Exerclse 3-12 Preparing a classifled balance sheet LO C3 Credit Debit $ 6,408 14,800 6,765 167,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends $ 34,402 41, 800 10,400 11,000 52,000 4,317 135,500 26,800 Trucking fees earned Depreciation expense-Trucks Salaries expense OFfice supplies expense Repairs expense-Trucks 120,080 22,189 57,687 16,000 10,578 $367,619 Totals $367,619 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31
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- 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.Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
- Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) ProvisionsQuestion 3 Prepare the Statement of Comprehensive Income for the year ended 28 February 2022.INFORMATIONThe trial balance, additional information and adjustments given below were extracted from the records of Metro Limitedfor the financial year ended 28 February 2022.METRO LIMITEDPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Debit (R) Credit (R)Balance sheet accounts sectionOrdinary share capital 2 200 000Retained earnings 608 000Land and buildings at cost 2 300 000Equipment at cost 1 060 000Vehicles at cost 880 000Accumulated depreciation on equipment 440 000Accumulated depreciation on vehicles 220 000Trading inventory 210 000Debtors control 265 000Provision for bad debts 15 000Bank overdraft 70 000 Creditors control 325 000Loan: Ria Bank (18% p.a.) 250 000South African Revenue Services (Company tax) 130 000Nominal accounts sectionSales 4 580 000Cost of sales 1 980 000Sales returns 130 000Advertising 140 000Stationery 50 000Bad debts 15 000Discount allowed 20 000Discount received…
- 6. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item shown in financial statements(a) loss on revaluation of availablefor-sale investments(b) finance expenses(c) aggregate dividends declared and paid during the year(d) revaluation loss on building (not reversing any previous revaluation)(e) allowance for doubtful debts(f) transfer from retained earnings to general reserve(g) contractual commitments under an operating lease(h) deferred tax liabilityE5.3B (L0 1,2) (Classification of Balance Sheet Accounts) Assume that Clark Enterprises uses the following headings on its balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Long-term liabilities. (c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Paid-in capital in excess of par. (e) Other assets. (j) Retained earnings. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet or the notes to the financial statements, use the letter “X.” 1. Twenty-year issue of bonds payable that will 5. Salaries that company budget shows will be mature within the next year. (No sinking fund paid to employees within the next year. exists, and…The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- Required 1 1. Record revaluation of inventory. 2. Record revaluation of land. 3. Record the entry to eliminate a portion of deficit against available additional paid in capital. 4. Record the entry to eliminate the remainder of the deficit against common stock. Required 2 Prepare a balance sheet as it would appear immediately after the restatement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).1. Total Trial Balance on the Debit side is: A. 530000 B. 52000 C. 502000 D. 492000 2. What is the Journal Entry for Dividend declared? A. 10000 B. Dividend debit 10000 and A/P credit C. None of the above D. Dividend 10000 Dividend Payable 10000 3. What is the Depreciation Expense-Equipment balance in the Trial Balance? A.12000 B. 6000 C. 60000 D. 0QUESTION FIVE Dash (Pty) Ltd provided the following information that was extracted from the financialrecords for the year ended 31 December 2021. Relevant financial information areshown below.Information from the statement of financial position as at 31 December: Extract of items shown on the statement of profit and loss and othercomprehensive income for the year ended 31 December 2021: Additional information:1. Inventory is disclosed at cost.2. Land has not been revalued in the current financial year.3. An extension was added to the building and completed in the current financial year.All building costs were paid for in cash. Buildings are not depreciated.4. Interest on the long term loan is not capitalised.5. No equipment was purchased during the current financial year but some equipmentwas sold during the year for cash.6. Dividends for the year as shown in the statement of changes in equity was R75 000. Required:Prepare the statement of cash flows of Dash (Pty) Ltd for the year…