Homework Answers
| Milo's Management Co. | ||
| Trial Balance | ||
| At December 31 | ||
| Accounts Titles | Debit | Credit |
| Cash | 9,500 | |
| Accounts receivable | 7,000 | |
| Office Supplies | 1,200 | |
| Land | 50,000 | |
| Building | 125,000 | |
| Accounts payable | 6,500 | |
| Unearned Management fees | 4,000 | |
| Dividends | 48,000 | |
| Common stock | 118,700 | |
| Management revenue | 175,000 | |
| Wages expense | 36,000 | |
| Rent expense | 6000 | |
| Supplies expense | 21,500 | |
| Totals | $ 304,200 | $ 304,200 |
cash has been calculated as a balancing figure
| Milo's Management Co. | ||
| Statement of Cash Flows | ||
| At December 31 | ||
| I. Cash flow from Operating Activities | ||
| Cash collected from customers | 7,750 | |
| Cash payment for wages | -4000 | |
| Purchase store supplies for cash | -1,500 | |
| Cash payment for rent | -1800 | |
| Net cash flow from operating activities | 450 | |
| II. Cash flow from Investing Activities | ||
| Purchase equipment for cash | -7,500 | |
| Net cash used in Investing Activities | -7,500 | |
| III. Cash flow from Financing Activities | ||
| Cash received from stock issuance | 15,000 | |
| Cash payment towards long term loan | -1,000 | |
| Cash dividends paid | -2,000 | |
| Net cash provided by Financing Activities | 12,000 | |
| Net increase in Cash and Cash Equivalents(I +II +III) | 4,950 | |
| Add: Cash in the beginning of the period | 3,200 | |
| Cash at the end of the period | 8,150 | |
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10) The balances for the accounts of Milo's Management Co. for the year ended December 31...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 36,000 6,000 50,000 4,000 48,000 Accounts Payable..... $ 6,500 Wages Expense......... Accounts Receivable... 7,000 Rent Expense..... Cash.... ? Land.... Office Supplies 1,200 Unearned Management Fees Building. 125,000 D. Milo, Withdrawals Supplies Expense...... 21,500 D. Milo, Capital... 118,700 Management Revenue. 175,000 Calculate the correct balance for Cash and prepare a trial balance.
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 38,900 $ 27,000 $ 93,600 $ 234,000 $ 89,000 $ 300,000 $ 23,000 $ 20,000 $ 4,000 $ 200,000 $ 250,000 $ 98,000 $ 26,000 $ 53,000 $ 8.000 $ 120,000...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 640,000 $ 38,000 $ 13,000 $ 380,600 $ 25,000 $ 2,900 $ 25,300 $ 124,000 $ 32,000 $ 153,700 $ 12,000 $ 54,600 $ 6,000 $ 260,000 $ 3,800 $ What is...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 56,000 33,500 95,000 450,000 125,000 750,000 45,000 15,000 5,300 550,000 250,000 90,000 14,000 64,000 6,700...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 400,000 $ 45,000 $ 15,500 $ 405,000 $ 40,000 $ 5,700 $ 18,000 $ 45,000 $ 133,000 $ 29,000 $ 13,700 $ 32,000 $ 4,900 $ 189,000 $ 5,600 What are the...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 600,000 $ 101,000 $ 32,000 $ 912,000 $ 90,000 $ 12,800 $ 40,500 $ 101,200 $ 300,000 $ 65,100 $ 30,900 $ 72,000 $ 11,100 $ 426,000 $ 12,600 What is the...
Use the following information to prepare Balance Sheet for ABC for the month ended December 31....
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Prepare Debit Company's income statement and statement of
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Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
Provide the Net Income for Sampson Hair Accessories for the year ended December 31, 2019:- Questoion...
Provide the Net Income for Sampson Hair Accessories for
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The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31,...
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2018. The retained earnings account shows the $56,000 balance as of the end of 2017, which is the beginning balance for 2018. Land $6,000 Salaries Expense 63,000 Common Stock 30,000 Cash 3,200 Notes Payable 36,000 Salaries Payable 1,500 Accounts Payable 9,000 Equipment 12,000 Property Tax Expense 3,100 Service Revenue 185,000 Accounts Receivable 1,300 Insurance Expense 2,000 Dividends 30,000 Office Supplies 14,000 Advertising Expense 20,000...
4. The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 36,000 6,000 50,000 4,000 48,000 Accounts Payable..... $ 6,500 Wages Expense......... Accounts Receivable... 7,000 Rent Expense..... Cash.... ? Land.... Office Supplies 1,200 Unearned Management Fees Building. 125,000 D. Milo, Withdrawals Supplies Expense...... 21,500 D. Milo, Capital... 118,700 Management Revenue. 175,000 Calculate the correct balance for Cash and prepare a trial balance.
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 38,900 $ 27,000 $ 93,600 $ 234,000 $ 89,000 $ 300,000 $ 23,000 $ 20,000 $ 4,000 $ 200,000 $ 250,000 $ 98,000 $ 26,000 $ 53,000 $ 8.000 $ 120,000...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 640,000 $ 38,000 $ 13,000 $ 380,600 $ 25,000 $ 2,900 $ 25,300 $ 124,000 $ 32,000 $ 153,700 $ 12,000 $ 54,600 $ 6,000 $ 260,000 $ 3,800 $ What is...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Building Cash Common Stock Depreciation Expense Dividends Interest Payable Land Notes Payable Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 56,000 33,500 95,000 450,000 125,000 750,000 45,000 15,000 5,300 550,000 250,000 90,000 14,000 64,000 6,700...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 400,000 $ 45,000 $ 15,500 $ 405,000 $ 40,000 $ 5,700 $ 18,000 $ 45,000 $ 133,000 $ 29,000 $ 13,700 $ 32,000 $ 4,900 $ 189,000 $ 5,600 What are the...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 600,000 $ 101,000 $ 32,000 $ 912,000 $ 90,000 $ 12,800 $ 40,500 $ 101,200 $ 300,000 $ 65,100 $ 30,900 $ 72,000 $ 11,100 $ 426,000 $ 12,600 What is the...
Prepare Debit Company's income statement and statement of
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Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
Provide the Net Income for Sampson Hair Accessories for
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The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2018. The retained earnings account shows the $56,000 balance as of the end of 2017, which is the beginning balance for 2018. Land $6,000 Salaries Expense 63,000 Common Stock 30,000 Cash 3,200 Notes Payable 36,000 Salaries Payable 1,500 Accounts Payable 9,000 Equipment 12,000 Property Tax Expense 3,100 Service Revenue 185,000 Accounts Receivable 1,300 Insurance Expense 2,000 Dividends 30,000 Office Supplies 14,000 Advertising Expense 20,000...
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