Homework Answers
Dear student, only one question is allowed at a time. I am answering the first question
5)
Fixed Assets are reported on the balance sheet as
Cost – Accumulated depreciation
So, Equipment will be reported at
= $24,000 - $16,000
= $8,000
Other assets and Net Fixed assets will be as follows
Cash + ( Equipment – Accumulated Depreciation) + Prepaid Insurance + Supplies
= $35,000 + ( $24,000 - $16,000) + $1,200 + $150
= $ 44,350
So, as per above calculations, option b is the correct option
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Fill out the balance sheet with the transactions and balances
above:
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Fill out the balance sheet with the transactions and balances
above:
On January 1, Pulse Recording Studio (PRS) had the following account balances Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies Unearned Revenue $ 8,500 7,000 6,000 3,800 1,500 10,000 30,000 12,000 3,000 5,300 500 4,000 The following transactions occurred during January. 1. Received $2,500 cash on 1/1 from customers on account for recording services completed in December...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $ 18,000 14,400 2,089 23,000 14,40 $ 168 Accum 6.500 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment Accumulated depreciation- © Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 45,150 6,000 50,000 2,000 29,150 2,100 3,350...
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