OBJECTIVE 4 - 2 - On May 31, 2010, the balances of the accounts appearing in the ledger of Champion Interiors Company, a furniture wholesaler, are as follows: $ 30,460 65,300 55,680 8,840 188,000 1,920 $ 24,000 680 Accumulated Depr.–Building Administrative Expenses Building Cash Notes Payable Salaries Payable Sales 313,540 18,000 12,000 4,900 124,000 4,580 2,465 Sales Discounts Cost of Merchandise Sold Sales Returns and Allow. Interest Expense Jessica Duerr, Capital Jessica Duerr, Drawing Merchandise Inventory Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expenses 141,155 7,950 26,000 Prepare the May 31, 2010, closing entries for Champion Interiors Company.
Q: TOPIC: DIRECTION: 1. Identify if the account given is part of General and Administrative Expenses or…
A: 1. Administrative Expense - Administrative Expenses are related to the office and related work. This…
Q: Problem 2-5 Preparing the Statement of Comprehensive Income - Multi-Step (Function of Expense…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Activity 3. Instruction: Compute for the missing amount of the account titles taken from the…
A: As per accounting equation, the assets equals the sum of liabilities and owners equity.
Q: bleting E4-16 Preparing the financial statements The adjusted trial balance for Green Advertising…
A: Income statement: An income statement is concerned with the operations of a business expressed in…
Q: E1-18 00 Using the accounting equation to analyze business transactions [5-10 min] Great City…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: FE16 From the following transactions as well as additional data, please complete the entire…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Department of computer information systems Financial accounting exam 2 Proper Both General Journal…
A: Hi student Since there are multiple sub parts, we will answer only first three subparts. If you want…
Q: tive 5 P1-42A Preparing financial statements for the year ended Presented here are the accounts of…
A: Financial statements are organized summaries of detailed information about financial position and…
Q: P4-5B Gillian Shaw opened Shaw's Carpet Cleaners on March 1. During March, the fol- lowing…
A: There are 3 Rules for passing Journal entries Debit what comes in and credit what goes out Debit…
Q: Accounting Cycle Review 5 a-e3 (Part Level Submission) On December 1, 2020, Sheridan Distributing…
A: Adjusting entries:
Q: From the trial balance you are to complete the three basic financial statements in the correct order…
A: Financial statements are the reports that indicate the financial position of the business. The…
Q: Exercise 8-15: Financial Statements Preparation - II. The following accounts were taken from the…
A: Balance sheet is the summary statement prepared by the individual or firm to know the financial…
Q: Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Abc…
A: The income statement is one of the financial statements which shows all incomes and all expenses of…
Q: Exercise 1 Creates the Taccounts for the submitted transactions. Mountain Constructions had the…
A: T Accounts For the Above Transaction are as Follows Utility Expenses Date Particulars…
Q: Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amjad Company…
A: Income statement is as follows: Resultant table:
Q: The controller prepared the following pre-closing trial balance. LMN LLC Trial Balance 12/31/20…
A: Journal entries are the entries to be recorded in the general journal of the company's books for all…
Q: TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash…
A: The current ratio is also called the liquid ratio. The current ratio determines the company's…
Q: Required Income Statement Statement of Owner’s Equity Balance Sheet
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Relax Company reported the balances listed below for the year ending 31 December Year 2. Prepare a…
A: Inventory Balance = Total liability - ( Longterm assets + Remaining current assets ) = 90,000 - (…
Q: Instructions. 1. Prepare the general journal entries DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to…
A: Journal entry recording is the first step in accounting process. Under this atleast one account…
Q: Problem 2-7 Classification of Accounts - General/Administrative expenses or Selling Expenses or Not…
A: Classification of above expenses are as follows.
Q: Construct the T-Account of the given transaction: JOURNAL ENTRIES Date/# Account Title Debit Credit…
A: T accounts refer to posting the journal entries into its ledger account.
Q: Q4: From the following Receipt and Payment Account prepare final accounts of a Unity Club for the…
A: The Final Accounts of UNITY CLUB are as follows: Working Notes: 1 Loss on Sale of Old Furniture =…
Q: The following data of HASF Company is available with you. You are required to prepare the…
A: Introduction: Income statement: All incomes and expenses are recorded in Income statement. It tells…
Q: Journalizing transactions [10-20 min] Principe Technology Solutions completed the following…
A: The journal entry is the primary entry that records the financial transactions initially.
Q: ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the…
A: 1) General Journal Entry Karen Carpenter Journal Entry Date Particulars Ref Debit ($) Credit…
Q: ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem Journalize and post the…
A: Journal Entry The first foremost important part of the accounting process is journalizing the…
Q: Accounting Cycle Review 5 a-e3 (Part Level Submission) On December 1, 2020, Sheridan Distributing…
A:
Q: PROBLEM #4 THE FOLLOWING ARE THE ACCOUNTS OF REGINA MERCHANDISING FOR JULY 31, 2016 SALES P2,500,000…
A: The question is based on the concept of Financial Accounting.
