Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Susquehanna equipment rentals

19/11/2020 Client: papadok01 Deadline: 7 Days

On December 1, 2009, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent- It, an equipment rental company that was going out of business. The newly formed company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office Supplies Income Summary Rental Equipment Rental Fees Earned Accumulated Depreciation Salaries Expense Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions: Dec. 1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for a total of $ 200,000 cash. Dec. 1 Purchased for $ 240,000 all of the equipment formerly owned by Rent- It. Paid $ 140,000 cash and issued a one- year note payable for $ 100,000. Dec. 1 Paid $ 12,000 to XXXXX as three months’ advance rent on the rental yard and office formerly occupied by Rent- It. Dec. 4 Purchased office supplies on account from Modern Office Co., $ 1,000. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) Dec. 8 Received $ 8,000 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) Dec. 12 Paid salaries for the first two weeks in December, $ 5,200. Dec. 15 Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $ 18,000, of which $ 12,000 was received in cash. Dec. 17 Purchased on account from Earth Movers, Inc., $ 600 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. Dec. 23 Collected $ 2,000 of the accounts receivable recorded on December 15. Dec. 23 Rented a backhoe to Mission Landscaping at a price of $ 250 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Dec. 26 Paid biweekly salaries, $ 5,200. Dec. 27 Paid the account payable to XXXXX $ 600. Dec. 28 Declared a dividend of 10 cents per share, payable on January 15, 2010. Dec. 29 Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co- defendant in a $ 25,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) Dec. 29 Purchased a 12- month public- liability insurance policy for $ 9,600. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, 2010, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. Dec. 31 Received a bill from Universal Utilities for the month of December, $ 700. Payment is due in 30 days. Dec. 31 Equipment rental fees earned during the second half of December amounted to $ 20,000, of which $ 15,600 was received in cash. Data for Adjusting Entries: a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to XXXXX is 6 percent. c. The rental equipment is being depreciated by the straight- line method over a period of eight years. d. Office supplies on hand at December 31 are estimated at $ 600. e. During December, the company earned $ 3,700 of the rental fees paid in advance by McNamer Construction Co. on December 8. f. As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 23 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $ 1,400 at month- end. h. It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in 2010. Instructions a. Perform the following steps of the accounting cycle for the month of December: Journalize the December transactions. Do not record adjusting entries at this point. Post the December transactions to the appropriate ledger accounts. Prepare the unadjusted trial balance columns of a 10- column worksheet for the year ended December 31. Prepare the necessary adjusting entries for December. Post the December adjusting entries to the appropriate ledger accounts. Complete the 10- column worksheet for the year ended December 31. b. Prepare an income statement and statement of retained earnings for the year ended December 31, and a balance sheet (in report form) as of December 31. c. Prepare required disclosures to accompany the December 31 financial statements. Your solution should include a separate note addressing each of the following areas: (1) depreciation policy, (2) maturity dates of major liabilities, and (3) potential liability due to pending litigation. d. Prepare closing entries and post to ledger accounts. e. Prepare an after- closing trial balance as of December 31. f. During December, this company’s cash balance has fallen from $ 200,000 to $ 65,000. Does it appear headed for insolvency in the near future? Explain your reasoning. g. Would it be ethical for Patty Driver to maintain the accounting records for this company, or must they be maintained by someone who is independent of the organization?

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Instant Assignments
Top Essay Tutor
Best Coursework Help
Helping Hand
Homework Guru
Writer Writer Name Offer Chat
Instant Assignments

ONLINE

Instant Assignments

Hey, I can write about your given topic according to the provided requirements. I have a few more questions to ask as if there is any specific instructions or deadline issue. I have already completed more than 250 academic papers, articles, and technical articles. I can provide you samples. I believe my capabilities would be perfect for your project. I can finish this job within the necessary interval. I have four years of experience in this field. If you want to give me the project I had be very happy to discuss this further and get started for you as soon as possible.

