid insurance is $600. (b) Interest revenue of $1,500 has been earned but not yet received. (c) Accrued Service Revenue of $12,000 (d) The weekly payroll is $20,000. Employees are owed for 4 days of a 5-day work week. The unadjusted balance of the Supplies account is $1,200. The total cost of supplies remaining is $300. (f) Equipment was purchased at the beginning of the year for $25,000. The equipment’s useful life is 5 years, and the residual value is $5,000. Record the depreciation for this year. Question 8.8. (TCO G) Please review the following 6 ratios for Johnson Company and Lee Enterprises for the year ended 2014, and address the 2 questions below. Instructions: This is a 2-part question. (1) Explain the meaning of each of the Johnson Company ratios above. (18 points) (2) State which company performed better for each ratio. (18 points) (Points : 36) -------------------------------------------------------------------------------