retained earnings, Beginning | 429,000 |
add: net income | 139,000 |
less: dividend | (11,000) |
retained earnings, ending | $557,000 |
working:
net income:
sales revenue | 2,004,000 |
less:office expenses | (190,000) |
less: salaries and wages expense | (1,050,000) |
less: utilities expense | (625,000) |
net income | 139,000 |
$ 164,000 34,000 94,000 Accounts Payable Accounts Receivable Cash (balance on September 1, 2017) Cash (balance...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
The following information relates to ABC Ltd. Accounts Payable Accounts Receivable Amortisation of Intangibles Cash and cash equivalents 1 August 2018 Depreciation for year Dividends Payable Dividend paid Gain on Disposal of Property, Plant & Equipment Interest Paid Taxes Paid Inventory Payments to suppliers & employees Payments for intangible assets Proceeds from borrowings Proceeds from sale of Property, Plant & Equipment Proceeds from share issue Profit for year Provision for Employee Benefits Payments for Property. Plant & Equipment Repayment of...
The following information relates to ABC Ltd. Accounts Payable Accounts Receivable Amortisation of Intangibles Cash and cash equivalents 1 August 2018 Depreciation for year Dividends Payable Dividend paid Gain on Disposal of Property, Plant & Equipment Interest Paid Taxes Paid Inventory Payments to suppliers & employees Payments for intangible assets Proceeds from borrowings Proceeds from sale of Property, Plant & Equipment Proceeds from share issue Profit for year Provision for Employee Benefits Payments for Property. Plant & Equipment Repayment of...
WILDHORSE CO. Trial Balance September 30, 2022 Debit Credit Cash $ 23,430 Accounts Receivable 6,830 Supplies 4,520 Equipment 10,420 Accounts Payable $ 9,030 Unearned Service Revenue 3,520 Common Stock 19,230 Retained Earnings 13,420 $45,200 $45,200 The October transactions were as follows. Oct. 5 Received $1,400 in cash from customers for accounts receivable due. 10 Billed customers for services performed $6,000. 15 Paid employee salaries $1,000. 17 Performed $640 of services in exchange for cash. 20 Paid $1,930 to creditors for...
Cash $ 3,250 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,130 Accounts Payable 2,760 Supplies 1,580 Unearned Service Revenue 400 Equipment 10,460 Salaries and Wages Payable 840 Common Stock 10,460 Retained Earnings 3,460 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $380 is for November and $840 is for October salaries payable. 10 Received $1,840 cash from customers in payment of account. 12 Received $3,780 cash for services performed in November....
On August 31, the balance sheet of Skysong, Inc. showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $15,000, and Retained Earnings $700. During September, the following transactions occurred. 1. Paid $3,050 cash for accounts payable due. 2. Collected $1,500 of accounts receivable. 3. Purchased additional equipment for $2,600, paying $850 in cash and the balance on account. 4. Recognized revenue of $8,800, of which $3,200 is collected in cash and the balance is...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3.100 Retained earning 1.720 56,120 56,120 The company underwent a major expansion in July, New staff was hired and more financing was obtained Grouperconducted the following transactions during July 2022, and adjusts its accounts monthly July 1Purchased equipment, paying 53 200 cash and signing a 2 year note payable for $17.200. The equipment has a 6-year useful life. The note has a...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
Vero Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable 2020 $63,000 85,000 170,000 75,000 270,000 2019 $ 22,000 76,000 189,000 100,000 200,000 Inventory Land Equipment Accumulated depreciation-equipment Total $597,000 $555,000 Liabilities and Stockholders' Equity Accounts payable $ 39,000 $ 47,000 Bonds payable Common stock ($1 par) 150,000 216,000 192.000 200,000 174,000 134.000 Retained earnings Total $597,000 $555,000 Additional information: 1. Net income for 2020 was $93.000. 2. Cash dividends of $35,000 were declared and paid. 3. Bonds payable...
On August 31, the balance sheet of Bridgeport Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700, Supplies $ 600, Equipment $6,000, Accounts Payable $6,600, Common Stock $15,950, and Retained Earnings $750. During September, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. Paid $3,300 cash for accounts payable due. Collected $1,350 of accounts receivable. Purchased additional equipment for $1,250, paying $900 in cash and the balance on account. Performed services worth $8,600, of which $2,400 is collected...