Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
Q: Prepare an adjusted trial balance, in correct format, from the following account information; solve…
A: Trail balance includes all the accounts prepared by the company with their balances. The balance can…
Q: Please show working of how rent expense and prepaid rent were calculated on adjusted trial balance
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: Explain how to prepare adjusted trial balance.
A: An adjusted trial balance is an internal document that summarizes all of the current balances…
Q: The trial balance of Woods Company includes the following balance sheet accounts. Identify the…
A: Adjustments entry: Adjusting entries are recorded at end of the period. The entries are recorded for…
Q: If a company initially records prepaid expenses with debits to expense accounts, what type of…
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Q: Prepare an unadjusted trial balance, in correct format, from the following alphabetized account…
A: The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger…
Q: Prepare an adjusted trial balance, in correct format, from the following account information; solve…
A: Trail Balance - Trail Balance is the Mechanism to find out that the Double entry system is followed…
Q: Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial…
A: Once the adjusted trial balance is in balance, the flow of accounts will now go into the…
Q: When do you prepare the Adjusted Trial Balance? After the Adjusted trial balance has been prepared,…
A: The trial balance that contains adjustments is an internal record of the firm that contains all the…
Q: Prepare adjusting trial balance
A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the year end but…
Q: Which of the following accounts would normally be found on the credit side of the adjusted trial…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…
Q: Which of the following procedures is correct when determining the amount to enter within the…
A: The worksheet includes trial balance, adjustments, adjusted trial balance, income statement, and…
Q: Identify which of the following accounts would be included in a post-closing trial balance. Accounts…
A: Post-closing trial balance: Post-closing trail balances are showing balance after closing entries…
Q: a post-adjustment trial balance reflects the balances and totals of accounts in the general ledger…
A: Trial balance: It is worksheet which shows all the accounts an organization has like assets,…
Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…
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Q: What is the order in which accounts are listed on a trial balance?
A: Trial Balance of any company reflects accounts related to Assets, Liability, Equity, Profit(Gain),…
Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a revenue.b.…
A: Unearned revenue: Unearned is recorded as current liability on the balance sheet. In this case…
Q: Identify and state two generally accepted accounting principles that relate to adjusting the…
A: Adjusting the accounts: It is done so that the financial statement shows the correct and accurate…
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: record estimated uncollectible accounts using the allowance method, the adjusting entry would be a ?
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: When is the adjusted trial balance prepared? a.after the adjusting journal entries are journalized…
A: Adjusted trial balance: Adjusted trial balance is a summary of all the ledger accounts, and it…
Q: Which of the following trial balances is used as a sourcefor preparing the income statement?a.…
A: Income Statement is a statement which shows all revenues and expenses of the business for the…
Q: Question Account titles found in the adjusted trial balance may be classified into real accounts…
A: Trial balance means the statement where all the account has been listed and balances is shown in…
Q: Which of the following appears in the balance sheet accounts section of a pre-adjustment trial…
A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…
Q: Why is it necessary to record the adjusting entries in the preparation of final accounts?
A: Adjusting Entries: Adjusting Entries are Entries which are made At Year End to record the Pending…
Q: What is the purpose of the adjusted trial balance? Oa. to verify that the debits and credits balance…
A: Adjusted trial balance is the statement which is prepared after posting all the adjusting entries to…
Q: Which of the following statements is incorrect concerning the adjusted trial balance? A. THE…
A: Adjusted Trial Balance: An adjusted trial balance is used after all of the modifications have been…
Q: Which of the following statements about an adjusted trial balance is true?
A: Trial Balance: Trial balance is a statement which has all accounts of ledger accounts which to be…
Q: Which of the following comes first in worksheet preparation? A. Compute profit or loss as the…
A: Worksheet helpful in evaluating weather the accounting entries are posted correctly in their…
Q: The adjusted trial balance is prepared a. prior to completing the adjusting entries. O b. after…
A: Trial is the summary of all ledgers which are shown under two columns, namely debit and credit. It…
Q: Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.
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Q: The adjusted trial balance is prepared
A: The adjusted trial balance are prepared after all the adjusting entries are posted. This in turn…
Q: Complete the worksheet by entering adjustments and prepare adjusted trial balance.
A: Trial balance: It is referred to as a balance of balances. A trial balance is a statement prepared…
Q: When is an adjusted trial balance prepared, and what is its purpose?
A: Adjusted Trial balance: Adjusted trial balance lists all the account titles and the balances which…
Q: Post the unadjusted balances and adjusting entries into the appropriate t-accoun
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Q: Which of the following accounts could be part of a regular journal entry, an adjusting entry, a…
A: >Generally:--Income Statement accounts [Revenues and Expenses] are known as Temporary accounts,…
Q: what goes into assets and liabilites in a adjusted trial balance
A: Firstly, we need to know the meaning of adjusted trial balance. After making all the year end…
Q: Explain an example of adjusted trial balance.
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: Account titles found in the adjusted trial balance may be classified into real accounts and nominal…
A: Accounting Systems - Accounting System is classified into three major accounts Real Account,…
Q: The adjusted trial balance shows Amounts that may be out of balance. Account balances after…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: How do you write out an adjusted account balance?
A: The adjusted account balance means that all the adjustments entires related to that account in…
Q: 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted…
A: I am assuming rent unearned at July 31, $300. To tally the adjusted trial balance. Trial balance:…
Q: Please prepare the adjusted trial balance and use the table above for reference.
A: Adjusted trial balance is trial balance prepared after all the adjustments done by the business.…
Q: What is the adjusting entry and the adjusted trial balance?
A: Adjusting entries are those journal entries which are passed at the end of accounting period in…
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- Given the following information : prepaid expense R72 000, accrues expenses R48 000,accrues income R110 000,trade creditors R600 000,TRADE DEBTORS R9 000 000 and income received in advance R350 000. Trade and other receivable isBALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…How much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? 160,600 194,000 240,600 254,600Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?
- Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufaThe comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's net income in the current year? (5547.00?) What is the firm's dividend payment in the current year?
- Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's cash flow from operations,financing and investing?Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .Item Prior year Current year Accounts payable 8,174.00 7,997.00 Accounts receivable 6,053.00 6,627.00 Accruals 985.00 1,669.00 Cash ??? ??? Common Stock 11,632.00 12,699.00 COGS 12,739.00 18,024.00 Current portion long-term debt 4,909.00 4,968.00 Depreciation expense 2,500 2,846.00 Interest expense 733 417 Inventories 4,157.00 4,806.00 Long-term debt 14,646.00 14,472.00 Net fixed assets 51,341.00 54,892.00 Notes payable 4,311.00 9,948.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,728.00 30,469.00 Sales 35,119 46,331.00 Taxes 2,084 2,775 What is the firm's cash flow from financing?