Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Net Income End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. Cr. Dr. Cr. 16,000 6,000 2,000 19,000 1,000 21,815 6,609 5,769 78,193 6,000 10,000 2,000 17,565 42,628 78,193 21,815 6,609 5,769 34,193 8,435 42,628 Balance Sheet Dr. Cr. 16,000 6,000 2,000 19,000 6,000 10,000 2,000 17,565 1,000 42,628 42,628 44,000 35,565 8,435 42,628 44,000 44,000
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- Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…Question: Determine the missing amount from each of the expanded accounting equation below: Assets Liabilities Capital (Beg. Bal) Owner's Equity Drawings Profit/Loss 97,600 85,400 48,800 ? (24,400) Explain Please.
- . RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) ProvisionsIndicate in which section of the balance sheet each of the following accounts is classified. Usethe symbols CA for current assets, NCA for noncurrent assets, CL for current liabilities, LTL forlong-term liabilities, and SHE for stockholders’ equity.a. Prepaid Rent f. Mortgage Payable (due in 15 years)b. Dividends Payable g. Unearned Service Revenuec. Salaries Payable h. Accounts Receivabled. Accumulated Depreciation: Equipment i. Lande. Retained Earnings j. Office SuppliesNotes receivable due in 390 days appear on the a.balance sheet in the current liabilities section b.income statement as an expense c.balance sheet in the noncurrent assets section d.balance sheet in the current assets section
- Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…Accounting Changes A material, prior period error impacting repairs expense.will affect which account(s) in subsequ O current liabilities O current assets O retained earnings operating expense Save for Later 12Question Content Area The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Line Item Description Amount Accumulated Depreciation $ 2,151 Fees Earned 14,783 Depreciation Expense 1,173 Insurance Expense 665 Prepaid Insurance 3,373 Supplies 1,255 Supplies Expense 3,985 Net income for the period is a. $8,960 b. $6,809 c. $5,823 d. $2,181
- Classifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. Office Supplies Interest Payable Retained Earnings Copyrights Land Accumulated Depreciation—Furniture< Land (held for long-term investment purposes) Unearned Revenue</p> <p>i. Notes Payable (due in six years)You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…a) prepare the statement of profit or loss and other comprehensive income ( extract) for the year ended 31 october b)prepare statement of financial position ( extract) as at 31 october 2019 c) comprehensive