Question 1 Requirement: Using the above Trial Balance, provide the post-closing Retained Earnings balance for Sampson Hair Accessories as of December 31, 2019
Question 2 Requirement:- Using the above Trial Balance, prepare a classified balance sheet with proper heading for Sampson Hair Accessories Corp. as of December 31, 2019. Consider inserting a table () to assist in proper formatting of the statement:
Homework Answers
Question 1:
Sampson Hair Accessories Corp.
Statement of Retained Earnings
For the Year Ended December 31, 2019
| Particulars | $ |
| Beginning Retained Earnings December 31, 2018 | 45,000 |
| Add: Net Income for the Year 2019 | 120,000 |
| Less: Dividends | 30,000 |
| Ending Retained Earnings December 31, 2019 | 135,000 |
Working Notes:
Sampson Hair Accessories Corp.
Income Statement
For the Year Ended December 31, 2019
| Particulars | $ | $ |
| Revenue: | ||
| Sales Revenue | 407,000 | |
| Less: Expenses | ||
| Utilities expense | 34,000 | |
| Depreciation expense | 20,000 | |
| Rent expense | 48,000 | |
| Salaries expense | 185,000 | |
| Total Expenses | 287,000 | |
| Net Income | 120,000 |
Question 2:
Sampson Hair Accessories Corp.
Balance Sheet
As on December 31, 2019
All the best...
Add Answer to:
Question 1 Requirement: Using
the above Trial Balance, provide the post-closing Retained Earnings
balance for Sampson...
Provide the Net Income for Sampson Hair Accessories for the year ended December 31, 2019:- Questoion...
Provide the Net Income for Sampson Hair Accessories for
the year ended December 31, 2019:-
Questoion 2)
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and a balance sheet. Make sure all three are in good form. Bertrand Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $12,000 Accounts Receivable 46,200 Office Supplies 17,700 Prepaid Insurance 4,600 Building 58,000 Accumulated Depreciation—Building $24,300 Equipment 26,000 Accumulated Depreciation—Equipment 7,600 Accounts Payable 27,100 Interest Payable 1,800...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 20Y0 Debit Balances Credit Balances Cash 10,400 Accounts Receivable 23,090 Supplies 1,460 Equipment 102,860 Accumulated Depreciation—Equipment 34,320 Accounts Payable 12,480 Salaries Payable 1,140 Unearned Rent 4,680 Common Stock 13,500 Retained Earnings 71,690 170,160 105,460 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does not require...
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Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
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Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances 18,000 39,960 Credit Balances Cash Accounts Receivable Supplies 2,520 178,020 Equipment Accumulated Depreciation - Equipment 59,400 21,600 Accounts Payable Salaries Payable 1,980 Unearned Rent 8,100 Common Stock 13,500 Retained Earnings 133,920 294,480 182,520 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...
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Provide the Net Income for Sampson Hair Accessories for
the year ended December 31, 2019:-
Questoion 2)
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Cornerstone Exercise 3-25 (Algorithmic) Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit $3,150 5,650 Credit Cash Accounts Receivable Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,800 4,450 3,875 8,000 2,255 Unearned Service Revenue 10,800 99,900 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
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Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances 18,000 39,960 Credit Balances Cash Accounts Receivable Supplies 2,520 178,020 Equipment Accumulated Depreciation - Equipment 59,400 21,600 Accounts Payable Salaries Payable 1,980 Unearned Rent 8,100 Common Stock 13,500 Retained Earnings 133,920 294,480 182,520 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...
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