Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems...
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows:
Close Income Summary.
Discount Office Systems
Adjusted Trial Balance
March 31, 2018
Balance
Account Title Debit Credit
Cash $3,800
Accounts Receivable 13,100
Merchandise Inventory 31,400
Office Supplies 6,500
Equipment 42,400
Accumulated Depreciation—Equipment $13,000
Accounts Payable 9,900
Salaries Payable 1,100
Notes Payable, long-term 7,900
Morris, Capital 26,250
Morris, Withdrawal 45,500
sales Revenue 233,000
Cost of Goods Sold 104,850
Selling Expense 26,700
Administrative Expense 14,800
interest Expense 2,100
$291,150
Homework Answers
Income Summary for Discount Office Systems
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Discount Office Systems uses a perpetual inventory system. The
adjusted trial balance of Discount Office Systems...
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems...
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Discount's single-step income statement for the year ended March 31, 2018 Revenues: Net Sales Revenue Expenses: Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Expenses Net Income (Loss) Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses.) Teai Lilueu Marcil JI, ZUT0 Net Income (Loss) Account Title Debit Credit Cash 2,700 Accounts Receivable 13,000 Merchandise Inventory 31,900 Office Supplies 7,100 Equipment 43,100 Accumulated Depreciation-Equipment 13,400...
Budget Office Systems uses a perpetual inventory system.
E5-23 (similar to) Budget Office Systems uses a perpetual inventory system. The adjusted trial balance of Budget Office Systems at March 31, 2018, follows: Requirement 1. Journalize the required closing entries at March 31, 2018.
Use the following information to answer Exercises E5-23 through ES-25. The adjusted trial balance of Quality Office...
Use the following information to answer Exercises E5-23 through ES-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Account Title Cash Balance Debit Credit $ 3.700 13.300 31,500 6,300 42,900 $ 13,900 9.200 800 8,600 Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Administrative...
Business Markdown Systems uses a perpetual inventory system
Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2018, follows:
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of...
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Big Rita's Music Company Adjusted Trial Balance Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show oth June 30, 2024 Big Rita's Music Company Income Statement Balance Account Title...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on...
Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2019: Mackenzie Inc. ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE CREDIT DEBIT 2,800.00 Cash Accounts Receivable 3,300.00 Allowance for Doubtful Accounts 250.00 Inventory 6,500.00 Prepaid Insurance 800.00 Land 6,000.00 Buildings and Equipment 32,700.00 Accumulated Depreciation 15,100.00 Accounts Payable 3,100.00 10 Salaries Payable 420.00 11 Unearned Rent 360.00 12 Income Taxes Payable 2,525.00 13 Note Payable 5,000.00 14 Interest Payable 800.00 15...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1:...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Cash $ 15,900 Accounts Receivable 12,950 Office Equipment 23,300 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends 7,900 Fees Earned Salaries Expense 16,800 Advertising Expense 3,450 Depreciation Expense 4,450 Totals $ 84,750 $ 6,400 7,950 22,900 47,500 $ 84,750 After closing the accounts, Retained Earnings at December 31 equals:
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial...
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Discount's single-step income statement for the year ended March 31, 2018 Revenues: Net Sales Revenue Expenses: Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Expenses Net Income (Loss) Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes...
Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses.) Teai Lilueu Marcil JI, ZUT0 Net Income (Loss) Account Title Debit Credit Cash 2,700 Accounts Receivable 13,000 Merchandise Inventory 31,900 Office Supplies 7,100 Equipment 43,100 Accumulated Depreciation-Equipment 13,400...
E5-23 (similar to) Budget Office Systems uses a perpetual inventory system. The adjusted trial balance of Budget Office Systems at March 31, 2018, follows: Requirement 1. Journalize the required closing entries at March 31, 2018.
Use the following information to answer Exercises E5-23 through ES-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Account Title Cash Balance Debit Credit $ 3.700 13.300 31,500 6,300 42,900 $ 13,900 9.200 800 8,600 Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Administrative...
Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2018, follows:
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Big Rita's Music Company Adjusted Trial Balance Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show oth June 30, 2024 Big Rita's Music Company Income Statement Balance Account Title...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2019: Mackenzie Inc. ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE CREDIT DEBIT 2,800.00 Cash Accounts Receivable 3,300.00 Allowance for Doubtful Accounts 250.00 Inventory 6,500.00 Prepaid Insurance 800.00 Land 6,000.00 Buildings and Equipment 32,700.00 Accumulated Depreciation 15,100.00 Accounts Payable 3,100.00 10 Salaries Payable 420.00 11 Unearned Rent 360.00 12 Income Taxes Payable 2,525.00 13 Note Payable 5,000.00 14 Interest Payable 800.00 15...
Shown below is an adjusted trial balance for Novelty Toys, Incorporated on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Cash $ 15,900 Accounts Receivable 12,950 Office Equipment 23,300 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends 7,900 Fees Earned Salaries Expense 16,800 Advertising Expense 3,450 Depreciation Expense 4,450 Totals $ 84,750 $ 6,400 7,950 22,900 47,500 $ 84,750 After closing the accounts, Retained Earnings at December 31 equals:
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
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