Homework Answers
| Income Statement for Year Ended December 31 2018 | ||
| Service Revenue | 46000 | |
| Rent Expense | 3000 | |
| Utilities expense | 7000 | |
| Wages Expense | 8000 | |
| Depreciation Expense | 2000 | 20000 |
| Net Income | 26000 | |
| Balance Sheet | ||
| Year Ended December 31 2018 | ||
| Assets | ||
| Current Assets | ||
| Cash | 24000 | |
| Account Receivable | 31000 | |
| Prepaid Rent | 8000 | |
| Total Current Assets | 63000 | |
| Land | 118000 | |
| Equipment | 22000 | |
| Total Assets | 203000 | |
| Liabilities and Equities | ||
| Liabilities | ||
| Account payables | 44000 | |
| Mortage Payable | 35000 | |
| Capital Account | ||
| CISCO Capital 98000+26000 | 124000 | |
| Total Liabilities and Equity | 203000 | |
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QUESTION 5: FINANCIAL STATEMENTS (20 marks) Listed below are the accounts and balances for Cisco Painting...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance Cash 11.600 Salaries Payable 16.000 VAT Payable 3.200 Sales Revenue 78.000 Building 120.000 COGS 38.000 Accounts Receivable 8.000 Sales Returns 1.800 Sales Allowances 2.000 ccumulated Depreciation (Building) 48.000 Accumulated Depreciation (Equipment) 6.000 Equipment 22.000 VAT Deductible 1.600 Merchandise Inventory 7.500 Sales discounts 800 Capital 72.100 Utilities Expense 6.200 Accounts Payable 14.700 Rent Expense 500 Depreciation Expense 9.000 Salaries Expense 16.000...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation - 20 marks (suges The adjusted trial balance of White Enamel Dental Inc. follows: White Enamel Dental Inc. Adjusted Trial Balance December 31, 2018 $14,000 11,000 4,000 171,000 100,000 Cash Accounts receivable Prepaid expenses Equipment Building Accounts payable Note payable Share capital Retained earnings Dividends Service revenue Rent expense Advertising expense Wage expense Supplies expense Total $30,000 120,000 102,000 40,000 22,000 86,000 14,000 3,000...
Question 3: (5 marks) The balances on December 31, 2017 are available for Denver Company: Accounts...
Question 3: (5 marks) The balances on December 31, 2017 are available for Denver Company: Accounts payable $2,550 Accounts receivable 3,550 Accumulated depreciation 6,250 Retained earnings, December 31, 2017 Cash 2,300 Cost of goods sold 52,300 Depreciation expense 2,500 Dividends declared 8,800 Equipment 29,000 Income tax expense 10,700 Interest expense 1,150 Inventory 6,250 Long-term potes payable 11,500 Paid-in capital 4,450 Prepaid rent 350 Rent expense 4,000 Sales 118.600 Wage expense 31,900 Wages payable 3,000 Required Prepare a classified balance sheet...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
BAC1034 PRINCIPLES OF FINANCIAL ACCOUNTING QUESTION 4 [15 MARKS] Below is the Adjusted Trial Balance for...
BAC1034 PRINCIPLES OF FINANCIAL ACCOUNTING QUESTION 4 [15 MARKS] Below is the Adjusted Trial Balance for Blue Diamond Berhad as at 31 December 2018. Credit (RM) 10,000 Blue Diamond Berhad Adjusted Trial Balance 31 December 2018 Account Title Debit (RM) Cash 757,400 Accounts Receivable 332,900 Supplies 80,000 Prepaid Insurance 291,200 Office Equipment 100,000 Accumulated Depreciation - Office Equipment | Office Car 250,000 Accumulated Depreciation - Office Car Accounts Payable Notes payable Rent Payable Dividends Payable Unearned Service Revenue Ordinary Share...
Part B: Financial Statements The accounts of Ashton Appliances Company are listed along with their adjusted...
