Journalize the closing entries. Extend the worksheet for the closing entries and the post-closing trial balance. Prepare the income statement, statement of changes in equity and balance sheet.
Q: Required: Prepare the closing entries by filling - in the blanks of the following questions:…
A: Closing entries are the journal entries. A closing entry is a journal entry recorded at the end of…
Q: Required: • Posting • Trial Balance • Statement of Financial Position
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Prepare closing entries(Narration not required) and calculate retained earnings and explain how…
A: Closing entries are passed to close all those accounts which are temporary in nature and are opened…
Q: Identifying accounts included on a post-closing trial balance For each account listed, identify…
A: Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and…
Q: Prepare an income statement, statement of changes in equity and classified balance sheet. Journalize…
A: The financial statements of the business include income Statement and balance sheet.
Q: 2. At the end of the closing process, all temporary accounts in the ledger will have a contains a…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 1. Unearned Fees appear on the A. balance sheet as a current liability B. income statement as…
A: Unearned Fees are liabilities account.
Q: a. Journalize all the transactions of Joy Photo and make the necessary adjustments b. Submit…
A: Final Accounts: It is prepared at the end of a fiscal year. It provides the information about the…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:a.…
A: Accounting cycle: Accounting cycle is a step by step process of analyzing, classifying, and…
Q: Closing journal entries Post-Closing Trial Balance Post-Closing Balance sheet I only need numbers 4,…
A: Closing journal entries are those journal entries which are passed in order to close out all revenue…
Q: For each account, identify whether it is included in a post- closing trial balance. Included in…
A: All the temporary accounts like expenses, revenus and dividends are closed and are not shown in the…
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…
Q: Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would…
A: Trial balance represented the debit balance and credit balance of all accounts.
Q: Which of these account types assets, liabilities, equity, revenue, expense, dividend are debited in…
A: Permanent accounts (Real accounts) These are accounts whose balances at the end of the current…
Q: do the income statement and the closing entries
A: Income Statement: The income statement reports the financial performance in terms of profit or loss…
Q: What is the amount of retained earnings after the closing entries have been posted?
A: Retained earning means earning left with company for equity shareholder after all the payments…
Q: Please identify the correct accounting cycle Group of answer choices prepare closing entry, and…
A: Identify transactions Record journal entries for Identified transactions Post the journal entries…
Q: What is the first account that should be listed in the post-closing trial balance? a.Common Stock…
A: Introduction: Trial Balance: All the final balances of ledger balances are posted in trial balance…
Q: Instructions a. Prepare an income statement, a retained earnings statement, and a classified…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Prepare its adjusted trial balance, income statement, and balance sheet on the worksheet.
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: The _____ is prepared after closing entries are posted to prove the equality of debits and credits
A: Closing entries are reported at the conclusion of the year to close the temporary accounts.
Q: (prepare and process Required: After the closing process has been completed, answer the following…
A: Closing entries are those entries which are passed at the end of the period. It will close all…
Q: Prepare Closing Entries,income statement,statement of retained earnings and classified balance sheet
A: Debit what comes in, Credit what goes out Debit the receiver, Credit the giver Debt all expenses ,…
Q: List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal…
A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are…
Q: After all closing entries have been posted, the revenue account will have a balance of * Your answer
A: Closing entries are entries that are recorded at the end of the period for closing revenues,…
Q: .Prepare Closing Entries b.Adjusted Trial balance, Income Statement & Balance Sheet
A: The financial statements of the business includes the income statement and balance sheet.
Q: Please help me answer in good form and complete: closing entries and post closing trial balance.
A: There are two types of accounts in the books. One is temporary accounts and other is permanent…
Q: Prepare the Income Statement (Multiple Step Format) Prepare the necessary closing entries
A: The income statement is prepared to find the net income or loss incurred during the period.
