Consider the following situations for Shocker; 1. On November 28, 2024, Shocker received a $4,200 payment from a custome

[answerhappygod]

Consider The Following Situations For Shocker 1 On November 28 2024 Shocker Received A 4 200 Payment From A Custome 1 (34.37 KiB) Viewed 9 times

Consider The Following Situations For Shocker 1 On November 28 2024 Shocker Received A 4 200 Payment From A Custome 2 (31.83 KiB) Viewed 9 times

Consider the following situations for Shocker; 1. On November 28, 2024, Shocker received a $4,200 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,640 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,800 will be paid on January 7, 2025. 4. On August 31, 2024, Shocker borrowed $68,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2025. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the adjusting entry is not recorded. (If none of the categories apply for a particular item, leave the cell blank.) Stockholders' Equity 1. 2 3 4. Total Assets E Liabilities
Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) Year VOLUNTEERS INCORPORATED ($ in millions) Net Income (Loss) 2015 $ 2016 2017 2018 2019 2020 2021 2022 2023 2024 Retained Earnings 0 $ 29 (6) 40 134 29 (132) 576 358 359 0 29 RAIDERS INCORPORATED ($ in millions) Net Income (Loss) $ Retained Earnings 34 $ (44) 62 62 101 134 (43) 73 109 161 10