Q: P1-35A O Preparing financial statements and evaluating business performance [20-30 min) Presented…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: P4-5B Gillian Shaw opened Shaw's Carpet Cleaners on March 1. During March, the fol- lowing…
A: Journal entries are the set of economic events that can be measurable in monetary terms. They need…
Q: II. Computational. Look for the balances of the different accounts using the following transactions.…
A: An asset is defined as a resource with an economic value which is reported by the company in its…
Q: Instructions. 1. Prepare the general journal entries DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to…
A: A journal entry is used to record a business transaction in the accounting records of a business. A…
Q: PART 4 - Use the following adjusted trial balance to complete section A and B below. СОMPANY JK…
A: Net income=Service revenue-Expense=83,600-(27,000+1,200+10,000)=45,400
Q: Q2) The following accounts are taken from the trial balance for TOTAL ADVERTISING AGENCY at October…
A: 1. Advertising supplies on hand $ 500 means remaining Advertising supplies used during the month.…
Q: 1. Prepare a General ledger for thr following information below: Use the pictures as reference…
A: General ledgers Cash Date Account title Debit $ Date Account title Credit $ 01 Jan…
Q: Diana Margallo, Interior Decorator Trial Balance December 31, 2009 Cash P186,000 Accounts Receivable…
A: Accounting worksheet is prepared at the end of the period to verify the accuracy of the accounts. In…
Q: TABLE P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash…
A: The debt-to-equity ratio is a leverage ratio that measure overall debt and financial liabilities…
Q: PARRISH 4-11 PREPAYMENT ADJUTMENTS (SECONT TIME ASKING) Hot Shot company reported $3000 in Supplies…
A: Supplies on hand= $ 600
Q: Problem 4-11 (Preparing the Income Statement) The accounts of Malou Magallanes Drug Store selected…
A: Income statement is one of the financial statement of business, which shows all incomes and all…
Q: EX 5-23 Multiple-step income statement On October 31, 2016, the balances of the accounts appearing…
A: The multistep income statement includes total revenues and total expenses. It helps us by showing…
Q: Q. No 1 The following business was organized in January and it finally launched operation in…
A: The software company shows the account balance as at 31st January is given . We need to update the…
Q: Thank you for your help
A:
Q: ACTIVITY BAAC1102 - PRINCIPLES OF ACCOUNTING Jan 1 Mr Azaad started business with OMR. Jan 7…
A: The transactions are taken as follows: Jan. 1 Mr. Azaad started the business with OMR 200,000. Jan.…
Q: Enrichment Activity 4-2. Preparing the Income Statement Accounts selected from the Dec. 31, 2021…
A: The income statement is prepared to find net income or losses incurred during the period.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Exercise 1-35 Accounting Concepts OBJECTIVE 06° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definitionMultiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.Adjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31. 20Y2. Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31. 20Y2.
- Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.Hh1. Account Blossom has year-end account balance of sales Revenue $843779, Interest Revenue $12160, Cost of Good Sold $531052, Administrative Expenses $177930, Income Tax Expenses $36772, and Dividends $17793. Prepare the year-end closing entries.#3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…
- Multiple-step ino me statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Obj. 3 Accounts Receivable $ 170,000 750,000 $ 980,000 Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable Accumulated Depreciation–Building 250,000 Administrative Expenses 435,000 20,000 Building 3,500,000 1,987,000 Cash 80,000 8,000 Common Stock 300,000 Sales 8,245,000 Cost of Goods Sold 5,500,000 Selling Expenses Store Supplies 575,000 o boo Dividends 175,000 90,000 Interest Expense 15,000 abnA. Prepare a multiple-step income statement for the year ended March 31, 2018. - Compare the major advantages and disadvantages of the multiple-step and single- B. step forms of income statements6. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles;adjust the accounts) Englewood Corporation experienced four situations for its supplies.Calculate the amounts that have been left blank for each situation. For situations 1 and 2,journalize the needed transaction. Consider each situation separately.Beginning supplies.....................................Purchases of supplies during the year........Total amount to account for.....................Ending supplies.........................................Supplies Expense .......................................3$ 700??(700)$ 1,3001$1,500?2,900(990)$1,910$ 700400?(900)$ ?2$ 1,0008001,800?$ 1,600Situation 4E3-32B. (Learning Objective 3: Adjust the accounts) Thornton Company faced the following situations. Journalize the adjusting entry needed at December 31, 2020, for each situation.Consider each fact separately.a. The business has interest expense of $3,800 that it must pay early in January 2021.b. Interest…
- e answer The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor as at 31 December 2019. Trial Balance as at 31 December 2019DRCR GH¢GH¢ Building, at cost650,000 Office equipment at cost135,000 Plant and Machinery263,500 Purchases248,000 Sales500,000 Inventory 1 January 201927,500 Discount allowed4,800 Returns inwards3,200 Wages and Salaries64,885 Rent5,580 Insurance6,000 Trade receivables145,000 Trade payables132,750 Bank overdraft58,956 Cash in hand5,400 Long term loan350,000 Capital 1 January 2018________517,159 1,558,8651,558,865 The following additional information as at 31 December 2019 is available:Inventory as at December 2019 was valued at GH¢24,000. Required:1.Prepare william Enterprise’s Income Statement (Profit or loss account) for the year ended 31 December 2019.2. Prepare Statement financial position as at that date1. Prepare and income statement, statement of owners equity and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable (solve) Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31stDecember, 2021. GHS GHSCapital 240,000Receivables and Payables 159,000 51,000Inventory 99,000Motor vehicles: (cost) 72,500Accumulated depreciation (31 December 2020) 32,500Office equipment: (cost)…