Use the adjusted trial balance for Stockton Company to answer Stockton Company Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 5,076 Accounts Receivable 12 2,882 Prepaid Expenses 13 682 Equipment 18 14,737 Accumulated Depreciation 19 1,258 Accounts Payable 21 1,773 Notes Payable 22 4,492 Bob Steely, Capital 31 14,208 Bob Steely, Drawing 32 994 Fees Earned 41 6,588 Wages Expense 51 2,455 Rent Expense 52 798 Utilities Expense 53 405 Depreciation Expense 54 192 Miccollanceus Evnonce

Use the adjusted trial balance for Stockton Company to answer Stockton Company Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 5,076 Accounts Receivable 12 2,882 Prepaid Expenses 13 682 Equipment 18 14,737 Accumulated Depreciation 19 1,258 Accounts Payable 21 1,773 Notes Payable 22 4,492 Bob Steely, Capital 31 14,208 Bob Steely, Drawing 32 994 Fees Earned 41 6,588 Wages Expense 51 2,455 Rent Expense 52 798 Utilities Expense 53 405 Depreciation Expense 54 192 Miccollanceus Evnonce

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
Prepare 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…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
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 comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
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%…
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