Income statement:
ABC Inc. | ||
Income statement | ||
Revenues: | ||
Ticket sales revenue | $449,200 | |
Theater rental revenue | $45,200 | |
Total revenues | $494,400 | |
Expenses: | ||
Usher wages expense | $157,860 | |
Office wages expense | $24,000 | |
Utilities expense | $112,700 | |
Interest expense | $27,000 | |
Insurance expense | $17,400 | |
Office supplies expense | $536 | |
Cleaning supplies expense | $3,122 | |
Depreciation expense, building | $14,000 | |
Depreciation expense, Theater | $36,000 | |
Depreciation expense, Office | $3,160 | |
Income taxes expense | $20,000 | |
Total expenses | $415,778 | |
Net income | $78,622 |
Statement of retained earnings:
ABC Inc. | ||
Statement of retained earnings | ||
Retained earnings, beginning | $112,648 | |
Net income | $78,622 | |
Balance | $191,270 | |
(Less): Dividends | ($60,000) | |
Retained earnings, ending | $131,270 |
Balance Sheet:
ABC Inc. | |||||
Balance Sheet | |||||
Assets | Liabilities and stockholder's equity | ||||
Cash | $31,800 | Accounts payable | $45,506 | ||
Accounts receivable | $18,544 | Wages payable | $860 | ||
Prepaid insurance | $2,200 | Income taxes payable | $20,000 | ||
Office supplies | $244 | Gift books liability | $4,100 | ||
Cleaning supplies | $468 | Mortgage payable | $300,000 | ||
Land | $20,000 | Total liabilities | $370,466 | ||
Building | $400,000 | ||||
Accumulated depreciation, building | ($53,400) | $346,600 | Stockholder's equity: | ||
Theater Furnishings | $370,000 | Common stock | $200,000 | ||
Accumulated depreciation, Theater | ($101,000) | $269,000 | Retained earnings | $131,270 | |
Office equipment | $31,600 | Total stockholder's equity | $331,270 | ||
Accumulated depreciation, office | ($18,720) | $12,880 | |||
Total assets | $701,736 | Total Liabilities and stockholder's equity | $701,736 |
Practice Name cash 16,544 Required Use the domation in a sid trial balance to prepar 400,000...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable Income taxes payable Mortgage Payable Accrued Interest Payable Common Stock PIC in Excess of...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 24,100 Petty Cash Fund 500 Notes Receivable, due 2020 11,800 Accounts Receivable 96,000 Allowance for Doubtful Accounts $ 6,000 Merchandise Inventory 234,000 Warehouse Supplies 2,860 Office Supplies 1,420 Prepaid Insurance 10,200 Land 46,000 Building 178,000 Accumulated Depreciation—Building 54,000 Warehouse Equipment 37,000 Accumulated Depreciation—Warehouse Equipment 17,400 Delivery...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 23,700 Petty Cash Fund 400 Notes Receivable, due 2020 11,400 Accounts Receivable 92,000 Allowance for Doubtful Accounts $ 5,600 Merchandise Inventory 230,000 Warehouse Supplies 2,820 Office Supplies 1,380 Prepaid Insurance 9,000 Land 42,000 Building 174,000 Accumulated Depreciation—Building 51,600 Warehouse Equipment 35,000 Accumulated Depreciation—Warehouse Equipment 16,200 Delivery...
The following tables shows the adjusted trial balance of Scott Company: Scott Company Adjusted Trial Balance, December 31, 2016 Cash $100,000 Accounts receivable 7,000 Prepaid Insurance 9,000 Office supplies 3,300 Office equipment 8,000 Accumulated depreciation - Equipment $3,200 Building 430,000 Accumulated depreciation - Building 42,000 Accounts payable 5,800 Salaries payable 14,500 Interest payable 2,500 Long-term note payable 52,000 Common stock 50,000 Retained earnings 160,000 Dividends 20,000 Service fees earned 280,300 Salaries expense 20,000 Insurance expense 5,200 Depreciation expense - Equipment...
KANEOHE RENOVATIONS Unadjusted Trial Balance December 31, 2019 Cash $4,000 Accounts receivable 1,800 Construction supplies 1,360 Prepaid insurance 1,940 Investment in Sierra, Inc., common shares (long-term) 8,000 Trucks 38,000 Accumulated depreciation, trucks $15,000 Construction equipment 6,400 Accumulated depreciation, construction equipment 2,300 Building 103,000 Accumulated depreciation, building 38,600 Land 24,000 Franchise 35,000 Unearned renovation service revenue 1,950 Notes payable, long term ...
MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash $ 2,333 Supplies 2,600 Prepaid Insurance 1,800 Land 14,833 Buildings 67,600 Equipment 16,800 Accounts Payable $ 4,533 Unearned Rent Revenue 3,300 Mortgage Payable 33,600 Common Stock 59,833 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110,266 $110,266 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,070 of unused supplies on May 31. 3. (a)...
33) Using the adjusted trial balance below. write the four closing entries necessary to prepare the accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 Cash. Accounts receivable.................. Prepaid insurance ................ Office supplies................... Office equipment... Accumulated depreciation office equipment Buildings... wwwww Accumulated depreciation-buildings..... Land ........ Wages Payable........... Property taxes payable........ Interest payable... Unearned rent......... Long-term notes payable... Common stock Retained earnings ........
33) Using the adjusted trial balance below write the four closing entries necessary to prepare accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 880 1,400 2,200 Cash.... Accounts receivable.......... Prepaid insurance Office supplies ........... Office equipment Accumulated depreciation office equipment ... Buildings.. Accumulated depreciation—buildings.......... Land Wages Payable.............. Property taxes payable... Interest payable............. Unearned rent........... Long-term notes payable........... Common stock ........... •...
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet Statement of Cash Flows Trial balance Debits Credits Adjusting entries Debits Credits Adjusted trial balance Debits _ Credits _ Revenue Assets Cash Accounts receivable Prepaid insurance Supplies inventory Computer equipment Accumulated depreciation Total assets Net income + Depreciation - Accounts receivable - Prepaid insurance - Supplies + Accounts payable Cash from operations Computer equipment Accounts payable Notes payable Common stock Accounts Cash Accounts receivable...
33) Using the adjusted trial balance below. write the four closing entries nec accounts for the beginning of the next accounting period. tries necessary to prepare the $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 DODSON CONTAINERS Adjusted Trial Balance December 31 Cash... Accounts receivable.. Prepaid insurance ...... Office supplies ............. Office equipment ...... Accumulated depreciation office equipment.. Buildings. Accumulated depreciation-buildings. Land ......... -Wages Payable....... ---Property taxes payable... Interest payable.... Unearned rent. -Long-term notes payable. Common stock...