Homework Answers
Calculate total assets
| Account receivable | 42000 |
| Cash | 50000 |
| Goodwill | 47000 |
| Inventory | 26000 |
| Prepaid expense | 5000 |
| Property, plant and equipment | 123000 |
| Total assets | 293000 |
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Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Account...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $44,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $25,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of...
A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account...
A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $48,500, Accounts receivable $49,500, Capital stock $100,000, Cash $60,000, Dividends $10,000, Interest expense $4,000, Interest payable $3,200, Inventory $32,000, Prepaid expenses $4,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two...
Accounts payable $41,000, Accounts receivable $46,500, Capital stock $100,000, Cash $41,000, Dividends $10,000, Goodwill $47,000, Interest...
Accounts payable $41,000, Accounts receivable $46,500, Capital stock $100,000, Cash $41,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $4,100, Inventory $32,000, Note payable $18,000, Prepaid expenses $5,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current year: Debit Credit Cash $ 15,000 Buildings and Equipment 85,000 Accumulated Depreciation $ 5,000 Accounts Payable 10,000 Common Stock 59,000 Retained Earnings 18,000 Sales Revenue 56,000 Depreciation Expense 25,000 Loss on Disposal of Assets 23,000 Totals $ 148,000 $ 148,000 Which of the following will be included in the closing entry prepared at the end of the current year? Multiple Choice Credit to Retained...
Helen corporation's adjusted trial balance on December 31, 20x8 reflects the following amounts. Requirement: Prepare a...
Helen corporation's adjusted trial balance on December 31, 20x8
reflects the following amounts.
Requirement: Prepare a classified balance sheet for
Helen Corporation
Credit $ 10,000 30,000 2,000 60,000 Accounts payable Debit - Accounts receivable Accumulated depreciation Equipment $18,000 - Administrative expenses Allowance for doubtful accounts 25,000 Cash 10,000 Common stock, $10 par Cost of goods sold 40,000 Dividends declared 5,000 Equipment 90,000 Gain from sale of land Inventory 14,000 60,000 Land Interest revenue Mortgage payable Rental revenue Retained earnings Sales...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each normal balance: Advertising Expense $ 15,000 Cost of Goods Sold Depreciation Expense 347,000 3,500 Freight-out 2.000 Income Tax Expense 21,700 Interest Expense 19,000 Interest Revenue 25,000 Merchandise Inventory 35,750 Prepaid Rent 4,500 Sales 575,000 Sales Discounts 9.500 Sales Returns and Allowances 50,000 Store Salaries Expense 74,000 Unearned Revenue 8.000 Utilities Expense 18,000 Instructions 1. Use the above information to prepare a multiple-step income statement...
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000;...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Helen corporation's adjusted trial balance on December 31, 20x8
reflects the following amounts.
Requirement: Prepare a classified balance sheet for
Helen Corporation
Credit $ 10,000 30,000 2,000 60,000 Accounts payable Debit - Accounts receivable Accumulated depreciation Equipment $18,000 - Administrative expenses Allowance for doubtful accounts 25,000 Cash 10,000 Common stock, $10 par Cost of goods sold 40,000 Dividends declared 5,000 Equipment 90,000 Gain from sale of land Inventory 14,000 60,000 Land Interest revenue Mortgage payable Rental revenue Retained earnings Sales...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each normal balance: Advertising Expense $ 15,000 Cost of Goods Sold Depreciation Expense 347,000 3,500 Freight-out 2.000 Income Tax Expense 21,700 Interest Expense 19,000 Interest Revenue 25,000 Merchandise Inventory 35,750 Prepaid Rent 4,500 Sales 575,000 Sales Discounts 9.500 Sales Returns and Allowances 50,000 Store Salaries Expense 74,000 Unearned Revenue 8.000 Utilities Expense 18,000 Instructions 1. Use the above information to prepare a multiple-step income statement...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
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