A partial alphabetized list of adjusted account balances for Christmas Tours as at November 30, 2020, IS SHO Accounts payable - 41,000 Accounts receivable - 19,000 Accumulated depreciation, furniture - 4,100 Accumulated depreciation, vehicles- 15,800 Cash - 7,200 Copyright-9,000 Notes payable - 14,000 Notes payable 2- 21,600 Notes receivable - 20,500 Furniture - 6,500 Prepaid insurance - 4,600 Prepaid rent - 9,000 Salaries payable - 12,100 Supplies - 2,250 Unearned revenue - 23,000 Vehicles -64,000 Note: $10,000 of Notes payable 2 is to be paid by November 30, 2021. $7,500 of the notes receivable is to be collected by November 30, 2021. Required: When preparing a classified balance sheet, what would the total of current liabilities be? Select one: a. 100,100 b. 11,600 c. 90,100 d. 111,700
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- /Yukon Inc. has the following adjusted trial balance with accounts listed in alphabetical order at December 31, 2020. Account Title Debit Credit Accounts Payable Accumulated Depreciation, Equipment Accumulated Depreciation, Truck Cash Equipment Operating Expenses Merchandise Inventory Notes Payable Notes Receivable Revenue Truck Wages Payable /Yukon Skookum, Capital /Yukon Skookum, Withdrawals Total $ 41,625.00 99,700 38.250 $115,000.00 373.875 38,150 34,250 501.000 115,500 50.750 102,000 30,250 28,500 11.300 $790,075.00 $790,075.00 For the Notes Payable - $60,550 is due in 2021. For the Notes Receivable - $41,500 will be collected in 2021 What will the total be for current assets on the classified balance sheet for December 31, 2020?Catalan Cove Co. has the following balances in selected accounts on December 31, 2020: Accounts Receivable - ₱ 8,000 Accumulated Depreciation – Equipment - ? Equipment - ₱ 36,000 Interest Payable - ₱ 4,666 Notes Payable - ₱ 12,000 Prepaid Insurance - ₱ 8,460 Salaries and Wages Payable - ? Supplies - ₱ 6,800 Unearned Service Revenue - ₱ 48,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020: On November 1, 2020, Catalan Cove received P48,000 as an advance payment from a customer for services to be rendered evenly over 12 months. Catalan Cove performed digitization services for a client since the start of the last quarter of 2020. The client will be billed P4,000 per month. Physical count of supplies at the end of the year revealed that P650 of supplies are left. Equipment was purchased on January 1, 2020. Estimated useful life of the equipment is 5 years, and at the end of the useful life, the said equipment may be…The ledger of XYZ Ltd, on December 31, 2019, includes the below information before applying the adjusting entries for the whole month: Prepaid Insurance $ 2,640 Supplies $2,000 Motor Vehicle (book value) $9,000 Accumulated Depreciation—MV $6,000 Additional information on 31 December: Note payable interest should be paid monthly on the outstanding amount of $12000 and 12% per annum. Insurance expires at the rate of $220 fortnightly. Supplies on hand are total $2000. The Motor Vehicle useful life is 5 years. Calculate the correct adjusting entries required for the December. Motor Vehicle depreciation expense? Interest on borrowing? Supplies consumed? Insurance expires?
- The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare the closing entries for Oman Chocolate Company for the year ended December 31, 2019.The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare the closing entries for Oman Chocolate Company for the year ended December 31, 2019. Prepare an…The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare a classified statement of financial position for Oman Chocolate Company as of December 31, 2019.
- The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Allowance for uncollectible accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation – equipment 125,000 Accounts payable 20,000 Notes payable – due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Share capital 200,000 Retained earnings 50,000 Sales revenue 400,000 Cost of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Totals 840,000 840,000 Required : Prepare an income statement for Oman Chocolate Company for the year ended December 31, 2019.Craig Ferguson Company has the following balances in selected accounts on December 31, 2019: Accounts Receivable $ -0-Accumulated Depreciation—Equipment 10,000Interest Payable -0-Notes Payable 20,000Prepaid Insurance 2,700Salaries and Wages Payable -0-Supplies 3,500Unearned Service Revenue 50,000All the accounts have normal balances. The information below has been gathered at December 31, 2019.1. Craig Ferguson Company borrowed $20,000 by signing a 12%, one-year note on August 1, 2019.2. A count of supplies on December 31, 2019, indicates that supplies of $900 are on hand.3. Depreciation on the equipment for 2019 is $2,000.4. Craig Ferguson Company paid $2,700 for 12 months of insurance coverage on May 1, 2019.5. On November 1, 2019, Craig Ferguson collected $50,000 for consulting services to be performed fromNovember 1, 2019, through March 31, 2020.6. Craig Ferguson performed consulting services for a client in December 2019. The client will be billed$6,300.7. Craig Ferguson Company…The adjusted trial balance of Gloria Services Center on December 31, 2020 is given below: Cash 161,000 Accounts Receivable155,000 Office Supplies39,500 Prepaid Insurance12,000 Equipment450.000 Accumulated Depreciation-Equipment150.000 Loans Payable 240.000 Accounts Payable47,500 Gloria, Capital200.000 Service Revenue605.000 Salaries Expense187.500 Supplies Expense156,000 Insurance Expense48.000 Depreciation Expense 25,000 Miscellaneous Expense8.500 In preparing the worksheet, the total debit of the balance sheet column exceeds the credit
- PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company : Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The…The adjusted trial balance columns of the worksheet for Sheridan Company are as follows. SHERIDAN COMPANYWorksheet (partial)For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 12,000 Accounts Receivable 7,500 Prepaid Rent 2,200 Equipment 22,800 Accumulated Depreciation—Equip. 5,100 Notes Payable 5,800 Accounts Payable 5,000 Owner’s Capital 29,440 Owner’s Drawings 3,800 Service Revenue 15,100 Salaries and Wages Expense 10,700 Rent Expense 700 Depreciation Expense 740 Interest Expense 40 Interest Payable 40 Totals 60,480 60,480Prepare an adjusted trial balance. On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800,…