F1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance2 Is for the year ended December 31, 20X1.3Deblt$37,50028,60043,3002,00069,0004.Account TitlesCash6.Accounts RecelvableInventory8Prepaid RentEquipment10 Accumulated Depreciation11 Accounts Payable$20,7008,80020,00075,00031,800175,50012 Unearned Fees13 Long-term Notes Payable14 J. Noodle, Capital15 Sales Revenue16 Sales Returns and Allowances4,7006,00017 Sales Discounts18 Cost of Goods Sold67,70019 Salaries and Wages Expense20 Depreciation Expense21 Rent Expense22 Interest Expense23 Loss on Sale of Equipment25,90013,80024,0001,6007,700Totals$331,800$331,800242526 Required:27 1. Prepare a multistep income statement that would be used for internal reporting purposes.28 Note: When more than one correct account could appear in a cell, list items in order of largest to29 smallest dollar amounts. Use cell referencing to select account titles and values.30 All numbers should appear as positive numbers.31 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as eitherSheet1...目山READYHint TVOUUIES ommteu, mC. SEIS SWIITIITIIE Ppoor toys. TTME TONOWIng aujusteu TarA.BDE28 Note: When more than one correct account could appear In a cell, Nst Items In order of largest to29 smallest dollar amounts. Use cell referencing to select account titles and values.30 AN numbers should appear as posltive numbers.31 2. After entering the formula In cell B52, use the Excel IF function to label cell A52 as elther32 "Net Income" or "Net Loss" as approprlate based on the value calculated In cell B52.3334NOODLES UNLIMITED35Income Statement36For the Year Ended December 31, 20X13738 Less:394041 Net Sales4243 Gross Profit44 Expenses:45464748 Income from Operations49 Other Expenses and Losses5051525354 3. Compute the gross profit percentage.55 Note: Make sure to include *100 at the end of your formula56 in order to convert the decimal to a percentoge.57 Gross Profit Percentagepercent5850Sheet1READYHint

Name: F1 Noodles Unlimited, Inc. sells swimming pool toys. The following ad
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: F1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance2 Is for the year ended December 31, 20X1.3Deblt$37,50028,60043,3002,00069,0004.Account TitlesCash6.Accounts RecelvableInventory8Prepaid RentEquipment10 Accumul

Answered: s for the year ended December 31, 20X1.…

Business

Accounting

s for the year ended December 31, 20X1. Account Title Debits Cash $37,500

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
Given the following adjusted trial balance: Debit Credit Cash $2028 Accounts receivable 2560 Inventory 3811 Prepaid rent 105 Equipment 370 Accumulated depreciation-equipment $63 Accounts payable 100 Unearned service revenue 149 Common stock 266 Retained earnings 8060 Service revenue 449 Interest revenue 68 Salaries and wages expense 200 Travel expense 81 Total $9155 $9155 Net income for the year is: a.) $517. b.) $723. c.) $463. d.) $236.
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…
6. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…
Given the following adjusted trial balance: Debit Credit Cash $1695 Accounts receivable 2140 Inventory 3186 Prepaid rent 88 Equipment 310 Accumulated depreciation-equipment $53 Accounts payable 84 Unearned service revenue 124 Common stock 213 Retained earnings 6740 Service revenue 375 Interest revenue 57 Salaries and wages expense 160 Travel expense 67 Total $7646 $7646 Net income for the year is: $205. $432. $610. $378.
Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.
Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…
2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn BhdTrial Balance as at 30 June 2020Particulars Debit (RM) Credit (RM)Sales 265,900Purchases 154,870Rent 4,200Lighting and heating expenses 530Salaries and wages 51,400Insurance 2,100Buildings 85,000Fixtures 1,100Account receivable 31,300Sundry expenses 412Account payable 15,910Cash at bank 14,590Drawings 30,000Vans 16,400Motor running expenses 4,110Capital 114,202TOTAL 396,012 396,012Inventory at 30 June 2020 was RM16,280.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020.ii. Statement of Financial Position as at 30 June 2020.
The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…
The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…