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Homework Answers
(1)
| Consulting revenue | $29,500 | |
| Less expenses: | ||
| Wages expense | $3,900 | |
| Depreciation expense - Buildings | $4,000 | |
| Insurance expense | $1,900 | |
| Total expense | $9,800 | |
| Net income | $19,700 |
(2)
| Retained earnings, Dec 31st prior year | $9,500 |
| Add: Net income | $19,700 |
| $29,200 | |
| Less: Dividends | $3,000 |
| Retained earnings, Dec 31st current year end | $26,200 |
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Required information [The following information applies to the questions displayed below.] The following is the adjusted...
Required information Use the following information for Quick Studies below. (The following information applies to the...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance of Susan Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $15,000 1,ᎾᎾᎾ 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required (1) Prepare an income statement for...
Required information Use the following information for Quick Studies below. (The following information applies to the...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
Required information Use the following information for Quick Studies below. [The following information applies to the...
Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Credit Debit $ 5,600 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages...
(The following information applies to the questions displayed below. The following is the adjusted trial balance...
(The following information applies to the questions displayed below. The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 35,000 2,000 7,000 95,000 $ 27,000 10,000 10,500 12,500 20,500 8,500 84,500 5,000 9,500 3.000 $165,000 $165,000 bok cences QS 3-22 Preparing...
Required information [The following information applies to the questions displayed below.] The adjusted trial balance...
Required information [The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 176,900 Accounts receivable 51,000 Interest receivable 22,600 Notes receivable (due in 90 days) 172,000 Office supplies 16,000 Automobiles 172,000 Accumulated depreciation—Automobiles $ 95,000 Equipment 136,000 Accumulated depreciation—Equipment 21,000 Land 78,000 Accounts payable 92,000 Interest payable 20,000 Salaries payable 17,000 Unearned fees 40,000 Long-term notes payable 156,000 Common stock 29,580 Retained earnings...
Also, how would you make a balance sheet? Use the following adjusted trial balance of Sierra...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
The following information applies to the questions displayed below. The December 31, 2018, adjusted trial balance...
The following information applies to the questions displayed below. The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Accounts Recelvable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 148,000 5,800 29,000 380,000 133,000 11,800 0,800 4,800 38,000 280,000 58,000 480,000 380,000 19,000 38,000 4,800 $1,016,400 $1,016,400 We were...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,800 4,589 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Sto Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000...
Required information [The following information applies to the questions displayed below.] The following is the adjusted...
Required information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Truck Credit Debit $ 9,400 18,100 2,300 175,000 $ 34,000 68,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,900 3,400 43,000 21,200 159,000...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
[The following information applies to the questions displayed below.) The following is the adjusted trial balance of Susan Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $15,000 1,ᎾᎾᎾ 5,000 45,000 $17,000 5,000 5,500 7,500 10,500 3,500 34,500 4,000 4,500 2,000 $80,000 $80,000 Required (1) Prepare an income statement for...
Required information Use the following information for Quick Studies below. (The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500...
Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $5,500 on December 31 of the prior year. Credit Debit $ 5,600 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages...
(The following information applies to the questions displayed below. The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 35,000 2,000 7,000 95,000 $ 27,000 10,000 10,500 12,500 20,500 8,500 84,500 5,000 9,500 3.000 $165,000 $165,000 bok cences QS 3-22 Preparing...
Also, how would you make a balance sheet?
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of owner's equity for the year ended December 31. The H. Sierra, Capital account balance was $10,500 on December 31 of the prior year. Credit Debit $ 5,000 500 4,000 20,000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H....
The following information applies to the questions displayed below. The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Accounts Recelvable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 148,000 5,800 29,000 380,000 133,000 11,800 0,800 4,800 38,000 280,000 58,000 480,000 380,000 19,000 38,000 4,800 $1,016,400 $1,016,400 We were...
Required information [The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,800 4,589 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Sto Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000...
Required information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Truck Credit Debit $ 9,400 18,100 2,300 175,000 $ 34,000 68,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,900 3,400 43,000 21,200 159,000...
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