"Prepare Adjusting Journal Entries (given the information below), then an Adjusted Trial Balance given said information. Prepare an Income statement, Retained Earnings, Statement, and a Classified Balance Sheet (in this order). Finally, answer the following questions: 1) 'What is the dollar amount for Net Income or Net loss?' 2) 'What is the dollar amount for Ending Retained Earning?' 3) 'What is the amount for total Current Assets?' 4) 'What is the dollar amount for Total Current Liabilities?' 5) 'What is the dollar amount for Total Stockholders Equity?' 6) 'What is the dollar amount for Total Assets?'" Sorry to bombard you with this gigantic question, but I can't do it myself....
Homework Answers
Adjusting entries
| Insurance expense | Debit | 8000 | (24000/12*4) |
| Prepaid Insurance | Credit | 8000 | (24000/12*4) |
| Depreciation expense | Debit | 15000 | |
| Accumulated depreciation | Credit | 15000 | |
| Wages expense | Debit | 8000 | |
| Wages payable | Credit | 8000 | |
| Unearned revenue | Debit | 12900 | |
| Service revenue | Credit | 12900 | |
| Accounts receivables | Debit | 8000 | |
| Service revenue | Credit | 8000 | |
| Supplies expense | Debit | 5500 | (9500-4000) |
| Supplies | Credit | 5500 |
Adjusted Trial balance
| Unadjusted | Adjustments | Adjusted | ||||
| Debit | Credit | Debit | Credit | Debit | Credit | |
| Cash | 126000 | 126000 | ||||
| Accounts receivables | 23000 | 8000 | 31000 | |||
| Supplies | 9500 | 5500 | 4000 | |||
| Prepaid Insurance | 24000 | 8000 | 16000 | |||
| Inventory | 110000 | 110000 | ||||
| Vehicle | 15000 | 15000 | ||||
| Equipment | 75000 | 75000 | ||||
| Accumulated depreciation | 40000 | 15000 | 55000 | |||
| Accounts payable | 8000 | 8000 | ||||
| Unearned revenue | 17900 | 12900 | 5000 | |||
| Wages payable | 12500 | 8000 | 20500 | |||
| Long term notes payable | 45000 | 45000 | ||||
| Common stock | 46000 | 46000 | ||||
| Retained earnings | 67600 | 67600 | ||||
| Dividends | 5000 | 5000 | ||||
| Service revenue | 474500 | 12900+8000 | 495400 | |||
| Repair expense | 10000 | 10000 | ||||
| Delivery expense | 47000 | 47000 | ||||
| Depreciation expense | 5000 | 15000 | 20000 | |||
| Rent expense | 54000 | 54000 | ||||
| Insurance expense | 10000 | 8000 | 18000 | |||
| Wages expense | 145000 | 8000 | 153000 | |||
| Supplies expense | 13000 | 5500 | 18500 | |||
| Interest expense | 4000 | 4000 | ||||
| Income tax expense | 36000 | 36000 | ||||
| 711500 | 711500 | 57400 | 57400 | 763400 | 763400 | |
Income statement
| Income Statement | |
| Service revenue | 495400 |
| Total revenue | 495400 |
| Repair expense | 10000 |
| Delivery expense | 47000 |
| Depreciation expense | 20000 |
| Rent expense | 54000 |
| Insurance expense | 18000 |
| Wages expense | 153000 |
| Supplies expense | 18500 |
| Interest expense | 4000 |
| Income tax expense | 36000 |
| Total expenses | 360500 |
| Profit after Tax | 134900 |
Balance sheet
| Balance Sheet | |
| Equity | |
| Common stock | 46000 |
| Retained earnings | 67600 |
| Add: Net profit for year | 134900 |
| Less: Dividends paid | -5000 |
| Long term borrowings | |
| Long term notes payable | 45000 |
| Current Liabilities & Provisions | |
| Accounts payable | 8000 |
| Unearned revenue | 5000 |
| Wages payable | 20500 |
| 322000 | |
| Fixed assets | |
| Equipment | 75000 |
| Less: Accumulated depreciation | -55000 |
| 20000 | |
| Vehicle | 15000 |
| Current assets | |
| Inventory | 110000 |
| Cash | 126000 |
| Accounts receivables | 31000 |
| Supplies | 4000 |
| Prepaid Insurance | 16000 |
| Total Assets | 322000 |
| 1) Net Income | 134900 |
| 2)Retained earning | 197500 |
| 3) Current assets | 287000 |
| 4) Current liabilities | 33500 |
| 5)Total stockholder's equity | 243500 |
| 6)Total assets | 322000 |
Add Answer to:
"Prepare Adjusting Journal Entries (given the information
below), then an Adjusted Trial Balance given said information....
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 Cash...
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 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 9,000 13,600 12,500 40,000 35,000 65,700 4,000 576,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000...
Financial Statement Homework #1 Name Insert Unadjusted Trial Balance HERE: 106,000 28,000 7,500 30,000 110,000 15,000...
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The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
I need help completing my Financial Statement homework and if what I have completed is correct....
I need help completing my Financial Statement homework
and if what I have completed is correct.
k
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 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...
I NEED HELP A = = = = = 8 , AaBbCcD AaBbCcDdl Aa Heading 3...
I NEED HELP
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I am messed on part 2, pls help me 10/2020 Cash Total Vehicle Interest Expense Income...
I am messed on part 2, pls help me
10/2020 Cash Total Vehicle Interest Expense Income Tax Expenses Supplies Expense Rent Expense Dividends Inventory Supplies Insurance Expense Wages Expense ID Delivery Expense Repair Expense Depreciation Expense Equipment Service Revenue Common Stock Wages Payable Long-Term Notes Payable Unearned Revenue Accounts Payable Accumulated Depreciation Prepaid Insurance Retained Earnings (1/1/2018) #12932 Accounts Receivable R 2 4127 6131 FzAz Rom 29 $$ M&X 53.15 Up the 24+ PK that CE RIA . as lex...
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 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 9,000 13,600 12,500 40,000 35,000 65,700 4,000 576,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000...
Financial Statement Homework #1 Name Insert Unadjusted Trial Balance HERE: 106,000 28,000 7,500 30,000 110,000 15,000 80,000 Everly Company Unadjusted Trial Balance December 31, 2018 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 46,000 8,000 17,900 12,500 50,000 46,000 47,600...
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financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 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 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...
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The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
I need help completing my Financial Statement homework
and if what I have completed is correct.
k
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 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...
I NEED HELP
A = = = = = 8 , AaBbCcD AaBbCcDdl Aa Heading 3 Heading 5 Financial Statement Homework #1 Name Insert Unadjusted Trial Balance HERE: Colton Company Unadjusted Trial Balance December 31, 2018 140,000 23,000 6,500 36,000 106,000 17,000 72,000 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...
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