Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
13th Edition
ISBN: 9781305781429
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 4.19EX
Post-closing
An accountant prepared the following post-closing trial balance:
La Casa Services Co. Post-Closing Trial Balance March 31, 2016 |
||
Debit Balances | Credit Balances | |
Cash…………………………………………………………… | 46,540 | |
Accounts Receivable............................................. | 122,260 | |
Supplies........................................................ | 4,000 | |
Equipment...................................................... | 127,200 | |
33,600 | ||
Accounts Payable................................................ | 52,100 | |
Salaries Payable................................................. | 6,400 | |
Unearned Rent.................................................. | 9,000 | |
Common Stock.................................................. | 40,000 | |
158,900 | ||
462,400 | 137,600 |
Prepare a corrected post-closing trial balance Assume that all accounts have normal balances and that the amounts shown are correct.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
1. Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable.......................$10,000Accounts payable................................18,000Building..............................................28,000Cash..................................................8,000Notes payable.....................................45,000Office equipment...................................12,000R. Perkins, Capital................................?Trucks...............................................55,000
art A Sammy accounts for VAT on an invoice basis. The following details have been extracted from the business records kept for the January/February 2020 VAT period Invoices issued VAT inclusive............................................. €145,684 Credit notes issued VAT inclusive ..................................... €363 Money collected from debtors ............................................ €200,618 If the VAT rate applicable to sales is 23%, the VAT due on sales for the January/February 2020 VAT period amounts to?
Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable....................... $10,000Accounts payable................................ 18,000Building.............................................. 28,000Cash.................................................. 8,000Notes payable..................................... 45,000Office equipment................................... 12,000R. Perkins, Capital................................ 50,000Trucks............................................... 55,000[Hint: Please follow the balance sheet format. You need to re-organize the order of the account. Remember to include the heading (name of company...etc)]
Chapter 4 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - What types of accounts are referred to as...Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Prob. 4.2BPECh. 4 - Prob. 4.3APECh. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Prob. 4.4EXCh. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Prob. 4.8EXCh. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Prob. 4.12EXCh. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Prob. 4.16EXCh. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Prob. 4.4BPRCh. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Indy Furniture CompanyTrial BalanceNovember 30, 2011 Cash . ............................................. $21,800Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Accumulated Depreciation—Building . .............. $3,000Machinery and Equipment ......................... 88,000Accumulated Depreciation—Mach. and Equip. . ..... 2,200Accounts Payable . ................................. 8,900Payroll . . .......................................... —Capital Stock . . . ................................... 422,550Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…arrow_forwardBelow are recorded transactions of Yellow Jacket Corporation for August. Debit Credit1. Equipment........................................................ 8,800 Cash.............................................................. 8,8002. Accounts Receivable..................................... 3,200 Service Revenue....................................... 3,2003. Salaries Expense............................................ 1,900 Cash.............................................................. 1,9004. Cash................................................................... 1,500 Deferred Revenue.................................... 1,5005. Dividends.......................................................... 900…arrow_forwardUse the following items taken from the financial statements of the Postal Service for the year ending December 31, 2018 to answer questions: Accounts payable ..............................................................$10,000 Accounts receivable ............................................................11,000 Accumulated depreciation – equipment ..........................28,000 Advertising expense ............................................................21,000 Cash ......................................................................................14,000 Owner’s capital (1/1/18) ...................................................105,000 Owner’s drawings ...............................................................14,000 Depreciation expense ........................................................12,000 Insurance expense ...............................................................3,000 Note payable, due 6/30/19…arrow_forward
