C61 Jx A В 15 Adjusted Trial Balance 16 December 31 17 18 Асcount Debit Credit 19 No. Balances Balances 20 21 Cash 11,222 7,219 11 22 Accounts Receivable 12 23 Prepaid Expenses 24 Equipment 25 Accumulated Depreciation 26 Accounts Payable 27 Notes Payable -Short term 28 Members, Capital 29 Members, Distribution 13 919 18 27,125 19 4,813 21 1,531 6,716 28,438 22 31 32 1,531 30 Fees Earned 41 23,909 31 Wages Expense 32 Rent Expense 33 Utilities Expense 34 Depreciation Expense 35 Miscellaneous Expense 5,359 4,156 3,227 2,516 51 52 53 54 59 2,133 36 37 Totals 65,406 S 65,406 38 39 Member's Equity 33,425 40
Q: 1 Cash 6,820.00 2 Accounts Receivable 34,940.00 3Prepaid Insurance 6,550.00 4Supplies 1,800.00 S…
A: Definition: Adjusting entries: Adjusting entries refers to the entries that are made at the end of…
Q: Problems P-1. The following account balances were included in the adjusted trial balance of Interger…
A: 1. Income Statement This statement shows the income earned and loss incurred by the organization in…
Q: EA13. LO 4.4 Prepare an adjusted trial balance from the following account information, considering…
A: Adjusted trial balance is prepared once all the adjusting entries are made in the books. Adjusted…
Q: EA11. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances…
A: Rent expense = Prepaid rent - Unexpired prepaid rent = 18,000 - 12,500 = 5,500 Earned revenue =…
Q: Problem #21 Preparation of Financial Statements The following are the adjusted account balances of…
A: Problem #21 1. Income statement : (Amount in P) Particulars Amount Amount Sales - Sales return…
Q: Talances 420 00 126 00 33.033 00 9.766 00 700 00 585 00 420 00 50 400 00 90670 00 36.120 00 210 00…
A: The financial statements of the business include the income statement and balance sheet.
Q: unadjusted Trial alae Adjusted Trial Balance Debit Adjustments |Credit |Credit 10130.00 5900.00…
A: Financial Statements are formal records of the financial Activities and positions of a organization.…
Q: From this information prepare a corrected trial balance. E3.4 (LO2) (Corrected Trial Balance) The…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: 9. LO 4.3 Use the following account T-balances (assume normal balances) and correct balance…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31,…
A: Accrued revenue is revenue that has been earned by providing a good or service, but for which no…
Q: PA13. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances…
A: Adjusting journal entries are prepared at the end of reporting period in order to adhere with…
Q: 2000 56 15 800 201 Notes Payable 212 Saleries and Wages Payable 230 Interest Payable 301 Owner's…
A: Closing entries are to be reported in the books to close the temporary accounts.
Q: PB10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected…
A: Balance Sheet is a financial statement which records assets, liabilities and owner's equity. Assets…
Q: 409 Interest revenue (d) 556 (с) з, з0е (e) 636 (a) 855 (b) 1,605 $ 6,952 Depreciation…
A: Adjusting entries are important when there are additional transactions to be recorded after the…
Q: Prepare the adjusting el P3.5 (LO 2, 3, 4) On November 1, 2020, the account balances of Beck…
A: Journal is a primary statement where the accounting transactions are recorded. it contains economic…
Q: PA18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial…
A:
Q: PA12. LO 5.3 Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:…
A: The balance sheet lists all the permanent accounts. Hence, all the temporary accounts shall be…
Q: 2:28 回 a l 42%1 Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: Greenway Corporation Tral Balance December 31.2022 $ 300 522 82 180 4,000 Cash Accounts Receivable…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows:…
A: Following Adjustment entries were missed : 1) Rent revenue 5500 2) Insurance expense 6250 3)…
Q: PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations EMMA'S…
A: Net sales is the aggregate or sum of the gross sales of the company less any allowances, returns and…
Q: Question 2.6 Is the company's collection policy effective? Please justify your answer. Notes:…
A:
Q: EA11. O 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted…
A: Adjustment need to made at the end of reporting period . Required journal entries has been passed.
Q: PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts…
A: The closing entries are the last and ending entries made in the books of accounts for a given…
Q: Selected amounts from Kit Company's trial balance of 12/31/20 appear below: 1. Accounts Payable 2.…
A: A trail balance is the statement of debits credits that can only be prepared in case of double entry…
Q: AE 221 - INTERMEDIATE ACCOUNTING 3 BTS Corporation provided the following balances in its trial…
A: SOLUTION SHAREHOLDER'S EQUITY IS EQUAL TO A FIRM'S TOTAL ASSETS MINUS ITS TOTAL LIABIKITIES.
Q: Can someone help me with these two questions
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: *P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances…
A: SOLUTION- AN INCOME STATEMENT IS A FINANCIAL STATEMENT THAT SHOWS YOU TO THE COMPANY'S INCOME AND…
Q: PB9, LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance…
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: 17.1 Mr Yousef The following trial balance has been extracted from the ledger of Mr Yousef, a sole…
A: We have the following information: Additional Information Rent is accrued by $210 Insurance has…
Q: 12 13 14 15 16 17 Expo Company prepared the following adjusting entries at year end on December 31,…
A: Solution:- calculation of the reversing entries :- Following are the reversing enteries : Journal…
Q: EB11. LO 5.3 For each of the following accounts, identify in which section of the classified balance…
A: Classified balance sheet:- It presents the assets, liability & stockholders' equity into…
Q: 1:37 O % O 4G 4 O Statement of Financial Position Deoember 31, 2018 and 2019 2019 2018 Assets…
A: Ratio is the tool to evaluate the performance and growth of the company by establishing the relation…
Q: Trial Balance Adjustments Account Debit Credit Debit Credit 6.000 eivable 11,200 6,200 ies 2.200…
A: The balance sheet shows the financial position of the company by recording all the assets,…
Q: PA17. LO 5.4 From the following Company T adjusted trial balance, prepare the following: D. Closing…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: PR 9-1A Entries related to uncollectible accounts OBJ. 4 The following transactions were completed…
A: Bad Debt: If debtors(receivables) are no longer collectible due to bankruptcy or other financial…
Q: Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481, 250 Date Account…
A: Each financial transaction in a business needs to be recorded in the accounting books. They are…
Q: B. State wether the following T accounts have normal balance or not. ANSWER: 1. 2. 3. CASH ACCOUNTS…
A: T accounts are the general ledger accounts that are being prepared by the business. General ledger…
Q: Adjustment data on an end-of-period spreadsheetAlert Security Services Co. offers security services…
A: Adjusting entries are entries that are passed at the end of the period in order to accurately…
Q: 31-Dec-22 2022 2021 Account Name Debit Credit Debit Credit Cash Accounts Receivable Supplies…
A: Formula: Net income =Revenues - Expenses.
Q: I am so lost on this-can you please help? My instructor said I only have to provide a journal…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: L₂ Moving to another question will save Question 14 Sama company has the following unadjusted…
A: Required Allowance for Bad Debts = $205000 * 3.5% = $7175 Allowance for Bad debts Opening Balance =…
Q: PB13. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Question 1 [Soalan 1] An unadjusted trial balance of DRS Enterprise on 31 December 2020 is as…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: T-Account Correct Balance Balance Prepaid insurance Salaries payable $26,000 $14,500 $5,500 $8,000…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: PB16. 5.4 From the following Company S adjusted trial balance, prepare the following: A. Income…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Prepare
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…29 - Which is operating expense?A) 632. General Administrative ExpensesB) 689. Other Extraordinary Expenses and LossesC) 657. Rediscount Interest ExpensesD) 660. Short Term Borrowing ExpensesE) 654. Provision Expenses
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
- Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000 +R8000 0 Received R8000 cash for debtors R8 000 cash paid for rent Cash sales of inventory R8 000 Received R8 000 cash for rent
- T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.PARRISH 4-12 LEDGER POSTINGSAccounts Payable $500Accounts Receivable $1000Accumulated Depreciation, Equipment $500Cash $600Common Stock $1200Depreciation Expense, Equipment $0Equipment $2300Insurance Expense $0Inventory $2000Prepaid Insurance $600Retained Earnings $2800Service Fee Revenues $3500Supplies $700Supplies Expense $0Wages Expense $1300Wages Payable $0 Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.QWC 2016 $000 2017 $000 2018 $000 2019 $000 2020 $000 2021 $000 Current ratio 0.66 0.58 0.96 0.92 1.06 0.83 Quick ratio 0.43 0.37 0.58 0.53 0.49 0.57 Operating cash flow ratio 0.10 0.01 0.01 0.00 0.02 0.07 MMC Current ratio 2.37 2.23 2.07 1.89 2.74 2.16 Quick ratio 0.93 0.95 0.81 0.80 1.36 1.01 Operating cash flow ratio 1.02 0.72 0.96 0.47 0.32 0.52 Please interpret the ratio for both the companies. Not required to explain the theory just interpret the values for the following: 1) Current Ratio 2) Quick Ratio 3) Operating cash flow ratio