Homework Answers
Answer :
1. Income Statement
| Particulars | Amount (in $) | Amount (in $) |
| Revenues : | ||
| Sales | 500,000 | |
| Less : Sales returns and allowances | (15,000) | |
| Sales discounts | (6,000) | |
| Net Sales | 479,000 | |
| Interest revenue | 3,000 | |
| Expenses : | ||
| Cost of goods sold | 285,000 | |
| Salaries expense | 40,000 | |
| Rent expense | 16,000 | |
| Depreciation expense | 12,000 | |
| Advertising expense | 11,000 | |
| Supplies expense | 6,000 | |
| Insurance expense | 4,000 | |
| Interest expense | 1,000 | |
| Income tax expense | 12,000 | |
| Total expense | (387,000) | |
| Net Income | 95,000 |
2. Balance Sheet
| Amount (in $) | |
| ASSETS | |
| Current Assets | |
| Cash | 10,000 |
| Accounts receivable 17,000 | |
| Less : Allowance for doubtful accounts 2,000 | 15,000 |
| Inventory | 20,000 |
| Prepaid expenses | 2,000 |
| Investment | |
| Long term investments | 100,000 |
| Long term assets | |
| Building 300,000 | |
| Less : Accumulated depreciation 30,000 | 270,000 |
| Equipment 75,000 | |
| Less : Accumulated depreciation 15,000 | 60,000 |
| TOTAL ASSETS | 477,000 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |
| Current liabilities | |
| Accounts payable | 8,000 |
| Salaries payable | 3,500 |
| Interest payable | 1,500 |
| Income tax payable | 12,000 |
| Unearned revenue | 5,000 |
| Current portion of bank loan payable | 3,500 |
| Long term liabilities | |
| Bank loan payable | 35,000 |
| Shareholders' equity | |
| Common shares | 100 |
| Retained earnings (Note) | 408,400 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 477,000 |
Note :
Retained earnings = Beginning retained earnings + Net Income - Dividend declared
= $329,400 + $95,000 - $16,000
= $408,400
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Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $ 20,000 Accounts Receivable Allowance for doubtful accounts $ 17,000 $ Inventory 2,000 $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building $ 30,000 Equipment $ 75,000 Accumulated Depreciation - Equipment $ 15,000 Accounts Payable $ 8,000 Salaries Payable $ 3,500 Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank...
TR00 2000 Adjusted Trial Balance Debit Credit Cash S32.000 Accounts receivable 28.000 Supplies 3.500 Prepaid Insurance...
TR00 2000 Adjusted Trial Balance Debit Credit Cash S32.000 Accounts receivable 28.000 Supplies 3.500 Prepaid Insurance 6.000 Property. Plant & Equipment 995.000 Accumulated depreciation Accounts payable 122000 Salaries payable Utilities payable Deferred revenue Notes payable (due in 5yrs) 300.000 Common stock 220.000 Retained earnings 100 000 Dividends 25.000 Service revenue-new construction 620,000 Service revenue remodeling 310.000 Salaries expense Depreciation expense 90.000 Interest expense 12.000 Supplies expense 7.500 Utilities expense Service fee expense 167,500 Total $1.822.500 51.822.500 6.000 1. Net income...
PROBLEM #1 OUTDOORS, INC. Adjusted Trial Balance December 31, 2019 Debit($) Credit($). Cash 12,400 Accounts receivable...
PROBLEM #1 OUTDOORS, INC. Adjusted Trial Balance December 31, 2019 Debit($) Credit($). Cash 12,400 Accounts receivable 18,600 Supplies 4,200 Prepaid Insurance 2.930 Office Equipment 70,000 Accumulated depreciation 13,000 Building 80,000 Accumulated depreciation 20,000 Land 60,000 Bonds Payable 120,000 Accounts payable 17,100 Unearned subscription revenue 15,000 Salaried Payable 3,500 Common Stock 35,000 Retained Earnings 21,400 Subscription Revenue 195,700 Advertising Revenue 39,300 Salaries Expense 125,410 Printing and mailing expense 80,800 Rent Expense 9,100 Supplies Expense 6,600 Insurance Expense 1,860 Depreciation Expense 5,600...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000 2,500 50,000 200,000 10,000 20,000 1,000 3,000 5,000 10,000 190,500 100 Cash 110 Accounts Receivable 150 Prepaid Insurance 160 Supplies 180 Land 185 Building 190 Acc. Dep. Building 200 Accounts Payable 215 Wages Payable 220 Building Maintenance payable 225 Interest payable 230 Unearned Rent 235 Income Tax Payable 300 Share Capital 320 Dividends 325 Retained Earnings 500 Service Revenue 520 Rent Revenue 600 Advertising...
