Following is an extract of account balances of Aztec Moving Services as of December 31, after...
Following is an extract of account balances of Aztec Moving Services as of December 31, after the first year of operation.
|
Accounts Receivable |
$7,000 |
|
Accounts Payable |
5,000 |
|
Salaries Expense |
6,000 |
|
Repairs Expense |
600 |
|
Truck |
8,000 |
|
Equipment |
9,000 |
|
Notes Payable |
8,400 |
|
Cash |
7,500 |
|
Supplies Expense |
1,500 |
|
Service Revenue |
32,000 |
|
Gasoline Expense |
3,800 |
|
Salaries Payable |
500 |
What is the amount of total assets at the end of the year?
A. $24,500
B. $15,000
C.$31,500
D. $17000
Homework Answers
|
Amount of total assets = Accounts Receivable + Truck + Equipment + Cash = 7,000 + 8,000 + 9,000 + 7,500 = 31,500 Option C is the answer |
||
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The general ledger of Red Storm Cleaners at January 1, 2021,
includes the following account balances:
Accounts
Debits
Credits
Cash
$
20,000
Accounts Receivable
8,000
Supplies
4,000
Equipment
15,000
Accumulated Depreciation
$
5,000
Salaries Payable
7,500
Common Stock
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Retained Earnings
9,500
Totals
$
47,000
$
47,000
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1.
March
12
Provide services to customers, $60,000, of which $21,000 is on
account.
2.
May
2
Collect on accounts receivable,...
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Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts...
Accounts Payable Salaries Expense Repairs Expense Truck Equipment Notes Payable Cash Supplies Expense Service Revenue Gasoline Expense Salaries Payable 4,000 6,000 700 10,000 9,000 8,200 7,100 1,600 34,000 3,900 DO What is the amount of total liabilities at the end of the year? A. $24,600 B. $20,700 C. $12,400 OD. $12,200
The general ledger of Red Storm Cleaners at January 1, 2021,
includes the following account balances:
Accounts
Debits
Credits
Cash
$
20,000
Accounts Receivable
8,000
Supplies
4,000
Equipment
15,000
Accumulated Depreciation
$
5,000
Salaries Payable
7,500
Common Stock
25,000
Retained Earnings
9,500
Totals
$
47,000
$
47,000
The following is a summary of the transactions for the year:
1.
March
12
Provide services to customers, $60,000, of which $21,000 is on
account.
2.
May
2
Collect on accounts receivable,...
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