Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable (due in October 2022) Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable Totals tions e the worksheet. financial statements from worksheet. DeSousa Company Worksheet (partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Dr. Cr. 10,000 7,840 2,280 23,050 3,650 10,840 760 671 57 59,148 4,921 5,700 4.920 20,000 7,960 15,590 57 59.148 Income Statement Dr. Cr. Balance Sheet Cr. Dr.
Q: S Corporation, a 75% owned subsidiary, of P Corporation, sells inventory items to its parent company…
A: Adjusted income = [ Reported income + Profit in Beginning Inventory - Profit in ending Inventory ]…
Q: The extract of statement of financial position for the year ended 30 June 2022 for Pears Ltd and…
A: Goodwill refers to the intangible asset which could be related to the value of the purchased brand…
Q: Cally Company owns current assets with a market value of $4,000,000 and plant and equipment with a…
A: Acquisition is when one company purchases a controlling interest in the other Company. It means…
Q: Rex Industries has identified three different activities as cost drivers: machine setups, machine…
A: Overheads refer to the indirect cost of the product incurred in the manufacturing used for product…
Q: Cabinets, Inc. provides the following data for year 2020: Work in process inventory, December 31,…
A:
Q: Vibrant Company had $980,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…
A: calculation of gross profit and showing of error are as follows
Q: For each of the following transactions or adjustments, indicate the effect of the transaction or…
A: Accounting equation of the business is fundamental concept used in accounting. It says that total…
Q: 2. The account balances in the ledger of Sari-Sari Store Inc. on December 31, 1996 were as follows:…
A: Income Statement - It is a repeated assertion that refers to a certain period of time. The profit…
Q: To repair an oil burner system, a new nozzle at $8.75 is needed. The laborinvolved is 4 hours at…
A: The customer’s copy of the invoice indicates all the detail of how the bill amount is determined. It…
Q: A&R Quality Advisors is a small consulting firm offering quality audits and advising services to…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: 4. [Para. 5-a-4] Sales tax revenue of $83,000 was received. Required: Record this transaction in…
A: Street Improvement Fund: The term "Street Improvement Fund" refers to the special fund of the City…
Q: Problem 1: Candyman Company is a wholesale distributor of candy. The company services grocery…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Nelson Corporation is required to record an inventory write-down of $2,500 as a result of using the…
A: Financial statements are written records that summaries a company's operations and financial…
Q: QUESTION 17 Which entry would be used to record depreciation on manufacturing equipment: O Debit…
A: Depreciation is recorded to record reduction in value of asset over the period of time. Accumulated…
Q: Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry…
A: Dividend: The board of directors of a corporation is the entity that is responsible for determining…
Q: Cool Pool has these costs associated with production of 21,916 units of accessory products: direct…
A: calculation of cost per unit under absorption method are as follows
Q: For which of the following cost flow methods does generally accepted accounting principles require…
A: Ans. In case of Inventories, it is generally accepted accounting principles is to measure at cost or…
Q: K is the president and chief executive officer of KL, Inc., an S corporation that is owned equally…
A: Income Tax is a type of tax that is imposed by Government on income generated by Businesses and…
Q: Under what circumstances would a company need to estimate its inventory? What are the differences…
A: The worth of the items in your inventory at the time of your most recent physical count is the…
Q: Respond to the following in a minimum of 175 words: Discuss the legal and non-tax…
A: Tax is the amount that is paid by person or business entity to government so that it can provide us…
Q: Completed and transferred to Blending ? Materials 142,600 Direct labor 75,200 Overhead…
A: Work in process ledger used to record work in process inventory account. All costs associated to…
Q: On January 1, 2023, Grouper Corporation purchased 30% of the common shares of Martz Limited for…
A: In the above question is asked only how the statement of comprehensive income is affected in 2023…
Q: Please answer the following question(s): Sometimes a business entity will change its method of…
A:
Q: Awards and Damages 76 A taxpayer received disability income of $6,000. All premiums on the health…
A: Introduction: A Taxpayer Identifying Number (TIN) is an identification number used by the Internal…
Q: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed…
A: According to the given question, we are required to compute the product cost and period costs for…
Q: ACTIVITY STATEMENT OF FINANCIAL POSITION The following were taken from the books of James Bred fo…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: tructions December 1, Newton Enterprises sells $300,000 of accounts receivable to a factor without…
A: The account receivable are also known as debtors. These are the values due to a firm on which…
Q: JJ Company produces a variety of products. The company's project income statement for the coming…
A: Lets understand the basics. Contribution margin is a margin generated from the sales made on each…
Q: If a company uses a process costing system to account for the costs in its five production…
A: Process costing is used when the production requires continuous processes. In simple, it is used…
Q: BE2-7 Selected transactions for the Glasson Company are presented in journal entry for below. Post…
A: A T-account is a term for a collection of bank documents that use double-entry bookkeeping. A…
Q: Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This…
A: Introduction: Tax deductions are claims made by a taxpayer to lower his or her taxable income due to…
Q: Accounting Selected accounts with amounts omitted are as follows: Work in Process 251,340 Aug. 31…
A: WORK IN PROCESS INVENTORY Work-in-process inventory is materials that have been partially…
Q: reported pretax book Kumara also reports an increase in the taxable temporary differences of…
A: Deferred Tax Assets / Deferred tax Liability : are to be calculated when there is a temporary…
Q: Identify which of the following statements are true for the corporate form of organization. (You may…
A: Introduction: A corporation is a legal entity that is owned by one or more people and has rights,…
Q: On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200…
A: ISSUANCE OF COMMON STOCK Issuance of Common is one of the Main source of Generating Fund for…
Q: Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold…
A: The term inventory refers to both raw materials used in manufacturing and finished goods for sale.…
Q: Peter Company acquired 80 percent of the common stock of Paul Company on January 1, 2022, when Paul…
A:
Q: Using this information from Planters, Inc., what is the cost per unit under absorption costing?…
A: Cost per unit under absorption costing includes the fixed manufacturing overhead, variable…
Q: . The Modelling Department of AMC Inc. incurred $295,000 in direct material costs and $120,600 in…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: BE2-1 For each of the following accounts indicate (a) the effect of a debit or credit on the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: [The following information applies to the questions displayed below.] Sandra would like to organize…
A: The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed…
Q: Activity Casting Assembly Inspecting Activity Cost Activity Base Machine hours Direct labor hours…
A: Calculation of activity rate and total activity cost and other requirement are as follows
Q: Identify the most relevant transaction for this entry: Assets +12 000 Owners' Equity +12 000 O A.…
A: Assets = +12000 Owner's Equity = +12000 Liability = 0
Q: Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the…
A: Workings :- 1) Calculation of standard cost of direct materials for 1 box :- Standard cost for 4 500…
Q: Chancellor Limited provided a loan of $1 500 000 to its subsidiary Park Limited. On consolidation,…
A: Holding Company: Its a type of financial organization that owns a controlling Interest in other…
Q: Problem 1: Candyman Company is a wholesale distributor of candy. The company services grocery…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Mocha Company manufactures a single product by a continuous process, involving three production…
A: The correct entry with calculation are as follows
Q: If KFC has a 10.85% increase in sales, its EBIT will increase by __________. Assume that KFC…
A: Degree of Operating leverage measure the percentage change in operating income (EBIT) for a given…
Q: Multiple Choice $11,910 $11,770 $10,640
A: Banks maintain the account of the account holder but some time they give unadjusted balances due to…
Q: Presented below are a number of balance sheet items for Flint, Inc. for the current year, 2025,…
A: Flint, Inc. Balance sheet December 31, 2025 Assets Liabilities and Stockholders' equity…
Step by step
Solved in 3 steps with 2 images
- Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?Adjustment for supplies Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100? b. The supplies account has a balance of $650. and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supp lies purchased during the year?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 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
- 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 2. Prepare an income statement and statement of stockholders equity for the year ended December 31. 20Y8. The common stock balance as of January 1. 20Y8. was $25000. The retained earnings balance as of January 1, 20Y8, was $101,500.Effects of errors on financial statements If the net income for the current year had been $2224600 in Exercise 3-18, what would have been the correct net income if the proper adjustments had been made?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…
- NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…The following pre‐adjustment trial balance appeared in the books of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre‐adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol. Debit (R) Credit (R)Statement of financial position sectionCapital B1 500 000.00Drawings B2 25 000.00Land and buildings B3 865 000.00Vehicles B4 220 987.00Equipment B5 156 760.00Accumulated depreciation: Equipment(1 April 2019)B6 54 320.00Accumulated Depreciation: Vehicles(1 April 2019)B7 22 580.00Bank B8 22 430.00Debtors Control B9 35 600.00Allowance for Credit Losses‐ 1 April 2019 B10 1 780.25Petty Cash B11 1 378.98Trading inventory (1 April 2019) B12 27 865.43Mortgage Loan B13 287 650.00Creditors Control B14 31 420.00SARS(UIF/SDL/PAYE) B15 23 290.6520 2020© The Independent Institute of Education (Pty) Ltd 2020Page 6 of 7Fol. Debit (R) Credit (R)Nominal accounts sectionSales N1 1 167 371.07Sales Returns N2 25 340.87Purchases N3 520…The trial balances before and after adjustment for Oriole Company at the end of its fiscal year are presented below. ORIOLE COMPANYTrial BalanceAugust 31, 2022 BeforeAdjustment AfterAdjustment Dr. Cr. Dr. Cr. Cash $10,000 $10,000 Accounts Receivable 9,000 10,000 Supplies 2,500 500 Prepaid Insurance 3,800 2,500 Equipment 14,300 14,300 Accumulated Depreciation—Equipment $ 3,500 $ 4,400 Accounts Payable 5,700 5,700 Salaries and Wages Payable 0 1,400 Unearned Rent Revenue 1,500 800 Owner’s Capital 16,200 16,200 Service Revenue 33,800 34,800 Rent Revenue 11,000 11,700 Salaries and Wages Expense 16,900 18,300 Supplies Expense 0 2,000 Rent Expense 15,200 15,200 Insurance Expense 0 1,300 Depreciation…
- 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…At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service revenue above had been…At the end of its fiscal year, the adjusted trial balance of Wildhorse Company is as follows: WILDHORSE COMPANYAdjusted Trial BalanceJuly 31, 2021 Debit Credit Cash $ 2,800 Accounts receivable 11,500 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,295 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,100 B. Wildhorse, capital 28,285 B. Wildhorse drawings 16,700 Service revenue 74,300 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 37,050 Supplies expense 20,850 $ 160,800 $ 160,800 Prepare the closing entries.