Q: Which of the following accounts should be shown on the post-closing trial balance? a.All expense…
A: The post-closing trial balance verifies the balances of total debit and total credit to be equal…
Q: A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The purpose of the post-closing trial balance is to * prove that no mistakes were made. prove the…
A: A post closing trial balance is the trial balance that contains a company's closing entries for an…
Q: If closing entries are prepared and posted correctly, a post-closing trial balance will show: a…
A: Closing entries are prepared to close the nominal accounts for the period. After closing all the…
Q: The adjusted trial balance is prepared
A: The adjusted trial balance are prepared after all the adjusting entries are posted. This in turn…
Q: Closing entries may be prepared from all of the following except Select one: a. Income statement and…
A: Following is the answer to given question
Q: Need help for the closing entries and financial statements of this one.
A: Closing entries are those journal entries which are prepared for the closing of all temporary…
Q: From the following list of steps in the accounting cycle, identify what two steps are missing:…
A: Accounting cycle: It describes the steps when processing transactions (analyzing, journalizing,…
Q: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and…
A:
Q: The account that is brought up to date after the closing entries have been journalized and posted is…
A: The closing entries are prepared to close the temporary accounts of the business including revenue,…
Q: Adjusting Entries must be immediately be made: a.) After the journal entries have been posted b.)…
A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…
Q: Which of the following best distinguishes adjusting entries from closing entries? a. In adjusting…
A: Adjusting entry is the type of journal entry that is used to record the unrecognized income or…
Q: Prepare closing entries including general ledger account numbers and descriptions. Use 360 for the…
A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…
Q: Arrange the following steps in accounting cycle in order. = Posting = Journalizing = Worksheet =…
A: Accounting cycle process is the process of identifying, recording, classifying, summarizing and…
Q: Which of the following entries closes the owner's drawing account at the end of the period?
A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…
Q: Which of these is the first step in the closing process?(a) Close revenue account(s). (c) Close the…
A: Introduction:- A closing entries are made at the end of the accounting period to transfer of all the…
Q: Write the accounting equation from the post closing trial balance of leyes service grafix
A: Accounting equation considered as the foundation of the system of the accounting double entry and it…
- Journalize the closing entries.
- Extend the worksheet for the closing entries and the post-closing
trial balance . - Prepare the income statement, statement of changes in equity and balance sheet.
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- Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.What is the benefit obligation of DEF Co. on Dec. 31, 2022?Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.How much is the defined benefit cost for 2022?An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%REQUIRED: . Compute the defined benefit cost
- How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00beow the defined benefit pension plan of Equinox Co Ltd for the year2019: Plant Assets $ in 000 Balance at January 01, 2019 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15 685 Plant Liabilities: Balance at January 01, 2019 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancing) 42 715 Calculate: i. Pension expense to be recognised in profit or loss for the year ended December 31, 2019. ii. Net liabilities to be shown in the Statement of Financial Position as of December 31, 2019Following information is relevant to a defined benefit pension plan of PT XYZ for the year2020: Plant AssetsBalance at January 01, 2020 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15Total 685 Plant Liabilities:Balance at January 01, 2020 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancingfigure) 42Total 715 Calculate:(i) Pension expense to be recognised in profit or loss for the year ended December 31,2020.(ii) Net liabilities to be shown in the Statement of Financial Position as of December31, 2020
- B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED:9. Compute the amount of prepaid benefit cost that should be reported on December 31B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED: 6. Compute the employee benefit expense for the current year2020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,000
- Use the information below to answer questions 3, 4, 5 and 6. 2020 2021 Sales$5,300 $5,900 Depreciation750850COGS24002900Interest180196Cash200500Accts Receivables200400Notes Payable800550Long-term debt15001950Net fixed assets30003500Accounts Payable250400Inventory700900Dividend payout30%30%Tax rate35%30% What is the ROE for 2021?CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossJOURNAL ENTRIES FOR CULVER COMPANY (a) Adjusting entries for 2020 (in$) 31/12/2020 Revenue Account Dr. 9800 To Provision for depreciation Account 9800 (Being market value of Gordon inc. and Wallace corporat. depreciated ) 31/12/2020 Investment in Martin inc. a/c Dr. 1800 To Unrealised Appreciation Reserve a/c 1800 (Being market value of Martin inc.appreciated) (b) sale of Gordon stock journal entry 1/03/2021 Bank a/c Dr. 66300 Loss on disposal of investment alc Dr. 1400 To Investment in Gordon inc a/c…