1. The End of the Accounting Cyde-the closing process (The return of Jam J!): Jam J,...
1. The End of the Accounting Cycle - the closing process (The return of Jam J!): Jam J, Corp. provides guitar lessons to customers. The financial statements for 2017 are given below. Given these financial statements, complete the following: PART A-Record closing entries: Record all four closing journal entries using the information in the financial statements for Jam) given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/(loss)...
The End of the Accounting Cycle: Jam J, Corp. provides guitar lessons to customers. As of December 31, 2017, Jam J has the following balances in its unadjusted trial balance at the end of its annual accounting period (assume all accounts have their ‘normal’ debit/credit balance): Cash $21,325; Accounts Receivable: $16,200; Supplies: $10,400; Prepaid Insurance: $0; Building: $65,000; Accumulated Depreciation-Building: $0; Accounts Payable: $10,500; Salaries Payable: $0; Utilities Payable: $0; Interest Payable: $0; Deferred Revenue: $450; Notes Payable: $40,000; Common...
3. The End of the Accounting Cycle: Jam J, Corp. provides guitar lessons to customers. As of December 31, 2017, Jam J has the following balances in its unadjusted trial balance at the end of its annual accounting period (assume all accounts have their 'normal' debit/credit balance): Cash $21,325; Accounts Receivable: $16,200; Supplies: $10,400; Prepaid Insurance: $0; Building: $65,000; Accumulated Depreciation-Building: $0; Accounts Payable: $10,500; Salaries Payable: $0; Utilities Payable: $0; Interest Payable: $0; Deferred Revenue: $450; Notes Payable: $40,000;...
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART...
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $170,000, total liabilities of $51,000, and common stock of $85,000. The company's Year 1 income statement contained revenue of $30,000 and expenses of $18,000. The Year 1 statement of changes in stockholders' equity stated that $2,700 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1....
Excerise 1.23 Exercise 1-23 Retained earnings and the closing process As of December 31, 2018, Flowers Company had total assets of $130,000, total liabilities of $50,000, and common stock of $70,000. The company's 2018 income statement contained revenue of $30,000 and expenses of $18,000. The 2018 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, 2018. b. Determine the after-closing...
HELP! The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventory, $36,000; equipment (net), $91,000; accounts payable, $25,000; salaries payable, $10,500; interest payable, $6,500; notes payable (due in 18 months), $41,000; common stock, $72,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $170,000. (Amounts to be deducted should be indicated by a minus...
need help please, thank you! Here are incomplete financial statements for Carla Vista, Inc.: Calculate the missing amounts. Assets Cash Accounts receivable Building CARLA VISTA, INC. Statement of Financial Position December 31, 2022 Liabilities and Shareholders' Equity $5.900 Liabilities 11.800 Accounts payable 53.100 Shareholders equity $70.800 Common shares (a) $5.900 Total assets Retained earnings (b) $70.800 Total liabilities and shareholders equity $100,300 CARLA VISTA, INC. Statement of Income Year Ended December 31, 2022 Service revenue Salaries expense (c) Operating expenses...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debito $ 61,000 45,000 51,000 21,000 120,000 $ 40,000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest' payable Notes payable (due in 10 years) Common stock Retained earnings Totals 46,000 15,000 5,000 120,000 76,000 BB,000 $344,000 $344,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
please complete balance sheet The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $20,000; accounts receivable, $15,000; inventory, $29,000; equipment (net). $84,000; accounts payable, $18,000: salaries payable. $7,000; interest payable, $3,000; notes payable (due in 18 months). $34,000; common stock, $58,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $135,000. (Amounts to be deducted should be indicated...