Prepare the necessary closing entries based on the following selected accounts. Accumulated Depreciation Depreciation Expense Owner's Capital Owner's Drawings Salaries and Wages Expense Service Revenue $10,000 6,000 20,000 9,000 19,000 40,000
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- Problem 1-583 Arrangement of the Income Statement Parker Renovation Inc. renovates historical buildings for commercial use. During 2019. Parker had $763,400 of revenue from renovation services and $5,475 of interest income from miscellaneous investments. Parker incurred $222,900 of wages expense $135,000 of depreciation expense, $65,850 of insurance expense, $109,300 of utilities expense, $31,000 of miscellaneous expense, and $61,400 of income taxes expense. Required: Prepare a single-step income statement for Parker for 2019.Exercise 1-40 Depreciation OBJECTIVE 0° Swanson Products was organized as a new business on January 1, 2019. On that date. Swanson acquired equipment at a cost of $425,000. which is depreciated at a rate of $40,000 per year. Required: Describe how the equipment and its related depreciation will be reported on the balance sheet at December 31, 2019, and on the 2019 income statement.Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, cost of Goods sold, $31,000; Retained $20,000; Interest Expense, $3,200; Dividends, $5,000, Wages Expense $5,000, and Interest Payable, $2,100. Required: Prepare the closing entries for Aulani at December 31, 2019. How does the closing process affect Aulanis retained earnings?
- Case 3-78 Interpreting Closing Entries Barnes Building Systems made the following closing entries at the end of a recent year: a. Income Summary ............................. 129,750 Retained Earnings ........................ 129,750 b. Retained Earnings ........................... 25,000 Dividends ..................................... 25.000 c. Sales Revenue .................................. 495,300 Income Summary ......................... 495,300 d. Income Summary ............................. 104,100 Interest Expense ........................... 104,100 Required: If the sales revenue identified in Entry c was Barness only revenue, what was the total amount of Barness expenses?Question 5 The following year-end unadjusted trial balance is for Jaya as at 31 December 2018. JayaUnadjusted Trial Balance as at 31 December 2018 RM Land 610,000 Building 335,000 Accumulated Depreciation - Building Office Equipment 40,000 Accumulated Depreciation - Equipment Investment in Shares 380,000 Intangible Assets - Licensing Agreement 70,000 Supplies 41,900 Accounts Receivable 106,400 Cash 33,500 Accounts Payable Supplies Payable Long-term Note Payable Jaya , Capital Jaya , Withdrawals 90,000 Services Fees Earned Salaries Expense 213,500 Insurance Expense 25,800 Utilities Expense 32,000 Repair Expense 13,500 Interest Expense 15,000 2,006,600…Problem Imus Student Preparing the Worksheet, Adjusting and Closing Entries, and Financial Statements The ledger account of the B. Onate Company for the year ended Dec. 31, 2000 are as follows: Accumulated Depreciation -Office Building 100,000 Accumulated Depreciation -Office Equipment 150,000 Account Receivable 136,000 Account Payable 74,000 Cash 72,000 Transportation in 72,000 Insurance Expense 25,000 Interest Expense 208,000 Onate, Capital 1,510,000 Onate, Withdrawals 200,000 Land 400,000 Merchandise inventory 598,000 Mortgage Payable 1,100,000 Notes Payable 200,000 Office Building 1,600,000 Office Equipment 570,000 Office Supplies 42,000 Prepaid Advertising 75,000 Purchases Discount 172,000 Purchases Return & Allowances 133,000 Purchases 2,643,000 Salaries Expense 862,000 Sales Discount 161,000 Sales Return & Allowances 187,000 Sales 4,600,000 Travel Expense 188,000 Additional Information: a. Office Supplies consumed during the year amounted to P17,000. b. Advertising…
- Part A - Completed supplies expense 4000 supplies 4000 depreciation expense 16800 accumulated depreciation equipment 16800 interest expense 11360 interest payable 11360 PREPARE AN ADJUSTED TRIAL BALANCE Can you do the adjusted trial balance pleasePE 3-7BAdjustment for DepreciationOBJ. 4 - Prepare adjusting entries for depreciation.EE 3-7 The estimated amount of depreciation on a building for the current year is$8,120. Journalize the adjusting entry (include an explanation) to record thedepreciation.Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31stDecember, 2021. GHS GHSCapital 240,000Receivables and Payables 159,000 51,000Inventory 99,000Motor vehicles: (cost) 72,500Accumulated depreciation (31 December 2020) 32,500Office equipment: (cost)…
- Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. For Three MonthsEnded December 31, 2019 For Three MonthsEnded March 31, 2020 Office equipment $ 8,100 $ 8,100 Accumulated depreciation—Office equipment 405 810 Computer equipment 20,000 20,000 Accumulated depreciation—Computer equipment 1,250 2,500 Total revenue 31,334 44,900 Total assets 83,360 121,668 Required:1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense—Office equipment and for Depreciation expense—Computer equipment (assume use of the straight-line method).2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December 31, 2020?3. Compute the three-month total asset turnover for Business…14. Write the appropriate entries for the following. Assume the accounting year is ending onDecember 31, 2023.a) An insurance policy was purchased on June 1, 2023 for $1,500. At the end of the year, $438 wasdeemed expired. Write the adjusting entry on December 31, 2023.b) Depreciation on Office Equipment is $3,300. Write the adjusting entry on December 31, 2023.c) There was a $1,750 balance in the supplies account at the beginning of the period. During theperiod, the supplies account was increased by $3,500 for supplies purchased. At the end of theperiod before adjustment, $350 of supplies were on hand. Journalize the necessary adjustingentry.d) The balance in the unearned fees account, before adjustment at the end of the year, is $10,250.Journalize the adjusting entry required if the amount of unearned fees at the end of the year is$3,125.PE 3-7AAdjustment for DepreciationOBJ. 4 - Prepare adjusting entries for depreciation.EE 3-7 The estimated amount of depreciation on equipment for the current yearis $14,400. Journalize the adjusting entry (include an explanation) to record thedepreciation.