The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320.
Q: ng changes, Assets 3,560,000 Liabilities 1,080,000 Ordinary Share Capital Share premium 2,400,000 24...
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: On January 24, 2022, Mother Earth Consulting collected $5,700 it had billed its clients for services...
A: Lets understand the basics. In matching principle of accounting, income and expense should be record...
Q: R&R Tax Service offers tax and consulting services to individuals and small businesses. Data for fee...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: What temporary capital records are found in the income statement? Revenue and Expenses Revenue and A...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: (LO 4) (EPS: Simple Capital Structure) A portion of the statement of income and retained earnings of...
A: Earnings available for common stockholders: Amount (P) Income from continuing operation 1...
Q: E2-22 (Algo) Calculating Cost of Goods Manufactured and Sold and Preparing an Income Statement [LO 2...
A: Cost of goods sold is the cost charged for the units sold during the period. The cost of goods sold ...
Q: COMPUTE TRINA'S INTEREST INCOME UNDER THE FOLLOWING SITUATION: The note is non-interest bearing, but...
A: Non-interest bearing promissory note is the note which itself denotes in the name that the holder of...
Q: Citano Company has a used executive charter plane that originally cost $750,000. Straight-line depre...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
Q: try Prepare the journal entries for the following transactions: luly 1-Mr. Bon Hok withdraw P20,000 ...
A: Date particulars Dr amount Cr amount July 1 Mr Bon Hok capital a/c 20,000 Cash a/c 20,000 ...
Q: YELLOW Company owns an office building and leases the offices under a variety of rental agreements i...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...
A: Net Income: The amount of money earned by a person or corporation after subtracting expenses, allowa...
Q: In 2020, Liyue Corp. operate business in the motor industry and has 3 main divisions, Engine, Motor ...
A: Discontinued Operation is Accessories Division as of the end of the year 2020. Information for Engin...
Q: Last year. Abner Company incurred Direct materials Direct labor Factory overhead Selling expense Adm...
A: Prime cost is the direct cost of production that includes direct material and direct labor. it does ...
Q: The following information for Tuell Company is available: Case 1 3 4 5 Cost $5.00 $5.00 $5.00 $5.00 ...
A: Under US GAAP, the LIFO technique uses the lower of cost or market, whereas the other methods use th...
Q: Mr. XYZ is negotiating to buy a parcel of property for his business. The seller of the property is a...
A: The cost concept is a component of the GAPP in accounting. When a new asset is acquired, it should a...
Q: Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identif...
A: The inventory of goods posed by an entity which are not in saleable condition and still requires som...
Q: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO ...
A: solution concept periodic inventory system Under periodic system of inventory , the ...
Q: Exercise 17-19 (Algo) Activity-based costing to compute activity rates, overhead cost per unit, and ...
A: The overhead rate is calculated as estimated overhead cost divided by estimated activity base units....
Q: Identify the accounting assumption, accounting principle, or reporting constraint that mos appropria...
A: Accounting principles are those rules, regulations and guidelines which are used by the accountants ...
Q: STARK INDUSTRIES reports the following patents on its December 31, 2019 statement of financial posit...
A: Introduction:- Cash flow refers to the total amount of cash and cash equivalents transferred in and ...
Q: ummer provided the following shareholders’ equity on December 31, 2021: Preference share capital...
A: Solution Concept Book value per preference share =preference share capital+ dividend in ...
Q: Entries for Factory Costs and Jobs Completed Entrepreneurial Publishing Inc. began printing operati...
A: The expenditures spent throughout the production process, excluding direct labor and direct supplies...
Q: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, ...
A:
Q: Use this information about Carmelita Inc. to answer the question that follows. Carmelita Inc. has th...
A: Beginning inventory is 43% completed as to conversion costs , therefore remaining 57% of conversion ...
Q: Dallas National Bank had the following activities, traceable costs, and physical flow of driver unit...
A: Activity based costing means where the product is valued on the basis of actual direct material , di...
Q: Botanic Choice sell natural supplements to customers with an unconditional right of return if they a...
A: Journal Entry - It is record of business transactions in day to day life over a particular period of...
Q: Atty. Guazon owns 30% of the capital and profits of his law office. The law office reported P5,000,0...
A: Sec 26 of Income Tax Code of Phillipines exempts professional partnership firms ...
Q: Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2020 | 201...
A: In accrual basis of accounting, income includes sales made during the year. Cash inflow will not be ...
Q: 1. What are the two main parts of the body of the income statement known as? Expenses Capital Assets...
A: Lets understand the meaning of income statement. Income statement is a statement which shows the rev...
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materi...
A: Formula: Prime costs = Conversion cost + Direct materials
Q: Using the double-declining-balance method of depreciation, complete the schedule below showing depr...
A: Double-declining-balance method Depreciation rate = 1/Useful life * 100 * 2 Useful life, given in qu...
Q: 1. Case: The accounts and balances shown below were gathered from Clown Company's trial balance on D...
A: Current assets refer to such assets that are expected to be consumed in normal business operations, ...
Q: What is the income under accrual basis?
A: Accrual basis is method used by the company to record its transaction in the books. In this method, ...
Q: MATCHING TYPE: Harry Potter started a Food business to be known as "Harry Delights". He performed th...
