Solution
Val’s Hair Emporium
1. Five pairs of balance sheet and income statement accounts that need adjustment and the amount adjustment for each pair:
Computations –
Supplies expense –
Beg. Balance of Supplies – ending balance of Supplies = 3,300 – 800 = $2,500
Rent Expense –
Prepaid rent is for Nov 1 to end of Jan, hence rent is prepaid for three months. Rent Expense for Nov and Dec = 3,000 x 2/3 = $2,000
Utilities Expense – Bill received for utilities payable = $350
Salaries and Wages Expense - $100 unpaid for Dec 31
Computation of total expenses –
need help finding rent, utilities, salaries and wages, income tax expenses Val's Hair Emporium operates a...
NEED HELP [The following information applies to the questions displayed below.) Val's Hair Emporum operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with Information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 2,800 3,300 3,60 Accounts Payable $1,000 Further Information As reported on December 31 bank statement. Based on count, only $800 of supplies still exist. This amount was paid November 1 for rent through the end of January,...
Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Required Information [The following information applies to the questions displayed below.) Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 4,800 5,300 9,000 Accounts Payable $ 2,000 Further Information As reported on December 31...
Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Required Information [The following information applies to the questions displayed below.) Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 4,800 5,300 9,000 Accounts Payable $ 2,000 Further Information As reported on December 31...
how do you calculate Income Tax Expense, i need help finding the answer to No. 5 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, s "No Journal Entry Required" In the first account fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 3.800 Supplies Expense Supplies 3.800 2. b 10.000 Rent Expense Prepaid Rent 10.000 3 11.200 Utilities Expense Accounts...
Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $ 3,300 As reported on December 31 bank statement. Supplies 3,800 Based on count, only $1,050 of supplies still exist. Prepaid Rent 4,500 This amount was paid November 1 for rent through the end of January. Accounts Payable $ 1,250 This represents the total amount of bills received for supplies...
Connect 3 (Financial Chapter 4 Homework Var's Hair Emporium operes a hair salon sunausted til balance as of December with information about selected accounts 2015 follows Hong Account Names Credit Cash $ Debit 1.200 3700 4,200 Supplies Prepaid Rent Accounts Payable Further information As reported on December 31 bank statement Based on count only $1000 of supplies still exist This amount was paid November 1 for rent through the end of January This represents the total amount of bills received...
I'm having an extremely hard time understanding income tax expense and income tax payable. Wouldn't you multiply net income by the tax rate percentage? I'm sure I'm missing a step somewhere. Can I get a step-by-step explanation on how to get the correct amount for income tax expense and income tax payable, please? Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted...
2.2. Name the five pairs of balance sheet and income statement accounts that require adjustment. 3.3. Calculate the desired balances for each account listed in the unadjusted trial balance. 4.4. Prepare the adjusting journal entries that are required at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Val's Hair Emporium is a hair salon. Its unadjusted trial balance as of December 31, 2017, follows, along with information...
Check my work 00 Required information [The following information applies to the questions displayed below.) Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. rt 3 of 4 5 ats Credit Account Names Cash Supplies Prepaid Rent Debit $ 3,800 4,300 6,000 eBook Accounts Payable $ 1,500 Print ferences Further Information As reported on December 31 bank statement. Based on count, only $1,300 of supplies still...
I cannot get any of this figured out correctly, besides putting the accounts in the correct order. Is there anyway I can get help with this please? Required information [The following information applies to the questions displayed below] Part 3 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 3,800 4,300 6,000 Accounts Payable $...