N History Bookmarks Window HelpNWP Assessment Player UI Ap.A education.wiley.comDAYAAN TOROMSO IYO DEEQ.A CH3 - Case Study One - Sp22..Untitled CQuestion 2 of 4320ketainea Earnings27,000332Dividends16,500400Service Revenue63,000429Rent Revenue6,000711Depreciation Expense6,500726Salaries and Wages Expense55,900732Utilities Expense14,500$128,350$128,350(a)Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDebitCreditJuly 31étvDIIDDF1080888F9F8F6F7F5F4F2F3*A&23$%お Edit View History Bookmarks Window Helpment 3A education.wiley.comNWP Assessment Player UI Ap.DAYAAN TOROMSO IYO DEEQ..A CH3 - Case Study One - Sp22..ent 3Question 2 of 4<>Blue Spruce Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of theshown as follows.Blue Spruce CompanyAdjusted Trial BalanceJuly 31, 2022No.Account TitlesDebitCredit101Cash$10,450112Accounts Receivable9,000157Equipment15,500158Accumulated Depreciation–Equip.$7,000201Accounts Payable4,750208Unearned Rent Revenue1,500311Common Stock19,100320Retained Earnings27,000332Dividends16,500400Service Revenue63,000429Rent Revenue6,000tvDII80888F9F5F6F7F8F1F2F3F4会:

Z7,000 332 Dividends 16,500 400 Service Revenue 63,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,500 726 Salaries and Wages Expense 55,900 732 Utilities Expense 14,500 $128,350 $128,350 (a) Prepare the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 tv DI DD

Z7,000 332 Dividends 16,500 400 Service Revenue 63,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,500 726 Salaries and Wages Expense 55,900 732 Utilities Expense 14,500 $128,350 $128,350 (a) Prepare the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 tv DI DD

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.5P: Missing amounts from Financial statements The financial statements at the end of Network Realty,...

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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…
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Solve for the following with provided solution: for reference: https://www.bartleby.com/questions-and-answers/income-statement-just-stuff-inc.-for-the-years-ended-dec.-31-2019-and-2020-2019-2020-sales-revenue-p/935f7cfa-fccf-4e0b-b22f-0cb98b1eb001
The following is a trail balance of ACC Limited for the year ended 31 December 2014:RBALANCE SHEET ACCOUNTSCapital 250 000Drawings 4 400Land and buildings (at cost) 180 000Vehicles (at cost) 120 000Furniture (at cost) 15 000Bank 5 900Debtors 40 140Stock ( 1/01/2014) 4 000Creditors 50 750Accumulated Depreciation: Vehicles 26 000Accumulated Depreciation: Furniture 3 000NOMINAL ACCOUNTSSales 252 145Sales returns 615Commission Income 670Rent received 1950Purchases 170 550Purchases Returns 550Bad Debts/credit losses 230Insurance 2 750Packing material 800Salaries 38 500Water and electricity 3300Additional information:1. Inventory on 31 December 2014 : Trading inventory R6 500Packing Material R1752. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable3. Provision must be made for depreciation as follows:a. Vehicles 20% on diminishing balance method/reducing balance.b. Furniture 10% Straight Line method.4. A Debtor, Mr Fletcher who wed R230 finally managed to pay…
An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500. The net profit or the net loss of the entity is … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
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…
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
Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?
Financial statements We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?
Problem 1-61B Retained Earnings Statement Magical Experiences Vacation Company has the following data available: Required: Prepare retained earnings statements for 2019 and 2020.
Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
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?