Homework Answers
| Q17. | ||||||||||
| Answer is a. Transfer the balance of temporary accounts to retained earnings; reduce the balance of temporary accounts | ||||||||||
| to zero to prepare them for measuring activity in the next period. | ||||||||||
| Q18. | ||||||||||
| Answer is b. $ 263,500 | ||||||||||
| Explanation: | ||||||||||
| Computation of Total Liabilities: | ||||||||||
| Total asset | 4,05,900 | |||||||||
| Less: Total Stockholder's equity | ||||||||||
| Common Stock capital | 3,500 | |||||||||
| Add: Additional paid in capital | 82,500 | |||||||||
| Add: Retained earnings | 56,400 | |||||||||
| Total Stockholder's equity | 1,42,400 | |||||||||
| Total Liabilities | 2,63,500 | |||||||||
| Q19. | ||||||||||
| Answer is e. Eight | ||||||||||
| Explanation: | ||||||||||
| Accounts balance increase with credits are: | ||||||||||
| Additional paid in capital | ||||||||||
| Deferred revenue | ||||||||||
| Retained earnings | ||||||||||
| Common Stock | ||||||||||
| Salaries payable | ||||||||||
| Accounts payable | ||||||||||
| Accumulated dep-equipment | ||||||||||
| Sales revenue | ||||||||||
| Q20. | ||||||||||
| Answer is d. Debit Accounts payable $1,000; credit cash $1,000. | ||||||||||
| Q21. | ||||||||||
| Answer is c. $21,000 to Preferred Stockholder and $54,000 to Common Stockholder | ||||||||||
| Explanation: | ||||||||||
| Annual Preferred Dividend = 70,000 *10% =7,000 | ||||||||||
| Total Dividend paid | 75,000 | |||||||||
| Less: Dividend to preferred stockholder | ||||||||||
| Current | 7,000 | |||||||||
| Arrears of 2 yrs | 14,000 | 21,000 | ||||||||
| Dividend of Common Stockholder | 54,000 | |||||||||
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QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances...
no explaining 28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for...
no
explaining
28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for 12 months rent from July 2018 through June 2019. What adjusting entry should Charlie Co, record on December 31, 2018 to record the amount of rent expense incurred in 2018? 18,000 18.000 B. | 18,000 18,000 Rent Expense Cash Rent Expense Prepaid Rent Prepaid Rent Rent Expense Rent Expense Prepaid Rent c. 9,000 9,000 9,000 9,000 29. A list of all accounts and their...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December...
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. ...... $ 8,000 Debit Credit Cash Accounts receivable... Equipment ......... Accumulated depreciation. Notes payable ... Common stock........ Retained earnings .... Dividends ....... Service fees earned ..... Rent expense...... Salaries expense ..... . Depreciation expense.... Totals . . . . . . . . . . . . 6,500 78,000 $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000...
Question 7 O out of 5.88 points Marla Corporation's ledger includes the following selected account balances...
Question 7 O out of 5.88 points Marla Corporation's ledger includes the following selected account balances at December 31, 2012: Paid-in Capital in Excess of Par Value, Common Cash Unearned Revenue Discount on Bonds Payable Retained Earnings Paid-in Capital in Excess of Par Value, Preferred Cash Dividends Payable Treasury Stock, Common, 36,000 shares Accounts Payable Preferred Stock, 12% $100 par value, 4,000 shares issued Bonds Payable, 14% Common Stock, $1 par value, 240,000 shares issued 560,000 820,000 55,000 75,000 300,000...
balances Asset, Liability, & Equity Accounts (i.e., common stock & R/E) D. Closing entries transfer and...
balances Asset, Liability, & Equity Accounts (i.e., common stock & R/E) D. Closing entries transfer and into the account. EX 1: Closing Entries Presented below are selected account balances for Alistair Co. as of December 31, 2015: Debits Credits Supplies $60,000 Common Stock $75,000 Retained Earnings (beg.) 45,000 Dividends 18,000 Sales Revenue 363,000 Salaries Expense 235,700 Utilities Expenses 16,000 Income Tax Expense 68,000 Prepare Closing Entries for Alistair as of 12/31/2015. 3-10
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 service revenue Balance Debit Credit Account Title Todore Revenue 17,800 Accounts Receivable 9,800 Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11.000 Furniture 20,700 Accumulated Depreciation Furniture 7.100 Accounts Payable 2.300 Salaries Payable 500 Interest Payable 300 Urearned Revenue 5.900 03/31/20 Chapter 5 Warm Up tungraded...
