prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100

prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100

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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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.
Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the seller
IT IS URGENTTTT Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance Account Title Debit Credit Cash 372850 Accounts Receivable 48500 Supplies 26000 Prepaid Insurance 10800 Inventory 16425 Equipment 46000 Accumulated Depreciation-Equipment 20000 Accounts Payable 96000 Salary Payable 0 Unearned Sales Revenue 25000 Capital 341800 Withdrawals 0 Sales Revenue 96000 Sales Returns& Allowances 7500 Sales Discounts 1650 Cost of Goods Sold 49075 Insurance Expense Depreciation Expense-Equipment Supplies Expense Salary Expense Total 578800 578800 On January 31, 2018 FRS Company completed following adjusting entries: Expiration of prepaid insurance for one month is 1800$ Depreciation of equipment for the month, $8,500…
The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000Accounts Receivable 230,000Prepaid Rent 90,000Office Supplies 150,000Office Equipment 780,000Accumulated Depreciation P 320,000Accounts Payable 120,000Salaries Payable 70,000Cayanan, Capital 750,000Cayanan, Withdrawals 170,000Counseling Service Revenues 830,000Miscellaneous Income 110,000Salaries Expense 320,000Office Supplies Expense 210,000Depreciation Expense 60,000Rent Expense 50,000 Total P2,200,000 P2,200,000 Required: 1. Prepare the closing entries.2.…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Provided below is the adjusted trial balance of Garden Wizards.GARDEN WIZARDSAdjusted Trial balanceDecember 31, 2020 Debit Balances Rs. Credit Balances Rs.Cash 450 Accumulated Depreciation: Furniture and fixtures 6600Accounts Receivable 220 Accounts Payable 7100Unexpired Insurance 1600 Notes Payable 24000Prepaid Rent 1800 Salaries Payable 2100Office Supplies 900 Interest payable 170Furniture and fixtures 10000 Unearned Services Revenue 600Insurance Expense 6200 Capital Stock 4000Office Rent Expense 12000 Retained Earning 2000Supplies Expense 300 Services Revenue 56700Salary expense 48000 Depreciation expense: furniture and fixtures 1200 Office and telephone expense 4600 Internet service expense. 7200 Legal expense 1800 Interest expense 2700 Miscellaneous expense 4300 Total 103,270 Total 103,270 Required:⦁ Prepare the following statements of the company from the data given above:⦁ Income Statement for the year ending at December 31, 2020⦁ Retained Earnings Statement for…
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Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
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The adjusted trial balance of Carla Vista Financial Planners appears below. Carla Vista Financial PlannersAdjusted Trial BalanceDecember 31, 2020 Debit Credit Cash $4,704 Accounts Receivable 2,208 Supplies 1,728 Equipment 13,440 Accumulated Depreciation—Equipment $2,880 Accounts Payable 3,168 Unearned Service Revenue 5,760 Owner’s Capital 14,016 Owner’s Drawings 2,400 Service Revenue 4,320 Supplies Expense 672 Depreciation Expense 2,592 Rent Expense 2,400 $30,144 $30,144 (a) Your Answer Correct Answer (Used) Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Carla Vista Financial…