Homework Answers
| Financial statements = income statement and balance sheet. |
| Income statement columns are used to prepare the income statement, but you can't prepare the balance sheet using the income statement columns. |
| Balance sheet columns are used to prepare the balance sheet, but you can't prepare the balance sheet using the balance sheet columns. |
| The trial balance needs to adjust to adjusting entry before preparing the financial statements. |
| Adjusted trial balance columns are used to prepare the income statement as well as the financial statement. |
| Answer: You can do with the adjusted trial balance columns. |
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19. Which columns of a work sheet are used to compile the financial statements? a) Income...
In which columns of a work sheet would the adjusted balance of Accumulated Depreciation appear? Select...
In which columns of a work sheet would the adjusted balance of Accumulated Depreciation appear? Select one: a. Adjusted Trial Balance Credit, Balance Sheet Debit b. Adjusted Trial Balance Credit, Balance Sheet Credit c. Adjusted Trial Balance Credit, Income Statement Credit d. Adjusted Trial Balance Debit, Balance Sheet Debit e. Trial Balance Debit, Adjusted Trial Balance Debit
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances...
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns?
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a....
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment. $19 b. Accrued salaries, $22 C. The $28 of unearned revenue has been earned d. Supplies available at December 31, $95 e. Expired insurance, $31 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income. WESTCOTT COMPANY Partial Work Sheet For the year...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a....
2. Use the following adjustment information to complete the Adjustments columns of the work sheet.a. Depreciation on equipment, $8b. Accrued salaries, $11C. The $17 of unearned revenue has been earnedd. Supplies available at December 31, $40e. Expired insurance, $203. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income.
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a....
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salarles, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Explred Insurance, $15 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns Including net Income. WESTCOTT COMPANY Partial Work Sheet For the year...
Work Sheet Extensions for Merchandise Inventory Adjustments:Periodic Inventory System1. Complete the Adjustments columns for...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
The amounts in the column...... accounting questions 1 The amounts in the Adjustments columns are always...
The amounts in the column...... accounting questions
1 The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns. Select one: O True O False 2 Which of the following is not part of the conceptual framework project? Select one or more: a. Quantitative characteristics. b. Qualitative characteristics. c. Objectives of financial reporting. O d. Basic elements of financial statements. 3 If the Balance...
quick accounting question 1 The amounts in the Adjustments columns are always added to the amounts...
quick accounting question
1 The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one: O True O False 2 Which of the following is not part of the conceptual framework project? Select one or more: a Quantitative characteristics b. Qualitative characteristics. c. Objectives of financial reporting d. Basic elements of financial statements. 3 If the Balance Sheet columns do not balance,...
how do i switch my adjusted trial balance sheet to financial statements (income statement, statement of...
how
do i switch my adjusted trial balance sheet to financial statements
(income statement, statement of stockholders equity, and classified
balance sheet) and how do i do the retained earnings of this
account?
А C D E F B Adjusted Trial Balance WN 4 Credit Debit $ 10,100 $ 2,800 $ 90 $ 550 $ 3,600 $ $ $ $ 60 130 480 10,500 5 6 Cash 7 Accounts Receivables 8 Supplies 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017 1b. Prepare a statement of owner's equity for the year 2017 1c. Prepare a classified balance sheet at December 31, 2017 2. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment. $19 b. Accrued salaries, $22 C. The $28 of unearned revenue has been earned d. Supplies available at December 31, $95 e. Expired insurance, $31 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income. WESTCOTT COMPANY Partial Work Sheet For the year...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet.a. Depreciation on equipment, $8b. Accrued salaries, $11C. The $17 of unearned revenue has been earnedd. Supplies available at December 31, $40e. Expired insurance, $203. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income.
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salarles, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Explred Insurance, $15 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns Including net Income. WESTCOTT COMPANY Partial Work Sheet For the year...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
The amounts in the column...... accounting questions
1 The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns. Select one: O True O False 2 Which of the following is not part of the conceptual framework project? Select one or more: a. Quantitative characteristics. b. Qualitative characteristics. c. Objectives of financial reporting. O d. Basic elements of financial statements. 3 If the Balance...
quick accounting question
1 The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one: O True O False 2 Which of the following is not part of the conceptual framework project? Select one or more: a Quantitative characteristics b. Qualitative characteristics. c. Objectives of financial reporting d. Basic elements of financial statements. 3 If the Balance Sheet columns do not balance,...
how
do i switch my adjusted trial balance sheet to financial statements
(income statement, statement of stockholders equity, and classified
balance sheet) and how do i do the retained earnings of this
account?
А C D E F B Adjusted Trial Balance WN 4 Credit Debit $ 10,100 $ 2,800 $ 90 $ 550 $ 3,600 $ $ $ $ 60 130 480 10,500 5 6 Cash 7 Accounts Receivables 8 Supplies 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation...
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