Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3
The adjusted trial balance of Karise Repairs on December 31, 2017, follows.
Assume there are no owner investments in 2017.
Required:
1a. Prepare an income statement for the year 2017
1b. Prepare a statement of owner's equity for the year 2017
1c. Prepare a classified balance sheet at December 31, 2017
2. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance
3. Using Information from the work sheet in Requirement 2 prepare the appropriate closing entries.
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Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 93,000 1,500 2,100 50,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637...
Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial...
Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credi $ Debit 7,589 22,090 9,280 8,580 45,000 188,888 $ 22,500 60,000 61,550 17,500 2,500 3,600 2,900 700 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable...
The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000...
The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000 1,900 3,000 53,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals...
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted...
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable...
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $118,000 1,700 2,200...
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $118,000 1,700 2,200 60,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 c. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 6,000...
Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted...
Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. Credit Debit $18,000 12,000 2,000 23,000 $ 6,500 45, 747 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637...
Exercise 4-10 Entering data for closing entries and a post-closing trial balance LO P2, P3 The...
Exercise 4-10 Entering data for closing entries and a post-closing trial balance LO P2, P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries in the middle columns and (2) completing the post-closing trial balance columns Post-Closing Trial Balance Dr. Cr. No. Account Title 101 Cash 106 Accounts receivable 153 Equipment 154 Accumulated depreciation- Equipment 183 Land 201 Accounts payable 209 Salaries payable...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P6, A1 (The following information applies to the questions displayed below.) The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 151,400 54,000 18,800 172,000 16,000 167,000 85,000 142,000 19,000 80,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 36 The following information applies to the questions displayed below] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit $ 125,00 Accounts receivable receivable (due in a days) 19.000 170,000 17.00 Accumulated depreciation-utomobiles Equipment Accumulated depreciation Equipment 100.000 Interest payable notes payable 32.00 142.000 25,580 24,00 Depreciation expense-quipment Bagair expense Automobiles...
Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1,...
Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1, P2 The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner’s capital account was $53,800, and the owner invested $25,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 93,000 1,500 2,100 50,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637...
Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credi $ Debit 7,589 22,090 9,280 8,580 45,000 188,888 $ 22,500 60,000 61,550 17,500 2,500 3,600 2,900 700 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable...
The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000 1,900 3,000 53,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals...
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable...
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $118,000 1,700 2,200 60,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 c. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 6,000...
Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. Credit Debit $18,000 12,000 2,000 23,000 $ 6,500 45, 747 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637...
Exercise 4-10 Entering data for closing entries and a post-closing trial balance LO P2, P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries in the middle columns and (2) completing the post-closing trial balance columns Post-Closing Trial Balance Dr. Cr. No. Account Title 101 Cash 106 Accounts receivable 153 Equipment 154 Accumulated depreciation- Equipment 183 Land 201 Accounts payable 209 Salaries payable...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P6, A1 (The following information applies to the questions displayed below.) The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 151,400 54,000 18,800 172,000 16,000 167,000 85,000 142,000 19,000 80,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 36 The following information applies to the questions displayed below] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit $ 125,00 Accounts receivable receivable (due in a days) 19.000 170,000 17.00 Accumulated depreciation-utomobiles Equipment Accumulated depreciation Equipment 100.000 Interest payable notes payable 32.00 142.000 25,580 24,00 Depreciation expense-quipment Bagair expense Automobiles...
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