Homework Answers
| Calculation of net income | |||
| revenues: | |||
| service revenue | 35800 | ||
| interest revenue | 1140 | ||
| Total revenue | 36940 | ||
| expenses: | |||
| depreciation expense | 1200 | ||
| insurance expense | 2400 | ||
| salary expense | 25100 | ||
| total expenses | 28700 | ||
| Net income | 8240 | ||
| Calculation ending in retained earning | |||
| retained earning-beginning bal | 10900 | ||
| add: net income | 8240 | ||
| less: dividend | 2200 | ||
| retained earning-ending bal | 16940 | ||
| Option "B" is CORRECT | |||
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The following accounts and balances are taken from Moore Company's adjusted trial balance: $10,000 3,100 1,200...
The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $9,000...
The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $9,000 Accounts Receivable $3,400 Accumulated Depreciation 1,000 Depreciation Expense 1,000 Dividends 2,600 Insurance Expense 2,600 Interest Revenue 1,040 Prepaid Insurance 2,220 Retained Earnings 10,900 Salary Expense 24,100 Service Revenue 38,800 What is the ending balance in Retained Earnings after the closing entries are completed?
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid...
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid Insurance $1,500 Equipment $38,500 Accumulated Depreciation $8,300 Accounts Payable $2,500 Unearned Service Revenue $8,900 Common Stock $15,000 Retained Earnings $9,500 Service Revenue $35,000 Salary Expense $11,200 Utilities Expenses $2,400 $79,200 $79,200 Additional information (not reflected in the above): Supplies used during the month, $450. Prepaid insurance expired during the month, $300. Depreciation on equipment for the month, $500. Unearned service revenue earned during the...
The following is a list of the accounts and balances taken from the adjusted trial balance...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of...
Exercise 4-20 (Part Level Submission)
Selected year-end account balances from the adjusted trial balance
as of December 31, 2017, for Blue Spruce Corp. is provided
below.
Debit
Credit
Accounts Receivable
$62,440
Dividends
22,620
Depreciation Expense
11,350
Equipment
183,010
Salaries and Wages Expense
78,350
Accounts Payable
$45,580
Accumulated Depreciation—Equipment
98,730
Unearned Rent Revenue
19,690
Service Revenue
158,070
Rent Revenue
5,330
Rent Expense
3,100
Retained Earnings
53,150
Supplies Expense
1,200
(a)
Prepare closing entries.
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 Credit Debit $18,000 14,400 2,000 23,000 $ 6,500 9,182 36,600 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 47,700 2,000 27,809 2,003 3,196 1,574 $99,982 $99,982 1....
33) Using the adjusted trial balance below write the four closing entries necessary to prepare accounts...
33) Using the adjusted trial balance below write the four closing entries necessary to prepare accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 880 1,400 2,200 Cash.... Accounts receivable.......... Prepaid insurance Office supplies ........... Office equipment Accumulated depreciation office equipment ... Buildings.. Accumulated depreciation—buildings.......... Land Wages Payable.............. Property taxes payable... Interest payable............. Unearned rent........... Long-term notes payable........... Common stock ........... •...
The adjusted trial balance of Martinez Corp. at December 31, 2022, includes the following accounts: Retained...
The adjusted trial balance of Martinez Corp. at December 31, 2022, includes the following accounts: Retained Earnings $17.200, Dividends $4,000, Service Revenue $35,800, Salaries and Wages Expense $13,800, Insurance Expense $1,880, Rent Expense $3,910, Supplies Expense $1,550, and Depreciation Expense $840. Prepare an income statement for the year. MARTINEZ CORP Income Statement For the Year Ended December 31, 2022 I $
9. The following adjusted trial balance contains the accounts and balances of Cruz Company as of...
9. The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2016, the end of its fiscal year (25 Points). Acct Account Title Debit Credit 101 Cash 18,000 126 Supplies inventory 8,000 128 Prepaid insurance 2.000 167 Equipment 23.000 168 Accumulated depreciation - Equip 6,500 200 Accounts payable 15,000 307 Common stock 5.000 318 Retained earnings 30,000 319 Didends 11,500 404 Services revenue 65.000 512 Salaries expense 32,500 622 Insurance expense 11,500 640...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
Exercise 4-20 (Part Level Submission)
Selected year-end account balances from the adjusted trial balance
as of December 31, 2017, for Blue Spruce Corp. is provided
below.
Debit
Credit
Accounts Receivable
$62,440
Dividends
22,620
Depreciation Expense
11,350
Equipment
183,010
Salaries and Wages Expense
78,350
Accounts Payable
$45,580
Accumulated Depreciation—Equipment
98,730
Unearned Rent Revenue
19,690
Service Revenue
158,070
Rent Revenue
5,330
Rent Expense
3,100
Retained Earnings
53,150
Supplies Expense
1,200
(a)
Prepare closing entries.
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 Credit Debit $18,000 14,400 2,000 23,000 $ 6,500 9,182 36,600 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 47,700 2,000 27,809 2,003 3,196 1,574 $99,982 $99,982 1....
33) Using the adjusted trial balance below write the four closing entries necessary to prepare accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 880 1,400 2,200 Cash.... Accounts receivable.......... Prepaid insurance Office supplies ........... Office equipment Accumulated depreciation office equipment ... Buildings.. Accumulated depreciation—buildings.......... Land Wages Payable.............. Property taxes payable... Interest payable............. Unearned rent........... Long-term notes payable........... Common stock ........... •...
The adjusted trial balance of Martinez Corp. at December 31, 2022, includes the following accounts: Retained Earnings $17.200, Dividends $4,000, Service Revenue $35,800, Salaries and Wages Expense $13,800, Insurance Expense $1,880, Rent Expense $3,910, Supplies Expense $1,550, and Depreciation Expense $840. Prepare an income statement for the year. MARTINEZ CORP Income Statement For the Year Ended December 31, 2022 I $
9. The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2016, the end of its fiscal year (25 Points). Acct Account Title Debit Credit 101 Cash 18,000 126 Supplies inventory 8,000 128 Prepaid insurance 2.000 167 Equipment 23.000 168 Accumulated depreciation - Equip 6,500 200 Accounts payable 15,000 307 Common stock 5.000 318 Retained earnings 30,000 319 Didends 11,500 404 Services revenue 65.000 512 Salaries expense 32,500 622 Insurance expense 11,500 640...
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