Homework Answers
| XYZ ENTERPRISES | ||||||
| Income Statement | ||||||
| Service Revenue | $15,960 | |||||
| Less: Expenses | ||||||
| Salaries Expenses | 7,550 | |||||
| Rent Expenses | 2,500 | |||||
| Insurance expense | 1110 | |||||
| Net income | 4,800 | |||||
| Owners Equity Statement | ||||||
| Capital | 15300 | |||||
| Drawing | -2000 | |||||
| Net income | 4800 | |||||
| Owners Equity | 18100 | |||||
| Balance sheet | ||||||
| Assets | liabilities | |||||
| Current assets: | Current liabilities | |||||
| Cash | 7980 | Account payable | 4660 | |||
| Account receivable | 4850 | Rent payable | 2550 | |||
| Prepaid Rent | 1240 | |||||
| Total current assets | 14070 | Total Current liabilities | 7210 | |||
| Fixed assets: | Long term debt | 7360 | ||||
| Furniture | 12600 | Owner's Equity | ||||
| Office equipment | 6000 | Capital | 15300 | |||
| Drawing | -2000 | |||||
| Net income | 4800 | |||||
| Owners Equity | 18100 | |||||
| Total assets | 32670 | Total liabilities | 32670 | |||
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Question 1: (40 marks) metal balance as on December 31, 2019 XYZ E i s is...
Question it (40 marks) The trial balance as on December 31, 2019 for XYZ Enterprises is...
Question it (40 marks) The trial balance as on December 31, 2019 for XYZ Enterprises is as follows: Dr. Cash Accounts receivable Prepaid rent Furniture 7.980 4,850 1.240 12.600 Office equipment 6,000 Long-term note payable Accounts payable 7,360 4,660 Rent payable Capital 2,550 15,300 Drawing 2.000 Services revenues 15,960 Salaries expenses 7,550 2,500 Rent expenses Insurance expenses 1,110 Total 45,830 45,830 Required: a. An income statement for the year ended December 31, 2019 b. A statement of owner's equity for...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAPAN ACCOUNTING Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash 7,600 Accounts Receivable 3,600 Supplies Prepaid Rent 17.ee Equipment 16,000 Accounts Payable 9.200 Erik Haman, Capital 12/1/19 25,000 Erik Haman, Drawing 4,6ee Fees Income Salaries Expense 4.600 Utilities Expense Totals 58.700 58.700 1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019 2. Prepare...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019,...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $45,000. Accounts Accounts payable Amounts $71,000 Accounts receivable 268,000 Cash 191,500 Fees earned 881,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 5,700 Supplies Supplies expense 4,100 Utilities...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019,...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $43,000 Accounts Accounts payable Accounts receivable Amounts $65,500 264,000 Cash 180,500 Fees earned 879,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 5,200 Supplies Supplies expense 4,100 Utilities...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $25,100 Accounts Receivable 50,150 Cash ? Elaine Wells, Capital 117,050 Elaine Wells, Drawing 27,000 Fees Earned 418,000 Insurance Expense 7,950 Land 114,550 Miscellaneous Expense 11,700 Notes Payable 54,000 Prepaid Insurance 3,750 Rent Expense 79,400 Supplies 2,500 Supplies Expense 10,450 Unearned...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. Al accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $41,550 Accounts Receivable 83,050 Cash ? Elaine Wells, Capital 193,800 Elaine Wells, Drawing 45,000 Fees Earned 692,200 Insurance Expense 13,150 Land 189,650 Miscellaneous Expense 19,400 Notes Payable 90,000 Prepaid Insurance 6,250 Rent Expense 131.500 Supplies 4,150 Supplies Expense 17,300 Uneared...
Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the...
Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the Summer Resort, a proprietorship owned by Stan Robins. The statement of owner's equity prepared for the year ended December 31, 20X7, shows a total of $97,000. The asset and liability bookkeeping accounts show the following balances on December 31, 20X7: Accumulated Depreciation on Equipment $ 5,000 Accounts Receivable 9,000 Cost of Furniture 40,000 Cost of Equipment 10,000 Accumulated Depreciation on Building 20,000 Accumulated Depreciation...
creating income statement, then owner's equity and balance sheet Wk. 2- Apply Connect Exercisex Content i...
creating income statement, then owner's equity and balance
sheet
Wk. 2- Apply Connect Exercisex Content i newconnect.mheducation.com/flow/connect.html Saved k. 2- Apply Connect Exercise (due Mori The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAAN kcOUNTING Trial Balance Decenber 31, 2019 ACCOUNT NAME DEBIT CREDIT 7,700 3,700 2,700 18,000 17,000 Cash 12 ponts Accounts Receivable Supplies Prepaid Rent Equipnent Accounts Payable Erik Haman, Capital trik Haman, Drawing 9,8ee 26,00e 4,700 Fees Income...
