Homework Answers
T Accounts
| Assets | Liabilities | Stockholders Equity | |||||||||||
| Cash | Accounts Payable | Common Stock | |||||||||||
| 1 Common Stock | 58000 | 76000 | 3 Salaries Expense | 6 Cash | 11700 | 16000 | 4 Supplies | 58000 | 1 Cash | ||||
| 5 A/c Receivable | 90000 | 11700 | 6 A/c Payable | ||||||||||
| 5800 | 7. Dividends | ||||||||||||
| Bal | 54500 | Bal | 4300 | Bal | 58000 | ||||||||
| Accounts Receivable | Dividends | ||||||||||||
| 2 Service Revenue | 110000 | 90000 | 5 Cash | 7 Cash | 5800 | ||||||||
| Bal | 20000 | Bal | 5800 | ||||||||||
| Supplies | Service Revenue | ||||||||||||
| 4 A/c Payable | 16000 | 11400 | Supplies Expenses | 110000 | 2 A/c Receivable | ||||||||
| Bal | 4600 | Bal | 110000 | ||||||||||
| Total Assets | 79100 | Total Liablities | 4300 | Salaries Expenses | |||||||||
| 3 Cash | 76000 | ||||||||||||
| Bal | 76000 | ||||||||||||
| Supplies Expenses | |||||||||||||
| 8 Supplies | 11400 | ||||||||||||
| Bal | 11400 | ||||||||||||
| Total Stockholders Equity | 74800 | ||||||||||||
Total Assets =79100
Net Income
Calculation of Net Income
| Net Income | |||
| Salaries Expenses | 76000 | 110000 | Service Revenue |
| Supplies Expenses | 11400 | ||
| Net Income | 22600 | ||
Net income = 22600
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T-Accounts? Net Income? Total Assets?
View traruction list ...... View journal entry worksheet ........ No Event...
The following events apply to Pearson Service Co. for 2018, its first year of operation: Received...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
3. By what amount would net income have been understated or overstated had the adjusting journal...
3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by Check my work Part 2 of 7 Required information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit...
I just need to know the amount of total assets and net income, ignore the rest....
I just need to know the amount of total assets and net income,
ignore the rest. Thanks!
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders....
do not understand why these are wrong? T-Accounts or Leger Accounts: Cash Beg Bal S12 S14...
do
not understand why these are wrong?
T-Accounts or Leger Accounts: Cash Beg Bal S12 S14 b S4 S4 d. S47 28 $7 S10 i Accounts Receivable Beg Bal. SS 5 8 57 h End. Bal. Supplies Equipment Beg Bal. b $ 9 97 $14 54 End. Bal. $35 $5 $3-$9.95 - $7. Accumulated Depreciation Beg Ball Software $13 Sim End. Bal. SI Accumulated Amortization S8 $4 . End. Bal S13 Accounts Payable Beg Bal. S10 59 End. Bal. Salaries...
extra info: total current assets is 108,000 The following information is available for Buckeye Company: January...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income...
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued...
Answers in journal entry for event “a” is incorrect. Please correct. Record the effect, if any,...
Answers in journal entry for event “a” is incorrect. Please
correct.
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an...
balances after each transaction for July tollow Assets Liabilities + Stockholders' Equity Accounts Accounts Common Fees...
balances after each transaction for July tollow Assets Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries RentAutoSupplies Misc. Cash Receivable +Supplies Payable Stock -Dividends Earned -Expense -Expense -Ex pense -Expense-Expense a 50,000 50,000 7,000+7,000 Bal 50,000 7,000 7,00050,000 c. -3,600 3,600 Bal 46,400 7,000 3,400 50000 d110,000 Bal 156,400 e -33,000 Bal 123,400 1 20,800 al 102,600 9 55,000 Bal 47,600 110,000 7,000 3,400 50,000 110,000 -33,000 7,000 3,400 50,000 110,000 33,000 16,000 4,800 7,0003,40090,000 10,000 33,000 -16,000 4,800...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 40,000 47,500 $ 95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by Check my work Part 2 of 7 Required information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit...
I just need to know the amount of total assets and net income,
ignore the rest. Thanks!
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders....
do
not understand why these are wrong?
T-Accounts or Leger Accounts: Cash Beg Bal S12 S14 b S4 S4 d. S47 28 $7 S10 i Accounts Receivable Beg Bal. SS 5 8 57 h End. Bal. Supplies Equipment Beg Bal. b $ 9 97 $14 54 End. Bal. $35 $5 $3-$9.95 - $7. Accumulated Depreciation Beg Ball Software $13 Sim End. Bal. SI Accumulated Amortization S8 $4 . End. Bal S13 Accounts Payable Beg Bal. S10 59 End. Bal. Salaries...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued...
Answers in journal entry for event “a” is incorrect. Please
correct.
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an...
balances after each transaction for July tollow Assets Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries RentAutoSupplies Misc. Cash Receivable +Supplies Payable Stock -Dividends Earned -Expense -Expense -Ex pense -Expense-Expense a 50,000 50,000 7,000+7,000 Bal 50,000 7,000 7,00050,000 c. -3,600 3,600 Bal 46,400 7,000 3,400 50000 d110,000 Bal 156,400 e -33,000 Bal 123,400 1 20,800 al 102,600 9 55,000 Bal 47,600 110,000 7,000 3,400 50,000 110,000 -33,000 7,000 3,400 50,000 110,000 33,000 16,000 4,800 7,0003,40090,000 10,000 33,000 -16,000 4,800...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 40,000 47,500 $ 95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1...
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