Homework Answers
10
Accumulated Depreciation - Liability
Contributed Capital - Equity
Cost of goods sold - Expense
Income Tax Expense - Expense
Interest Expense - Expense
Interest payable- Liability
prepaid interest - Asset
Salary Payable - Liability
Unearned rent - Liability
Inventory - Asset
Accounts Payable - Liability
Land - asset
rent receivable - asset
Income tax payable - Liability
Building - asset
wage expense - expense
accounts receivable - asset
equipment - asset
11
Income statement
Revenue
Sales 200000
Rental revenue 20000
Total Revenue 220000
Expenses
Cost of goods 110000
Delivery Expense 20000
Depreciation 10000
Wage & salary 40000
Dividend 20000
Total Expenses 200000
Net Income 20000
Balance sheet
| Liabilities | Amount | Assets | Amount |
| Accounts payable | 12000 | Accounts Receivable | 15000 |
| Accumulated Depreciation | 20000 | Building | 100000 |
| Capital stock | 50000 | Cash | 10000 |
| Notes payable | 18000 | Equipment | 20000 |
| Opening Retained 50000 | Inventory | 25000 | |
| + Profit 20000 | 70000 | ||
| Total | 170000 | Total | 170000 |
Add Answer to:
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears on a balance sheet. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable...
For each of the following, fill in the blank with either Increase or Decrease 1 2...
For each of the following, fill in the blank with either Increase or Decrease 1 2 4 A debit Acredit A debit A credit A debit A credit to Accounts Payable to Prepaid Expenses to Retained Earnings to Utilities Expense to Dividends to Accounts Receivable would decrease the account. would decrease the account. would increase the account. would increase the account. would increase the account. would decrease the account. 6 * computer or Using the normal balances for Gus Company...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the adjusting...
The following accounts at 12/31/2020 are listed in alphabetical
order. Create a worksheet. Record the adjusting entries (info
below) on the worksheet and complete the worksheet. Prepare a
multiple step income statement, Statement of Retained Earnings and
a Classified Balance Sheet for 2020.
Adjustment information: (you may have to add accounts to the
worksheet)
Accrue interest expense, $650.
Record depreciation, building - $4,200; equipment -
$2,200.
Allowance for Doubtful Accounts should be $750.
Rent received in advance of $1000 for...
Signature DR Account Type S-T ASSET 53.000 3.000 2.000 Account Cash Accounts Receivable Prepaid Rent Equipment...
Signature DR Account Type S-T ASSET 53.000 3.000 2.000 Account Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Unearned Service Revenue Notes Payable, Due 5/1/2018 Common Stock Dividends Retained Earnings, 1/1/2015 Service Revenue Rent Expense Wages Expense Interest Expense Depreciation Expense -- Equipment TOTALS Balance 53,000 20,000 4,000 50,500 5,500 3,000 2,000 1,000 2.000 22,500 42,000 1,000 6,000 72,000 6,000 17,000 1,000 3,500 $312,000
build statements sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement...
build statements
sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement of Retained Earnings, and a Classified Balance Sheet. Du do not need to distinguish between Selling and General/Admin Expenses but be sur ppropriate dates are indicated in each of the three statements. Gus Company Year ended December 31, 2020 ccounts are in alphabetical order) Accounts Payable 32,000 35,000 20,000 3,500 4,500 50,000 46,000 Accounts Receivable Accumulated Depreciation Allowance for Uncollectible Accounts Bad Debt Expense...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
3. The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the...
3. The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the adjusting entries (info below) on the worksheet and complete the worksheet. Prepare a multiple step income statement, Statement of Retained Earnings and a Classified Balance Sheet for 2020. Debit Credit 6,400 5,700 19,000 11,000 15,000 6,500 600 42,000 4,000 5,000 27,400 4,035 Account Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Additional Paid in Capital Administrative Expenses Allowance for Dountful Accounts...
i need to create the worksheet 3. The following accounts at 12/31/2020 are listed in alphabetical...
i
need to create the worksheet
3. The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the adjusting entries (info below) on the worksheet and complete the worksheet. Prepare a multiple step income statement, Statement of Retained Earnings and a Classified Balance Sheet for 2020. Debit Credit 6,400 5,700 19,000 11,000 15,000 6,500 600 42,000 4,000 5,000 27,400 4,035 Account Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation Equipment Additional Pald in Capital Administrative...