Adjusted Trial Balance December 31, 2018 Debit Credit Cash $12,700 Accounts receivable 21,...
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
$92,700
Equipment
$96,300
Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
Income...
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable A...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
______________________________________________________ Ensley, Inc. Adjusted Trial Balance December 31, 2020 Debit Credit Cash 83,050 Accounts Receivable 220,000...
______________________________________________________ Ensley, Inc. Adjusted Trial Balance December 31, 2020 Debit Credit Cash 83,050 Accounts Receivable 220,000 Prepaid Insurance 24,000 Supplies 2,700 Inventory 48,000 Equipment 160,000 Accumlated Depreciation- Equipment 30,000 Accounts Payable 159,500 Interest Payable 1,333 Wages Payable 500 Unearned Revenue - Alarm Systems 4,000 Long-Term Bank Note Payable 100,000 Common Stock 75,000 Retained Earnings 84,050 Dividends 7,000 Revenue 403,000 Cost of the Goods Sold 132,500 Depreciation Expense - Equipment 0 Insurance Expense 12,000 Interest Expense 1,333 Rent Expense 24,000 Supplies...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875 Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 Rent payable 1,190 Income tax payable 1,450 Income tax payable 1,450 Unearned revenue 510 Bank loan payable, due 2021 24,500 Common shares 4,870 Retained earnings 5,250 Dividends declared 530 bort Service revenue 55,675 Salaries expense 19,120 Rent expense 18,080 Depreciation expense 2,175 Supplies expense 1,580...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $ 20,000 Accounts Receivable Allowance for doubtful accounts $ 17,000 $ Inventory 2,000 $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building $ 30,000 Equipment $ 75,000 Accumulated Depreciation - Equipment $ 15,000 Accounts Payable $ 8,000 Salaries Payable $ 3,500 Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank...
TR00 2000 Adjusted Trial Balance Debit Credit Cash S32.000 Accounts receivable 28.000 Supplies 3.500 Prepaid Insurance 6.000 Property. Plant & Equipment 995.000 Accumulated depreciation Accounts payable 122000 Salaries payable Utilities payable Deferred revenue Notes payable (due in 5yrs) 300.000 Common stock 220.000 Retained earnings 100 000 Dividends 25.000 Service revenue-new construction 620,000 Service revenue remodeling 310.000 Salaries expense Depreciation expense 90.000 Interest expense 12.000 Supplies expense 7.500 Utilities expense Service fee expense 167,500 Total $1.822.500 51.822.500 6.000 1. Net income...
PROBLEM #1 OUTDOORS, INC. Adjusted Trial Balance December 31, 2019 Debit($) Credit($). Cash 12,400 Accounts receivable 18,600 Supplies 4,200 Prepaid Insurance 2.930 Office Equipment 70,000 Accumulated depreciation 13,000 Building 80,000 Accumulated depreciation 20,000 Land 60,000 Bonds Payable 120,000 Accounts payable 17,100 Unearned subscription revenue 15,000 Salaried Payable 3,500 Common Stock 35,000 Retained Earnings 21,400 Subscription Revenue 195,700 Advertising Revenue 39,300 Salaries Expense 125,410 Printing and mailing expense 80,800 Rent Expense 9,100 Supplies Expense 6,600 Insurance Expense 1,860 Depreciation Expense 5,600...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000 2,500 50,000 200,000 10,000 20,000 1,000 3,000 5,000 10,000 190,500 100 Cash 110 Accounts Receivable 150 Prepaid Insurance 160 Supplies 180 Land 185 Building 190 Acc. Dep. Building 200 Accounts Payable 215 Wages Payable 220 Building Maintenance payable 225 Interest payable 230 Unearned Rent 235 Income Tax Payable 300 Share Capital 320 Dividends 325 Retained Earnings 500 Service Revenue 520 Rent Revenue 600 Advertising...
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
$92,700
Equipment
$96,300
Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
Income...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
Morrison Services Ltd. Adjusted Trial Balance July 31, 2018 Debit Credit Cash $7,490 Accounts receivable 19,875 Supplies 3,460 Prepaid insurance 3,620 Equipment 25,300 Accumulated depreciation-equipment $5,785 Accounts payable 2,820 Salaries payable 2,190 Interest payable 1,290 Rent payable 1,190 Income tax payable 1,450 Income tax payable 1,450 Unearned revenue 510 Bank loan payable, due 2021 24,500 Common shares 4,870 Retained earnings 5,250 Dividends declared 530 bort Service revenue 55,675 Salaries expense 19,120 Rent expense 18,080 Depreciation expense 2,175 Supplies expense 1,580...
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