Common Stock Insurance Expense Accounts Payable Service Revenue Building Advertising Expense Salaries Expense Cash Trucks $ 49,800 $ 123,000 1,000 5,600 Fuel Expense 600 4,000 Dividends 82,000 Utilities Expense Accounts Receivable Notes Payable Office Supplies 300 10,000 56,000 100 41,000 200 6,000 4,000

Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary

On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…

I need help with this practice problem.   Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balance

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Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,650 in child care expenses so that she would be able to work. Of this amount, $780 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,200 from her jewelry business. In addition, she received child support payments of $21,400 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 3 Account Titles Cash Accounts Receivable Supplies Land 12 Equipment Accumulated Depreciation 52 $ 6 Sof tware 22 Accumulated Amortization 8. Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock 67 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Armortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $94 $94 Transactions and events during 2018 (summarized In thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site: pald cash, $9. c. Issued additional shares of common stock on April 3 for $32. d.…

Pleaes see attachment to answer questions The following is Baker Co.'s Pre-Closing Trial Balance as of December 31, 2017. Baker's accounting period is a month, thus the balances in the temporary accounts are for the month of December 2017.   Use the information in Baker’s Trial balance to answer  D through H. (D.) In the General Journal below record the journal entry that should be made to close the Revenue account(s).   (E.) In the General Journal below record the journal entry that should be made to close the Expense accounts.     (F.) Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be: Blank 1   (G.) Based on Baker’s account balances, the amount of Total Assets that would be shown on Baker’s Balance Sheet as of December 31, 2017 would be: Blank 1     (H.) Based on Baker’s account balances, the amount of Total Equity that would be shown on Baker’s Balance Sheet as of December 31, 2017 would be:…

Instructions Chart of Accounts Journal The estimated amount of depreciation on CHART OF ACCOUNTS Journalize the adjusting entry to record the depreciation on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for equipment for the current year is $8,255. journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. General Ledger Journalize the adjusting entry to record the depreciation. Refer to the chart of accounts for the ASSETS REVENUE PAGE 10 exact wording of the account titles. CNOW journals 11 Cash 41 Fees Earned JOURNAL ACCOUNTING EQUATION do not use lines for journal explanations. Every line 12 Accounts Receivable DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY on a journal page is used for debit or credit entries. 13 Supplies EXPENSES Adjusting Entries CNOW journals will…