Q2. The following accounts were included on ABC Inc., adjusted trial balance atDecember 31, 2014: 5 Marks$ 9,20012,0005,50040,00010,0003,00060,0001,00039,0005,000Accounts payableAccounts receivableCashOwner's CapitalOwner's DrawingsInterest expenseNote payable, due 8/31/17SuppliesService revenueEquipment(a) What are total current assets? show working(b) What are total current liabilities? Show working

Current assets are those assets which can be converted into cash within a short period of time like…

Answered: (a) What are total current assets? show…

Business

Accounting

(a) What are total current assets? show working (b) What are total current liabilities? Show working

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.6.2P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
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P3-3A Alena Co. was organized on July 1, 2017. Quarterly fi nancial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.ALENA CO.Trial BalanceSeptember 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr.Cash $ 8,700 $ 8,700Accounts Receivable 10,400 11,500Supplies 1,500 650Prepaid Rent 2,200 500Equipment 18,000 18,000Accumulated Depreciation—Equipment $ –0– $ 700Notes Payable 10,000 10,000Accounts Payable 2,500 2,500Salaries and Wages Payable –0– 725Interest Payable –0– 100Unearned Rent Revenue 1,900 450Owner’s Capital 22,000 22,000Owner’s Drawings 1,600 1,600Service Revenue 16,000 17,100Rent Revenue 1,410 2,860Salaries and Wages Expense 8,000 8,725Rent Expense 1,900 3,600Depreciation Expense 700 Supplies Expense 850Utilities Expense 1,510 1,510 Interest Expense 100 $53,810 $53,810 $56,435 $56,435Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner’s equity statement for the 3 months…
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…