On December 31, Bregler Company’s Prepaid Insurance account had a balance before adjustment of $6,000. The insurance was purchased on July 1 of the same year for one year of insurance coverage, with coverage beginning on that date. The adjusting entry needed on December 31 is:

Rayford Inc.  purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the double-declining-balance method. The machine’s useful life is estimated to be 4 years with a $5,000 salvage value. Depreciation expense in year 4 is:

On July 1, Silver Spurs Hotel borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of interest expense will be included in the first annual payment?

Kegler’s Services, Inc. provides services to clients. On May 1, a client prepaid Kegler’s Services $60,000 for 6-months services in advance. Kegler’s Services’ general journal entry to record this transaction will include a:

Clayton makes a $25,000, 90-day, 7% cash loan to Citrus Co. The amount of interest that Clayton will collect on the loan is: (Use 360 days a year.)

Joan’s Delivery has total assets of $385 million. Its total liabilities are $100 million and its equity is $285 million. Calculate its debt ratio.

Horizontal analysis is used to reveal patterns in data covering two or more successive periods.

Kegler’s Services, Inc. provides services to clients. On May 1, a client prepaid Kegler’s Services $60,000 for 6-months services in advance. Kegler’s Services’ general journal entry to record this transaction will include a:

Scalici Co. has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:

Scalici Co. has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: