InstructionsX Income StatementBalance SheetJournalspreadsheet, a part of which follows:1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles.Finders Investigative Servicesstatement heading. Refer to the Chart of Accounts and the list of Labels and Amountto complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exactCNOW joumals do not use lines for joumal explanations. Every line on a joumal pageused for debit or credit entries. CNOW joumals will automaticallyDescriptions for the exact wording of the answer choices for text entries. Enter amounts aswording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet,indent a credit entry when a credit amount is entered.End-of-Period Spreadsheetpositive numbers unless the amount is a calculation that results in a negative amount. Forthey will automatically insert where necessary. Enter all values as positive amounts.For the Year Ended June 30, 20Y3example: Net loss should be negative. Expenses should be positive. You will not need to enterPAGE 11colons () on the income statement.- Adjusted Trial BalanceJOURNALFinders Investigative ServicesACCOUNTING FOUATIONAccount TitleDr.Cr.Balance SheetDATEDESCRIPTIONPOST, REF.DEBITCREDITASSETSLUABILITIESEQUITYFinders Investigative Services(Label)Closing EntriesIncome StatementCash29,50021Assets(Label)Accounts Receivable70,20032 (Label)1 (Label)4Supplies4,7002Prepaid Insurance2,500Building438,5004Accumulated Depreciation-Building42,2005 (Label)Accounts Payable11,70098 Label)Salaries Payable3,400710Unearned Rent1,900111011Stacy Tanner, Capital372,600111013Stacy Tanner, Drawing12,000121114Service Fees723,60013Liabilities1214 (Label)Rent Revenue12,0001315Statement of Owner's EquitySalaries Expense524,30014161. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were madeRent Expense48.0001517during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount DescriptionsSupplies Expense10,800for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or18Depreciation Expense-Building7,500Owner's Equitynegative numbers use a minus sign.19Final QuestionUtilities Expense7.200Repairs Expense2,90021Finders Investigative Services3. If Stacy Tanner, Capital has instead decreased $30,000 affer the closing entriesStatement of Owner's EquityInsurance Expense2,800were posted, and the withdrawals remained the same, what would have been the(Label)Miscellaneous Expense6.500amount of net income or net loss? Enter a net loss as a negative amount using a1- 1,187,4001,187,400minus sign.2

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…
Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements Transactions of Mr. Akram travel world business Mr Akram started business with cash for rs 400,000. Paid wages rs 20,000. Paid office rent in advance 2000. Paid rs 10000 for insurance in advance. Babar and sons paid 2500 for goods on advance. Purchased office equipment on credit rs 5000. Paid 7000 for advertising expenses. Paid 3000 to accounts payable. Provided…
Information for the questions is located in the image attached. Required 1 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.) WEB WIZARD, INC. Partial Balance Sheet At March 31 Assets Current Assets: [ ] [ ] [ ] [ ] Accounts Receivable, Net of Allowance [ ] [ ] [ ] [ ] [ ] [ ] [ ] Required 2 Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after,…
The following selected accounts an their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2. Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. 2. Prepare a Statement of Stockholders' Equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare the Balance Sheet, assuming that the current portion of the note payable is $58,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided…
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…
Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…
complete the table by using 2 Data Tables. Given that the balance sheet is at May31,2020. There are options provided for the "Accounts" column in the second attachment , choose the most suitable 4 options among the 9 and write down its debit and credit.
1. Using a spreadsheet with the indirect method, entry (a) records net income as the first item on the spreadsheet in the Operating Activities section, with the corresponding entry as a debit to Retained Earnings. credit to Retained Earnings. credit to Income Summary. debit to Cash. 2. As you complete the spreadsheet to account for all the changes in the noncash accounts that occurred during the current period, you are constructing entries that will need to be journalized and posted when the spreadsheet is complete. reconstructing the journal entries that caused the changes in the noncash accounts. undoing the journal entries that caused the changes in the noncash accounts. doing none of these choices.
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse ☆ 国 The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each balance should be extended to an Income Statement column or a Balance Sheet column. 1. Retained Earnings 2. Common Stock 3. Depreciation Expense 4. Accumulated Depreciation 5. Fees Earned 6. Unearned Fees 7. Supplies 8. Supplies Expense
Select 30 transactions of various kinds such as sales, costs (direct and indirect),revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal2. post them to ledger
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…

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