The following account balances were taken from ABC Company’s accounting records at December 31, 2020: Accounts...
The following account balances were taken from ABC Company’s
accounting records at December 31, 2020:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2020)
Salaries Expense ............ $25,000
Sales Revenue ............... $89,000
Trademark ................... $55,000
Unearned Revenue ............ $62,000
Utilities Expense ........... $22,000
Utilities Payable ........... $13,000
ABC Company has not yet recorded year-end adjusting entries
related to the following two items:
(1) Salaries earned by employees which have not yet been
paid by ABC Company totaled $15,000.
(2) The unearned revenue relates to a $62,000 payment from
a customer received on June 1, 2020 for work that was
to be performed each month for the next 16 months.
Calculate the net income reported by ABC Company for 2020
after all appropriate adjusting entries have been recorded
and posted.Homework Answers
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The following account balances were taken from ABC Company’s
accounting records at December 31, 2020:
Accounts...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021:...
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021: Accounts Payable ............ $58,000 Accounts Receivable .......... $64,000 Advertising Expense ......... $14,000 Building .................... $63,000 Cash ............... $30,000 Common Stock $94,000 Cost of Goods Sold ..... $45,000 Dividends ..... $12,000 Equipment ....... $68,000 Income Tax Expense ........ $17,000 Interest Revenue ..... $36,000 Inventory .......... $62,000 Notes Payable ....... $81,000 Rent Expense ......... $10,000 Retained Earnings .... $40,000 (at January 1, 2021) Sales Revenue ...........
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021:...
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021: Accounts Payable Accounts Receivable ......... Advertising Expense .... Building ............ Cash ............... Common Stock ....... Cost of Goods Sold Dividends ... Equipment . . . . . . . ... Income Tax Expense Interest Revenue Inventory ......... Notes Payable ..... Rent Expense ....... Retained Earnings. Sales Revenue ...... Trademark ........... Unearned Revenue $58,000 $64,000 $14,000 $63,000 $30,000 $94,000 $45,000 $12,000 $68,000 $17,000 $36,000 $62,000...
ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2020: Dividends...
ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2020: Dividends ................... $ 14,000 Income Tax Expense .......... $ 25,000 Salaries Expense ............ $ 31,000 Rental Revenue .............. $ 33,000 Cash ........................ $ 36,000 Supplies .................... $ 37,000 Cost of Goods Sold .......... $ 52,000 Unearned Revenue ............ $ 54,000 Accounts Receivable ......... $ 57,000 Land ........................ $ 69,000 Accounts Payable ............ $ 76,000 Trademark ................... $ 88,000 Inventory ................... $ 91,000 Retained Earnings ..............
The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts...
The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income $420,000 300,000...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 74,000 Accounts payable 50,000 Salaries payable 9,000 Investments 68,000 Accounts receivable 69,000 Land 58,000 Notes payable 195,000 Unearned revenue 17,000 Common stock 100,000 Retained earnings 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021: Accounts Payable ............ $58,000 Accounts Receivable .......... $64,000 Advertising Expense ......... $14,000 Building .................... $63,000 Cash ............... $30,000 Common Stock $94,000 Cost of Goods Sold ..... $45,000 Dividends ..... $12,000 Equipment ....... $68,000 Income Tax Expense ........ $17,000 Interest Revenue ..... $36,000 Inventory .......... $62,000 Notes Payable ....... $81,000 Rent Expense ......... $10,000 Retained Earnings .... $40,000 (at January 1, 2021) Sales Revenue ...........
The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2021: Accounts Payable Accounts Receivable ......... Advertising Expense .... Building ............ Cash ............... Common Stock ....... Cost of Goods Sold Dividends ... Equipment . . . . . . . ... Income Tax Expense Interest Revenue Inventory ......... Notes Payable ..... Rent Expense ....... Retained Earnings. Sales Revenue ...... Trademark ........... Unearned Revenue $58,000 $64,000 $14,000 $63,000 $30,000 $94,000 $45,000 $12,000 $68,000 $17,000 $36,000 $62,000...
The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income $420,000 300,000...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 74,000 Accounts payable 50,000 Salaries payable 9,000 Investments 68,000 Accounts receivable 69,000 Land 58,000 Notes payable 195,000 Unearned revenue 17,000 Common stock 100,000 Retained earnings 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
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