Homework Answers
Answer
19. a.$53000
Explanation : Retained earnings has a balance of $3000. The current year net income shall be transferred to retained earnings account . Hence $50000 is required to be transferred to retained earnings account .Therefore the ending balance of retained earnings is $53000.
20.a. Service revenue
All temporary accounts are required to be transferred to income summary at the end of the fiscal year.Therefore in the given options service revenue is a temporary account and hence service revenue account should be closed to income summary at the end of the fiscal year.
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Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
The following adjusting journal entry found in the journal is missing an explanation. Select the best...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 10,765 10,765 Dividends 1,000 1,000 Fees Earned 42,594 42,594 Wages Expense 20,402 20,402 Rent Expense 6,087 6,087 Depreciation Expense 5,870 5,870 Totals 76,359 76,359...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,688 3,688 Dividends 1,000 1,000 Fees Earned 50,510 50,510 Wages Expense 21,658 21,658 Rent Expense 5,674 5,674 Depreciation Expense 5,866 5,866 Totals 77,198 77,198...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 6,091 6,091 Dividends 1,000 1,000 Fees Earned 45,233 45,233 Wages Expense 19,173 19,173 Rent Expense 5,949 5,949 Depreciation Expense 5,202 5,202 Totals 74,324 74,324...
11. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
11.
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 19,000 Equipment 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 Wages Payable 2,000 5,000 10,000 2,000 5,000 6,070 Common Stock Retained Earnings 6,070 Dividends 1,000 1,000 Fees Earned 47,867 47,867 Wages Expense 21,344 21,344 Rent Expense 5,817 5,776 5,817 5,776 Depreciation Expense Totals 76,937...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
11.
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 19,000 Equipment 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 Wages Payable 2,000 5,000 10,000 2,000 5,000 6,070 Common Stock Retained Earnings 6,070 Dividends 1,000 1,000 Fees Earned 47,867 47,867 Wages Expense 21,344 21,344 Rent Expense 5,817 5,776 5,817 5,776 Depreciation Expense Totals 76,937...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
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