Homework Answers
Solution:
| For the Year ended december 31, 2021 | ||
| Sales revenue | 540000 | |
| Cost o goods sold | 250000 | |
| Gross Proit | 290000 | |
| Operating expense: | ||
| Salaries Expense | 134000 | |
| Rent expense | 29000 | |
| Depreciation Expense | 44000 | |
| Avertising Expense | 3900 | |
| Total Operating Expense | 210900 | |
| Operating Income | 79100 | |
| Other Expense: | ||
| Interest Expense | 3400 | |
| Net Income | 75700 |
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The adjusted trial balance for China Tea Company at December 31, 2021, Is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11,900 164 000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16, 100 270,000 80,800 13, 700 540,000 250,000 134,000 29,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit Debit 18,500 150,000 5,000 25,000 зеееее Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30.000 30,000 4,000 9.000 200,000 50,000 8.000 400,000 180,000 120,000 15,000 30.oe 2.ee 2,500...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $ 11,000 Accounts receivable 150,000 Prepaid rent 5,000 Supplies 25,000 Equipment 300,000 Accumulated depreciation $ 135,000 Accounts payable 20,000 Salaries payable 4,000 Interest payable 1,000 Notes payable (due in two years) 30,000 Common stock 200,000 Retained earnings 50,000 Dividends 20,000 Service revenue 400,000 Salaries expense 180,000 Advertising expense 70,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Utilities expense 32,000...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Credit Debit 10,700 152,000 5,200 27,000 320,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable in Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expenses Rent expenses Depreciation expense Interest expense Advertising expense Totals 127,000 32,000 32,000 4,200 1,200 210,000 54,400 420,000 190,000 122,000 17,000 32,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 180,000 120,000 15,000 30,000 2,000 2,500...
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather...
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather than when the account receivable is collected in cash. CR's practice is an example of: Multiple Choice Cash basis accounting. O The matching principle. O Accrual accounting. O Economic entity. The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts...
the adjusted trial balance for china tea company at December 31, 2018, is presented below cash...
the adjusted trial balance for china tea company at December 31, 2018, is presented below cash 12,500 account receivable 170,000 prepaid rent 7,000 inventory 45,000 equipment 500,000 accumulated depreciation- equipment 145,000 accounts payable. 50,000 notes payable- due in three months. 50,000 salaries payable. 6,000 interest payable. 3,000 common stock. 300,000 retained earnings. 94,000 sale revenue. 600,000 costs of goods sold 280,000 salaries expense 140,000 rent expense 35,000 depreciation expense 50,000 interest expense 4,000 advertising expense 4,500 totals. 1,248,000. 1,248,000 prepare...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below. Credit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below. Credit Debit 10,700 152,000 5,200 27,000 320,000 127,000 32,000 32,090 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 4.200 1,200 210,000 54,400 420,000 190,000 122,000 17,000 32,000 2,200...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $19,000 154,000 6,000 26,000 310,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable - due in two years Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $ 128,000 17,000 3,700 1,900 27,000 180,000 97,100 26,000 440,000 186,000 79,000 15,000 32,000 2,700...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11,900 164 000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation- equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16, 100 270,000 80,800 13, 700 540,000 250,000 134,000 29,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit Debit 18,500 150,000 5,000 25,000 зеееее Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30.000 30,000 4,000 9.000 200,000 50,000 8.000 400,000 180,000 120,000 15,000 30.oe 2.ee 2,500...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Credit Debit 10,700 152,000 5,200 27,000 320,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable in Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expenses Rent expenses Depreciation expense Interest expense Advertising expense Totals 127,000 32,000 32,000 4,200 1,200 210,000 54,400 420,000 190,000 122,000 17,000 32,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 180,000 120,000 15,000 30,000 2,000 2,500...
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather than when the account receivable is collected in cash. CR's practice is an example of: Multiple Choice Cash basis accounting. O The matching principle. O Accrual accounting. O Economic entity. The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below. Credit Debit 10,700 152,000 5,200 27,000 320,000 127,000 32,000 32,090 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 4.200 1,200 210,000 54,400 420,000 190,000 122,000 17,000 32,000 2,200...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $19,000 154,000 6,000 26,000 310,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable - due in two years Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $ 128,000 17,000 3,700 1,900 27,000 180,000 97,100 26,000 440,000 186,000 79,000 15,000 32,000 2,700...
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