Prepares the income and expense status of an echo stage, with the following G/L account information as of December 31, 20xx Accounts payable Accounts receivable Office cumulative depreciation Cumulative building depreciation Administrative expenses Echo capital Cash 97,200 64,300 72,750 162,100 56,500 81,750 53,000 121,700 52,000 12,000 93,250 154,000 149,750 6,500 17,500 28,700 365,500 41,500 325,000 4,000 Costs of goods sold I take withdrawals Interest expense Merchandise inventory Notes payable Office team Prepaid insurance Income from rent Wages payable Sales Expenses per sale Team Office materials
Q: he following is the adjusted trial balance for Baker Services. Accounts Debit Credit $31,100 30,000…
A: Answer: Particulars Amount Service Revenue 275,000 Less: Expenses Salaries Expense…
Q: When preparing a report form of a Balance Sheet for $50,000; Accounts Receivable, $60,000;…
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Wolfpack Construction has the following account balances at the end of the year. Accounts Balances…
A: A balance sheet is also known as a statement of financial position considered as one of the most…
Q: On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet…
A: The closing entries are prepared at year end to close the temporary accounts of the business…
Q: The following information was provided for Macy company. The purpose of presenting these account…
A: Income Statement for the year ended December 31, 2018. Sales…
Q: From the following adjusted ledger balances of BIRBY SERVICE CENTER, prepare a report-form statement…
A:
Q: The asset account, Office Supplies had a beginning balance of $5,200. During the accounting…
A: Prepaid expenses are the expenses paid in advance for using the asset for which the benefits are not…
Q: Use the following end-of-period spreadsheet to answer the question that follow. Finley Company…
A: Closing entries are need to be prepared at the end of each accounting period to close the temporary…
Q: Using the following information, prepare a year-end balance sheet for Lake Mills Vet Clinic as of…
A: Lake Mills Vet Clinic Balance Sheet as of December 31 Particulars Amount Amounts Assets…
Q: Selected ledger account balances for Business Solutions follow. office equipment Accumulated…
A: calculation of above requirement are as follows
Q: LAMPERT ROOFING Worksheet For the Month Ended March 31, 2022 Account Titles Trial…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account…
A: The closing entries are prepared to close the temporary accounts of the business. The post closing…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Closing entries: All revenues are closed by crediting the income summary account and expenses are…
Q: Presented below is the account balances of Moderate Services at December 31, 2021: Cash Accounts…
A: Trial balance is the statement which is prepared by the entity to know if all the debits in the…
Q: The following is the PT ABC Balance Sheet PT ABC Trial balance 31 December 200X Debit (Rp)…
A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…
Q: A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN…
A: Adjusting entries: These entries are passed at the end of the year under the accrual based…
Q: The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts…
A: Introduction: Current assets are all assets that a company expects to sell or use within the next…
Q: Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account…
A: Current Ratio: The Current Ratio is a liquidity ratio that measures a firm's ability to pay off its…
Q: Below is an alphabetized list of accounts and balances as of June 30 2019. Use the space proviued…
A: Trial balance is the summary of all general ledger account balances of a business at the end of…
Q: Use the following information in the adjusted trial balance for Stockton Company to answer the…
A: Formula to calculateTotal assets:Total assets = Current assets + Non-current assets
Q: These items are taken from the financial statements of Cullumber Company at December 31, 2022.…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: After all closing entries are recorded and posted, what is the balance of the contributed capital…
A: Answer:
Q: Refer to the following adjusted trial balance after the first year of operations. Accounts Debit…
A: Formula: Net Income = Total Revenues - Total Expenses.
Q: Following is a partial set of accounts as of December 31. Equipment Accounts receivable Land…
A: Balance sheet indicates the financial position of an organization. The assets are split into current…
Q: You are presented with the following trial balance of Carl Ltd at 31 October 2018. Dr Cr R,000 R,000…
A: A Statement of financial position is an accounting report that shows a corporation's assets…
Q: Covid Resources Student Services Use the information in the adjusted trial balance presented below…
A: Liabilities means the amount payable to an outside by the business entity. Current liability means…
Q: Prepare the closing enteries at Decemeber 31, 2021 in a general journal Accounts payable 6,300…
A: Closing entries are the entries wherein Balance in Temporary accounts are transferred to Permanent…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: The income statement, balance sheet and statement of shareholders equity are the important financial…
Q: The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period,…
A: Office supplies are the consumables or products that are frequently utilized in an office setting to…
Q: Required: Prepare Journal Entries to record the impact of each of these events on the assets,…
A: 1. Journalizing Numerous transactions take place within a business. If these transactions are not…
Q: The controller prepared the following pre-closing trial balance. LMN LLC Trial Balance Debit 112,000…
A: Journal entries are the entries to be recorded in the general journal of the company's books for all…
Q: Use the following end-of-period spreadsheet to answer the question that follow. Finley Company…
A: Closing entries are made at the end of an accounting period. These entries are made to close the…
Q: Selected ledger account balances for Business Solutions follow. For Three Months For Three Months…
A: Under straight-line method, depreciation expense for a given year is equal to 4 times the…
Q: Use the following end-of-period spreadsheet below to answer the question that follow. Finley…
A: Formula to calculate the ending balance is as follows:
Q: Task 1 Hussain Co. prepared the following trial balance on 31st December 2020 before taking account…
A: 1)
Q: Systems for the year ended Dec. 31, 2018: lce of the Moises Dondoyano Information Moises Dondoyano…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Prepare Expanded Financial Statements The following is the adjusted trial balance for Jones…
A: The working capital is calculated as difference between current assets and current liabilities.
