( c) Equipment was purchased at the beginning of the year for $ 45,000. The equipment’ s useful life is 5 years, and the residual value is $ 5,000. Record the depreciation for this year.( d) The weekly payroll is $ 25,000. Employees are owed for 3 days of a 5-day work week.( e) Beginning unearned service revenue is $ 7,500, and ending unearned service revenue is $ 3,500.( f) The business has interest expense of $ 750 that is due in January.( 30 points)
Q-7( TCO G) Please review the following 6 ratios for Langley Company and XYZ Inc. 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 Langley Company ratios above.( 18 points)( 2) State which company performed better for each ratio.( 18 points)( Points: 36)
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.