Need help for the closing entries and financial statements of this one.
Q: Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5) The fol...
A: Lets start with basics. Income statement can be prepare using two methods which are, (1) Single step...
Q: Required information [The following information applies to the questions displayed below.] Lawson Co...
A: The balance sheet is a part of financial statements. It indicates the overall position of the busine...
Q: esearch articles that deal with the benefits which might be derived from the Statement of Cash Flows...
A: In accounting cash flow statement is that financial statement that shows different soucres of cash c...
Q: Required information [The following information applies to the questions displayed below.] Lawson Co...
A: >Financial Statements are prepared at the end of accounting period, and these include: #1: In...
Q: what is the cost of its ending inventory at cost? *
A: Retail inventory method refers to an accounting method which is used by the companies to compute the...
Q: displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new busine...
A: The T-accounts are prepared as posting the transactions from journal to specific T-accounts of the b...
Q: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only oth...
A: Taxable income is the portion of a person's or a company's income that is used to calculate how much...
Q: Calculate current ratio, quick ratio and receivable turnover ratio
A: Current assets = 38,761 Current liabilities = 6,850 Inventory = 6,300 Prepaid expense = 800 Average ...
Q: The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2...
A: A journal entry is an act of keeping and recording all the business transactions in the books of acc...
Q: The IS audit function as a whole will normally require which of the following skills: а. Data analys...
A: Audit is the examination and verification of books of accounts and financial information in order to...
Q: purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book S...
A:
Q: Sheridan Company received the following selected information from its pension plan trustee concernin...
A: Answer - A defined benefit plan, more commonly known as a pension plan, where you know the pensio...
Q: Phillips Corporation’s fiscal year ends on November 30. The following accounts are found in its job ...
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: Exercises 3-5 (Division of Profit; Iterest on Average Capital and Salaries to Partners) The partners...
A: >Partnership Income (Loss) is allocated based on the partnership agreement. >The Net Incom...
Q: Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 day...
A: Answer a Journal Entry Account Titles and Explanations Debit Credit Bad Debts Expense...
Q: 1. What amount should be reported as net income after the current year? a. 2,000,000 b. 2,500,000 ...
A: The question provides us with the summary of account balances for the year end of Empress Company. W...
Q: Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who ...
A: A cost allocated to produce a product or service is called Overhead rate. Overhead costs are the ind...
Q: Ash Traynor opened a Pokèmon dress shop called Pokeshoppe. During the first month of operations, the...
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...
Q: Freeflight Airlines is presently operating at 70 percent of capacity. Management of the airline is c...
A: The division may be incurring losses on individual level but on whole it may be providing benefit to...
Q: On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather th...
A: A rectification entry is a journal entry which is passed in the books of accounts to correct a error...
Q: for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice th...
A: Cash payments journal is journal used to record all the cash payments in the business. Cash receipts...
Q: A chart of accounts is a list of all ledger accounts and an identification number for each. Identify...
A: >Ledger accounts are the accounts of various accounting elements. >These accounts are of R...
Q: EB8. LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous que...
A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference...
Q: 1
A: Loan is one of the liability of the business, which needs to be paid or settled on timely basis. Int...
Q: Problem 5. Operating Lease- Lessor On January 1, 2 0x1, Lessor entered into operating lease. an Info...
A: Security deposit shall not be treated as income Additional rent = 10% x (1100000 -1000000) ...
Q: n March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in Mar...
A: solution given Inventory March 1 560000 Purchases during March 480000 Sales during m...
Q: 9. Dynamite Company acquired rights to a patent under a licensing agreement that required an advance...
A: Prepaid expenses are those expenses which are related with future period of time but amount has been...
Q: Required information [The following information applies to the questions displayed below.] Following...
A: Journal is the book of primary entry. All the transactions are recorded initially in the journal,acc...
Q: QUESTION 43 Ben is a sole trader carrying on a computer repair business and has four employees. Ben ...
A: Fringe benifit are additional benifits provided by employer to its employees on their performance.
Q: Mayfair Sdn. Bhd. which prepares account to 31.12 annually has the details of the following expendit...
A: Under Malaysian taxation, the capital allowance is allowed to business activities for deduction on a...
Q: Which of the following is false regarding debt? Debt holders have no active voice in management of t...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: Laval produces lighting fixtures. Budgeted information for its two production departments follows. T...
A: 1. Estimated Overhead CostEstimated Direct Labour Hours=$1,810,000*452,500=$4 per direct labour hour...
Q: oters 7-9) 6 Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $1...
A:
Q: Mr. Keyur received dividend @Rs34 per share, on account of 5000 shares held of a publicly traded co...
A: Introduction:- A dividend is a payment made by a corporation to its stockholders. When a firm makes ...
Q: Required: Show adjusting entry required on 30 June 2021 for depreciation of the delivery vehicle acq...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Laval produces lighting fixtures. Budgeted information for its two production departments follows. T...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Studying AIS helps students understand business processes from an accounting perspective. Which of t...
A: AIS Accounting information systems involves collection, storage and processing of finance and accoun...
Q: Cost 500,000.00 1,285,000.00
A: The average cost method is given as,
Q: The Shoe Place sells a style of shoes for $110. Their overhead is 24% of cost and the normal operati...
A: Answer: Sales = $110 Overhead = 24% of cost Profit = 18%
Q: Unit Selling Price Units Unit Cost nuary 1 arch 7 ly 15 250 P10.50 11.00 200 275 11.75 (120) (55) [2...
A:
Q: Company Healthy produces two main products: Daily vitamins and prenatal vitamins. They use activity-...
A: The activity rate is calculated as estimated overhead cost for activity divided by estimated usage o...
Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: ...
A: A bank reconciliation statement is prepared at a certain time period. It is used to match the book b...
Q: On February 2, 10X1, Solo Company purchased 900 shares of Red Corp. Red Corp has a total of 6,000 sh...
A: Purchase price = 900x 32 =28800 brokerage =2% x 28800= 576 losson ssle of shares =(28x100)-(32x100) ...
Q: mile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2...
A: Solution Given 2020 2019 Inventory 2600000 2900000 Accounts payable 750000 ...
Q: Problem 10 estimate Valdez Motors Co. makes motorcycles. Management wants to overhead costs to plan ...
A: The question is based on the concept of Cost Accounting.
Q: Why you should use actual costing in job order costing
A: job order costing is a type of costing in which the job cost record shows each item like direct mate...
Q: At the beginning of the current year, an entiry sogned a 5 year contract enabling it to use a patent...
A: As per standard accounting practices we record any expense or ...
Q: Husserl Company included a coupon in each box of its cereal. For every 10 coupons returned by a cust...
A:
Q: Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The acco...
A: solution cash flow statement comprises of -cash flow from operating activities ...
Q: Following are the transactions of Green Energy Company. The company provided $2,400 of May 1 sustain...
A: The journal keeps the record for regular transactions of the business in four column book and furthe...
Step by step
Solved in 2 steps with 2 images
- Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
- NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Adjusting entries bring accounts up to date so the correct account balances appear on rev: 03_04_2020_QC_CS-203083 Multiple Choice All of these answers are correct. Financial reports Managerial reports Auditing reports
- Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31Question Content Area Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock 1,000 Retained Earnings 12,940 Dividends 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Total 30,490 30,490 Determine the total liabilities for the period.Question Content Area Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock 1,000 Retained Earnings 12,940 Dividends 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Total 30,490 30,490 Determine the net income (loss) for the period.