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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...
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The adjusted trial balance of Karise Repairs on December 31, 2013, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2013 No. Account Title Debit Credit $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 Cash ..................... Office supplies............... Prepaid insurance ............ Equipment ............. .. Accumulated depreciation-Equipment ........ Accounts payable ......... Wages payable ....... C. Karise, Capital ................ C. Karise, Withdrawals ............. Repair fees...
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The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000 1,900 3,000 53,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals...
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Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. Credit Debit $18,000 12,000 2,000 23,000 $ 6,500 45, 747 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637...
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The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $118,000 1,700 2,200 60,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 c. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 6,000...
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Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credi $ Debit 7,589 22,090 9,280 8,580 45,000 188,888 $ 22,500 60,000 61,550 17,500 2,500 3,600 2,900 700 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable...
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Problem 4-4A Closing entries LO2, 3, 4
MY Autobody’s adjusted trial balance on December 31, 2020,
appears in the work sheet as follows:
No.
Account
Debit
Credit
101
Cash
$
28,700
124
Shop supplies
2,150
128
Prepaid insurance
4,900
167
Equipment
91,500
168
Accumulated depreciation, equipment
$
8,200
201
Accounts payable
19,700
210
Wages payable
9,560
301
Mike Yang, capital
147,000
302
Mike Yang, withdrawals
39,500
401
Repair revenue
163,930
612
Depreciation expense, equipment
9,200
623
Wages expense
105,200
637...
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Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. No Account Title Debit Credit 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 salaries expense 637 Insurance expense 640 Rent expense 652 Supplies...
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Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 92,680 12.000 17,200 6,940 88,000 $ 24,000 9.100 Cash Accounts receivable...
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Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable...
The adjusted trial balance of Karise Repairs on December 31, 2013, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2013 No. Account Title Debit Credit $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 Cash ..................... Office supplies............... Prepaid insurance ............ Equipment ............. .. Accumulated depreciation-Equipment ........ Accounts payable ......... Wages payable ....... C. Karise, Capital ................ C. Karise, Withdrawals ............. Repair fees...
The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000 1,900 3,000 53,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals...
Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. Credit Debit $18,000 12,000 2,000 23,000 $ 6,500 45, 747 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637...
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $118,000 1,700 2,200 60,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 c. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 6,000...
Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credi $ Debit 7,589 22,090 9,280 8,580 45,000 188,888 $ 22,500 60,000 61,550 17,500 2,500 3,600 2,900 700 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable...
Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. No Account Title Debit Credit 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 salaries expense 637 Insurance expense 640 Rent expense 652 Supplies...
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3, P4, P5, P6 [The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 92,680 12.000 17,200 6,940 88,000 $ 24,000 9.100 Cash Accounts receivable...
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable...