Date | Account Title and Description | Debit | Credit | ||
a. | Accounts Receivable A/c | $ 15,000 | |||
To Service Revenue A/c | $ 15,000 | ||||
( Being Service Revenue yet to be billed raised now) | |||||
b. | Interest Expense A/c | $ 9,000 | |||
To Interest Payable A/c | $ 9,000 | ||||
( Being Interest Expense on Notes payable recored for 9 months of this FY ) | |||||
c. | Insurance Expense A/c | $ 7,500 | |||
To Prepaid Insurance | $ 7,500 | ||||
( Being Insurance Expense recored for 3 months of this FY ) | |||||
d. | Rent Expense A/c | $ 80,000 | |||
To Prepaid Rent A/c | $ 80,000 | ||||
( Being Rent Expense recored for 2 months of this FY ) | |||||
e. | Salaries & Wages A/c | $ 22,000 | |||
To Salaries & Wages Payable A/c | $ 22,000 | ||||
( Being Unpaid paid salaries recorded for this FY ) | |||||
f. | Cost of Goods Sold A/c | $ 115,000 | |||
To Inventory A/c | $ 115,000 | ||||
(Being inventory value adjusted ) | |||||
The following are selected amounts from Matador Company's trial balance of 12/31/2020: (All of the accounts...
PREPARATION OF FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL PERFORMANCE ISM Industries provided the following account balance on December 31, 2019 Share capital 5,000,000.00 Share premium 500,000.00 Retained Earnings 880,000.00 Serial bonds payable (Php500,000.00 due every July 1 of each year) 2,500,000.00 Employees income tax payable 20,000.00 Notes payable 100,000.00 Accrued expenses 30,000.00 Accrued interest on note payable 10,000.00 Income tax payable 60,000.00 Allowance for doubtful accounts 50,000.00 Advances from customers 100,000.00 Accounts receivable 500,000.00 Accumulated depreciation –...
TEL Company provided the following account balances on December 31, 2019: Accounts receivable 400,000.00 Advances to officers-not-currently collectible 100,000.00 Sinking fund 400,000.00 Building 5,000,000.00 Long-term refundable deposit 50,000.00 Cash and cash equivalents 500,000.00 Cash surrender value 60,000.00 Equipment 1,000,000.00 Lease rights 100,000.00 Accrued interest on notes receivable 10,000.00 Inventories 1,300,000.00 Land 1,500,000.00 Land held for speculation 500,000.00 Notes receivable 250,000.00 Computer software 3,250,000.00 Prepaid expenses 70,000.00 Trading securities 280,000.00 Unearned rent income 40,000.00 Retained earnings (deficit) (1,800,000.00) Share premium -...
Create two years (2020 and 2021) of pro forma income statements and balance sheets and the statement of cash flows, including operating, investing, and financing sections for 2020 only. Additional Information: The relationship between cost of goods sold and sales revenue Is expected to continue in the near term and no inflation is expected. Operating expenses include $200,000 in depreciation (fixed expense), the remainder is variable costs tied to sales revenue. Fixed assets are adequate to support sales growth for...
Selected amounts from Reznor Company’s trial balance as of 12/31/16 appear below: (Note that all of these accounts have their standard or normal debit or credit balance.) No adjusting entries have been made yet this year. Account Balance Accounts Payable $360,000 Accounts Receivable $346,000 Accumulated Depreciation- Equipment $210,000 Allowance for Doubtful Accounts $35,000 Cash ??? Common Stock $66,000 Dividends Declared $20,000 Dividends Payable $10,000 Equipment $900,000 Insurance Expense $24,000 Interest Expense $30,000 Merchandise Inventory $300,000 Notes Payable (due 6/1/17) $400,000 Prepaid...
Prepare a Balance sheet for the following Accounts payable $20,000.00 Accounts receivable $60,000.00 Cash $30,000.00 Retained Earnings $170,000.00 Common Stock $60,000.00 Bonds Payable LT $120,000.00 Inventory $100,000.00 Equipment $200,000.00 Accummulated Depreciation $50,000.00 Supplies $40,000.00 Notes Payable $10,000.00
December 31, 2017, Sallie Ltd. (Purchase) acquires all of the assets and liabilities of Jimmie Dean Ltd. by issuing 40,000 Sallie common shares. Before the transaction, Sallie had 160,000 common shares outstanding. The market share of Sallie's stock is $30 with a par value of $10. After the transaction, 200,000 Sallie shares are outstanding, lirnrmie Dean will dissolve. The pre transaction balance sheets are the following Provide the appropriate journal entries and construct the new balance sheet for the surviving...
O Showing Selected amounts from Sandhill Company's trial balance of 12/31/20 par blow 2. Arounts Receivable 3. Acomodated Depreciation Equipment Allowance for Do Accounts 5. Bonds Payable 6. Cash 7. Common Stock R. Ecument 2. Prepaid insurance 10. Interest Expense 11. Inventory 12 Notes Payable 1/21) 13. Prepaid Rent 14 Red es 15. 5 d Wars Expense $127,600 700 600 219.700 17.500 50200 140,000 62.500 873150 30,700 8.700 300,700 197.100 252.600 All of the above accounts have the standardor normal...
1/1/2022 Debit Credit Cash $ 950,000.00Common Stock $ 950,000.00Cash $ 2,000,000.00Note Payable $ 2,000,000.00Inventory $ 147,000.00Accounts Payable $ 147,000.00Prepaid Rent $ 480,000.00Cash $ 480,000.00Supplies $ 10,000.00Cash $ 10,000.001/11/2022Inventory $ 3,000.00Accounts Payable $ 3,000.001/20/2022Accounts Payable $ 150,000.00Cash $ 150,000.002/10/2022Accounts Receivable $ 21,340.00Sales Revenue $ 21,340.00Cost of Goods Sold $ 15,000.00Inventory $ 15,000.00Cash $ 30,000.00Sales Revenue $ 30,000.00Cost of Goods Sold $ 21,000.00Inventory $ 21,000.003/10/2022Accounts Receivable $ 660.00Sales Revenue $ 660.003/15/2022Inventory $ 170,000.00Cash $ 170,000.004/30/2022Cash $ 30,000.00Sales Revenue $ 30,000.00Cost of Goods...
TEL Company provided the following account balances on Dec. 31, 2019 Accounts Receivable 400,000.00 Advances to Officers -not- currently collectible 100,000.00 Sinking Fund 400,000.00 Building 5,000,000.00 Longterm Refundable Deposit 50,000.00 Cash and cash Equivalent 500,000.00 Cash Surrender Value 60,000.00 Equipment 1,000,000.00 Lease Rights 100,000.00 Accrued Interest on Notes Receivable 10,000.00 Inventories 1,300,000.00 Land 1,500,000.00 Land Held for Speculation 500,000.00 Notes Receivable 250,000.00 Computer Software 3,250,000.00 Prepaid Expenses 70,000.00 Trading Securities 280,000.00 Unsaved...
The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12,000 Dividends 2,800 Totals $388,600 $388,600 At...