Part B: Financial Statements The accounts of Ashton Appliances Company are listed along with their adjusted balances before cdosing for the month ended June 30, 2019. Prepaid Expenses 16,700 Accounts payable 2,400 33,600 Inventory Note payable, longterm Accounts receivable 39.000 37,700 Accumulated depreciation 46,000 54.100 Salary payable Taylor, Capital, June 1 2,700 20.000 Supplies Expense Ulities Expense Taylor, Drawing 2,500 8.000 Cash 7,500 170.000 Sales revense Cost of poods sold 350,000 135,200 Rent Expense Equipment 38,000 60.000 Supplies Salaries Expense...
Question 3:(5 marks) The balances on December 31, 2017 are available for Denver Company: $2,550 Accounts...
Question 3:(5 marks) The balances on December 31, 2017 are available for Denver Company: $2,550 Accounts payable 3,550 Accounts receivable 6,250 Accumulated depreciation Retained earnings, December 31, 2017 2,300 Cash $2.300 Cost of goods sold 2,500 Depreciation expense 8,800 Dividends declared 29,000 Equipment 10,700 Income tax expense 1,150 Interest expense 6,250 Inventory 11,500 Long-term notes payable Paid-in capital 4,450 Prepaid rent 350 Rent expense 4,000 Sales 118,600 31900 Wage expense Wages payable 3,000 Required Prepare a classified balance sheet at...
build statements sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement...
build statements
sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement of Retained Earnings, and a Classified Balance Sheet. Du do not need to distinguish between Selling and General/Admin Expenses but be sur ppropriate dates are indicated in each of the three statements. Gus Company Year ended December 31, 2020 ccounts are in alphabetical order) Accounts Payable 32,000 35,000 20,000 3,500 4,500 50,000 46,000 Accounts Receivable Accumulated Depreciation Allowance for Uncollectible Accounts Bad Debt Expense...
Chapter Five Financial Statements Problem 5-2: Listed below is the adjusted trial balance of the Tasha...
Chapter Five Financial Statements Problem 5-2: Listed below is the adjusted trial balance of the Tasha Thomas Consulting Firm Tasha Thomas Consulting Firm Adjusted Trial Balance December 31, 20XX 35.000 13.000 1.000 600 15,000 3,000 Cash Accounts Receivable Office Supplies Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Accounts Payable T. Thomas, Capital T. Thomas, Withdrawals Consulting Fees Eamed Rent Expense Office Supplies Expense Depreciation Expense, Office Equipment Salaries Expense 12,000 40,000 200 55,000 1,200 3.000 1.000 40.000 110,000 110,000...
) Figgaro Company's accounts and their balances, as of the end of August, are included below....
) Figgaro Company's accounts and their balances, as of the end of August, are included below. All accounts have normal balances: Accounts receivable….. $36,000 Cash……………………. $27,000 Equipment…………….. 59,000 Advertising expense… 5,000 Service revenues earned. 75,000 Accounts payable……… 31,000 Rent expense………….. 3,600 Dividends……………... 24,000 Office supplies……… 1,500 Salaries expense……….. 30,000 Notes payable………… 22,000 Common Stock…….. 58,100 a. Calculate net income. b. Determine the amount of total equity to be shown on the August 31 balance sheet. 2) List the four steps...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance Cash 11.600 Salaries Payable 16.000 VAT Payable 3.200 Sales Revenue 78.000 Building 120.000 COGS 38.000 Accounts Receivable 8.000 Sales Returns 1.800 Sales Allowances 2.000 ccumulated Depreciation (Building) 48.000 Accumulated Depreciation (Equipment) 6.000 Equipment 22.000 VAT Deductible 1.600 Merchandise Inventory 7.500 Sales discounts 800 Capital 72.100 Utilities Expense 6.200 Accounts Payable 14.700 Rent Expense 500 Depreciation Expense 9.000 Salaries Expense 16.000...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation - 20 marks (suges The adjusted trial balance of White Enamel Dental Inc. follows: White Enamel Dental Inc. Adjusted Trial Balance December 31, 2018 $14,000 11,000 4,000 171,000 100,000 Cash Accounts receivable Prepaid expenses Equipment Building Accounts payable Note payable Share capital Retained earnings Dividends Service revenue Rent expense Advertising expense Wage expense Supplies expense Total $30,000 120,000 102,000 40,000 22,000 86,000 14,000 3,000...
