Homework Answers
| Ans : Option D 87000 | |||
| Opening payable+current year expenses=payment+closing balance | |||
| Opening Wages Payable | 9,000.00 | ||
| Add : Current year Expenses | 90,000.00 | ||
| 99,000.00 | |||
| Less : Closing Wages Payable | 12,000.00 | ||
| Wages paid during the Year | 87,000.00 |
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The income statement for Year 2 of Winter Co. reported wages expense of $90,000. At December...
salary expanse and Insurance expense reported on the 2019 accrual based income statement?? thank you!!!! The...
salary expanse and Insurance expense reported on the 2019
accrual based income statement??
thank you!!!!
The Income Statement of Desert Corporation for 2019 included Interest Revenue for $156,000. The Cash Ledger for the company for 2018 showed $199,500 cash paid for salaries, $18,600 cash paid for insurance, and $433,200 cash paid for inventory. The following balances have been excerpted from Desert Corporation's balance sheet: December 31, 2018 December 31, 2019 interest Receivable $18,200 $9,000 Salaries & Wages Payable $17,800 $...
On December 31, 2017, Carla Vista Co. prepared an income statement and balance sheet, but failed...
On December 31, 2017, Carla Vista Co. prepared an income
statement and balance sheet, but failed to take into account three
adjustments. The balance sheet showed total assets $135,000, total
liabilities $63,000, and stockholders’ equity $72,000. The
incorrect income statement showed net income of $63,000.
The data for the three adjustments were:
1.
Salaries and wages amounting to $9,000 for the last 2 days in
December were not paid and not recorded. The next payroll will be
in January.
2....
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and...
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and $2,650 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $57,700. How much cash was paid for salaries and wages during the year? Multiple Choice $55,875 O $55,050 $54,225 O $57,700
1. The following revenue and expense account balances were taken from the Income Statement columns of...
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The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc....
The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Accounts Payable $ 49,000 Accounts Receivable 26,800 Cash (balance on January 1, 2016) 103,900 Cash (balance on December 31, 2016) 90,000 Common Stock 156,500 Dividends 0 Equipment 140,700 Income Tax Expense 10,500 Interest Expense 29,900 Inventory 17,600 Notes Payable 27,600 Prepaid Rent 7,400 Office Expense 14,700 Retained Earnings (beginning) 8,300 Salaries and Wages Expense 36,100 Service Revenue 145,800 Utilities Expense 25,500 Salaries and Wages...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December 31, Year 2, was as follows: Delta-tec, Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 Income from operations $146,000 Gain on sale of investments 12,000 Unrealized loss on trading investments (34,000) Net income $124,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $604,000. During Year 2, the company purchased trading investments for the...
The Queen of the Snows started a business, Winter Carnival Co., a company that specializes in...
The Queen of the Snows started a business, Winter Carnival Co., a company that specializes in merchandise for ice-fishing, snow-sliding, treasure-hunting and other winter activities. In 2015, the company had the following beginning balances (in dollar). Accounts receivable $30,000 Allowance for doubtful accounts$1,500 Cash $10,000 Inventory $200,000 Prepaid advertisement $48,000 Salary payable $6,500 Accounts payable $50,000 Accumulated depreciation – machine $90,000 Common stock $100,000 Machine $120,000 Retained earnings $160,000 During 2015, the following transactions occurred. 1. Winter Carnival acquired additional...
The Queen of the Snows started a business, Winter Carnival Co., a company that specializes in...
The Queen of the Snows started a business, Winter Carnival Co., a company that specializes in merchandise for ice-fishing, snow-sliding, treasure-hunting and other winter activities. In 2015, the company had the following beginning balances (in dollar). Accounts receivable $30,000 Allowance for doubtful accounts$1,500 Cash $10,000 Inventory $200,000 Prepaid advertisement $48,000 Salary payable $6,500 Accounts payable $50,000 Accumulated depreciation – machine $90,000 Common stock $100,000 Machine $120,000 Retained earnings $160,000 During 2015, the following transactions occurred. 1. Winter Carnival acquired additional...
ws (Indirect Method) The Wolf Company's income statement of Cash Flows ve balance sheets at Dec...
ws (Indirect Method) The Wolf Company's income statement of Cash Flows ve balance sheets at Dec nt ember 31 of 2016 and 2015 are shown below: income statement and com LO2,3 WOLFF COMPANY Income Statement the Year Ended December 31,2016 Sales revenue Cost of goods sold Wages expense Insurance expense. 86,000 12,000 13,000 12,000 ncome tax expense Net income. 29,000 582,000 63,000 WOLFF COMPANY Balance Sheets Dec. 31, Dec. 31, 2015 s 52,000 8,.000 Accounts receivable Prepaid insurance?.. , "...
salary expanse and Insurance expense reported on the 2019
accrual based income statement??
thank you!!!!
The Income Statement of Desert Corporation for 2019 included Interest Revenue for $156,000. The Cash Ledger for the company for 2018 showed $199,500 cash paid for salaries, $18,600 cash paid for insurance, and $433,200 cash paid for inventory. The following balances have been excerpted from Desert Corporation's balance sheet: December 31, 2018 December 31, 2019 interest Receivable $18,200 $9,000 Salaries & Wages Payable $17,800 $...
On December 31, 2017, Carla Vista Co. prepared an income
statement and balance sheet, but failed to take into account three
adjustments. The balance sheet showed total assets $135,000, total
liabilities $63,000, and stockholders’ equity $72,000. The
incorrect income statement showed net income of $63,000.
The data for the three adjustments were:
1.
Salaries and wages amounting to $9,000 for the last 2 days in
December were not paid and not recorded. The next payroll will be
in January.
2....
Eagle Company reported Salaries and Wages Payable of $825 at the beginning of the year and $2,650 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $57,700. How much cash was paid for salaries and wages during the year? Multiple Choice $55,875 O $55,050 $54,225 O $57,700
1. The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: $4,950 2,900 1,200 Depreciation Expense Insurance Expense Miscellaneous Expense Rent Expense Service Revenue Supplies Expense Utilities Expense Wages Expense 24,000 92,500 3,150 5,000 63,750 Prepare an income statement. 2. The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: $42,600 83,400 28,000 Accounts...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
Balance Sheet Presentation, Trading Investments The income statement for Delta-tec, Inc., for the year ended December 31, Year 2, was as follows: Delta-tec, Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 Income from operations $146,000 Gain on sale of investments 12,000 Unrealized loss on trading investments (34,000) Net income $124,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $604,000. During Year 2, the company purchased trading investments for the...
ws (Indirect Method) The Wolf Company's income statement of Cash Flows ve balance sheets at Dec nt ember 31 of 2016 and 2015 are shown below: income statement and com LO2,3 WOLFF COMPANY Income Statement the Year Ended December 31,2016 Sales revenue Cost of goods sold Wages expense Insurance expense. 86,000 12,000 13,000 12,000 ncome tax expense Net income. 29,000 582,000 63,000 WOLFF COMPANY Balance Sheets Dec. 31, Dec. 31, 2015 s 52,000 8,.000 Accounts receivable Prepaid insurance?.. , "...
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