Picture Gallery works weddings and prom-type parties. The balance of retained earnings was $12,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: (Click the icon to view the accounts.) a. Prepare Picture Gallery's income statement. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Picture Gallery Income Statement December 31, 2018 Expenses: Net Income b. Prepare Picture Gallery's statement of retained earnings. Retained Earnings, December 31, 2017 Y Accate (m) Retained Earnings, December 31, 2018 c. Prepare Picture Gallery's balance sheet. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Ilahilitine Data table Insurance Expense Cash Accounts Payable Advertising Expense Service Revenue Dividends Prepare the following financial statements for Picture Gallery for the year ended December 31, 2018 a. Income statement. Statement of retained earnings b. c. Balance sheet. S 7,000 35,000 6,000 2,000 85,000 15,000 Print Accounts Receivable Notes Payable Retained Earnings, Dec 31, 2018 Salaries Expense Equipment Common Stock Done S - X 11,000 16,000 ? 22.000 53,000 26,000

Picture Gallery works weddings and prom-type parties. The balance of retained earnings was $12,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: (Click the icon to view the accounts.) a. Prepare Picture Gallery's income statement. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Picture Gallery Income Statement December 31, 2018 Expenses: Net Income b. Prepare Picture Gallery's statement of retained earnings. Retained Earnings, December 31, 2017 Y Accate (m) Retained Earnings, December 31, 2018 c. Prepare Picture Gallery's balance sheet. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Ilahilitine Data table Insurance Expense Cash Accounts Payable Advertising Expense Service Revenue Dividends Prepare the following financial statements for Picture Gallery for the year ended December 31, 2018 a. Income statement. Statement of retained earnings b. c. Balance sheet. S 7,000 35,000 6,000 2,000 85,000 15,000 Print Accounts Receivable Notes Payable Retained Earnings, Dec 31, 2018 Salaries Expense Equipment Common Stock Done S - X 11,000 16,000 ? 22.000 53,000 26,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20,4,820. 25. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (A) Insurance expired during May is 275. (B) Supplies on hand on May 31 are 715. (C) Depreciation of office equipment for May is 330. (D) Accrued receptionist salary on May 31 is 325. (E) Rent expired during May is 1,600. (F) Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of d1e journal. (Income Summary is account #34 in d1e chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Plumlee Corporation has the following account balances at December 31, 2017. Debit Credit Service Fees Earned.......... $92,500 Interest Income.......... 2,200 Salaries Expense.......... $41,800 Advertising Expense.......... 4,300 Depreciation Expense.......... 8,700 Income Tax Expense.......... 9,900 Retained Earnings.......... 42,700 Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained Earnings account?
Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form. a. The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers. Redeemed gift cards that have not yet been recorded total $4,800. b. At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000. c. At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded. d. Nine months ago, the company paid one year's advance rent of $1200 in cash. e. The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance: Rowland Company UNADJUSTED TRIAL BALANCE August 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,500.00 2 Accounts Receivable 38,400.00 3 Prepaid Insurance 7,200.00 4 Supplies 1,980.00 5 Land 112,500.00 6 Building 150,250.00 7 Accumulated Depreciation-Building 87,550.00 8 Equipment 135,300.00 9 Accumulated Depreciation-Equipment 97,950.00 10 Accounts Payable 12,150.00 11 Unearned Rent 6,750.00 12 Common Stock 75,000.00 13 Retained Earnings 146,000.00 14 Dividends 15,000.00 15 Fees Earned 324,600.00 16 Salaries and Wages Expense 193,370.00 17 Utilities…
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Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance: Rowland Company UNADJUSTED TRIAL BALANCE August 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,500.00 2 Accounts Receivable 38,400.00 3 Prepaid Insurance 7,200.00 4 Supplies 1,980.00 5 Land 112,500.00 6 Building 150,250.00 7 Accumulated Depreciation-Building 87,550.00 8 Equipment 135,300.00 9 Accumulated Depreciation-Equipment 97,950.00 10 Accounts Payable 12,150.00 11 Unearned Rent 6,750.00 12 Common Stock 75,000.00 13 Retained Earnings 146,000.00 14 Dividends 15,000.00 15 Fees Earned 324,600.00 16 Salaries and Wages Expense 193,370.00 17 Utilities…
Sweet Catering completed the following selected transactions during May 2016: May 5: Received and paid electricity bill, $90 May 9: Received cash for meals served to customers, $560 May 23: Served a banquet on account, $2,170 May 31: Accrued salary expense, $450 May 31: Recorded prepaid insurance expired, $480 If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Bonsu is the owner of a retail business. He has employed an inexperienced book-keeper to maintain the accounting records. On 31st December 2020, the end of the business’s accounting year, the book-keeper extracted the following trial balance. Trial balance as at 31st December 2020 Debit (GHS) Credit (GHS) Sales 1,250,000 Purchases 700,000 Discount Allowed 18,300 Carriage Inwards 28,000 Carriage Outwards 31,200 Rent, rate & insurance 61,700 Heating & Lighting 38,000 Postage & stationery 4,200 Advertising…
Please help with the Statement of Income, Statement of Changes of Owner's Equity and Report Form Balance Sheet of the problem below! The following are the balances of the ledger accounts of Chai's laundry Shop owned and operated by Charisa Samaniego, after two months of operations ended October 31, 2022 Cash - 85,000Account Receivable - 2,500Supplies - 2,000Furniture & Fixture - 44,500Equipment - 54,500Accounts Payable - 8,000Notes Payable - 3,000C. Samaniego, Capital - 175,900C. Samaniego, Drawing - 1,000Laundry Revenue - 18,600Rent Expense - 6,000Repair & Maintenance Expense - 2,500Utilities Expense - 4,000Salaries Expense - 3,500
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