Homework Answers
Question - (28)
| Salaries expenses | 325000 |
| Insurance expenses | 12000 |
| Advertising expenses | 150000 |
| Supplies expenses | 5000 |
| Depreciation expenses | 35000 |
| Rent expense | 18000 |
| Utilities expenses | 14200 |
| Total expenses | 559200 |
Question - (29)
Net Income = Service revenue - Total expenses
= 689,000 - 559200
= 129,800
Question - (30)
Beginning Retained earnings = 250,000 ( directly given in the trail balance )
Question - (31)
Ending Retained earnings
| Beginning retained earnings | 250,000 |
| (+) Net Income | 129800 |
| (-) Dividends | 95,800 |
| Ending retained earnings | 284,000 |
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I need help with 28-31
Use the following to answer questions 28 - 35 TR Corporation...
I need help with 32-35 TR Corporation has provided their trial balance at the end of...
I need help with 32-35
TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 Cash Accounts receivable Supplies Prepaid expenses Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense Totals 500,000 250,000 95,800 689,000 325,000 12,000 150,000 5,000 35,000 18,000...
Use the following to answer questions 28 - 35 TJ Corporation has provided their trial balance...
Use the following to answer questions 28 - 35 TJ Corporation has provided their trial balance at the end of January. Debits Credits Cash $35.000 Accounts receivable 65,000 Supplies 1,000 Prepaid expenses 6.500 Buildings/Equipment, net 1,158,500 Accounts payable $25,000 Income tax payable 65,000 Utilities payable 1,000 Deferred revenue | 8,000 Notes payable 200,000 Common stock 500,000 Retained Earnings 325,000 Dividends 150,000 Service revenue 852,000 Salaries expense 354,000 Insurance expense 10,000 Advertising expense 125,000 Supplies expense 5,000 Depreciation expense 50,000 Rent...
I need help with 23-28 Use the following to answer questions 23 - 28 On-the-Go Foods...
I need help with 23-28
Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash Food trucks Maintenance expense Note payable Service revenue Food expense $30,000 300,000 33,000 150,000 650,000 300,000 Accounts payable Garage/Office Salaries expense Salaries payable Paper supplies used Paper supplies $12,000 734,000 175,000 15,000 4,500 500 In addition, the company had common stock of $500,000 at...
I need help with 30-33 Use the following to answer questions 30 - 33 The following...
I need help with 30-33
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BAC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings $50,000 30,000 300,000 600,000 200,000 35,000 250,000 300,000 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance 31. $ Determine retained earnings that would be shown on the...
I need help with 34-39 Use the following to answer questions 34 - 36 The year-end...
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
Use the following to answer questions 20 - 26 The following are the year-end account balances...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
I need help with 15 - 19 Use the following to answer questions 15 - 19...
I need help with 15 - 19
Use the following to answer questions 15 - 19 TM, Inc., had the following account balances at the end of December: Accounts Dividends Supplies Accounts payable Common stock Cash Utilities expense Salaries expense Service revenue Beginning Retained earnings Equipment Balances $150,000 5,000 30,000 400,000 60,000 6,000 345,000 520,000 145,000 15. $ _What were total expenses for the year? 16. Ś Calculate their net income for the year. 17. Ś Calculate their ending balance...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
I need help with all of this. Use the data to set up a Trial Balance...
I need help with all of this.
Use the data to set up a Trial Balance and answer the 5 questions. Cash $10,000 Accounts receivable 12,000 Supplies 200 Prepaid rent 2,200 Building & Equipment Accounts payable 6,500 Salaries payable 4,500 Interest payable 3,000 Deferred revenue 7,000 Notes payable 25,000 Common stock 50,000 Retained earnings 30,000 Dividends 1,000 Service revenue 55,000 Salaries expense 32,500 Rent expense 1,100 Interest expense Supplies expense 80 Utilities expense 325 Advertising expense 1,500 150 1. Total...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense $300,000 650,000 325,000 25,000 10,000 150,000 Rent expense Interest expense Dividends Prepare the closing entries. 34. $___ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. S_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36....
