Homework Answers
A.
A general ledger contains all the assets, liabilities, and owners' equity accounts.
B.
The purpose of a trial balance is to prove that debits equal credits, but does not prove that all transactions have been recorded.
C.
The current accounts section of balance sheet contains items such as cash, accounts receivable, and prepaid expenses; and the current liabilities section contains items such as accounts payable, notes payable, and short-term debt.
D.
The auditing test was to begin at 2:00 p.m., but the professor's car broke down, so we didn't begin untill 2:30 p.m.
E.
Did William ask, "how can we finish the audit tonight because Linda said, 'we have 20 hours of work left to do'"?
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5. Insert the correct punctuation in the following sentences. a. A general ledger contains all the...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment $4,170 6,480 2,490 100 230 3,050 1,180 210 1,110 6,580 2,110 740 420 230 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon t...
Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon to view the accounts.) Prepare the liabilities section of Like Home, Inc.'s, balance sheet at December 31, 2018, to show how the company would report these items. Report total current liabilities and total liabilities. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Liabilities Choose from any list...
quire Question 5 On 1" July 2019, the ledger of Ohsom Sdn. Bhd. contains the following...
quire Question 5 On 1" July 2019, the ledger of Ohsom Sdn. Bhd. contains the following liabilities accounts: Ringgit Malaysia(RM) Accounts Payable Unearned Service Revenue 52,000 16,000 During the month, the following transactions occurred. 1 Provided services for customers who had made advance payments of RM10,000. 15 Borrowed RM50,000 from MyBank on 12 months, 8% notes payable. 25 Paid RM15,432 for accounts payable by cheque. Required: a) Joumalize the above transactions. b) Record the adjusting entry for interest payable on...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) $4,170 6,480 2,490 100 230 Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment 3,050 1,180 210 1,110 6,580 2,110 740 420 230 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense $14,800 9,800 ? 59,470 3,358 700 30 450 $ 3,500 16,900 900 40,110 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) 9,428 950 6,500 Notes Payable (due 2020) Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following....
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following. ANDERSON COOPER CO ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit $19,472 6,920 2,280 18,050 Credit Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense ent Expense Depreciation Expense Interest Expense Interest Payable $4,895 5,700 5,472 20,000 11,310 3,000 11,590 6,840 2,260 145 83 83 $59,050 $59,050 ANDERSON COOPER CO. Income...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 $ 3,300 45,000 84,100 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January...
p11-1a problems a,b,c P11-1A on January 1, 2017, the ledger of Accardo Company contains the following...
p11-1a problems a,b,c
P11-1A on January 1, 2017, the ledger of Accardo Company contains the following liability accounts. Prepare current liability entries, adjusting entries, and current liabilities section (LO 1,2) GLS Accounts Payable $52.000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state...
Problem 4. On January 1, 2018, the ledger of Softshoe Company contains the following liability section....
Problem 4. On January 1, 2018, the ledger of Softshoe Company contains the following liability section. Accounts Payable $30,000 Sales Taxes Payable 5,000 Uneared Service Revenue 12,000 During January the following selected transactions occurred. Jan. 1 Borrowed $20,000 in cash from Platteville Bank on a 4-month, 6%, $20,000 note. Jan. 5 Sold merchandise for cash totaling $9,752, which includes 6% sales taxes. Jan. 12 Provided services for customers who had made advance payments of $8,000. (Credit Service Revenue.) Jan. 14...
Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following...
Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 38,200 Accounts Receivable 36,400 Supplies 1,400 Land 91,000 Building 100,000 Accumulated Depreciation—Building 56,900 Office Equipment 41,900 Accumulated Depreciation—Office Equipment 17,700 Accounts Payable 27,100 Salaries Payable 2,900 Camila Ramirez, Capital 90,000 Camila Ramirez, Drawing 41,000 Ping Xue, Capital 54,600 Ping...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment $4,170 6,480 2,490 100 230 3,050 1,180 210 1,110 6,580 2,110 740 420 230 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon to view the accounts.) Prepare the liabilities section of Like Home, Inc.'s, balance sheet at December 31, 2018, to show how the company would report these items. Report total current liabilities and total liabilities. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Liabilities Choose from any list...
quire Question 5 On 1" July 2019, the ledger of Ohsom Sdn. Bhd. contains the following liabilities accounts: Ringgit Malaysia(RM) Accounts Payable Unearned Service Revenue 52,000 16,000 During the month, the following transactions occurred. 1 Provided services for customers who had made advance payments of RM10,000. 15 Borrowed RM50,000 from MyBank on 12 months, 8% notes payable. 25 Paid RM15,432 for accounts payable by cheque. Required: a) Joumalize the above transactions. b) Record the adjusting entry for interest payable on...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) $4,170 6,480 2,490 100 230 Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment 3,050 1,180 210 1,110 6,580 2,110 740 420 230 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense $14,800 9,800 ? 59,470 3,358 700 30 450 $ 3,500 16,900 900 40,110 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) 9,428 950 6,500 Notes Payable (due 2020) Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following. ANDERSON COOPER CO ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit $19,472 6,920 2,280 18,050 Credit Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense ent Expense Depreciation Expense Interest Expense Interest Payable $4,895 5,700 5,472 20,000 11,310 3,000 11,590 6,840 2,260 145 83 83 $59,050 $59,050 ANDERSON COOPER CO. Income...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 $ 3,300 45,000 84,100 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January...
p11-1a problems a,b,c
P11-1A on January 1, 2017, the ledger of Accardo Company contains the following liability accounts. Prepare current liability entries, adjusting entries, and current liabilities section (LO 1,2) GLS Accounts Payable $52.000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state...
Problem 4. On January 1, 2018, the ledger of Softshoe Company contains the following liability section. Accounts Payable $30,000 Sales Taxes Payable 5,000 Uneared Service Revenue 12,000 During January the following selected transactions occurred. Jan. 1 Borrowed $20,000 in cash from Platteville Bank on a 4-month, 6%, $20,000 note. Jan. 5 Sold merchandise for cash totaling $9,752, which includes 6% sales taxes. Jan. 12 Provided services for customers who had made advance payments of $8,000. (Credit Service Revenue.) Jan. 14...
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