Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 17 Oct 2017 My Price 7.00

firm’s office building

Sweeney & Associates, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31, 2011:

1.       A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,200. No interest expense has yet been recorded.

2.       Depreciation of the firm’s office building is based on an estimated life of 25 years. The build- ing was purchased in 2007 for $330,000.

3.       Accrued, but unbilled, revenue during December amounts to $64,000.

4.       On March 1, the firm paid $1,800 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance.

5.       The firm received $14,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31, $3,500 had actually been earned by the firm.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.       The company’s policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $2,400.

a.       Record the necessary adjusting journal entries on December 31, 2011.

b.       By how much did Sweeney & Associates’s net income increase or decrease as a result of the adjusting entries performed in part a? (Ignore income taxes.)

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Oct 2017 07:10 PM My Price 7.00

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