Homework Answers
TRUE STATEMENT: C. A trial balance presents data in debit and credit format.
- A trial balance and a balance sheet have different formats. A balance sheet classifies accounts as assets and liabilities and owners' equity.
- A trial balance is prepared before the balance sheet. The balance sheet is prepared based on the account balances in the trial balance.
- A trial balance shows the amounts of assets, liabilities, equity, income, and expenses.
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Which of the following statements is true of a trial balance? O A. A trial balance...
Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total...
Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $450,000 132,000 318,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) O A. 100.00% O B. 29.33% O c. 41.51% OD. 70.67%
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB....
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
Modern Moving Company reported the following amounts on its balance sheet as of December 31, 2019...
Modern Moving Company reported the following amounts on its balance sheet as of December 31, 2019 and December 31, 2018: 2019 2018 Cash and Receivables $175,000 $135,000 Merchandise Inventory 235,000 170,000 Property, Plant and Equipment, net 780,000 790,000 Total Assets $1,190,000 $1,095,000 Total Liabilities S485,000 $445,000 For the vertical analysis, what is the percentage of stockholders' equity as of December 31, 2019? (Round your answer to two decimal places.) O A. 59.36% OB. 59.24% O c. 100.00% OD. There is...
Preparation of Balance Sheet Ari Company's December 31 post.closing trial balance contains the following normal balances:...
Preparation of Balance Sheet Ari Company's December 31 post.closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation- Wages payable 6,000 Patent (net of amortization) Notes payable (short term) Inventory Equipment Allowance for doubtful accounts 2,000 con-- Building 135,000 Required Prepare a December 31 classified balance sheet Do not use negative signs with any of...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below,) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Accounts Debit Credit 10,800 138,000 Cash Accounts Receivable 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 4,800 24,000 280,000...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (The following information...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (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 12,000 150,000 6,000 30,000 400,000 Accounts Cash Accounts Receivable 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...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances:...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company Do not use...
Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $450,000 132,000 318,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) O A. 100.00% O B. 29.33% O c. 41.51% OD. 70.67%
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
Modern Moving Company reported the following amounts on its balance sheet as of December 31, 2019 and December 31, 2018: 2019 2018 Cash and Receivables $175,000 $135,000 Merchandise Inventory 235,000 170,000 Property, Plant and Equipment, net 780,000 790,000 Total Assets $1,190,000 $1,095,000 Total Liabilities S485,000 $445,000 For the vertical analysis, what is the percentage of stockholders' equity as of December 31, 2019? (Round your answer to two decimal places.) O A. 59.36% OB. 59.24% O c. 100.00% OD. There is...
Preparation of Balance Sheet Ari Company's December 31 post.closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation- Wages payable 6,000 Patent (net of amortization) Notes payable (short term) Inventory Equipment Allowance for doubtful accounts 2,000 con-- Building 135,000 Required Prepare a December 31 classified balance sheet Do not use negative signs with any of...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below,) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Accounts Debit Credit 10,800 138,000 Cash Accounts Receivable 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 4,800 24,000 280,000...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (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 12,000 150,000 6,000 30,000 400,000 Accounts Cash Accounts Receivable 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...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company Do not use...
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