QUESTION 10 Mahmood's company report the following unadjusted trial balance: Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit 17,500 16,000 9,000 6,500 28,000 Credit Cash Accounts receivable Office supplies Prepaid rent Office equipment Accumulated depreciation- Office equipment Unearned service fees Mahmood, Capital Mahmood, Withdrawals Fees earned ries expense 3,500 23,500 10,940 1,500 71,960 31,400 The following information is provided: 1) A physical count of supplies shows that supplies available are $2,500. 2) At December 31 , 2020, salaries incurred but not paid were $11,000. 3) A careful analysis shows that 1/4 of unearned service fees were earned by Dec 31, 2020. 4) A client agreed to pay $3,900 for 60-day consulting services. The first day of service started on December 23, 2020. Prepare the necessary adjustments for Mahmood's company. Please follow the example: EXAMPLE: Question: Office equipment has a useful life of 4 years and no salvage value. It was purchased on October, 2019. Depreciation expense has be Answer: Dr. Depreciation expense.. 7,000 Cr. Accumulated Depreciation For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 7,000 Paragraph Arial 10pt T.

QUESTION 10 Mahmood's company report the following unadjusted trial balance: Mahmood Company Unadjusted Trial Balance December 31, 2020 Debit 17,500 16,000 9,000 6,500 28,000 Credit Cash Accounts receivable Office supplies Prepaid rent Office equipment Accumulated depreciation- Office equipment Unearned service fees Mahmood, Capital Mahmood, Withdrawals Fees earned ries expense 3,500 23,500 10,940 1,500 71,960 31,400 The following information is provided: 1) A physical count of supplies shows that supplies available are $2,500. 2) At December 31 , 2020, salaries incurred but not paid were $11,000. 3) A careful analysis shows that 1/4 of unearned service fees were earned by Dec 31, 2020. 4) A client agreed to pay $3,900 for 60-day consulting services. The first day of service started on December 23, 2020. Prepare the necessary adjustments for Mahmood's company. Please follow the example: EXAMPLE: Question: Office equipment has a useful life of 4 years and no salvage value. It was purchased on October, 2019. Depreciation expense has be Answer: Dr. Depreciation expense.. 7,000 Cr. Accumulated Depreciation For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 7,000 Paragraph Arial 10pt T.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

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OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported in the financial statements in terms of dollars instead of units Property, plant, and equipment is recorded at cost (minus any accumulated depreciation) instead of liquidation value. The accounting records of a company are kept separate from its owners. The accountant assigns revenues and expenses to specific years before preparing the financial statements. Required: Give the accounting assumption that is most applicable to each of the statements.
Exercise 1-48 Income Statement The following information is available for Wright Auto Supply at December 31, 2019. Required: 1. Prepare a single-step income statement for the year ended December 31, 2019. 2. Prepare a multiple-step income statement for the year ended December 31, 2,019. 3. CONCEPTUAL CONNECTION Comment on the differences between the single-step and the multiple-step income statements.
Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the operations of Chen Construction Company for July, 2019. Required: CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most liker took place. Prepare a trial balance at July 31, 2019.
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Problem 1-61B Retained Earnings Statement Magical Experiences Vacation Company has the following data available: Required: Prepare retained earnings statements for 2019 and 2020.
Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31, 2020 are as follows: Debit CreditAccounts Receivable P84,625Supplies 11,375Equipment 215,000Module 4 10- NABAccumulated Depreciation P34,450Wages payable 0Unearned fees 23,500Fees earned 348,975Wages expense 79,700Rent expense 48,000Depreciation Expense 0Supplies expense 0The data needed for year-end adjustments are as follows:a. Fees earned but not yet collected on December 31, P31,575.b. Supplies on hand on December 31, P2,785c. Rent expired during the year, P36,000d. Depreciation for equipment during the year, P5,000e. Wages accrued but unpaid on December 31, P13,800f. Accounts receivable of P10,000 is doubtful of being collected.Date Description PR Debit Credit
Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
Intermediate Accounting ll ch 16 9. In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $360,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $910,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
Question Content Area Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock 1,000 Retained Earnings 12,940 Dividends 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Total 30,490 30,490 Determine the net income (loss) for the period.
Question Content Area Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,935 Accounts Receivable 2,932 Prepaid Expenses 653 Equipment 13,922 Accumulated Depreciation 9,697 Accounts Payable 1,447 Notes Payable 4,813 Common Stock 1,000 Retained Earnings 5,042 Dividends 671 Fees Earned 7,683 Wages Expense 3,191 Rent Expense 733 Utilities Expense 348 Depreciation Expense 176 Miscellaneous Expense 121 Total 29,682 29,682 Determine the current assets. a. $6,042 b. $14,745 c. $10,520 d. $29,682