9is the process of transferring the coot of natural resources to and expene oun

Question

9is the process of transferring the coot of natural resources to and expene oun b. amortization c depletion 10, Fossil is famous for fashion wristwatches and leather goods, At the end of a ecent year, Foo's assets added up to $363,000,000, and equity was $228,000,000. How much were Fossi's liabilaties? a. Cannot determine from the data given c. $135,000,000 d allowance b. $363,000,000 d $228,000,000 II. (20) The December cash record of ABB Insurance follow Date Cash Debit Check No, Cash Credit Dee 4 5 4,170 510 530 2,180 1,850 1416 1417 1418 1419 1420 1421 1422 s s60 130 13 17 ABB Insurance's cash account shows a balance of $16,740 at December 31. On December 31, the compar received the following bank statement Bank Statement for December Beginning Balance 513,600 Deposits and other Credits Dec. 1 NSE 1,000 10 15 18 22 EFT S 300 Dec 8 4,170 510 530 2,180 1,400 I1 Check NO. 1416 19 22 Check NO. 1417 29 Check NO. 1418 31 Check NO. 1419 31 130 Bc Ending Balance Notes: BC-bank collection; EFT-electronic funds transfer, NSF sonsufficient funds chec $17,350 sc-service charge Additional data for the bank reconciliation follows a. The EFT credit was a receipt of sent. The EFT debit was an insurance payment b. The NSF check was received from a customer named Dunlap Chemical c The $1,400 bank collection was for a mote receivable d. The correer amount of Check 1419 for rent expense is $1.,94 1) Prepare the hank recon 2) Journalize 0 insiead of $1,490 on cash records ciliation for ABB Insurance as at December 31. reconciliation. d sales data Sor ire of raay's inventory record using FIF any required entries from the bank ne following October purchases

Explanation / Answer

ans 9 Depletion The natural resources are depleted every year and is recognized as an expense ans 10 liabilities=Assets-Stockholder Equity 363000000-228000000 135000000 Option C is correct $135000000 ans 11 Bank Reconciliation 31-Dec Company's Book Bank statement ending balance per cash account 16740 Bank statement Balance $17,350 Additions:   Deposit of Dec 31 $1,850 Add 1850 Proceeds of notes Receivable 1400 Deductions $19,200 Receipt of Rent 300 1700 Check No 1420 1440 18440 Check No 1421 900 Check No 1422 630 Deductions 2970 Error (Check 1419) 450 Adjusted Bank Balance $16,230 Payment of Insurance expenses 700 NSF 1000 service charges 60 2210 Adjusted Book balance 16230 Accounts Title Dr Cr Cash 1700 Notes receivable 1400 Rent Revenue 300 Accounts payable 450 Insurance expenses 700 Accounts receivable 1000 Bank charges 60 Cash 2210

Related Questions

Navigate

• Browse (All)
• Browse 9
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.