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Remaining Time: 2 hours, 15 minutes, 31 seconds Question Completion Status: 6 10 11 12 13 14 15 16 17 18 19 20 21 The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2017 250 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Machinery Accumulated Depreciation -- Machinery Dividend Payable Notes Payable Bond Payable Common Stocks Retained Earrings Dividend Service Revenue 2,000 1.000 7,200 10,000 10,000 25.010 100,000 Rent Expense Remaining Time: 2 hours, 16 minutes, 04 seconds. Question Completion Status 1 10 11 12 13 14 15 16 17 18 19 20 21 Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense S161,210 $161,210 1. Services performed for clients that were not recorded by December 31, 54,900. 2. The estimate of uncollectable is determined by taking 5% of gross accounts receivable 3. Insurance expired during the year $480. 4. On January 1, 2016, YORKIS PEREZ purchased for $25,000 equipment with an 8 years useful life and with a salvage value of $5,000 YORKIS PEREZ uses Double-Declining Balance Method. Record the depreciation expense for 2017. 5. The machinery was purchased in January 2016 for $12,000 and had an estimated useful life of 5 years with $2,000 salvage value. Record the depreciation expense of machinery for 2017. YORKIS PEREZ uses straight-line depreciation. At December 31, 2017 after recording depreciation of machinery, new technology was introduced that would accelerate the obsolescence of machinery, YORKIS PEREZ estimates that expected future net cash flows on the equipment will be $6,000 and that the fair value of the equipment is $4,000. It is estimated that the remaining useful life is 2 years. YORKIS PEREZ,uses straight-line depreciation. Prepare the journal entry to record the impairment at December 31, 2017 6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2017 7. Office salaries and wages earned but unpaid December 31, 2017, 52,510. 8. Bank reconciliation: YORKIS PEREZ's books show a cash balance at the Denver National Bank on December 31, 2017. of $29,500. The bank statement covering the month of November shows an ending balance of $31,188, An examination identified the following reconciling items A deposit of $3,680 that YORKIS PEREZ mailed December 30 does not appear on the bank statement. Sive Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 2 hours, 15 minutes, 42 seconds Question Completion Status 1 . 8. Bank reconciliation: YORKIS PEREZ' books show cash balance at the Denver National Bank on December 31, 2017, of 529500. The bank statement covering the month of November shows an ending balance of $31,188. An e a tion identified the following conciling A deposit of $3,680 that YORKIS PEREZ maled December 30 does not appear on the bank sement Checks written in December but not changed to the December bank statement : Check 7327 $ 150 7348 $4,820 7349 $ 31 YORKIS PEREZ has not yet recorded the $600 of interest collected by the bank December 20 on Sequoia Co. bonds held by the bank for Nugget Bank service charges of 518 are not yet recorded on YORKIS PEREZ's books The bank returned one of YORKIS PEREZ'S customer's checks for $220 with the bank statement, marked "NSF. The bank treated this bad check as a disbursement YORKIS PEREZ discovered that it incorrectly recorded check 7322, written in December for 5131 in payment of an account payable, as $311 o A check for Yankees PEREZ Co. in the amount of $175 that the bank incorrectly charged to YORKIS PEREZ accompanied the statement 9. On December 31, YORKIS PEREZ, Inc. factored $16,000 of accounts receivable with Quick Finance on without recourse basis. Under the arrangement, YORKIS PEREZ was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Prepare the journal entry required on YORKIS PEREZ's books. 10 YORKIS PEREZ is currently involved in three lawsuits at December 31, 2017. The first case is probable that YORKIS PEREZ will be l e for $1,000 as a result of this suit. The second case is reasonably possible that YORKIS PEREZ will be liable for $20,000 as a result of this soit. The last case is probable favorable outcome for $3,000 as a result of this sit. Prepare required journal entryfies) for three contingencies is of December 31, 2017 Instructions From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2017 TTTT Paragraph. Arial . 