Question 3: (5 marks) The balances on December 31, 2017 are available for Denver Company: Accounts payable $2,550 Accounts receivable 3,550 Accumulated depreciation 6,250 Retained earnings, December 31, 2017 Cash 2,300 Cost of goods sold 52,300 Depreciation expense 2,500 Dividends declared 8,800 Equipment 29,000 Income tax expense 10,700 Interest expense 1,150 Inventory 6,250 Long-term potes payable 11,500 Paid-in capital 4,450 Prepaid rent 350 Rent expense 4,000 Sales 118.600 Wage expense 31,900 Wages payable 3,000 Required Prepare a classified balance sheet...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
BAC1034 PRINCIPLES OF FINANCIAL ACCOUNTING QUESTION 4 [15 MARKS] Below is the Adjusted Trial Balance for Blue Diamond Berhad as at 31 December 2018. Credit (RM) 10,000 Blue Diamond Berhad Adjusted Trial Balance 31 December 2018 Account Title Debit (RM) Cash 757,400 Accounts Receivable 332,900 Supplies 80,000 Prepaid Insurance 291,200 Office Equipment 100,000 Accumulated Depreciation - Office Equipment | Office Car 250,000 Accumulated Depreciation - Office Car Accounts Payable Notes payable Rent Payable Dividends Payable Unearned Service Revenue Ordinary Share...
Part B: Financial Statements The accounts of Ashton Appliances Company are listed along with their adjusted balances before cdosing for the month ended June 30, 2019. Prepaid Expenses 16,700 Accounts payable 2,400 33,600 Inventory Note payable, longterm Accounts receivable 39.000 37,700 Accumulated depreciation 46,000 54.100 Salary payable Taylor, Capital, June 1 2,700 20.000 Supplies Expense Ulities Expense Taylor, Drawing 2,500 8.000 Cash 7,500 170.000 Sales revense Cost of poods sold 350,000 135,200 Rent Expense Equipment 38,000 60.000 Supplies Salaries Expense...
Question 3:(5 marks) The balances on December 31, 2017 are available for Denver Company: $2,550 Accounts payable 3,550 Accounts receivable 6,250 Accumulated depreciation Retained earnings, December 31, 2017 2,300 Cash $2.300 Cost of goods sold 2,500 Depreciation expense 8,800 Dividends declared 29,000 Equipment 10,700 Income tax expense 1,150 Interest expense 6,250 Inventory 11,500 Long-term notes payable Paid-in capital 4,450 Prepaid rent 350 Rent expense 4,000 Sales 118,600 31900 Wage expense Wages payable 3,000 Required Prepare a classified balance sheet at...
build statements
sing the normal balances for Gus Company below, prepare a Multi-step Income catement, Statement of Retained Earnings, and a Classified Balance Sheet. Du do not need to distinguish between Selling and General/Admin Expenses but be sur ppropriate dates are indicated in each of the three statements. Gus Company Year ended December 31, 2020 ccounts are in alphabetical order) Accounts Payable 32,000 35,000 20,000 3,500 4,500 50,000 46,000 Accounts Receivable Accumulated Depreciation Allowance for Uncollectible Accounts Bad Debt Expense...
Chapter Five Financial Statements Problem 5-2: Listed below is the adjusted trial balance of the Tasha Thomas Consulting Firm Tasha Thomas Consulting Firm Adjusted Trial Balance December 31, 20XX 35.000 13.000 1.000 600 15,000 3,000 Cash Accounts Receivable Office Supplies Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Accounts Payable T. Thomas, Capital T. Thomas, Withdrawals Consulting Fees Eamed Rent Expense Office Supplies Expense Depreciation Expense, Office Equipment Salaries Expense 12,000 40,000 200 55,000 1,200 3.000 1.000 40.000 110,000 110,000...
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