1.
Income Statement | ||
Service Revenue | $ 4,515 | |
Salaries and Wages Expense | $ 1,006 | |
Utilities Expense | $ 125 | |
Advertising Expense | $ 165 | |
Supplies Expense | $ 1,025 | |
Depreciation Expense | $ 40 | |
Insurance Expense | $ 110 | |
Interest Expense | $ 15 | |
$ 2,486 | ||
Net Income | $ 2,029 |
Statement of Retained Earnings | |
Beginning Balance | $ - |
Add : Net Income | $ 2,029 |
Less : Dividend | $ 500 |
Ending balance | $ 1,529 |
Balance Sheet | ||
Assets | ||
Current Assets | ||
Cash | $ 1,180 | |
Accounts Receivable | $ 875 | |
Supplies | $ 350 | |
Prepaid Insurance | $ 1,210 | |
Total Current Assets | $ 3,615 | |
Equipment | $ 1,200 | |
Less : Accumulated Depreciation | $ -40 | |
Total Property, Plant and Equipment | $ 1,160 | |
Total Assets | $ 4,775 | |
Liabilities & Owner's Equity | ||
Current Liabilities | ||
Accounts Payable | $ 75 | |
Salaries and Wages Payable | $ 56 | |
Unearned Service Revenue | $ 300 | |
Total Current Liabilities | $ 431 | |
Non-Current Liabilities | ||
Notes Payable | $ 2,000 | |
Interest Payable | $ 15 | |
Total Non-Current Liabilities | $ 2,015 | |
Total Liabilities | $ 2,446 | |
Owner's Equity | ||
Share Capital | $ 800 | |
Retained Earnings | $ 1,529 | |
Total Owner's Equity | $ 2,329 | |
Total Liabilities & Owner's Equity | $ 4,775 |
2.
Account Titles | Debit | Credit |
Service Revenue | 4515 | |
Income Summary | 4515 | |
(TO close revenue accounts) | ||
Income Summary | $ 2,486 | |
Salaries and Wages Expense | $ 1,006 | |
Utilities Expense | $ 125 | |
Advertising Expense | $ 165 | |
Supplies Expense | $ 1,025 | |
Depreciation Expense | $ 40 | |
Insurance Expense | $ 110 | |
Interest Expense | $ 15 | |
(To close expense accounts) | ||
Income Summary | $ 2,029 | |
Retained Earnings | $ 2,029 | |
(To close income summary) | ||
Retained Earnings | $ 500 | |
Dividends | $ 500 |
3. Post Closing Trial
Account Titles | Debit | Credit |
Cash | $ 1,180 | |
Accounts Receivable | $ 875 | |
Supplies | $ 350 | |
Prepaid Insurance | $ 1,210 | |
Equipment | $ 1,200 | |
Accumulated Depreciation | 40 | |
Accounts Payable | $ 75 | |
Salaries and Wages Payable | $ 56 | |
Unearned Service Revenue | $ 300 | |
Notes Payable | $ 2,000 | |
Interest Payable | $ 15 | |
Share Capital | $ 800 | |
Retained Earnings | $ 1,529 | |
Total | $ 4,815 | $ 4,815 |
We were unable to transcribe this imageInstructions Using the information in the adjusted trial balance, do...
Instructions Using the information in the adjusted trial balance, do the following (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year end will be December 31, 2017. Prepare closing entries as of...
Instructions Using the information in the adjusted trial balance, do the following. (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year-end will be December 31, 2017. Prepare closing entries as of December...
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit ash $1,180 Accounts Receivable 875 Supplies 350 Prepaid Insurance 1,210 Equipment 1,200 Accumulated Depreciation—Equipment $40 Accounts Payable 75 Salaries and Wages Payable 56 Unearned Service Revenue 300 Notes Payable 2,000 Interest Payable 15 Common Stock 800 Dividends 500 Service Revenue 4,515...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable Salaries and Wages Payable 51 Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary 688 Dividends 430 Service Revenue...
The completed adjusted trial balance for Sandhill Company is below. SANDHILL COMPANY Adjusted Trial Balance December 31, 2021 Prepare an income statement. Prepare a statement of owner's equity.Prepare a classified balance sheet. Prepare the closing entries.Post the closing entries and calculate the balance in each account.Prepare a post-closing trial balance.
GLS Complete worksheet, prepare financial statements, closing entries, and post-closing trial balance (L01 2.4 The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Dr. Account No. 101 112 126 130 157 ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Cr. Cash 5.300 Accounts Receivable 10.800 Supplies 1,500 Prepaid Insurance 2.000 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 15,000 Accounts Payable 6.100 Salaries and Wages Payable 2,400 Interest...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 51 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable 66 Salaries and Wages Payable Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary Dividends 430 Service Revenue...
complete the worksheets above using information from the adjusted trial balance sheet. Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 736 49 252 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$992 Accounts Receivable Supplies 296 Prepaid Insurance 1,016 Equipment 1,008 Accumulated Depreciation Equipment NT$36 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Interest Payable 16 Notes Payable 1,680 Share Capital-Ordinary 672 Dividends 420 Service...
ROSE COMPANY INC Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Account No. Account Titles 101 Cash 12 Accounts Receivable 126 Supplies 130 Prepaid Insurance 151 Office Equipment 152 Accum DepreciationOffice Equipment 200 Notes Payable 201 Accounts Payable 212 Salaries Payable 230 Interest Payable 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 610 Advertising Expense 631 Supplies Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries Expense 905 Interest Expense 8,100 10,800 1,500 2,000...