Homework Answers
--Requirements, as asked
| Revenues | |||
| Service Revenue | $961,000 | ||
| Interest revenue | $133,100 | ||
| Total revenues | $1,094,100 | ||
| Expenses | |||
| Supplies expense | $355,200 | ||
| Repairs & Maintainance expense | $263,100 | ||
| Depreciation expense | $61,550 | ||
| Rent Expense | $32,400 | ||
| Total expenses | $712,250 | ||
| Income before income tax | [$1094100 - 712250] | $381,850 | Answer [a] |
| Income tax expense | [$ 381850 x 30%] | $114,555 | Answer [b] |
| Net Income | [$ 381850 - 114555] | $267,295 | Answer [c] |
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All of the accounts of the Grass is Greener Company have been adjusted as of December...
The following data are for the Grass is Greener Company at the end of 2017, after...
The following data are for the Grass is Greener Company at the end of 2017, after adjustments, except for the calculation of income tax expense. 27 Accounts payable Property and equipment Cost of service expense Supplies Service revenue Bonds payable Interest receivable Retained earnings Notes payable Investments Accumulated depreciation $281,700 Prepaid insurance 672,500 Contributed capital 183,600 Other revenue 216,900 Deferred revenue 904,000 Depreciation expense 229,600 Accounts receivable 4,300 Rent expense 187,400 Cash 356,040 Accrued liabilities 146,400 Prepaid rent 128,900 Administrative...
2.5points eBook Print References Check my workCheck My Work button is now enabled Item 2 Item...
2.5points eBook Print References Check my workCheck My Work button is now enabled Item 2 Item 2 2.5 points All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2018, with the exception of income taxes incurred but not yet recorded. Those account balances appear below. All have normal balances. The estimated income tax rate for the company is 40%. Cash $ 369,340 Accounts Receivable 789,950 Interest Receivable 5,200 Prepaid Insurance 7,700 Prepaid...
Macro Company has the following adjusted accounts and balances at June 30: Macro Company has the...
Macro Company has the following
adjusted accounts and balances at June 30:
Macro Company has the following adjusted accounts and balances at June 30: Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Software Supplies $ 240 490 120 190 960 240 70 80 1,340 80...
Macro Company has the following adjusted accounts and balances at June 30: $ 230 480 115...
Macro Company has the following adjusted accounts and balances at June 30: $ 230 480 115 180 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation- Equipment Cash Common Stock Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue 950 230 75 1,330 75 20 145 40 1,230 750 30 330 85 590 3,365 Software Supplies Unearned Revenue 165 640...
Complete the Adjusted Trial Balance as of December 31, 2016 using the given information. Enter accounts...
Complete the Adjusted Trial Balance as of December 31, 2016 using the given information. Enter accounts in order of assets, liabilities, common stock, dividends, revenues, and expenses. Assume all accounts have normal balances. Accounts Payable 11,240 SMART TOUCH LEARNING Accounts Receivable 7,020 Accumulated Depreciation--Furniture 12,640 Adjusted Trial Balance December 31, 2016 Cash 30,910 120,860 Balance Credit Common Stock Cost of Goods Sold Account Title Furniture Debit 50,590 4,210 Depreciation Expense--Furniture Accounts Receivable 7,020 16,860 25,290 Dividends Accumulated Depreciation V 12,640...
Macro Company has the following adjusted accounts and balances at June 302 $ 240 490 Book...
Macro Company has the following adjusted accounts and balances at June 302 $ 240 490 Book Print Terences 2401 1340 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation- Equipment Cash Common Stock Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Software Sunnlies 80 40 150 60 1,240 760 50 340 90 600 3,380 170 650 Gram < Prev...
list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
After the accounts have been adjusted at December 31, the end of the fiscal year, the...
After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Pioneer Delivery Services Co....
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable A...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
The following data are for the Grass is Greener Company at the end of 2017, after adjustments, except for the calculation of income tax expense. 27 Accounts payable Property and equipment Cost of service expense Supplies Service revenue Bonds payable Interest receivable Retained earnings Notes payable Investments Accumulated depreciation $281,700 Prepaid insurance 672,500 Contributed capital 183,600 Other revenue 216,900 Deferred revenue 904,000 Depreciation expense 229,600 Accounts receivable 4,300 Rent expense 187,400 Cash 356,040 Accrued liabilities 146,400 Prepaid rent 128,900 Administrative...
Macro Company has the following
adjusted accounts and balances at June 30:
Macro Company has the following adjusted accounts and balances at June 30: Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Software Supplies $ 240 490 120 190 960 240 70 80 1,340 80...
Macro Company has the following adjusted accounts and balances at June 30: $ 230 480 115 180 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation- Equipment Cash Common Stock Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue 950 230 75 1,330 75 20 145 40 1,230 750 30 330 85 590 3,365 Software Supplies Unearned Revenue 165 640...
Complete the Adjusted Trial Balance as of December 31, 2016 using the given information. Enter accounts in order of assets, liabilities, common stock, dividends, revenues, and expenses. Assume all accounts have normal balances. Accounts Payable 11,240 SMART TOUCH LEARNING Accounts Receivable 7,020 Accumulated Depreciation--Furniture 12,640 Adjusted Trial Balance December 31, 2016 Cash 30,910 120,860 Balance Credit Common Stock Cost of Goods Sold Account Title Furniture Debit 50,590 4,210 Depreciation Expense--Furniture Accounts Receivable 7,020 16,860 25,290 Dividends Accumulated Depreciation V 12,640...
Macro Company has the following adjusted accounts and balances at June 302 $ 240 490 Book Print Terences 2401 1340 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation- Equipment Cash Common Stock Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Notes Payable (long-term) Office Expenses Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Software Sunnlies 80 40 150 60 1,240 760 50 340 90 600 3,380 170 650 Gram < Prev...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
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