Homework Answers
1. C
Total equity =total asset-total liability
2.A
Net income =total revenue-Total expences
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B С Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 А 1 2...
Saved Help Save & Exit Submit Credit 37 1 Trial Balance December 31 3 Debit 4...
Saved Help Save & Exit Submit Credit 37 1 Trial Balance December 31 3 Debit 4 Cash $5,700 5 Accounts receivable 1,400 6 Note receivable 11,100 7 Prepaid services 3,800 8 Office equipment 27,400 9 Accounts payable 10 Uneamed ticket revenue 11 Owner, Capital 12 Owner, Withdrawals 1,600 13 Ticket revenue 14 Rental revenue 15 Salaries expense 2,800 16 Utilities expense 2,400 17 Rent expense 1,700 18 Totals $57.900 19 $7,600 4,400 37,000 7,200 1,700 $57.900 Which formula correctly calculates...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable 6,820 Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation Expense 2,700 Utilities Expense 5,620 Insurance Expense 2,800 Rent Expense 7,400...
Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepa...
Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense 6,600 Utilities Expense 1,800 Rent Expense 2,700 600 Depreciation Expense Income Taxes Expense 550 $43.950 $43,950 (5) Does the company appear to be liquid? Explain. (6) Has the company been profitable in the past? Explain.
The December 31, Year 1, unadjusted trial balance for a company is presented below. Credit Debit...
The December 31, Year 1, unadjusted trial balance for a company is presented below. Credit Debit $ 8,400 13,400 5,280 2,400 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,400 11,000 4,400 39,680 27,000 $56,480 $56,480 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,280, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2....
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit...
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $10,000 15,000 7,200 4,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 3,000 11,000 6,000 51,200 35,000 $71,200 $71,200 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of...
Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2...
Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3. Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable long-term) 2,800.00 6 Equipment 15,000.00 7. Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17...
CRANE ENGINEERING Trial Balance December 31, 2021 Debit Credit Cash $8,300 Accounts receivable 6,650 Supplies 5,050...
CRANE ENGINEERING Trial Balance December 31, 2021 Debit Credit Cash $8,300 Accounts receivable 6,650 Supplies 5,050 Prepaid insurance 7,560 Notes receivable 11,500 Equipment 27,400 Accumulated depreciation equipment $8,220 Accounts payable 4,000 H. Duguay, capital 38,240 H. Duguay, drawings 53,500 Service revenue 109,000 Salaries expense 39,500 $159,460 $159,460 Additional information: 1. Services of $10,350 was provided but unrecorded and uncollected as at December 31, 2021. 2. On June 1, the company purchased a one-year insurance policy. 3. Depreciation on the equipment...
Saved Help Save & Exit Submit Credit 37 1 Trial Balance December 31 3 Debit 4 Cash $5,700 5 Accounts receivable 1,400 6 Note receivable 11,100 7 Prepaid services 3,800 8 Office equipment 27,400 9 Accounts payable 10 Uneamed ticket revenue 11 Owner, Capital 12 Owner, Withdrawals 1,600 13 Ticket revenue 14 Rental revenue 15 Salaries expense 2,800 16 Utilities expense 2,400 17 Rent expense 1,700 18 Totals $57.900 19 $7,600 4,400 37,000 7,200 1,700 $57.900 Which formula correctly calculates...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense 6,600 Utilities Expense 1,800 Rent Expense 2,700 600 Depreciation Expense Income Taxes Expense 550 $43.950 $43,950 (5) Does the company appear to be liquid? Explain. (6) Has the company been profitable in the past? Explain.
The December 31, Year 1, unadjusted trial balance for a company is presented below. Credit Debit $ 8,400 13,400 5,280 2,400 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,400 11,000 4,400 39,680 27,000 $56,480 $56,480 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,280, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2....
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $10,000 15,000 7,200 4,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 3,000 11,000 6,000 51,200 35,000 $71,200 $71,200 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022 2. The balance of...
Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3. Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable long-term) 2,800.00 6 Equipment 15,000.00 7. Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17...
CRANE ENGINEERING Trial Balance December 31, 2021 Debit Credit Cash $8,300 Accounts receivable 6,650 Supplies 5,050 Prepaid insurance 7,560 Notes receivable 11,500 Equipment 27,400 Accumulated depreciation equipment $8,220 Accounts payable 4,000 H. Duguay, capital 38,240 H. Duguay, drawings 53,500 Service revenue 109,000 Salaries expense 39,500 $159,460 $159,460 Additional information: 1. Services of $10,350 was provided but unrecorded and uncollected as at December 31, 2021. 2. On June 1, the company purchased a one-year insurance policy. 3. Depreciation on the equipment...
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