Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600

Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600

Name: Salaries and wages payable$1,700Notes payable (long-term)$1,700Salari
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Description: Salaries and wages payable$1,700Notes payable (long-term)$1,700Salaries and wages expense51,800Cash13,400Utilities expense22,500Accounts receivable9,500Equipment29,100Accumulated depreciation-equipment6,300Accounts payable4,500Owner's drawings3,800S

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA). Example: DE Office supplies purchased in advance of their use __________ 1. Wages earned by employees but not yet paid __________ 2. Cash collected from subscriptions in advance of publishing a magazine __________ 3. Interest on a customer loan for which principal and interest have not yet been collected __________ 4. One years premium on life insurance policy paid in advance __________ 5. Office building purchased for cash __________ 6. Rent collected in advance from a tenant __________ 7. State income taxes owed at the end of the year __________ 8. Rent owed by a tenant but not yet collected
ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense     Prepare the adjusted Trial Balance as at31st December ,2021
Account Title     Balance ($)   Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense    522,100Salaries…
SHERIDAN COMPANYWorksheet (partial)For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 12,000 Accounts Receivable 7,500 Prepaid Rent 2,200 Equipment 22,800 Accumulated Depreciation—Equip. 5,100 Notes Payable 5,800 Accounts Payable 5,000 Owner’s Capital 29,440 Owner’s Drawings 3,800 Service Revenue 15,100 Salaries and Wages Expense 10,700 Rent Expense 700 Depreciation Expense 740 Interest Expense 40 Interest Payable    40     Totals 60,480 60,480
Assuming salaries payable at the beginning and at the end of the period amounted to P17,000 and P38,000 respectively. Salaries paid during the period totaled P155,000. What would be the amount of salaries expense to be recognized for the period?a. P176,000 c. P134,000b. P155,000 d. P100,000
Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.
A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6.Figures for rent in advance and in arrears at the beginning and end of the year were:31 December 20X5 31 December 20X6$ $Rent received in advance 102,600 88,700Rent in arrears (all subsequently received) 42,300 48,400What amount should appear in the company's statement of profit or loss for the year ended 31December 20X6 for rental income?
Selected accounts of Noteworthy Communications at December 31, 20X6, follow:Accounts payable $15,100 Lori Stone, capital $67,100Accounts receivable 6,600 Note payable, long-term 27,800Accumulated depreciation - equipment 37,800 Other assets 3,600Accumulated depreciation- computers 11,600 Other current liabilities 4,700Equipment 114,400 Prepaid insurance 1,100Cash 16,500 Prepaid rent 6,600Service revenue 93,500 Salary expense 24,600Computers 22,700 Salary payable 3,900Interest payable 600 Supplies 2,500Unearned service revenue 5,400Required:i) Prepare Noteworthy’s classified balance sheet in report form as at4December 31, 20X6. Show totals for total assets, total liabilities andowner’s equity.
CERISE Company uses accrual basis of accounting. Wages expense account had a balance of P255,000 at year end. The wages payable account had a P11,500 and P22,500 beginning and ending balance, respectively. How much cash was paid for wages during the year? A. ₱ 244,000 B. ₱ 240,000 C. ₱ 250,000 D. ₱ 254,000
D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?