$55 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
Best Coursework Help

ONLINE

Best Coursework Help

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
Homework Guru

ONLINE

Homework Guru

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

$62 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Discussion - Exercises in helping skills pdf - Ikea business model in india - 5012_ASS 3 # DRAFT 1 # Digital Marketing Plan # MBA # FLEXPAH CAPELLA - Quantitative Design - Structural steel quality control checklist - Crime and punishment in the middle ages - Baladna company qatar - Jayco bed end support pole - Experiment 17 lewis structures and molecular models answers - 440 hz sine wave - Chrysler building architecture style - I love my momma lunch money lewis - Google drive vs microsoft office - Electrical Systems Design - Paul's tattered clothes are a symbol of his - Carson and butcher abnormal psychology 13th edition pdf - Basketball in the 1900s - What is the potential cancellation of debt income - The last dance encountering death and dying 10th edition - Full block style application letter - Labtestregister com canine dnaffirm - Telemachus in the odyssey - Business ethics shaw 9th edition - Lección 2 repaso pruebas de práctica - Commercial idps systems comparison spreadsheet - O valiant cousin worthy gentleman meaning - Excel 2016 essential training video from lynda com - Trane cvhe performance data - Dynamic processes support operational activities - Problem 8-3a - Differential equations formula sheet - Virus explorer click and learn answer key - Daniel radcliffe raps periodic table - Wk 2 - Leadership Theories Matrix - My place nadia wheatley worksheets - Best Strategies and Communication Methods for Handling Objections - Duramax spray paint colours - Assignment 1-1 - Concrete encased duct bank design - Write a 2 page paper for answers for both questions in Logistics Management - +27737189846,Abu Dhabi®=SAFE AFFORDABLE MISOPROSTOL 200 MCG MIFEPACK TABLETS FOR SALE IN Abu Dhabi®BUY MTP KIT, - The 4 spheres of earth - Who theorized that all behavior lawful and criminal is learned - Leadership Applications CRJ-565-MCOL3 - What is the total mass of c3h8 - Silver and gold have i none meaning - Assignment due in 36 hours - Five components of service quality - Magnesium and hcl lab report - Selleys oven cleaner gel woolworths - Weber cooks sex offender - Burlington coat factory advertising - Suzanne crazy eyes mental illness - Mexico city slum population - The rainbow crow and the silent songbird answers - 'syms' requires symbolic math toolbox. - CC W 1 D - Elevator traffic handbook pdf - NEED IN 15 HOURS or LESS - Bacterial id lab answers - Mentoring role play scenarios - Aussie rules football poems - Ipv6 conformance test suite - 35 crana avenue east lindfield - Week 2 - Assignment 1: Describe the Structure of an Actual Information System - When refusing service you should be - Econmovies episode 6 worksheet answers - Central idea of a speech example - Ending HIV? Sangamo Biosciences and Gene Editing Case Study - Iv x pv factorial design example - Data Accuracy Discussion - Two Discussions - Difference matters brenda allen summary - All watched over by machines poem - Duplicity in richard iii - Homework - To kill a mockingbird chapter 5 8 summary - Project(NS - Children's sermons keeping sabbath - Eagle peacock dove owl - Tom dixon david jones - Research paper - Project screening matrix example - My safety commitment examples - Compare and contrast the three sociological perspectives - Ops 571 statistical process control methods - Fuel cell fundamentals o hayre pdf - British microlight aircraft association - Calculate the required rate of return for manning enterprises - 7 14 the electrocomp corporation manufactures - Integumentary case study - Avaya stadium parking audi lot - Sephora marketing plan - Imperialism political cartoons explained - Diffusion tensor imaging would be the best choice to examine - The financial staff of cairn communications has identified - A positive charge is kept (fixed) at the center inside a fixed spherical neutral conducting shell. - Nbaa tanzania examination form final stage - Discuss the use of cloud backup strategies