1 Cash 2 Accounts Receivable 3 Supplies 4 Equipment 5 Accounts Payable 6 Unearned Fees 7 Common Stock 8 Retained Earnings 9 Dividends 10 Fees Earned 11 Wages Expense 12 Pont Eynonco Reliable Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT 10,310.00 67,890.00 16,150.00 111,740.00 13,880.00 94,230.00 72 460.00 CREDIT 16,080.00 18,280.00 10,500.00 102,320.00 299,210.00
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- K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common stock 69,200 Retained earnings 9,200 What is the amount of total liabilities? Multiple Choice $69,700 $88,300 $80,900 $6,200is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
- Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $159 $51 Accounts receivable (net) 90 63 Inventories 57 35 Land 129 143 Equipment 73 55 Accumulated depreciation-equipment (20) (10) Total Assets $488 $337 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $61 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 81 39 Retained earnings 304 231 Total liabilities and stockholders' equity $488 $337 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $105 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $155 $51 Accounts receivable (net) 89 64 Inventories 56 35 Land 127 145 Equipment 72 56 Accumulated depreciation-equipment (19) (10) Total Assets $480 $341 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $60 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 73 40 Retained earnings 305 234 Total liabilities and stockholders' equity $480 $341 The following additional information is taken from the records: Land was sold for $45. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $103 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
- information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1Question 1: Please tell me what type of account, if it's a Real or Nominal, and if it's a DR or CR1) Accounts Payable2) Service fees avenue3) Tax expense4) Cash5) Interest Receivable6) Accounts Receivable7) Smith, Drawings8) Retained Earnings9) Depreciation Expense10) Interest IncomeQuestion 2: Are the following accounts Assets, Liabilities, or Equity?1) Accounts Receivable2) Smith, Capital3) Wages Payable4) Cash5) Inventory6) Taxes Payable7) Additional Paid-in-Capital8) Retained Earnings9)Buildings10)LandQuestion 3: For each please provide type of account as either Asset, Liability, Equity. Also if they are Real or Nominal1) Inventory2) Bonds Payable3) Common Stock4) Prepaid Insurance5) Sales6) Cost of Goods Sold7) Supplies Expense8) Supplies on hand9) Wages payable10) Mortgage PayableRevenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from Customers. Select one: a. R60 000 b. R40 000 c. R110 000 d. R100 000
- information to answer question 4. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the current ratio. A. 2:1 B. 1.0:1 C. 2.1:1 D. None of the aboveWhat statements do the following items go on?1) Treasury Stock2) Amortization Expense3) Preferred Stock4) Trucks5) Gain on Sale of Equipment6) Accounts Receivable7) Unearned RevenuePA2. LO 4.1To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. paid balance due for accounts payable $6,900 charged clients for legal services provided $5,200 purchased supplies on account $1,750 collected legal service fees from clients for current month $3,700 issued stock in exchange for a note payable $10,000