Homework Answers
Required A:-
| NOWELL COMPANY | ||
| Income Statement | ||
| For the Year Ended December 31, Year 2 | ||
| Consulting Revenue | $ 9,300 | |
| Expenses | ||
| Travel Expenses | $ 600 | |
| Rent Expenses | $ 1,250 | |
| Salary Expenses | $ 3,400 | |
| Other Operating expenses | $ 2,100 | |
| Total Expenses | ($ 7,350) | |
| Net Income | $ 1,950 |
Required B:-
Accounts that should be closed to the retained Earnings account:-
- Consulting revenue
- Dividends
- Supplies Expenses
- Travel Expenses
- Rent Expenses
- Salary Expenses
- Other Operating expense
Note:- Dividend is directly closed to retained earnings account and the other Items are transferred in form of Net Income.
Required C-1:-
| Retained Earnings, January 1 | $ 14,400 |
| Add: Net Income | $ 1,950 |
| Less: Dividends | (1,000) |
| Retained Earnings, December 31 | $ 15,350 |
Required C-2:-
Correct Statements is-
- Retained earnings not only includes current year net income but also the balance from previous year and reduction s for dividens
- Net Income only includes revenue and expenses for the current year.
"Please Rate if it helps you or let me know if anything else"
Add Answer to:
The following selected accounts and account balances were taken from the records of Nowell Company. Except...
B. The following selected accounts and account balances were taken from the records of Nowell Company....
B. The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. 21:03 Consulting revenue Cash Cash received from common stock issued during Year 1 Travel expense Dividends Cash flow from investing activities Rent expense Payment to reduce debt principal Retained earnings, January 1, Year 2 Salary expense Cash flow from operating activities Common stock, December 31,...
Help Se At the beginning of Year 2, the Redd Company had the following balances in...
Help Se At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,000 8,000 2.400 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,600 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash. 2. Returned $400 of the inventory that it had purchased because the inventory...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2. general ledger account balances are...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ 19,000 (5,000) 2,500 Supplies Cash flow from investing act. Prepaid insurance Service revenue 2$ 660 (7,300) Cash flow from financing act. 2,400 Beginning retained earnings Rent expense 79,000 41,000 280 Dividends 5,500 11,800 Other operating expenses Supplies expense Cash Accounts receivable Prepaid rent Unearned revenue 19,000 4,900 7,300 Insurance expense 1,000 1,100 7,700 5,300 Beginning common stock Cash flow from operating act....
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 720 Beginning retained earnings (7,700) Cash flow from financing act. 2,700 Rent expense 77,000 Dividends 41,000 Cash 240 Accounts receivable Prepaid rent 900 Unearned revenue 7,200 5,700 Accounts payable $ 20,000 (5,300) 2,600 4,900...
The following information was drawn from the accounting records of Wyckoff Company as of December 31,...
The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the temporary accounts had been closed. The Cash balance was $5,680, and Notes Payable amounted to $3,900. The company had revenues of $3.770 and expenses of $2.290. The company's Land account had a $4,000 balance. Dividends amounted to $800. TH balance of the Common Stock account was $1,500. Required a. Identify which accounts would be classified as permanent and which accounts...
[The following information applies to the questions displayed below.) At the beginning of 2018, the Redd...
[The following information applies to the questions displayed below.) At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $ 7,700 1,700 7,200 2,200 During 2018, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $470 were paid in cash. 2. Returned $400 of the inventory that...
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events...
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500 cash from accounts receivable, 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Organize the transaction data...
B. The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. 21:03 Consulting revenue Cash Cash received from common stock issued during Year 1 Travel expense Dividends Cash flow from investing activities Rent expense Payment to reduce debt principal Retained earnings, January 1, Year 2 Salary expense Cash flow from operating activities Common stock, December 31,...
Help Se At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,000 8,000 2.400 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,600 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash. 2. Returned $400 of the inventory that it had purchased because the inventory...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2. general ledger account balances are...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ 19,000 (5,000) 2,500 Supplies Cash flow from investing act. Prepaid insurance Service revenue 2$ 660 (7,300) Cash flow from financing act. 2,400 Beginning retained earnings Rent expense 79,000 41,000 280 Dividends 5,500 11,800 Other operating expenses Supplies expense Cash Accounts receivable Prepaid rent Unearned revenue 19,000 4,900 7,300 Insurance expense 1,000 1,100 7,700 5,300 Beginning common stock Cash flow from operating act....
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued $ 660 Beginning retained earnings (7,300) Cash flow from financing act. 2,400 Rent expense 79,000 Dividends 41,000 Cash 280 Accounts receivable 1,000 Prepaid rent 1,100 Unearned revenue 7,700 Land 5,300 Accounts payable $ 19,000 (5,000)...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 720 Beginning retained earnings (7,700) Cash flow from financing act. 2,700 Rent expense 77,000 Dividends 41,000 Cash 240 Accounts receivable Prepaid rent 900 Unearned revenue 7,200 5,700 Accounts payable $ 20,000 (5,300) 2,600 4,900...
The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the temporary accounts had been closed. The Cash balance was $5,680, and Notes Payable amounted to $3,900. The company had revenues of $3.770 and expenses of $2.290. The company's Land account had a $4,000 balance. Dividends amounted to $800. TH balance of the Common Stock account was $1,500. Required a. Identify which accounts would be classified as permanent and which accounts...
[The following information applies to the questions displayed below.) At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $ 7,700 1,700 7,200 2,200 During 2018, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $470 were paid in cash. 2. Returned $400 of the inventory that...
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500 cash from accounts receivable, 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Organize the transaction data...
Most questions answered within 3 hours.
-
A 4.45 percent coupon municipal bond has 12 years left to
maturity and has a price...
asked 9 minutes ago -
13. In the book, “The Goal” to what country does Alex convince
Johnny the company should...
asked 11 minutes ago -
Write a simple Python program to find the day for the given
date. The procedure to...
asked 16 minutes ago -
5) A semi-permeable membrane is used to separate pyruvic acid
from an aqueous solution of 0.1...
asked 19 minutes ago -
The resistance of the body varies from approximately 500 kΩ
(when it is very dry) to...
asked 23 minutes ago -
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 32 minutes ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 48 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 52 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 51 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 57 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 56 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 1 hour ago