For each of the following, fill in the blank with either Increase or Decrease 1 2 4 A debit Acredit A debit A credit A debit A credit to Accounts Payable to Prepaid Expenses to Retained Earnings to Utilities Expense to Dividends to Accounts Receivable would decrease the account. would decrease the account. would increase the account. would increase the account. would increase the account. would decrease the account. 6 * computer or Using the normal balances for Gus Company...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
The following accounts at 12/31/2020 are listed in alphabetical
order. Create a worksheet. Record the adjusting entries (info
below) on the worksheet and complete the worksheet. Prepare a
multiple step income statement, Statement of Retained Earnings and
a Classified Balance Sheet for 2020.
Adjustment information: (you may have to add accounts to the
worksheet)
Accrue interest expense, $650.
Record depreciation, building - $4,200; equipment -
$2,200.
Allowance for Doubtful Accounts should be $750.
Rent received in advance of $1000 for...
Signature DR Account Type S-T ASSET 53.000 3.000 2.000 Account Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Unearned Service Revenue Notes Payable, Due 5/1/2018 Common Stock Dividends Retained Earnings, 1/1/2015 Service Revenue Rent Expense Wages Expense Interest Expense Depreciation Expense -- Equipment TOTALS Balance 53,000 20,000 4,000 50,500 5,500 3,000 2,000 1,000 2.000 22,500 42,000 1,000 6,000 72,000 6,000 17,000 1,000 3,500 $312,000
build statements
sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement of Retained Earnings, and a Classified Balance Sheet. Du do not need to distinguish between Selling and General/Admin Expenses but be sur ppropriate dates are indicated in each of the three statements. Gus Company Year ended December 31, 2020 ccounts are in alphabetical order) Accounts Payable 32,000 35,000 20,000 3,500 4,500 50,000 46,000 Accounts Receivable Accumulated Depreciation Allowance for Uncollectible Accounts Bad Debt Expense...
PLACE AN X UNDER THE CORRECT CLASSIFICATION AND THE CORRECT FINANCIAL STATEMENT INCOME BALANCE ASSET LIABILITY EQUITY REVENUE EXPENSE STATEMENT SHEET CASH RETAINED EARNINGS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE RENT WAGES PAYABLE WAGES EXPENSE ADVERTISING INVENTORY COST OF SALES SALES NOTES PAYABLE NOTES RECEIVABLE BONDS PAYABLE FEDERAL INCOME TAX PAYABLE COMMON STOCK EQUIPMENT DIVIDENDS LAND DEPRECIATION ACCUMULATED DEPRECIATION UNEARNED RENT GAIN ON SALE OF EQUIPMENT INTEREST EXPENSE INTEREST INCOME
3. The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the adjusting entries (info below) on the worksheet and complete the worksheet. Prepare a multiple step income statement, Statement of Retained Earnings and a Classified Balance Sheet for 2020. Debit Credit 6,400 5,700 19,000 11,000 15,000 6,500 600 42,000 4,000 5,000 27,400 4,035 Account Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Additional Paid in Capital Administrative Expenses Allowance for Dountful Accounts...
i
need to create the worksheet
3. The following accounts at 12/31/2020 are listed in alphabetical order. Create a worksheet. Record the adjusting entries (info below) on the worksheet and complete the worksheet. Prepare a multiple step income statement, Statement of Retained Earnings and a Classified Balance Sheet for 2020. Debit Credit 6,400 5,700 19,000 11,000 15,000 6,500 600 42,000 4,000 5,000 27,400 4,035 Account Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation Equipment Additional Pald in Capital Administrative...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago