Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Accounts Debit Credit Cash $10,400 Supplies 31,000 Prepaid Rent 22,000 Accounts Payable $1,400 Notes Payable 14,000 Common Stock 32,000 Retained Earnings 7,400 Dividends 2,400 Service Revenue 55,600 Salaries Expense 18,400 Advertising Expense 11,400 Rent Expense 8,400 Utilities Expense 6,400 Totals $110,400 $110,400 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance.
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![Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial
balance as of December 31.
Accounts
Debit
Credit
Cash
$10,400
Supplies
31,000
Prepaid Rent
22,000
Accounts Payable
$1,400
Notes Payable
14,000
Common Stock
32,000
Retained Earnings
7,400
Dividends
2,400
Service Revenue
55,600
Salaries Expense
18,400
Advertising Expense 11,400
Rent Expense
8,400
Utilities Expense
6,400
Totals
$110,400 $110,400
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of Retained Earnings.
3. Prepare a post-closing trial balance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b328391-e1b1-4c61-aa30-2317a282e793%2F47c7b55e-b037-46fc-b420-5e107396e669%2F73vdu4s_processed.jpeg&w=3840&q=75)
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- The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…
- The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
- Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…
- Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 IsAt December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts.2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23, 300 48, e00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37, 200 72,188 28,980 37,000 63, 0ee 39, 0ee Common Stock Retained Earnings Totals $172,400 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,62e units for $168, 800 on account ($1es cach). January 8 Purchase 1,7e8 units for $187,800 on account ($118 cach). January 12 Purchase 1,88e units for $207, 8ee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
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