FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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33
Calorie Catering completed the following selected transactions during May 2024:
(Click the icon to view the transactions.)
Read the requirements
Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems
by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction
has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.)
Date
May 1
Help me solve
Amount of Revenue (Expense) for May
Cash Basis Amount
of Revenue (Expense)
$ (1,500)
More info
May 1
May 5
May 9
May 14
May 23
May 31
May 31
May 31
Accrual Basis Amount
of Revenue (Expense)
$
0
Prepaid rent for three months, $1,500.
Received and paid electricity bill, $400.
Received cash for meals served to customers, $2,700.
Paid cash for kitchen equipment, $3,120.
Served a banquet on account, $2,900.…
What is the correct title for this company's balance sheet?
a. Balance Sheet, Huimin Ltd., Year ended December 31, 2021
b. Huimin Ltd., Balance Sheet, December 31, 2021
C. Huimin Ltd., Balance Sheet, Year ended December 31, 2021
d. December 31, 2021, Balance Sheet, Huimin Ltd.
e. Huimin Ltd., December 31, 2021, Balance Sheet
Enter the letter that corresponds to your choice. (A B C D E)
A. What is total current assets on this company's balance sheet?
B. What is the correct order for the current assets section of this company's balance sheet?
ANSWER IN DETAIL
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance.
"T-Account" example for several accounts.
Assets
Cash
Accounts Receivable
Inventory
Beg
$ 750,000
Beg $ 450,000
Beg $
1,200,000
The following Post-Closing Trial Balance is available in EXCEL.
Campln Inc.
Post Closing Trial Balance
12/31/2020
Debit
Credit
Cash
750,000
Accounts Receivable
450,000
Allowance for Doubtful Accounts
$
10,000
Prepaid Insurance
100,000
Inventory
1,200,000
Equipment
4,500,000
Accumulated Depreciation - Equipment
1,350,000
Building
850,000
Accumulated Depreciation - Building
$4
250,000
Land
1,100,000
Accounts Payable
Salaries Payable
375,000
50,000
1,400,000
2,250,000
6,000
Mortgage Payable
$
Long-Term Debt
Common Stock - Par
$0.01
APIC
$
2,994,000
Retained Earnings
$
265,000
8,950,000
8,950,000
$4
Knowledge Booster
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