ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit $ 4,600 Cash Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 33,500 Salaries Expense Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 $193,000 $193,000 Total Requirements 1. Prepare the company's income statement for the year ended June 30, 2018 Net Loss $(9,500) 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018 3. Prepare the company's classified balance sheet in report form at June 30, 2018 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts 6. Prepare the company's post-closing trial balance at June 30, 2018.

ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit $ 4,600 Cash Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 33,500 Salaries Expense Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 $193,000 $193,000 Total Requirements 1. Prepare the company's income statement for the year ended June 30, 2018 Net Loss $(9,500) 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018 3. Prepare the company's classified balance sheet in report form at June 30, 2018 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts 6. Prepare the company's post-closing trial balance at June 30, 2018.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 2MC: Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense...

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Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
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help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…
5 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 191 VAT Deductible 72.000 TL (Creditor) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 391 Calculated VAT Hs. 72.000 TL (Borrower) D) 252 Buildings Hs. 72.000 TL (Borrower) TO) 250 Land and Lands Hs. 400.000 TL (Borrower)
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14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)
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