The following unadjusted trial balance is for Wright's Wrecking Ball Company as of December 31", 2019....
The following unadjusted trial balance is for Wright's Wrecking Ball Company as of December 31", 2019. The December 31" 2018 balance in the owner's capital account was $50,000, and the owner invested $40,000 cash in the company during 2019. Debit Credit $ 10,000 15.000 14.000 150,000 $ 10,000 4,650 Cash Supplies Prepaid insurance Equipment Accum. Dep. - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Utilities payable Long-term notes payable Owner's Capital Withdrawals Fees earned Depreciation...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
Question it (40 marks) The trial balance as on December 31, 2019 for XYZ Enterprises is as follows: Dr. Cash Accounts receivable Prepaid rent Furniture 7.980 4,850 1.240 12.600 Office equipment 6,000 Long-term note payable Accounts payable 7,360 4,660 Rent payable Capital 2,550 15,300 Drawing 2.000 Services revenues 15,960 Salaries expenses 7,550 2,500 Rent expenses Insurance expenses 1,110 Total 45,830 45,830 Required: a. An income statement for the year ended December 31, 2019 b. A statement of owner's equity for...
The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAPAN ACCOUNTING Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash 7,600 Accounts Receivable 3,600 Supplies Prepaid Rent 17.ee Equipment 16,000 Accounts Payable 9.200 Erik Haman, Capital 12/1/19 25,000 Erik Haman, Drawing 4,6ee Fees Income Salaries Expense 4.600 Utilities Expense Totals 58.700 58.700 1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019 2. Prepare...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $45,000. Accounts Accounts payable Amounts $71,000 Accounts receivable 268,000 Cash 191,500 Fees earned 881,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 5,700 Supplies Supplies expense 4,100 Utilities...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $43,000 Accounts Accounts payable Accounts receivable Amounts $65,500 264,000 Cash 180,500 Fees earned 879,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 5,200 Supplies Supplies expense 4,100 Utilities...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. Al accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $41,550 Accounts Receivable 83,050 Cash ? Elaine Wells, Capital 193,800 Elaine Wells, Drawing 45,000 Fees Earned 692,200 Insurance Expense 13,150 Land 189,650 Miscellaneous Expense 19,400 Notes Payable 90,000 Prepaid Insurance 6,250 Rent Expense 131.500 Supplies 4,150 Supplies Expense 17,300 Uneared...
Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the Summer Resort, a proprietorship owned by Stan Robins. The statement of owner's equity prepared for the year ended December 31, 20X7, shows a total of $97,000. The asset and liability bookkeeping accounts show the following balances on December 31, 20X7: Accumulated Depreciation on Equipment $ 5,000 Accounts Receivable 9,000 Cost of Furniture 40,000 Cost of Equipment 10,000 Accumulated Depreciation on Building 20,000 Accumulated Depreciation...
creating income statement, then owner's equity and balance
sheet
Wk. 2- Apply Connect Exercisex Content i newconnect.mheducation.com/flow/connect.html Saved k. 2- Apply Connect Exercise (due Mori The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAAN kcOUNTING Trial Balance Decenber 31, 2019 ACCOUNT NAME DEBIT CREDIT 7,700 3,700 2,700 18,000 17,000 Cash 12 ponts Accounts Receivable Supplies Prepaid Rent Equipnent Accounts Payable Erik Haman, Capital trik Haman, Drawing 9,8ee 26,00e 4,700 Fees Income...
The following unadjusted trial balance is for Wright's Wrecking Ball Company as of December 31", 2019. The December 31" 2018 balance in the owner's capital account was $50,000, and the owner invested $40,000 cash in the company during 2019. Debit Credit $ 10,000 15.000 14.000 150,000 $ 10,000 4,650 Cash Supplies Prepaid insurance Equipment Accum. Dep. - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Utilities payable Long-term notes payable Owner's Capital Withdrawals Fees earned Depreciation...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
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