g* Donegan'sin July 2020. The Company's trail balancedated July 1, 2020 is Shown below.Lawn Care Service began operation'sTrail BalanceJuly 01, 20206,00CashAuounls Reivable 1800- -- --Coolking Supplies--- 800Auauit PayableDividend PayableDividen ds300800- -- -L.S00-Capital stockReraimed CarningClient RevenueSahies enperseFravel ExpersePrieting EnpenseGo024005,80031001500b00---15,30053లాంJuly 3 Collected a Rs 2,200 tecivable From kingaa Hehboob.wly 1 Porched lookcing Supplies for Rs. 4,700 cash.Juiy 15 Paid Ks I,200 of out Standing auauls peyableJuly 27 Paid Unly Salries A Rs. Joot Zastrucfion. Reurd The company's July transetions ingeneral journal Jorm. Include 'abrief explanahin otThe transachin'as part af ench Jerunal entry.

Journal entry is the primary entry that records the financial transactions initially.

Answered: Donegan's lawn Care Service began…

Donegan's lawn Care Service began oparation's M July 2020. The Company's trail balance daled July 1, 2020 is Shown below. in

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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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
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Teller Corporation's post-closing trial balance at December 31, 2020, was as follows. Teller CorporationPost-Closing Trial BalanceDecember 31, 2020 00 000Dr.000 0000 000Cr.000 Accounts payable 00 $ 310,000 Accounts receivable $ 480,000 00 Accumulated depreciation—building and equipment 00 185,000 Allowance for doubtful accounts 00 30,000 Bonds payable 00 700,000 Building and equipment 1,450,000 00 Cash 190,000 00 Dividends payable on preference shares—cash 00 4,000 Inventories 560,000 00 Land 400,000 00 Prepaid expenses 40,000 00 Retained earnings 00 201,000 Share capital—ordinary ($1 par value) 00 200,000 Share capital—preference ($50 par value) 00 500,000 Share premium—ordinary 00 1,000,000 Share premium—treasury 00 160,000 Treasury shares—ordinary at cost 110170,000 111170,000 Totals $3,290,000 $3,290,000 At December 31, 2020, Teller had the following number of ordinary and preference shares.…
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
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Yana Co. collected P15,000 interest during 2020. It showed P2,000 interestreceivable on its December 31, 2020, balance sheet and P6,000 on December 31,2019. The interest revenue on the income statement for 2020 amounted to?
Extract of Balance sheet items as at 31 December 2019 OR Building 35000 Account receivables 3500 Capital 120000 Closing Stock 5000 Short term Loan 3000 Bank overdraft 4500 Cash 500 Long term loan 7500 Machinery 1650 Account payables 5000 Accumulated Depreciation 1000 Short term Investments 200 Copy rights 4500 Drawings 1000 Retained Earnings 7150 Rent Payable 1800 Calculate Total Current Liabilities Select one: a. 11300 OMR b. 14300 OMR c. 6800 OMR d. 11800 OMR
On September 1, 2020, the account balances of Tom Cruise Repair, Inc. were asfollows.No Debit No Credit101 Cash £4,880 158 Accumulated DepreciationEquipment£2,100112 AccountsReceivable3,520 201 Accounts Payable 3,400126 Supplies 2,000 209 Unearned Service Revenue 1,400157 Equipment 18,000 212 Salaries and Wages Payable 500311 Share Capital-Ordinary 10,000320 Retained Earnings 11,000£28,400 £28,400During September, the following summary transactions were completed.Sept. 8 Paid £1,700 for salaries due employees, of which £1,200 is for September.10 Received £1,200 cash from customers on account.12 Received £3,400 cash for services performed in September.15 Purchased store equipment on account £3,000.17 Purchased supplies on account £1,200.20 Paid creditors £4,500 on account.22 Paid September rent £500.25 Paid salaries £1,050.27 Performed services on account and billed customers for services provided£1,600.29 Received £750 from customers for future service.Adjustment data consist of:1.…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.