- 1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…arrow_forwardBalance Sheet Assets Liabilities Current Assets Current Liabilities Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Accounts payable. . . . . . . . . . . . . . . . . . . 36 Accounts receivable. . . . . . . . . . . . . . . . . . 25 Notes payable/short term debt. . . . . . . . . . 5 Inventories. . . . . . . . . . . . . . . . . . . . . . . . . 15 Total current liabilities. . . . . . . . . . . . . . . . 41 Total current assets. . . . . . . . . . . . . . . . . . . 93 Long-Term Assets Long-Term Liabilities Net property, plant, and equipment. . . . . . . . 117 Long-term debt. . . . . . . . . . . . . . . . . . . . . 138 Total long-term assets. . . . . . . . . . . . . . . . . 117 Total long-term liabilities. . . . . . . . . . . . . . 138 Total liabilities. . . . . . . . . . . . . . . . . . . . 179…arrow_forwardQ2: Comparative financial statement data for Cargill company follow: December 31 --------------------- 20x7 20x6 Cash …………………………… $ 3 $ 6 Account receivable, net……………. 22 24 Inventory…………………………… 50 40 Plant and equipment ……………… 240 200 Accumulated depreciation ……….. (65) (50) --------- --------- Total assets 250 220 ===== ===== Accounts payable ………………….. $ 40 $ 36 Common stock …………………... 150 145 Retained earnings …………………. 60…arrow_forward
- Prepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000arrow_forwardTRIAL balance dated Dec 31, 2019 MUSIC-IS-US, INCTRIAL BALANCEDECEMBER 31, 2018 cash …………………………………………………. $ 45,000Marketable securities…………………………. 25,000 Accounts receivable…………………………… 125,000Allowance for doubtful accounts………… $5,000Merchandise inventory……………………….. 250,000Office supplies................................................... 1,200Prepaid insurance…………………………………… 6,600 Building and fixtures…………………………… 1,791,000 Accumulated depreciation………………………. 800,000 Land…………………………………………………... 64,800Accounts payable…………………………………… 70,000Unearned customer deposits…………………… 8,000Income taxes payable………………………………. 75,000Capital stock…………………………………………. 1,000,000Retained…arrow_forwardTRIAL balance dated Dec 31, 2019 MUSIC-IS-US, INCTRIAL BALANCEDECEMBER 31, 2018 cash …………………………………………………. $ 45,000Marketable securities…………………………. 25,000 Accounts receivable…………………………… 125,000Allowance for doubtful accounts………… $5,000Merchandise inventory……………………….. 250,000Office supplies................................................... 1,200Prepaid insurance…………………………………… 6,600 Building and fixtures…………………………… 1,791,000 Accumulated depreciation………………………. 800,000 Land…………………………………………………... 64,800Accounts payable…………………………………… 70,000Unearned customer deposits…………………… 8,000Income taxes payable………………………………. 75,000Capital stock…………………………………………. 1,000,000Retained…arrow_forward
- Consider the recorded transactions below. Debit Credit 1. Accounts Receivable..................................... 8,400 Service Revenue....................................... 8,4002. Supplies......................................................... 2,300 Accounts Payable .................................... 2,3003. Cash............................................................. 10,200 Accounts Receivable................................ 10,2004. Advertising Expense...................................... 1,000 Cash.............................................................. 1,0005. Accounts Payable........................................... 3,700 Cash.............................................................. 3,7006.…arrow_forwardMoon Corporation JULY 31, 2011Balance sheet July 31, 2011 AssetsLiabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 18,000Liabilities: Accounts Receivable . . . 26,000Notes Payable Land . . . . . . . . . . . . . . . . 37,200(due in 60 days). . . . . . . . . . . . . $ 12,400 Building. . . . . . . . . . . . . . 38,000Accounts Payable . . . . . . . . . . . . . 9,600 Office Equipment . . . . . . 1,200Total liabilities . . . . . . . . . . . . . . $ 22,000 Stockholders’ equity: Capital Stock . . . . . . . . . $60,000 Retained Earnings. . . . . 38,400 98,400 Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400 STAR CORPORATIONBALANCE SHEET Star Corporation JULY 31, 20112011Balance sheet July 31, 2011 Assets Liabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 4,800Liabilities: Accounts Receivable . . . 9,600Notes Payable Land . . . . . . . . . . . . . . . . 96,000(due in 60 days). . . . . . . .…arrow_forwardThe marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 3rd Quarter 14,500 2nd Quarter 4th Quarter 1st Quarter 11,500 Budgeted unit sales 12,500 13,500 The selling price of the company's product is $14 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $71,200. The company expects to start the first quarter with 1,725 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,925 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY