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B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash...
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Cash Sky,...
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash...
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 | Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
Section Short Ouestions (KNI, KN2: 5 marks BI: The following financial information belongs to sa 2019:...
Section Short Ouestions (KNI, KN2: 5 marks BI: The following financial information belongs to sa 2019: Pelongs to Snow Company on December 31 Accounts Accons Cash Accounts receivable Supplies Equipment Snow, Capital Snow, Drawings Accounts payable $6,000,000 Revenues 1.200,000 Rent expense 1,200,000 Utilities expense 3,200,000 Advertising expense 2,000,000 Depreciation expense 400,000 -Salaries expense 4,400,000 $10,000,000 400,000 1,000,000 400,000 600,000 2,000,000 Required: Prepare the income statement, statement of owner's equity and balance of Snow Company on December 31, 2019. (KN2:3 marl
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:Account Titles BalancesAccounts payable300,000Accounts receivable100,000Accumulated depreciation- Building600,000Accumulated depreciation—Equipment200,000Advertising expense35,000Allowance for had bad debts20,000Bad debts expense10,000Building2,000,000Cash280,000Depreciation expense100,00Equipment1,800,000Land1,000,00Miscellaneous expense2,000Owner's capital2,000,000Owner's drawings40,000Prepaid supplies20,000Salaries expense630,000Salaries payable60,000Service fees3,000,000Supplies expense30,000Taxes and licenses60,000Transportation and travel expenses70,000Utilities expense23,000Utilities payable20,000Requirement: Prepare the unadjusted trial balance.
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star...
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star Company on December 31st, 2019. [SK1: 5 marks]
Presented below is selected information related to Kirby Company at December 31, 2017. Kirby reports financial informati...
Presented below is selected information related to Kirby Company
at December 31, 2017. Kirby reports financial information
monthly.
1) Determine the total assets of Kirby Company at December 31,
2017.
2) Determine the total net income that Kirby Company reported
for December 2017.
3) Determine the owner’s equity of Kirby Company at December 31,
2017.
Salaries and Wages Expense $ 3,193 $17,563 Accounts Payable 6919 Notes Payable 26,610 Cash Advertising Expense 6386 Rent Expense 11,176 Service Revenue 56,945 Accounts Receivable...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts payable Accounts receivable 22,000 45,000 120,000 49,000 66,000 87,000 5,000 Accumulated depreciation - equipment Transportation expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance 36,000 3,400 300,000 56,000 12,000 42,000 55,000 Rent expense Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 198,000 3,000 29,800 340,000 60,000 What is the...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts payable Accounts receivable 22,000 45,000 120,000 49,000 66,000 87,000 5,000 Accumulated depreciation - equipment Transportation expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance 36,000 3,400 300,000 56,000 12,000 42,000 55,000 Rent expense Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 198,000 3,000 29,800 340,000 60,000 What is the...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at year end: Accounts Dr. $$ Cr. $$ Cash 19,000 Service revenue 113,000 Accounts receivable 25,000 Supplies 4,000 Depreciation expense 27,000 Insurance expense 6,000 Building 120,000 Equipment 100,000 Salary expense 30,000 Supplies expense 9,000 Utilities expense 12,000 Accounts payable 19,000 Utilities payable 12,000 Bank Loan (5 years) 40,000 Unearned Service Revenue 13,000 Owner's capital 170,000 Owner's drawings 15,000 Total 367,000 367,000 170,000 Required: Owner's capital...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current fair value $14 a share) for 36,000 shares of the outstanding $10 par common stock of Bahrain Company. The $100,000 out-of-pocket costs of the business combination paid by Manama on December 31, 2019, were allocable as follows: 45% to finders, legal, and accounting fees directly related to the business combination: 55% to the SEC registration statement for Manama’s common stock issued in the businesses...
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 | Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
Section Short Ouestions (KNI, KN2: 5 marks BI: The following financial information belongs to sa 2019: Pelongs to Snow Company on December 31 Accounts Accons Cash Accounts receivable Supplies Equipment Snow, Capital Snow, Drawings Accounts payable $6,000,000 Revenues 1.200,000 Rent expense 1,200,000 Utilities expense 3,200,000 Advertising expense 2,000,000 Depreciation expense 400,000 -Salaries expense 4,400,000 $10,000,000 400,000 1,000,000 400,000 600,000 2,000,000 Required: Prepare the income statement, statement of owner's equity and balance of Snow Company on December 31, 2019. (KN2:3 marl
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star Company on December 31st, 2019. [SK1: 5 marks]
Presented below is selected information related to Kirby Company
at December 31, 2017. Kirby reports financial information
monthly.
1) Determine the total assets of Kirby Company at December 31,
2017.
2) Determine the total net income that Kirby Company reported
for December 2017.
3) Determine the owner’s equity of Kirby Company at December 31,
2017.
Salaries and Wages Expense $ 3,193 $17,563 Accounts Payable 6919 Notes Payable 26,610 Cash Advertising Expense 6386 Rent Expense 11,176 Service Revenue 56,945 Accounts Receivable...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts payable Accounts receivable 22,000 45,000 120,000 49,000 66,000 87,000 5,000 Accumulated depreciation - equipment Transportation expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance 36,000 3,400 300,000 56,000 12,000 42,000 55,000 Rent expense Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 198,000 3,000 29,800 340,000 60,000 What is the...
Question 3 of 6 Syner-V Company Adjusted Trial Balance Year ending December 31, 2016 Balances Accounts payable Accounts receivable 22,000 45,000 120,000 49,000 66,000 87,000 5,000 Accumulated depreciation - equipment Transportation expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance 36,000 3,400 300,000 56,000 12,000 42,000 55,000 Rent expense Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 198,000 3,000 29,800 340,000 60,000 What is the...
The accounting record of ABC Consulting at December 31, 2019 shows the following accounting balances at year end: Accounts Dr. $$ Cr. $$ Cash 19,000 Service revenue 113,000 Accounts receivable 25,000 Supplies 4,000 Depreciation expense 27,000 Insurance expense 6,000 Building 120,000 Equipment 100,000 Salary expense 30,000 Supplies expense 9,000 Utilities expense 12,000 Accounts payable 19,000 Utilities payable 12,000 Bank Loan (5 years) 40,000 Unearned Service Revenue 13,000 Owner's capital 170,000 Owner's drawings 15,000 Total 367,000 367,000 170,000 Required: Owner's capital...
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