Homework Answers
| Selling, general and administrative expenses: | |
| Salaries expense | $165,600 |
| Rent expense | 37,440 |
| Utilities expense | 12,240 |
| Insurance expense | 2,700 |
| Depreciation expense-Furniture & Fixtures | 5,760 |
| Depreciation expense-Delivery Equipment | 23,400 |
| Total | $247,140 |
|
MARSHALL CORPORATION Income Statement For The Year Ended December 31 |
|
| Sales revenue | $657,360 |
| Cost of goods sold | (386,640) |
| Gross profit on sales | 270,720 |
| Operating expenses: | |
| Selling, general and administrative expenses | (247,140) |
| Income before income taxes | 23,580 |
| Income tax expense | (5,400) |
| Net income | $18,180 |
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:: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013...
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below....
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts Receivable 110,200 94,000 2,400 6,400 85,000 Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock $35,000 100,000 105,000 22,800 791,000 Retained Earnings Sales Revenue 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16,000 $1,053,800 $1.053,800 Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance...
6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement...
6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2018 Prepare a classified balance sheet as of Dscember 31, 2018 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the company's success for the first year of operations by calculating the following ratios Round to two decimal places Comment on the results a. Liquidity i....
The adjusted trial balance of Karise Repairs on December 31, 2013, follows. KARISE REPAIRS Adjusted Trial...
The adjusted trial balance of Karise Repairs on December 31, 2013, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2013 No. Account Title Debit Credit $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 Cash ..................... Office supplies............... Prepaid insurance ............ Equipment ............. .. Accumulated depreciation-Equipment ........ Accounts payable ......... Wages payable ....... C. Karise, Capital ................ C. Karise, Withdrawals ............. Repair fees...
219 H D Auto Zoom : P4-10A. Multi-step Income Statement and Adjusting Entries The New England...
219 H D Auto Zoom : P4-10A. Multi-step Income Statement and Adjusting Entries The New England Trading Company, whose LO2 accounting year ends on December 31, had the following normal balances in its general ledger at De cember 31: $17,000 56,600 74.000 3,000 4,200 21,000 Cash. Accounts receivable Inventory.......... Prepaid insurance... Office supplies Furniture and fixtures... Accumulated depreciation furniture and fixtures....... Delivery equipment............ Accumulated depreciation delivery equipment ... Accounts payable.... Long-term notes payable ......... Common stock..... Retained earnings ................. Sales...
MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Credit Debit $30,200 Cash 110,200 Accounts Receivable 94,000 Inventory...
MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Credit Debit $30,200 Cash 110,200 Accounts Receivable 94,000 Inventory 2,400 Prepaid Insurance 6,400 Supplies 85,000 Delivery Equipment Accumulated Depreciation $35,000 Accounts Payable 100,000 Common Stock 105,000 Retained Earnings 22,800 Sales Revenue 791,000 Cost of Goods Sold 513,400 Salaries Expense 123,000 Rent Expense 40,000 Supplies Expense 6,400 Utilities Expense 4,000 Depreciation Expense 16,000 Insurance Expense 6,800 Income Tax Expense 16,000 Totals $1,053,800 $1,053,800 Prepare a multi-step income statement for the dote: Do not use...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue,...
The following account balances
appear in the 2021 adjusted trial balance of Beavers Corporation:
Service Revenue, $190,000; Salaries Expense, $93,000; Supplies
Expense, $11,500; Rent Expense, $17,500; Depreciation Expense,
$27,000; and Delivery Expense, $9,500. Prepare an income statement
for the year ended December 31, 2021.
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $190,000; Salaries Expense, $93,000; Supplies Expense, $11,500; Rent Expense, $17,500; Depreciation Expense, $27,000, and Delivery Expense, $9,500. Prepare an income...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
$
736,800
Prepare an...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable 740,000 inventory 250,000 supplies 120,000 prepaid rent 75,000 office furniture 1,500,000 accumulated depreciation 450,000 account payable 380,000 salary payable 25,000 interest payable 17,000 unearned sales revenue 39,000 note payable long term 209,000 simpleton capital 1,652,500 simpleton withdrawal 105,000 sales revenue 1,200,000 interest revenue 16,000 sales discount 32,000 sales returns and allowances 21,000 cost of goods sold 213,500 salary expense 105,000 rent expense 135,000 depreciation...
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts Receivable 110,200 94,000 2,400 6,400 85,000 Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock $35,000 100,000 105,000 22,800 791,000 Retained Earnings Sales Revenue 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16,000 $1,053,800 $1.053,800 Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance...
6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2018 Prepare a classified balance sheet as of Dscember 31, 2018 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the company's success for the first year of operations by calculating the following ratios Round to two decimal places Comment on the results a. Liquidity i....
The adjusted trial balance of Karise Repairs on December 31, 2013, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2013 No. Account Title Debit Credit $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 Cash ..................... Office supplies............... Prepaid insurance ............ Equipment ............. .. Accumulated depreciation-Equipment ........ Accounts payable ......... Wages payable ....... C. Karise, Capital ................ C. Karise, Withdrawals ............. Repair fees...
219 H D Auto Zoom : P4-10A. Multi-step Income Statement and Adjusting Entries The New England Trading Company, whose LO2 accounting year ends on December 31, had the following normal balances in its general ledger at De cember 31: $17,000 56,600 74.000 3,000 4,200 21,000 Cash. Accounts receivable Inventory.......... Prepaid insurance... Office supplies Furniture and fixtures... Accumulated depreciation furniture and fixtures....... Delivery equipment............ Accumulated depreciation delivery equipment ... Accounts payable.... Long-term notes payable ......... Common stock..... Retained earnings ................. Sales...
MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Credit Debit $30,200 Cash 110,200 Accounts Receivable 94,000 Inventory 2,400 Prepaid Insurance 6,400 Supplies 85,000 Delivery Equipment Accumulated Depreciation $35,000 Accounts Payable 100,000 Common Stock 105,000 Retained Earnings 22,800 Sales Revenue 791,000 Cost of Goods Sold 513,400 Salaries Expense 123,000 Rent Expense 40,000 Supplies Expense 6,400 Utilities Expense 4,000 Depreciation Expense 16,000 Insurance Expense 6,800 Income Tax Expense 16,000 Totals $1,053,800 $1,053,800 Prepare a multi-step income statement for the dote: Do not use...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
The following account balances
appear in the 2021 adjusted trial balance of Beavers Corporation:
Service Revenue, $190,000; Salaries Expense, $93,000; Supplies
Expense, $11,500; Rent Expense, $17,500; Depreciation Expense,
$27,000; and Delivery Expense, $9,500. Prepare an income statement
for the year ended December 31, 2021.
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $190,000; Salaries Expense, $93,000; Supplies Expense, $11,500; Rent Expense, $17,500; Depreciation Expense, $27,000, and Delivery Expense, $9,500. Prepare an income...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
$
736,800
Prepare an...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
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