Homework Answers
| Trial balance includes account balance of each account taken from ledger account | |||
| Trial balance is used to prepare financial statements | |||
| CULLUMBER COMPANY | |||
| Trial balance | |||
| Debit | Credit | ||
| Equipment | $94,200 | ||
| Accounts receivable | $9,900 | ||
| Cash | $7,400 | ||
| Supplies | $6,200 | ||
| Common stock | $30,900 | ||
| Notes payable | $24,800 | ||
| Salaries and wages payable | $3,700 | ||
| Accounts payable | $11,200 | ||
| Dividend | $9,900 | ||
| Service revenue | $106,600 | ||
| Salaries and wages expense | $47,100 | ||
| Rent expense | $2,500 | ||
| Total | $177,200 | $177,200 | |
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DO TI Review 3-os The following accounts are taken from the ledger of Cullumber Company at...
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash...
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash 4,400 Supplies 620 Unearned service revenue Interest payable 890 43,600 Salaries and wages expense 850 Notes payable 5,200 Service revenue 32,000 Salaries and wages payable 63,800 Depreciation expense 2,820 Equipment (net) 720 Common stock 108,700 Inventory Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity) Using the information above, prepare a balance sheet as...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600...
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning...
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480 CULLUMBER COMPANY Income Statement For...
Solve for the rest please. These items are taken from the financial statements of Cullumber Company...
Solve for the rest please.
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480...
After Adjustment Dr. Cr. $10,500 9,800 700 2,600 14,900 CULLUMBER COMPANY Trial Balance August 31, 2020...
After Adjustment Dr. Cr. $10,500 9,800 700 2,600 14,900 CULLUMBER COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,500 Accounts Receivable 8,800 Supplies 2,300 Prepaid Insurance 3,700 Equipment 14,900 Accumulated Depreciation-Equipment $ 3,700 Accounts Payable 5,900 Salaries and Wages Payable 0 Unearned Rent Revenue 1,300 Owner's Capital 16,000 Service Revenue 34,100 Rent Revenue 11,200 Salaries and Wages Expense 17,200 Supplies Expense 0 Rent Expense 14,800 Insurance Expense 0 Depreciation Expense 0 $72,200 $72,200 $ 4,300 5,900 1,200...
Each of the listed accounts has a normal balance per the general ledger. An examination of...
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a customer on account was debited for $750, and Accounts Receivable was credited for the same amount. The actual collection was for $570. 2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340. 3. Services...
The following accounts are taken from the ledger of Crane Company at December 31, 2017. Prepare...
The following accounts are taken from the ledger of Crane Company at December 31, 2017. Prepare a trial balance. Notes Payable $ 19,600 Cash $ 5,900 Common Stock 24,500 Supplies 4,900 Equipment 74,500 Rent Expense 2,000 Dividends 7,800 Salaries and Wages Payable 2,900 Salaries and Wages Expense 37,200 Accounts Payable 8,800 Service Revenue 84,300 Accounts Receivable 7,800 CRANE COMPANY Trial Balance choose an accounting period choose an accounting period Debit Credit enter an account title $ enter a debit balance...
In Accountant The following items and amounts were taken from Cullumber Company's 2022 income statement and...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
2,510 Problem 2-03A You are provided with the following information for Cullumber Company, effective as of...
2,510 Problem 2-03A You are provided with the following information for Cullumber Company, effective as of its April 30, 2022, year-end. Accounts payable $ 874 Accounts receivable 950 Accumulated depreciation--equipment 660 Cash 1,340 Common stock 16,200 Cost of goods sold 1,100 Depreciation expense 360 Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land Mortgage payable (long-term) 3,700 Notes payable (short-term) Prepaid insurance Retained earnings (beginning) 1,300 Salaries and wages expense 900...
On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $45,000...
On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $45,000 Sales Taxes Payable 9,100 Unearned Service Revenue 21,500 During January, the following selected transactions occurred. Borrowed $18,000 in cash from Apex Bank on a 4-month,5%. $18,000 note. Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,500. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021. $9,100....
The following information is available for Cullumber Company Accounts receivable $6,270 3,810 Accounts payable $2,500 Cash 4,400 Supplies 620 Unearned service revenue Interest payable 890 43,600 Salaries and wages expense 850 Notes payable 5,200 Service revenue 32,000 Salaries and wages payable 63,800 Depreciation expense 2,820 Equipment (net) 720 Common stock 108,700 Inventory Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity) Using the information above, prepare a balance sheet as...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600...
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480 CULLUMBER COMPANY Income Statement For...
Solve for the rest please.
These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600 2,600 41,670 22,480...
After Adjustment Dr. Cr. $10,500 9,800 700 2,600 14,900 CULLUMBER COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,500 Accounts Receivable 8,800 Supplies 2,300 Prepaid Insurance 3,700 Equipment 14,900 Accumulated Depreciation-Equipment $ 3,700 Accounts Payable 5,900 Salaries and Wages Payable 0 Unearned Rent Revenue 1,300 Owner's Capital 16,000 Service Revenue 34,100 Rent Revenue 11,200 Salaries and Wages Expense 17,200 Supplies Expense 0 Rent Expense 14,800 Insurance Expense 0 Depreciation Expense 0 $72,200 $72,200 $ 4,300 5,900 1,200...
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a customer on account was debited for $750, and Accounts Receivable was credited for the same amount. The actual collection was for $570. 2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340. 3. Services...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
2,510 Problem 2-03A You are provided with the following information for Cullumber Company, effective as of its April 30, 2022, year-end. Accounts payable $ 874 Accounts receivable 950 Accumulated depreciation--equipment 660 Cash 1,340 Common stock 16,200 Cost of goods sold 1,100 Depreciation expense 360 Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land Mortgage payable (long-term) 3,700 Notes payable (short-term) Prepaid insurance Retained earnings (beginning) 1,300 Salaries and wages expense 900...
On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $45,000 Sales Taxes Payable 9,100 Unearned Service Revenue 21,500 During January, the following selected transactions occurred. Borrowed $18,000 in cash from Apex Bank on a 4-month,5%. $18,000 note. Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,500. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021. $9,100....
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