ok, need a lot of help please The stockholders' equity accounts of Novak Corp. on January...
ok, need a lot of help please
The stockholders' equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) Common Stock $4 stated value, 750,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (12,500 common shares) $750,000 2,500,000 37,500 1,200,000 1,720,000 100,000 During 2022, the corporation had the following transactions and events pertaining to its...
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances...
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 2016, are as follows: Common stock, $20 stated value; 500,000 shares authorized, 367,000 issued $7,340,000 Paid-In Capital in Excess of Stated Value—Common Stock 844,100 Retained Earnings 33,388,000 Treasury Stock (22,800 shares, at cost) 387,600 The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.09 per share on the common stock. The dividend had been properly recorded...
Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour...
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no
explaining
28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for 12 months rent from July 2018 through June 2019. What adjusting entry should Charlie Co, record on December 31, 2018 to record the amount of rent expense incurred in 2018? 18,000 18.000 B. | 18,000 18,000 Rent Expense Cash Rent Expense Prepaid Rent Prepaid Rent Rent Expense Rent Expense Prepaid Rent c. 9,000 9,000 9,000 9,000 29. A list of all accounts and their...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. ...... $ 8,000 Debit Credit Cash Accounts receivable... Equipment ......... Accumulated depreciation. Notes payable ... Common stock........ Retained earnings .... Dividends ....... Service fees earned ..... Rent expense...... Salaries expense ..... . Depreciation expense.... Totals . . . . . . . . . . . . 6,500 78,000 $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000...
Question 7 O out of 5.88 points Marla Corporation's ledger includes the following selected account balances at December 31, 2012: Paid-in Capital in Excess of Par Value, Common Cash Unearned Revenue Discount on Bonds Payable Retained Earnings Paid-in Capital in Excess of Par Value, Preferred Cash Dividends Payable Treasury Stock, Common, 36,000 shares Accounts Payable Preferred Stock, 12% $100 par value, 4,000 shares issued Bonds Payable, 14% Common Stock, $1 par value, 240,000 shares issued 560,000 820,000 55,000 75,000 300,000...
balances Asset, Liability, & Equity Accounts (i.e., common stock & R/E) D. Closing entries transfer and into the account. EX 1: Closing Entries Presented below are selected account balances for Alistair Co. as of December 31, 2015: Debits Credits Supplies $60,000 Common Stock $75,000 Retained Earnings (beg.) 45,000 Dividends 18,000 Sales Revenue 363,000 Salaries Expense 235,700 Utilities Expenses 16,000 Income Tax Expense 68,000 Prepare Closing Entries for Alistair as of 12/31/2015. 3-10
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 service revenue Balance Debit Credit Account Title Todore Revenue 17,800 Accounts Receivable 9,800 Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11.000 Furniture 20,700 Accumulated Depreciation Furniture 7.100 Accounts Payable 2.300 Salaries Payable 500 Interest Payable 300 Urearned Revenue 5.900 03/31/20 Chapter 5 Warm Up tungraded...
ok, need a lot of help please
The stockholders' equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) Common Stock $4 stated value, 750,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (12,500 common shares) $750,000 2,500,000 37,500 1,200,000 1,720,000 100,000 During 2022, the corporation had the following transactions and events pertaining to its...
Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour Inc. Account Title Debit Credit Cash $16,000 $ Accounts receivable 65,000 Allowance for doubtful accounts 7,500 Inventory 90,000 Prepaid insurance 1,200 Short-term investments 28,000 Equipment 100,000 Building 300,000 Accumulated depreciation-equipment 20,000 Accumulated depreciation-building 7,500 Goodwill 30,300 Accounts payable 45,000 Salaries payable 5,000 Interest payable 1,500 Income tax payable 9,000 Notes payable, 8%, 5-year 250,000 Bonds payable, 7%, 10-year 15,000 Common stock 200,000 Retained earnings...
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