PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that wouldresult, after all closing journal entries were made and posted:Adjusted Trial BalanceDebitCreditCash$ 22,900Prepaid InsuranceFixed Assets4,00044,000Notes Payable$ 40,000Common Stock25,000Retained Earnings48,350Dividends22,000Sales RevenueAutomobile ExpenseInsurance ExpenseSalaries ExpenseSupplies Expense150,00026,50020,000122,5001,450$263,350$263,350

Post-closing trial balance is prepared after all the adjustment entries and closing entries. Under…

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
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Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?
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