F Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 20Y8 A 1 2 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Building 13 Accumulated Depreciation–Building 14 Accounts Payable 15 Salaries Payable 16 Unearned Rent 17 Common Stock 18 Retained Earnings 19 Dividends 20 Service Fees 21 Rent Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Depreciation Expense–Building 26 Utilities Expense 27 Repairs Expense 28 Insurance Expense 29 Miscellaneous Expense 30 27,500 71,800 3,550 750 330,500 184, 100 16,100 6,600 1,500 40,000 70,300 30,000 675,500 9,000 435,000 55,000 11,850 10,000 8,800 4,250 3,000 11,100 1,003,100 1,003,100
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Financial statements and closing entries
Foxy Investigative Services is an investigative services firm that is owned
and operated by Shirley Vickers. On November 30, 2018, the end of the
fiscal year, the accountant for Foxy Investigative Services prepared an
end-of-period spreadsheet, a part of which follows:
Instructions
1. Prepare an income statement, a statement of stockholders'
equity, and a
2.
November 30, 20Y8. No additional common stock was issued
during the year ended November 30, 20YS.
3. If
closing entries were posted, and the dividends remained the same,
what would have been the amount of net income or net loss?
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