Homework Answers
Net income = Service revenue - Salaries expense - Rent expense - Truck expense - Office expense
= $78,400 - $34,000 - $15,000 - $5,700 - $1,500
= $22,200
Add Answer to:
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Capital contributions during the year were $54,000. Randall's Service Company Trial Balance December 31, 2019 Account Title Debit Credit Cash $25,400 Accounts Receivable 5,000 Prepaid Rent 1,200 Office Supplies 3,400 Land 45,000 Building 16,500 Equipment 23,000 Accounts Payable $15,000 Unearned Revenue 5,000 Notes Payable 25,000 Common Stock 54,000 Dividends 6,300 Service Revenue 83,100 Salaries Expense 34,000 Rent Expense 15,000 Office Expense...
What us the net income for the year ended 31, Dec. 2019 Deli Company began operations...
What us the net income for the year ended 31, Dec.
2019
Deli Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019: Credit Account Title Debit Cash $15,500 Accounts Receivable 8,000 Prepaid Rent 2,400 Office Supplies 1,400 Land 25,000 Building 32.000 Equipment 23,000 Accounts Payable Unearned Revenue Notes Payable Donaldson, Capital Donaldson, Withdrawals 6,400 $10,400 2,500 20,000 57.000 Service Revenue 83.900 28,000 18.000 Salaries Expense Rent Expense Truck Expense Office Expense Total...
Question 1 Requirement: Using the above Trial Balance, provide the post-closing Retained Earnings balance for Sampson...
Question 1 Requirement: Using
the above Trial Balance, provide the post-closing Retained Earnings
balance for Sampson Hair Accessories as of December 31, 2019
Question 2 Requirement:- Using the above Trial
Balance, prepare a classified balance sheet with proper heading for
Sampson Hair Accessories Corp. as of December 31, 2019. Consider
inserting a table () to assist in proper formatting of the
statement:
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit...
Presented below is an adjusted trial balance for Shawn Company, at December 31, 2018. Cash $...
Presented below is an adjusted
trial balance for Shawn Company, at December 31, 2018. Cash $ 7,700
Accounts payable $10,000 Accounts receivable 20,000 Notes payable
9,000 Prepaid insurance 15,000 Accumulated depreciation—Equipment
14,000 Equipment 35,000 Service revenue 29,000 Depreciation expense
7,000 Common stock 10,000 Dividends 1,500 Retained earnings 14,000
Advertising expense 1,400 Unearned service revenue 16,000 Rent
expense 800 Salaries and wages expense 12,000 Insurance expense
1,600 $102,000 $102,000
Question 5 Presented below is an adjusted trial balance for Shawn Company,...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
An inexperienced bookkeeper prepared the following trial balance. Sheffield Corp. Prepare a trial balance. December 31,...
An inexperienced bookkeeper prepared the following trial balance. Sheffield Corp. Prepare a trial balance. December 31, 2019 Debit Credit Cash $19,500 Prepaid Insurance $1,950 Accounts Payable 4,150 Unearned Service Revenue 5,350 Common Stock 15,700 Dividends 5,650 Service Revenue 28.300 Salaries and Wages Expense 21,300 Rent Expense 5.100 $46,150 $60,850 Prepare a correct trial balance, assuming all account balances are normal.
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
1. An inexperience bookkeeper prepared the following trial balance. Prepared a correct trial balance, assuming all...
1. An inexperience bookkeeper prepared the following trial balance. Prepared a correct trial balance, assuming all account balances are normal. Erica Company Trial balance December 31, 2019. debit credit Cash $ 16, 800 Prepaid Insurance $3500 Account Payable 3000 Unearned Service Revenue 4200 Common Stock 13,000 Dividends 4,500 Service Revenue 25,600 Salaries and Wages Expense 18, 600 Rent Expense 2, 400 ___________ ________ $39, 600 $ 52, 000
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,000 34,000 25,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
What us the net income for the year ended 31, Dec.
2019
Deli Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019: Credit Account Title Debit Cash $15,500 Accounts Receivable 8,000 Prepaid Rent 2,400 Office Supplies 1,400 Land 25,000 Building 32.000 Equipment 23,000 Accounts Payable Unearned Revenue Notes Payable Donaldson, Capital Donaldson, Withdrawals 6,400 $10,400 2,500 20,000 57.000 Service Revenue 83.900 28,000 18.000 Salaries Expense Rent Expense Truck Expense Office Expense Total...
Question 1 Requirement: Using
the above Trial Balance, provide the post-closing Retained Earnings
balance for Sampson Hair Accessories as of December 31, 2019
Question 2 Requirement:- Using the above Trial
Balance, prepare a classified balance sheet with proper heading for
Sampson Hair Accessories Corp. as of December 31, 2019. Consider
inserting a table () to assist in proper formatting of the
statement:
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit...
Presented below is an adjusted
trial balance for Shawn Company, at December 31, 2018. Cash $ 7,700
Accounts payable $10,000 Accounts receivable 20,000 Notes payable
9,000 Prepaid insurance 15,000 Accumulated depreciation—Equipment
14,000 Equipment 35,000 Service revenue 29,000 Depreciation expense
7,000 Common stock 10,000 Dividends 1,500 Retained earnings 14,000
Advertising expense 1,400 Unearned service revenue 16,000 Rent
expense 800 Salaries and wages expense 12,000 Insurance expense
1,600 $102,000 $102,000
Question 5 Presented below is an adjusted trial balance for Shawn Company,...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
An inexperienced bookkeeper prepared the following trial balance. Sheffield Corp. Prepare a trial balance. December 31, 2019 Debit Credit Cash $19,500 Prepaid Insurance $1,950 Accounts Payable 4,150 Unearned Service Revenue 5,350 Common Stock 15,700 Dividends 5,650 Service Revenue 28.300 Salaries and Wages Expense 21,300 Rent Expense 5.100 $46,150 $60,850 Prepare a correct trial balance, assuming all account balances are normal.
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,000 34,000 25,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Most questions answered within 3 hours.
-
Reynold company is considering an investment of $130,000 in
new equipment. The new equipment is expected...
asked 24 seconds ago -
An asset used in a four-year project falls in the five-year
MACRS class (MACRS Table) for...
asked 36 seconds ago -
Break-even time. Hampton Corporation’s research
and development department is presenting a proposal for new product
research....
asked 3 minutes ago -
At Lake Itasca in Minnesota, the Mississippi river is only 25.0
feet wide. If you are...
asked 4 minutes ago -
A 2.0 μF parallel-plate air-filled capacitor is connected
across a 10 V battery.
(a) Determine the...
asked 15 minutes ago -
Write in Python This program:
1. Correct the compute_cells_state function which receives as
parameter an array...
asked 5 minutes ago -
1. What is the difference in the output layer between a neural
network used for classification,...
asked 13 minutes ago -
ECO
2013 &
asked 19 minutes ago -
Insight refers to:
a.
Adaptive decision-making
b.
Credibility and trustworthness
c.
Understanding of one's problems
d....
asked 25 minutes ago -
Explain the differences between rights and permissions within
Windows. Define the principle of least privilege and...
asked 33 minutes ago -
A solid, frictionless cylindrical reel of mass M=5.00kg and
radius R=0.55m is used to draw water...
asked 35 minutes ago -
how do radio waves get emitted from Jupiter?
- do they come from radiation from planet...
asked 36 minutes ago