The following is the trial balance of Metlock Corporation at December 31, 2020. METLOCK CORPORATION TRIAL...
The following is the trial balance of Metlock Corporation at
December 31, 2020.
|
METLOCK CORPORATION |
||||||
|
Debits |
Credits |
|||||
|
Purchase Discounts |
$17,000 |
|||||
|
Cash |
$322,490 |
|||||
|
Accounts Receivable |
178,500 |
|||||
|
Rent Revenue |
30,600 |
|||||
|
Retained Earnings |
272,000 |
|||||
|
Salaries and Wages Payable |
30,600 |
|||||
|
Sales Revenue |
1,870,000 |
|||||
|
Notes Receivable |
187,000 |
|||||
|
Accounts Payable |
83,300 |
|||||
|
Accumulated Depreciation—Equipment |
47,600 |
|||||
|
Sales Discounts |
24,650 |
|||||
|
Sales Returns and Allowances |
29,750 |
|||||
|
Notes Payable |
119,000 |
|||||
|
Selling Expenses |
394,400 |
|||||
|
Administrative Expenses |
168,300 |
|||||
|
Common Stock |
510,000 |
|||||
|
Income Tax Expense |
91,630 |
|||||
|
Cash Dividends |
76,500 |
|||||
|
Allowance for Doubtful Accounts |
8,500 |
|||||
|
Supplies |
23,800 |
|||||
|
Freight-in |
34,000 |
|||||
|
Land |
119,000 |
|||||
|
Equipment |
238,000 |
|||||
|
Bonds Payable |
170,000 |
|||||
|
Gain on Sale of Land |
51,000 |
|||||
|
Accumulated Depreciation—Buildings |
33,320 |
|||||
|
Inventory |
151,300 |
|||||
|
Buildings |
166,600 |
|||||
|
Purchases |
1,037,000 |
|||||
|
Totals |
$3,242,920 |
$3,242,920 |
||||
A physical count of inventory on December 31 resulted in an
inventory amount of $108,800; thus, cost of goods sold for 2020 is
$1,096,500.
Prepare a single-step income statement. 51,000 shares of common stock were outstanding the entire year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.)
Homework Answers
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The following is the trial balance of Metlock Corporation at
December 31, 2020.
METLOCK CORPORATION
TRIAL...
The following is the trial balance of Skysong Corporation at December 31, 2020. SKYSONG CORPORATION TRIAL...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The following is the trial balance of Oriole Corporation at December 31, 2020. A physical count...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 92,200 Land Buildings 200,100 Accumulated Depreciation Buildings $ 60,200 Equipment 83,700 Accumulated Depreciation Equipment 40,700 54,900 Notes Payable Accounts Payable 17,700 Common Stock 160,100 67,400 Retained Earnings Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Salaries and...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
*Problem 4-05 (Part Level Submission) The trial balance follows for Bridgeport Corporation at December 31, 2020:...
*Problem 4-05 (Part Level Submission) The trial balance follows for Bridgeport Corporation at December 31, 2020: BRIDGEPORT CORPORATION Trial Balance December 31, 2020 Debit Credit Purchase discounts $15,500 Cash $294,035 Accounts receivable 162,750 Rent revenue 27,900 Retained earnings 248,000 Salaries and wages payable 27,900 Sales revenue 1,705,000 Notes receivable 170,500 Accounts payable 75,950 Accumulated depreciation-equipment 43,400 Sales discounts 22,475 Sales returns and allowances 27,125 Notes payable 108,500 Selling expenses 359,600 Administrative expenses 153,450 Common shares 465,000 Income tax expense 83,545...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $ $ $ $ $ 18,000 160,000 18,000 1,100,000 $ 49,000 28,000 $ $ 70,000 THOMPSON CORPORATION Trial Balance December 31, 2020 Debit Purchase Discounts Cash $ 189,700 Accounts Receivable $ 105,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable $ 110,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts $ 14,500 Sales Returns and Allowances $ 17,500 Notes Payable Selling Expenses $...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
A comparative balance sheet for Miller Company appears below. Miller Company Comparative Balance Sheet 12/31/2019 12/31/2020...
A comparative balance sheet for Miller Company appears below. Miller Company Comparative Balance Sheet 12/31/2019 12/31/2020 Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-Term Investments Equipment Accumulated Depreciation - Equipment Total Assets $66,640 35,280 49,000 11,760 $21,560 25,480 33,320 17,640 33,320 64,680 (29,400) $166,600 117,600 (39,200) $241,080 Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total liabilities and stockholder's equity $13.720 88.200 45.080 19.600 $166.600 $33,320 70.560 78.400 58.800 $241.080 Additional Information: 1. Net income for...
The trial balance of Skysong Wholesale Company contained the following accounts shown at December 31, the...
The trial balance of Skysong Wholesale Company contained the following accounts shown at December 31, the end of the company’s fiscal year. SKYSONG WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $ 31,100 Accounts Receivable 38,900 Inventory 71,800 Land 91,300 Buildings 199,300 Accumulated Depreciation—Buildings $ 59,300 Equipment 82,800 Accumulated Depreciation—Equipment 39,800 Notes Payable 54,000 Accounts Payable 16,800 Common Stock 159,300 Retained Earnings 66,500 Dividends 9,300 Sales Revenue 921,400 Sales Discounts 5,300 Cost of Goods Sold 709,200 Salaries and Wages...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 92,200 Land Buildings 200,100 Accumulated Depreciation Buildings $ 60,200 Equipment 83,700 Accumulated Depreciation Equipment 40,700 54,900 Notes Payable Accounts Payable 17,700 Common Stock 160,100 67,400 Retained Earnings Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Salaries and...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
*Problem 4-05 (Part Level Submission) The trial balance follows for Bridgeport Corporation at December 31, 2020: BRIDGEPORT CORPORATION Trial Balance December 31, 2020 Debit Credit Purchase discounts $15,500 Cash $294,035 Accounts receivable 162,750 Rent revenue 27,900 Retained earnings 248,000 Salaries and wages payable 27,900 Sales revenue 1,705,000 Notes receivable 170,500 Accounts payable 75,950 Accumulated depreciation-equipment 43,400 Sales discounts 22,475 Sales returns and allowances 27,125 Notes payable 108,500 Selling expenses 359,600 Administrative expenses 153,450 Common shares 465,000 Income tax expense 83,545...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $ $ $ $ $ 18,000 160,000 18,000 1,100,000 $ 49,000 28,000 $ $ 70,000 THOMPSON CORPORATION Trial Balance December 31, 2020 Debit Purchase Discounts Cash $ 189,700 Accounts Receivable $ 105,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable $ 110,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts $ 14,500 Sales Returns and Allowances $ 17,500 Notes Payable Selling Expenses $...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
A comparative balance sheet for Miller Company appears below. Miller Company Comparative Balance Sheet 12/31/2019 12/31/2020 Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-Term Investments Equipment Accumulated Depreciation - Equipment Total Assets $66,640 35,280 49,000 11,760 $21,560 25,480 33,320 17,640 33,320 64,680 (29,400) $166,600 117,600 (39,200) $241,080 Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total liabilities and stockholder's equity $13.720 88.200 45.080 19.600 $166.600 $33,320 70.560 78.400 58.800 $241.080 Additional Information: 1. Net income for...
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