A: As per the accounting equation sum of assets= sum of liabilities + owner's equity
Q: the following table shows the beta and expected return for each of five stocks. Stocks Beta Expect...
A: Capital Asset Pricing Model:- Capital Asset Pricing Model (CAPM) could be a measure of the connectio...
Q: Justine Co. produced 5,500 outdoor chairs for Job Order No. 610. Total material cost was P 51,700. E...
A: Unit cost means the cost of product per unit produced. It is computed by dividing the total cost by ...
Q: • Based on this information can you create an Income Statment • Accounts Receivable $1,200 • Account...
A: Income statement is one of the significant financial statement. This shows the entities' profitabili...
Q: Required information (The following information applies to the questions displayed below.] The follo...
A: The accounting equation is written as: Assets = liabilities + equity Equity = Stock issuance + net i...
Q: When March Green Products Ltd. started their business they issued 150,000 common shares and 10,000 n...
A: Lets understand the basics. Non cumulative preferred shares are the preferred shares in which, if th...
Q: Affogato owned a 20% royalty interest in an oil well. Affogato received royalty payments on January ...
A: Royalty seems to be a legally enforceable payment given to an individual or corporation for the cont...
Q: Chanter 9 Receivables Receivables s: Series A PR 9-1A Entries related to uncollectible accounts OBJ....
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: An employee working on her first trial balance discovers that the Equipment account has a credit bal...
A: Account receivable credit balance accounts receivable is current assets account. And assets accou...
Q: Question 10 0/ 10 pts Echo Industries provides materials for Jason Bradley's engineering firm. Their...
A: Trade Discount- A trade discount is the amount by which a producer reduces the trade price of a prod...
Q: He bought chairs and tables and paid them with P5, 700 cash?
A: T accounts are the general ledger accounts which are used for posting of recorded journal entries. O...
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360...
A: Retained earnings refer to the earnings accumulated by the company over a period of time that can be...
Q: Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported P5,000,0...
A: IAtty. Diokono holds 30% of the capital and profits of his law office
Q: Journalize the entries to record the summarized operations. Record each item (items a-f) as an indiv...
A: Job costing refers to an accounting method which is used by the company to track the individual cost...
Q: any purchased mining property for $4,875,000 (assume no salvage value) containing an estimated 15,00...
A: In mining there the depreciation based on the ore extracted from the mines.
Q: Record the improvements to the truck by Marlon’s. Record the entry, if any, by the lessor to account...
A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...
The October transactions were as follows.
Oct. 5 | Received $1,510 in cash from customers for |
|
10 | Billed customers for services performed $5,050. | |
15 | Paid employee salaries $1,110. | |
17 | Performed $570 of services in exchange for cash. | |
20 | Paid $1,980 to creditors for accounts payable due. | |
29 | Paid a $300 cash dividend. | |
31 | Paid utilities $320. |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019; Required: 1. Prepare Meadowss December 31, 2019, balance sheet. 2. Next Level Compute the debt-to-assets ratio. What does it indicate about Meadows at the end of 2019?You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Anderson Cooper Co.Adjusted Trial BalanceDecember 31, 2020 Dr. Cr. Cash $19,472 Accounts Receivable 6,920 Prepaid Rent 2,280 Equipment 18,050 Accumulated Depreciation—Equipment $ 4,895 Notes Payable 5,700 Accounts Payable 5,472 Common Stock 20,000 Retained Earnings 11,310 Dividends 3,000 Service Revenue 11,590 Salaries and Wages Expense 6,840 Rent Expense 2,260 Depreciation Expense 145 Interest Expense 83 Interest Payable 00,000 83 $59,050 $59,050 Instructions a. Prepare an income statement. b. Prepare a retained earnings statement. c. Prepare a classified balance sheet.
- The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO.Income Statementchoose the…The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,507 Accounts Receivable 7,955 Prepaid Rent 3,315 Equipment 19,085 Accumulated Depreciation-Equipment $5,930 Notes Payable 6,735 Accounts Payable 6,507 Common Stock 21,035 Retained Earnings 12,345 Dividends 4,035 Service Revenue 12,625 Salaries and Wages Expense 7,875 Rent Expense 2,182 Depreciation Expense 223 Interest Expense 161 Interest Payable 161 $65,338 $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.
- Compute Berclair's earning per shar for the year ended December 31 2021The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…The adjusted trial balance of Edward Cooper Co. as of December 31, 2020, contains the following. EDWARD COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,562 Accounts Receivable 8,010 Prepaid Rent 3,370 Equipment 19,140 Accumulated Depreciation-Equipment $5,985 Notes Payable 6,790 Accounts Payable 6,562 Common Stock 21,090 Retained Earnings 12,400 Dividends 4,090 Service Revenue 12,680 Salaries and Wages Expense 7,930 Rent Expense 2,178 Depreciation Expense 227 Interest Expense 165 Interest Payable 165 $65,672 $65,672 Prepare an income statement Prepare a statement of retained earnings. Prepare a classified balance sheet.
- 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:Accounts payable 11,200Accounts receivable 8,000Cash 29,000Share capital-ordinary 50,000Retained earnings 25,000Dividends 9,000Interest expense 3,500Note payable, due 30/06/23 45,000Supplies 2,800Sales revenue 39,000Building 15,000(a) What are total current assets? (b) What are total non-current liabilities?Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.