312pt) %DOQE TT. Of Mashups - 84 @ Click Save and Submit to save and submit. Click Save All Answers to save all answers Remaining Time: 2 hours, 15 minutes, 31 seconds Question Completion Status: 6 10 11 12 13 14 15 16 17 18 19 20 21 The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2017 250 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Machinery Accumulated Depreciation -- Machinery Dividend Payable Notes Payable Bond Payable Common Stocks Retained Earrings Dividend Service Revenue 2,000 1.000 7,200 10,000 10,000 25.010 100,000 Rent Expense Remaining Time: 2 hours, 16 minutes, 04 seconds. Question Completion Status 1 10 11 12 13 14 15 16 17 18 19 20 21 Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense S161,210 $161,210 1. Services performed for clients that were not recorded by December 31, 54,900. 2. The estimate of uncollectable is determined by taking 5% of gross accounts receivable 3. Insurance expired during the year $480. 4. On January 1, 2016, YORKIS PEREZ purchased for $25,000 equipment with an 8 years useful life and with a salvage value of $5,000 YORKIS PEREZ uses Double-Declining Balance Method. Record the depreciation expense for 2017. 5. The machinery was purchased in January 2016 for $12,000 and had an estimated useful life of 5 years with $2,000 salvage value. Record the depreciation expense of machinery for 2017. YORKIS PEREZ uses straight-line depreciation. At December 31, 2017 after recording depreciation of machinery, new technology was introduced that would accelerate the obsolescence of machinery, YORKIS PEREZ estimates that expected future net cash flows on the equipment will be $6,000 and that the fair value of the equipment is $4,000. It is estimated that the remaining useful life is 2 years. YORKIS PEREZ,uses straight-line depreciation. Prepare the journal entry to record the impairment at December 31, 2017 6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2017 7. Office salaries and wages earned but unpaid December 31, 2017, 52,510. 8. Bank reconciliation: YORKIS PEREZ's books show a cash balance at the Denver National Bank on December 31, 2017. of $29,500. The bank statement covering the month of November shows an ending balance of $31,188, An examination identified the following reconciling items A deposit of $3,680 that YORKIS PEREZ mailed December 30 does not appear on the bank statement. Sive Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 2 hours, 15 minutes, 42 seconds Question Completion Status 1 . 8. Bank reconciliation: YORKIS PEREZ' books show cash balance at the Denver National Bank on December 31, 2017, of 529500. The bank statement covering the month of November shows an ending balance of $31,188. An e a tion identified the following conciling A deposit of $3,680 that YORKIS PEREZ maled December 30 does not appear on the bank sement Checks written in December but not changed to the December bank statement : Check 7327 $ 150 7348 $4,820 7349 $ 31 YORKIS PEREZ has not yet recorded the $600 of interest collected by the bank December 20 on Sequoia Co. bonds held by the bank for Nugget Bank service charges of 518 are not yet recorded on YORKIS PEREZ's books The bank returned one of YORKIS PEREZ'S customer's checks for $220 with the bank statement, marked "NSF. The bank treated this bad check as a disbursement YORKIS PEREZ discovered that it incorrectly recorded check 7322, written in December for 5131 in payment of an account payable, as $311 o A check for Yankees PEREZ Co. in the amount of $175 that the bank incorrectly charged to YORKIS PEREZ accompanied the statement 9. On December 31, YORKIS PEREZ, Inc. factored $16,000 of accounts receivable with Quick Finance on without recourse basis. Under the arrangement, YORKIS PEREZ was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Prepare the journal entry required on YORKIS PEREZ's books. 10 YORKIS PEREZ is currently involved in three lawsuits at December 31, 2017. The first case is probable that YORKIS PEREZ will be l e for $1,000 as a result of this suit. The second case is reasonably possible that YORKIS PEREZ will be liable for $20,000 as a result of this soit. The last case is probable favorable outcome for $3,000 as a result of this sit. Prepare required journal entryfies) for three contingencies is of December 31, 2017 Instructions From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2017 TTTT Paragraph. Arial . 312pt) %DOQE TT. Of Mashups - 84 @ Click Save and Submit to save and submit. Click Save All Answers to save all answers

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