Q: Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Use the following information for Exercises 13-15 below. (Algo) [The following information applies…
A: An income statement is a financial statement which shows the income and expenses of a company. It…
Q: Using the following information prepare a classified balance sheet. Make sure it is in the proper…
A: The financial statement includes income statement, statement of stockholder’s equity and balance…
Q: Acti Instructions: Prepare a Statement of Financial Position, after WH questions that follows. CASE…
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Prepare the necessary closing entries based on the following selected accounts. Accumulated…
A:
Q: Selected ledger account balances for Business Solutions follow. office equipment Accumulated…
A: Given that, Accumulated depreciation-office equipment on 31 march, 2022 = $710 Accumulated…
Q: Use the May 31 fiscal year-end information from the following ledger accounts (assume that all…
A: Closing entries are those journal entries which are passed to close all temporary accounts. It…
Q: For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account…
A: The income statement is prepared to find the profitability of the business. The balance sheet…
Q: Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted…
A: A balance sheet is a significant element of financial statements. Balance sheet helps the…
Q: The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: You are presented with the following trial balance of Carl Ltd at 31 October 2018. Dr Cr R,000…
A: An income statement is a financial report that indicates the revenue and expenses of a business. A…
Step by step
Solved in 2 steps with 1 images
- Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Understandability Relevance Faithful representation Comparability Depreciation Consistency Materiality Conservatism Operating cycle Current asset Current liability Liquidity Working capital Current ratio Single-step income statement Multiple-step income statement Gross profit Profit margin Auditors report An income statement in which all expenses are added together and subtracted from all revenues. The magnitude of an accounting information omission or misstatement that will affect the judgment of someone relying on the information. The capacity of information to make a difference in a decision. An income statement that shows classifications of revenues and expenses as well as important subtotals. The practice of using the least optimistic estimate when two estimates of amounts are about equally likely. The quality of accounting information that makes it comprehensible to those willing to spend the necessary time. Current assets divided by current liabilities. The quality of information that makes it complete, neutral, and free from error. An obligation that will be satisfied within the next operating cycle or within one year if the cycle is shorter than one year. Current assets minus current liabilities. Net income divided by sales. For accounting information, the quality that allows a user to analyze two or more companies and look for similarities and differences. An asset that is expected to be realized in cash or sold or consumed during the operating cycle or within one year if the cycle is shorter than one year. The ability of a company to pay its debts as they come due. For accounting information, the quality that allows a user to compare two or more accounting periods for a single company. The process of allocating the cost of a long-term tangible asset over its useful life. The period of time between the purchase of inventory and the collection of any receivable from the sale of the inventory. Sales less cost of goods sold. The opinion rendered by a public accounting firm concerning the fairness of the presentation of the financial statements.For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
- You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional 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, allocated 30%…Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired GoodwillUse the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
- The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required:For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) Interest Payable __ Franchise __ Accumulated Depreciation __ Prepaid Insurance (for 2022) __ Bonds Payable (due in 10 years) __ Current Maturities of Long-Term Debt __ Notes Payable (due in 3 months) __ Long-Term Receivables __ Restricted Cash (which will be used to retire bonds in 10 years) __ Supplies __ Machinery __ Land (used in operations) __ Deferred Revenue (for 2022) __ Copyrights __ Common Stock __ Land (held for speculation) __ Cash equivalents __ Salaries Payable __For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.Required: Prepare the statement of comprehensive income for the year using: Function of expense method with supporting notes. Answer in text form with explanation , computation for every steps clearly
- IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Sale of P10,000 goods for P7,000 cash. Contribution of land and building from the owner to be used as the new business office. Receipts of goods from supplier with a billing invoice Receipt of cash from clients for services to be provided in the futurePrepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…