Prepare Closing Entries,income statement,statement of retained earnings and classified balance sheet
Q: Required: • Posting • Trial Balance • Statement of Financial Position
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Prepare closing entries(Narration not required) and calculate retained earnings and explain how…
A: Closing entries are passed to close all those accounts which are temporary in nature and are opened…
Q: Pass the necessary Adjusting Entries Prepare Income Statement and Balance Sheet Prepare Closing…
A: Reversing Entry Adjusting Journal entries in the previous accounting period are reversed by…
Q: Required: Prepare a complete worksheet from Income Statement to Post Closing Trial Balance. Prepare…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Prepare an income statement, statement of changes in equity and classified balance sheet. Journalize…
A: The financial statements of the business include income Statement and balance sheet.
Q: Preparing financial statements including a classified balance sheet in report form, preparing and…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
Q: Which of these accounts is included in the post-closing trial balance? Group of answer choices:…
A: Post Closing trail balance is the trail balance that is prepared after closing entries are passed.…
Q: Journalize the closing entries. Extend the worksheet for the closing entries and the post-closing…
A: The closing entries are prepared to close the temporary accounts of the business.
Q: How do I record entry to close revenue and expense accounts to retained earnings, and combine the…
A: Closing entries are those entries which are passed at the end of the period to close all revenue…
Q: What are journal entries called that bring the accounts up-to-date at the end of the accounting…
A: Journal entries are the primary recording makes in the books of account. All the transactions are…
Q: a. Journalize all the transactions of Joy Photo and make the necessary adjustments b. Submit…
A: Final Accounts: It is prepared at the end of a fiscal year. It provides the information about the…
Q: Prepare a a. Statement of Comprehensive Income b. Statement of Financial Position c. Closing Entries
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…
Q: Prepare Income statement,Balancesheet,closing entries,pos-closing trial balance and opening entry on…
A: Income Statement is a statement which shows the financial results of a business during the…
Q: Which of these account types assets, liabilities, equity, revenue, expense, dividend are debited in…
A: Permanent accounts (Real accounts) These are accounts whose balances at the end of the current…
Q: do the income statement and the closing entries
A: Income Statement: The income statement reports the financial performance in terms of profit or loss…
Q: which of the following accounts would be closed at the year end.as.part of the closing entries…
A: Under closing process all the expenses/(losses) and Revenues/Incomes are transferred to profit and…
Q: Put the following steps in the accounting cycle in the correct order (1-9). Prepare the post-closing…
A: Below is the correct accounting cycle: Analyze transactions and events Journalize transactions and…
Q: What do closing entries accomplish? Zero out the revenues, expenses, and dividends Transfer…
A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…
Q: What is the amount of retained earnings after the closing entries have been posted?
A: Retained earning means earning left with company for equity shareholder after all the payments…
Q: Requirements: • Posting • Trial Balance • Worksheet
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Required: After the closing process has been completed, answer the following questions: What is the…
A: Closing entries are journal entries passed to close our all temporary accounts. Temporary accounts…
Q: What is the first account that should be listed in the post-closing trial balance? a.Common Stock…
A: Introduction: Trial Balance: All the final balances of ledger balances are posted in trial balance…
Q: Journal entries on closing entries Group of answer choices -Debit Income Summary, Credit Expenses…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Instructions a. Prepare an income statement, a retained earnings statement, and a classified…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: (d) Journalize the closing entries from the financial statement columns of the worksheet.
A: Closing entries are passed at the end of the accounting period for some required adjustments.
Q: Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: (prepare and process Required: After the closing process has been completed, answer the following…
A: Closing entries are those entries which are passed at the end of the period. It will close all…
Q: Put the following accounting cycle transactions-recording processes in order by selecting the…
A: Accounting is one of the important field in business. Various type of accounting that are used in…
Q: 1. Complete the statement: closing entries ________ A. Reflect the net income for the accounting…
A: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in…
Q: The closing entry process consists of closing the Retained Earnings account. all temporary accounts.…
A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…
Q: Revenue and expenses closing entries and Income statement.
A: Formula: Net income = Revenues - Expenses
Q: Prepare the following: Balance Sheet and Closing Entries
A: In Closing entries, accounts (Revenue and Expense) are closed using Income summary account. The…
Q: CompleteIncome statement, statement of owners equity, balance sheet & closing entires
A: Income statement is a statement that helps in determining the income or the profit and loss of a…
Q: Prepare the Income Statement (Multiple Step Format) Prepare the necessary closing entries
A: The income statement is prepared to find the net income or loss incurred during the period.
Q: Which of the following accounts should be shown on the post-closing trial balance? a.All expense…
A: The post-closing trial balance verifies the balances of total debit and total credit to be equal…
Q: A major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust…
A: Definition: Closing entries: The journal entries prepared to close the temporary accounts to the…
Q: From the following Company R adjusted trial balance, prepare the following: Income Statement…
A: Since we answer only three subparts, I am answering the first three. Please resubmit the question…
Q: Which of the following statements is correct about closing entries?
A: The answer for the multiple choice question and relevant explanation are presented hereunder : At…
Q: Closing entries may be prepared from all of the following except Select one: a. Income statement and…
A: Following is the answer to given question
Q: Use the following to describe the order of the steps in the Accounting Cycle. Prompts Submitted…
A: Answer:- Accounting cycle meaning:- Accounting cycle is basically a process which is designed to…
Q: Prepare an income statement and statement of retained earnings for the year ended December, 31,…
A: 1. Prepare an income statement and statement of retained earnings for the year ended December 31,…
Q: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and…
A:
Q: The account that is brought up to date after the closing entries have been journalized and posted is…
A: The closing entries are prepared to close the temporary accounts of the business including revenue,…
Q: Prepare closing entries including general ledger account numbers and descriptions. Use 360 for the…
A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…
Q: Make income statement , retained earnings and balance sheet from trial balance.
A: The income statement of a firm includes the revenue and expenses. If the revenue is greater than the…
Q: Current Which type of account is always debited during the closing process? O Revenue. O Dividends.…
A: Which type of account is always debited during the closing process? Answer Option A:Revenue…
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- help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
- You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
- The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…Question 5The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of…
- Make a schedule for all the examples for the following Depreciation Method through excel: a. Straight Line Method b. Sinking Fund Method c. Matheson’s Formula (2 problems) d. Double Declining Balance Method e. Sum of the Years Digit MethodAccounting Property and equipment, at cost, consisted of the following: December 31, 2017 2018 Gross property and equipment: Land $ 22,058.38 $ 30,850.93 Equipment 37,411.98 48,949.37 Other assets 1,451.47 1,566.73 Construction in progress 5,859.76 9,469.74 Gross property and equipment 66,781.59 90,836.47 Total accum dep and amort 23,255.12 29,867.63 Total property and equipment, net…Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020. JulianaTrial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020 Office Equipment 8,000Receivables 198,000Payables 52,000Sales…