Homework Answers
| 1) | |||
| Date | Account titles & Explanation | Debit | Credit |
| Jan 1, 2020 | Cash | $22,000.00 | |
| Preferred Stock (1000 x $20) | $20,000.00 | ||
| Paid in Capital in Excess of Par | $2,000.00 | ||
| Jan 1,2020 | Cash | $26,400.00 | |
| Common Stock (1200 x $10) | $12,000.00 | ||
| Paid in Capital in Excess of Par | $14,400.00 | ||
| July 1 | Treasury Stock | $15,040.00 | |
| Cash (320 x $47) | $15,040.00 | ||
| Dec 31,2020 | Dividends (6% x 20000) + (3000+1200-320) x $1.30) | $6,244.00 | |
| Dividend Payables | $6,244.00 | ||
| Dec 31,2020 | Bad debt Expense | $5,000.00 | |
| Allowance for Uncollectible Accounts | $5,000.00 | ||
| Dec 31,2020 | Depreciation Expenses | $4,946.67 | |
| Accumulated Depreciation_Building | $4,946.67 | ||
| ($109200 + 35000 +4200 )/30 | |||
| Dec 31,2020 | Depreciation Expenses | $5,930.00 | |
| Accumulated Depreciation_Equipment | $5,930.00 | ||
| (43000+ 12000+4300)/10 | |||
| Dec 31,2020 | Rent Expenses (6400/4 x 3 months) | $4,800.00 | |
| Prepaid Rent | $4,800.00 | ||
| Dec 31,2020 | Interest Expenses (40000 x 10%) | $4,000.00 | |
| Interest Payable | $4,000.00 | ||
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ccounting Cycle Review 15 a-e Crane Corporation's trial balance at December 31, 2020, is presented below....
ccounting Cycle Review 15 a-e Crane Corporation's trial balance at December 31, 2020, is presented below....
ccounting Cycle Review 15 a-e Crane Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described belovw Debit Credit $25,500 50,000 23,000 65,800 109,200 43,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par Common $460 35,000 12,000 19,200 6,400 40,000...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
See below. Thank you! Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31,...
See below. Thank you!
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit $26,500 56,000 23,000 68,000 98,600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10...
Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020. Debit Credit...
Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash $ ? Supplies 1,300 Prepaid Insurance 1,100 Equipment 48,100 Accumulated Depreciation-Equipment $ 4,100 Trademarks 1,050 Accounts Payable 10,100 Salaries and Wages Payable 600 Unearned Service Revenue 2,100 Bonds Payable (due 2027) 9,100 Common Stock 10,100 Retained Earnings 25,100 Service Revenue 10,100 Salaries and Wages Expense 9,100 Insurance Expense 1,500 Rent Expense 1,300 Interest Expense 1,000 Total $ ? $ ? Additional information: 1. Net loss for the...
Presented below is the trial balance of Wildhorse Corporation at December 31, 2017. Cash Sales Debt...
Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment $27,300 59,000 23,100 62,800 104,400 43,000 Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash $ 199,690 $ 8,103,140 Sales Debt Investments (trading) (at cost, $145,000) 156,140 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,690 Equity Investments (long-term) 279,690 93,140 Notes Payable (short-term) Accounts Payable 458,140 Selling Expenses 2,003,140 Investment Revenue 65,840 Land 263,140 Buildings 1,042,690 Dividends Payable 138,690 Accrued Liabilities 99,140 Accounts Receivable 438,140 Accumulated Depreciation Buildings 152.000 28,140 Allowance for Doubtful Accounts Accounts Receivable 438,140 152,000...
Presented below is the trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ 201,670 Sales $ 8,104,230 Debt Investments (trading) (at cost, $145,000) 157,230 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,670 Equity Investments (long-term) 281,670 Notes Payable (short-term) 94,230 Accounts Payable 459,230 Selling Expenses 2,004,230 Investment Revenue 64,770 Land 264,230 Buildings 1,044,670 Dividends Payable 140,670 Accrued Liabilities 100,230 Accounts Receivable 439,230 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,230 Administrative Expenses 901,770 Interest Expense 212,770...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
ccounting Cycle Review 15 a-e Crane Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described belovw Debit Credit $25,500 50,000 23,000 65,800 109,200 43,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par Common $460 35,000 12,000 19,200 6,400 40,000...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
See below. Thank you!
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit $26,500 56,000 23,000 68,000 98,600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10...
Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment $27,300 59,000 23,100 62,800 104,400 43,000 Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash $ 199,690 $ 8,103,140 Sales Debt Investments (trading) (at cost, $145,000) 156,140 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,690 Equity Investments (long-term) 279,690 93,140 Notes Payable (short-term) Accounts Payable 458,140 Selling Expenses 2,003,140 Investment Revenue 65,840 Land 263,140 Buildings 1,042,690 Dividends Payable 138,690 Accrued Liabilities 99,140 Accounts Receivable 438,140 Accumulated Depreciation Buildings 152.000 28,140 Allowance for Doubtful Accounts Accounts Receivable 438,140 152,000...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
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