Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31,2020.CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableInterest PayableNotes PayableUnearned Service RevenueSalaries and Wages PayableCommon StockMARIGOLD ADVERTISINGTRIAL BALANCEDECEMBER 31, 2020UnadjustedRetained EarningsService RevenueSalaries and Wages ExpenseInsurance ExpenseInterest ExpenseDepreciation ExpenseSupplies ExpenseRent ExpenseDr.$18,81022,9008,7103,73063,43011,7203704,500$134,170Cr.$30,67014,467-0-4,7006,590-0-10,5803,75063,413$134,170Dr.Adjusted$18,81026,0112,7952,94963,43012,9617815114,7005,9154,500$143,363Cr.$35,37014,4671414,7005,1421,24110,5803,75067,972$143,363 (c)Answer the following questions. (Round interest rate to O decimal places, e.g. 7%.)(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?The annual interest rate%(2) If the company paid $11,890 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December31, 2019?The balance in Salaries and Wages Payable $

The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Answered: (c) Answer the following questions.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,507 Accounts Receivable 7,955 Prepaid Rent 3,315 Equipment 19,085 Accumulated Depreciation-Equipment $5,930 Notes Payable 6,735 Accounts Payable 6,507 Common Stock 21,035 Retained Earnings 12,345 Dividends 4,035 Service Revenue 12,625 Salaries and Wages Expense 7,875 Rent Expense 2,182 Depreciation Expense 223 Interest Expense 161 Interest Payable 161 $65,338 $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.
The adjusted trial balance of Edward Cooper Co. as of December 31, 2020, contains the following. EDWARD COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,562 Accounts Receivable 8,010 Prepaid Rent 3,370 Equipment 19,140 Accumulated Depreciation-Equipment $5,985 Notes Payable 6,790 Accounts Payable 6,562 Common Stock 21,090 Retained Earnings 12,400 Dividends 4,090 Service Revenue 12,680 Salaries and Wages Expense 7,930 Rent Expense 2,178 Depreciation Expense 227 Interest Expense 165 Interest Payable 165 $65,672 $65,672 Prepare an income statement Prepare a statement of retained earnings. Prepare a classified balance sheet.
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Anderson Cooper Co.Adjusted Trial BalanceDecember 31, 2020 Dr. Cr. Cash $19,472 Accounts Receivable 6,920 Prepaid Rent 2,280 Equipment 18,050 Accumulated Depreciation—Equipment $ 4,895 Notes Payable 5,700 Accounts Payable 5,472 Common Stock 20,000 Retained Earnings 11,310 Dividends 3,000 Service Revenue 11,590 Salaries and Wages Expense 6,840 Rent Expense 2,260 Depreciation Expense 145 Interest Expense 83 Interest Payable 00,000 83 $59,050 $59,050 Instructions a. Prepare an income statement. b. Prepare a retained earnings statement. c. Prepare a classified balance sheet.
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO.Income Statementchoose the…
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…
Nalezny Advertising was founded by Casey Hayward in January 2008. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2020. Nalezny AdvertisingTrial BalanceDecember 31, 2020 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 11,000 $ 11,000 Accounts Receivable 20,000 21,500 Supplies 8,400 5,000 Equipment 60,000 60,000 Accumulated Depreciation—Equipment $ 28,000 $ 35,000 Accounts Payable 5,000 5,000 Unearned Advertising Revenue 7,000 5,600 Salaries and Wages Payable –0– 1,300 Common Stock 10,000 10,000 Retained Earnings 4,800 4,800 Advertising Revenue 58,600 61,500 Salaries and Wages Expense 10,000 11,300 Depreciation Expense 7,000 Supplies Expense 3,400 Rent Expense 4,000 000,000 4,000 000,000 $113,400 $113,400 $123,200 $123,200 Instructions a. Journalize the annual adjusting entries that were made. b. Prepare an…
Read the following information and answer questions that follow.Tamapo prepared the following trial balance as at 31 December 2019 which contains errors: TamapoTrial Balance as at 31 December 2019P PMotor Vehicle at net 38,000.00 Sales 109,000.00Purchases 80,230.00Inventory 5,100.00Bank Overdraft 13,900.00Cash in Hand 1,500.00Drawings 6,500.00Discount Allowed 720.00Other Operating Expenses 9,350.00Wages and Salaries 16,500.00Capital 35,000.00Difference 60,700.00 188,250.00 188,250.00Required:Prepare a corrected trial balance as at 31 December 2019.
The adjusted trial balance for Ivanhoe Company is shown below. IVANHOE COMPANYTrial BalanceAugust 31, 2020 BeforeAdjustment AfterAdjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 8,900 9,600 Supplies 2,300 500 Prepaid Insurance 3,800 2,700 Equipment 12,500 12,500 Accumulated Depreciation-Equipment $ 3,700 $ 4,500 Accounts Payable 5,900 5,900 Salaries and Wages Payable 0 1,100 Unearned Rent Revenue 1,600 700 Owner’s Capital 13,500 13,500 Service Revenue 34,200 34,900 Rent Revenue 10,800 11,700 Salaries and Wages Expense 17,000 18,100 Supplies Expense 0 1,800 Rent Expense 14,900 14,900 Insurance Expense 0 1,100 Depreciation Expense 0 800 $69,700 $69,700…
The adjusted trial balance of Cullumber Financial Planners appears below. CULLUMBER FINANCIAL PLANNERSAdjusted Trial BalanceDecember 31, 2020 Debit Credit Cash $3,650 Accounts Receivable 2,300 Supplies 1,600 Equipment 16,500 Accumulated Depreciation—Equipment $4,125 Accounts Payable 3,550 Unearned Service Revenue 5,525 Common Stock 10,000 Retained Earnings 4,250 Dividends 1,500 Service Revenue 4,300 Supplies Expense 550 Depreciation Expense 2,500 Rent Expense 3,150 $31,750 $31,750 Using the information from the adjusted trial balance, you are to prepare for the month ending December 31:1. An income statement 2. A retained earnings statement. 3, A balance sheet
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
/Yukon Inc. has the following adjusted trial balance with accounts listed in alphabetical order at December 31, 2020. Account Title Debit Credit Accounts Payable Accumulated Depreciation, Equipment Accumulated Depreciation, Truck Cash Equipment Operating Expenses Merchandise Inventory Notes Payable Notes Receivable Revenue Truck Wages Payable /Yukon Skookum, Capital /Yukon Skookum, Withdrawals Total $ 41,625.00 99,700 38.250 $115,000.00 373.875 38,150 34,250 501.000 115,500 50.750 102,000 30,250 28,500 11.300 $790,075.00 $790,075.00 For the Notes Payable - $60,550 is due in 2021. For the Notes Receivable - $41,500 will be collected in 2021 What will the total be for current assets on the classified balance sheet for December 31, 2020?
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Santo DesignAdjusted Trial BalanceDecember 31, 2020 Dr. Cr. Cash $ 11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation—Equipment $ 35,000 Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 61,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 150 Depreciation Expense 7,000 Supplies Expense 3,400 Rent Expense 4,000 000,000 $127,050 $127,050 Instructions a. Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, and an unclassified balance sheet at December 31. b. Answer the following…

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