Financial Accounting
3rd Edition
ISBN: 9780078025549
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1.8E
Wolfpack Construction has the following account balances at the end of the war.
Prepare a balance sheet (LO1–3)
| Accounts | Balances |
| Equipment | $26,000 |
| Accounts payable | 3,000 |
| Salaries expense | 33,000 |
| Common stock | 11,000 |
| Land | 18,000 |
| Notes payable | 20,000 |
| Service revenue | 39,000 |
| Cash | 6,000 |
| Retained earrings | ? |
Required:
Use only the appropriate accounts to prepare a balance sheet
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The accounts in the ledger of Sterling Company contain the following balances on May 31, 2020.
Cash $11,700 Accounts Receivable $5,500
Prepaid Insurance 1,400 Equipment 16,000
Accounts Payable 9,000 Property Taxes Payable 1,120
M. Sterling, Capital 23,400 Service Revenue ?
Salaries Expense 8,400 Advertising Expense 2,200
Property Tax Expense 1,600
Instructions
Prepare a trial balance and fill in the missing amount for Service Revenue.
Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 in Phone Expense, and $14,000 in withdrawals. What entry would be needed to close the income summary account?
a.Debit Jax, Capital for $176,700 and credit Income Summary for $176,700
b.Debit Jax, Capital for $162,700 and credit Income Summary for $162,700
c.Debit Income Summary for $176,700 and credit Jax, Capital for $176,700
d.Debit Income Summary for $162,700 and credit Jax, Capital for $162,700
Wolfpack Construction has the following account balances at the end of the year.Accounts Balances Equipment $26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ?Required: Use only the appropriate accounts to prepare a balance sheet.
Chapter 1 Solutions
Financial Accounting
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Ch. 1 - Prob. 11RQCh. 1 - What are the four primary financial statements?...Ch. 1 - What does it mean to say that the income...Ch. 1 - Prob. 14RQCh. 1 - What is the accounting equation? Which financial...Ch. 1 - Prob. 16RQCh. 1 - The retained earnings account is a link between...Ch. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - Prob. 23RQCh. 1 - Prob. 24RQCh. 1 - Prob. 25RQCh. 1 - What are the three primary objectives of financial...Ch. 1 - Prob. 27RQCh. 1 - Prob. 28RQCh. 1 - Prob. 29RQCh. 1 - What is meant by the term cost effectiveness in...Ch. 1 - Prob. 31RQCh. 1 - Prob. 1.1BECh. 1 - Match each business activity with its description....Ch. 1 - Prob. 1.3BECh. 1 - Prob. 1.4BECh. 1 - For each transaction, indicate whether each...Ch. 1 - For each transaction, indicate whether each...Ch. 1 - Describe each financial statement (LO13) Match...Ch. 1 - Determine the location of items in financial...Ch. 1 - Prob. 1.9BECh. 1 - Indicate which of the following are objectives of...Ch. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Prob. 1.13BECh. 1 - The following provides a list of transactions and...Ch. 1 - Falcon Incorporated has the following transactions...Ch. 1 - Prob. 1.3ECh. 1 - Eagle Corp. operates magnetic resonance imaging...Ch. 1 - Prob. 1.5ECh. 1 - Below are the account balances for Cowboy Law Firm...Ch. 1 - At the beginning of the year (January 1), Buffalo...Ch. 1 - Wolfpack Construction has the following account...Ch. 1 - Tiger Trade has the following cash transactions...Ch. 1 - Prob. 1.10ECh. 1 - Prob. 1.11ECh. 1 - Squirrel Tree Services reports the following...Ch. 1 - Prob. 1.13ECh. 1 - During its first five years of operations, Red...Ch. 1 - Below are approximate amounts related to retained...Ch. 1 - Below are approximate amounts related to balance...Ch. 1 - Below are approximate amounts related to cash flow...Ch. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - A Below are typical transactions for...Ch. 1 - Account classifications include assets,...Ch. 1 - Longhorn Corporation provides low-cost food...Ch. 1 - Below are-incomplete financial statements for...Ch. 1 - Prob. 1.5APCh. 1 - Prob. 1.6APCh. 1 - Listed below are nine terms and definitions...Ch. 1 - Below are typical transactions for Caterpillar...Ch. 1 - Prob. 1.2BPCh. 1 - Prob. 1.3BPCh. 1 - Prob. 1.4BPCh. 1 - Prob. 1.5BPCh. 1 - Prob. 1.6BPCh. 1 - Prob. 1.7BPCh. 1 - Prob. 1.1APCPCh. 1 - Prob. 1.2APFACh. 1 - Prob. 1.3APFACh. 1 - Prob. 1.4APCACh. 1 - Prob. 1.5APECh. 1 - Prob. 1.7APWC
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