I need help with 32-35
TR Corporation has provided their trial balance at the end of January. Credits Debits $50,000 65,000 1,000 3,500 985,000 $12,000 35,000 4,500 19,000 250,000 Cash Accounts receivable Supplies Prepaid expenses Buildings/Equipment, net Accounts payable Income tax payable Utilities payable Deferred revenue Notes payable Common stock Retained Earnings Dividends Service revenue Salaries expense Insurance expense Advertising expense Supplies expense Depreciation expense Rent expense Utilities expense Totals 500,000 250,000 95,800 689,000 325,000 12,000 150,000 5,000 35,000 18,000...
Use the following to answer questions 28 - 35 TJ Corporation has provided their trial balance at the end of January. Debits Credits Cash $35.000 Accounts receivable 65,000 Supplies 1,000 Prepaid expenses 6.500 Buildings/Equipment, net 1,158,500 Accounts payable $25,000 Income tax payable 65,000 Utilities payable 1,000 Deferred revenue | 8,000 Notes payable 200,000 Common stock 500,000 Retained Earnings 325,000 Dividends 150,000 Service revenue 852,000 Salaries expense 354,000 Insurance expense 10,000 Advertising expense 125,000 Supplies expense 5,000 Depreciation expense 50,000 Rent...
I need help with 23-28
Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash Food trucks Maintenance expense Note payable Service revenue Food expense $30,000 300,000 33,000 150,000 650,000 300,000 Accounts payable Garage/Office Salaries expense Salaries payable Paper supplies used Paper supplies $12,000 734,000 175,000 15,000 4,500 500 In addition, the company had common stock of $500,000 at...
I need help with 30-33
Use the following to answer questions 30 - 33 The following account balances appear in the 20XC year-end POST-closing trial balance of BAC Corporation: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable Common stock Retained earnings $50,000 30,000 300,000 600,000 200,000 35,000 250,000 300,000 30. $ Determine the total amount of debits that would be shown on the post-closing trial balance 31. $ Determine retained earnings that would be shown on the...
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
Use the following to answer questions 20 - 26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies $15,000 20,000 200 1.000.000 200.000 Equipment Accumulated depreciation Accounts payable Notes payable 10,000 250,000 400,000 56.200 60,000 456,000 Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense 195.000 25 000 Miscellaneous expense 50,000 _Determine total expenses for the year _Determine net income for the year Determine...
I need help with 15 - 19
Use the following to answer questions 15 - 19 TM, Inc., had the following account balances at the end of December: Accounts Dividends Supplies Accounts payable Common stock Cash Utilities expense Salaries expense Service revenue Beginning Retained earnings Equipment Balances $150,000 5,000 30,000 400,000 60,000 6,000 345,000 520,000 145,000 15. $ _What were total expenses for the year? 16. Ś Calculate their net income for the year. 17. Ś Calculate their ending balance...
Use the following to answer questions 20-26 The following are the year-end account balances for 20XC (prior to closing) of BA Corporation: Cash Accounts Receivable Supplies Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Supplies expense Rent expense Depreciation expense Miscellaneous ex pense $15,000 20,000 200 1,000,000 200,000 10,000 250,000 400,000 56,200 60,000 456,000 195,000 1,000 6,000 25,000 50,000 Determine total expenses for the year _Determine net income for the year Determine...
I need help with all of this.
Use the data to set up a Trial Balance and answer the 5 questions. Cash $10,000 Accounts receivable 12,000 Supplies 200 Prepaid rent 2,200 Building & Equipment Accounts payable 6,500 Salaries payable 4,500 Interest payable 3,000 Deferred revenue 7,000 Notes payable 25,000 Common stock 50,000 Retained earnings 30,000 Dividends 1,000 Service revenue 55,000 Salaries expense 32,500 Rent expense 1,100 Interest expense Supplies expense 80 Utilities expense 325 Advertising expense 1,500 150 1. Total...
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense $300,000 650,000 325,000 25,000 10,000 150,000 Rent expense Interest expense Dividends Prepare the closing entries. 34. $___ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. S_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36....
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