Homework Answers
Accounts with Normal balances on Debit side
1.Cash In hand
2.Fixed Assets (Land,Building, Machinaries.etc)
3.Accounts Recievable
4.Investments
5.Notes Recievable
Accounts with Normal balances on Credit side
1.Notes Payable
2.Accounts Payable
3.Borrowings(Bonds , Loans , Debentures.etc)
4.Salary Payable
5.Interest Payable
Journal
| Particulars | Debit | Credit |
| Accounts Payable | XXX | |
| Cash | XXX |
Being Payment of cash to accounts payable
Asper modern approach of accounting Deresing in libiity should be debited (here Accounts Payable) and Decrease in Asset should be credited (Cash)
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"Reported in the statement of stockholders' equy Supplies Expense Ullties Expense Warranty pense Loss Urreakzed. Holding...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services,...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services, Inc. shows the following: Accounts Cash Accounts receivable + Supplies Equipment Payable 170,000 2 -30,000 95,000 3 4,200 4 3,800 3,800 5 -5,500 70,000 65,000 4,200 -5,500 Prepare journal entries using the transaction analysis above. Date Description Debit Credit 1 2 3 000 80 A * T # 3 $ 4 % 5 & 7 8 6 8 0 9 Name 3 accounts with...
Could someone please help me do the income statement and the statement of stockholders' equity. 0...
Could someone please help me do the income statement and the
statement of stockholders' equity.
0 Adjusted Trial Balance December 31st, 2019 Debit Credit cash 245700 119113 Notes receivable 15000 Accounts receivable 21000 7500 Supplies 0 1800 Buildings 62000 Prepaid insurance 5500 Insurance expense 500 Inventory 23040 17280 Accumulated depreciation 200 accounts payable 14400 17600 Interest payable 75 Common stock 0 96000 Vehicle 21000 21000 Income tax expense 3700 Warranty liability 0 450 Salaries payable 1200 Notes payable 1 1375...
Could some please help me fill out this income statement. Here is the adjusted trial balance,...
Could some please help me fill out this income
statement.
Here is the adjusted trial balance, statement of
stockholders' equity, and balance sheet.
Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Credit 119113 7500 1800 17280 200 17600 Adjusted Trial Balance December...
At the end of 2016, its first year of operations, Beattie Company reported taxable income of...
At the end of 2016, its first year of operations, Beattie Company reported taxable income of $39,000 and pretax financial income of $34,200. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For financial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2016, and no change in the...
How do you fill out the income statement with the information above? Dawson, Inc. Trial Balances...
How do you fill out the income statement with the information
above?
Dawson, Inc. Trial Balances Dec 31, 2018 & 2017 Account # Account Description 1000 Cash 1050 Investments - Trading Prior Year Ending - FINAL 31-Dec-2017 Debit Credit 5,785,000 500,000 Current Year Ending - FINAL 31-Dec-2018 Credit 5,210,000 500,000 $ 15,000 3,800,000 5,000 4,900,000 140,000 220,000 1051 1100 1150 1200 1310 1320 1700 3,350,000 40,000 270,000 300,000 118,000 300,000 4,665,000 45,000 80,000 370,000 340,000 130,000 300,000 1720 1730 1810...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 Calculate : gross profit reported by Company...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 The retained earnings balance at December...
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions > 0.00 > Analyze the Transactions Activity...
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions > 0.00 > Analyze the Transactions Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchase of building with note. Account 1 Account Type Increase/Decrease Debit/Credit Account...
11. During 2019, its first year of operations, Aaron Inc. reported a net operating loss of...
11. During 2019, its first year of operations, Aaron Inc. reported a net operating loss of $4,000 for financial reporting and tax purpose. The enacted tax rate is 25%. In its 2019 income (loss) statement, Aaron will report a net loss of: a. $5,000 b. $3,000 C. $2,000 d. $1,000 12. At the end of 2018, HD Company had reported a deferred tax asset of $90 million with no valuation allowance. At December 31, 2019, the account balances of HD...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services, Inc. shows the following: Accounts Cash Accounts receivable + Supplies Equipment Payable 170,000 2 -30,000 95,000 3 4,200 4 3,800 3,800 5 -5,500 70,000 65,000 4,200 -5,500 Prepare journal entries using the transaction analysis above. Date Description Debit Credit 1 2 3 000 80 A * T # 3 $ 4 % 5 & 7 8 6 8 0 9 Name 3 accounts with...
Could someone please help me do the income statement and the
statement of stockholders' equity.
0 Adjusted Trial Balance December 31st, 2019 Debit Credit cash 245700 119113 Notes receivable 15000 Accounts receivable 21000 7500 Supplies 0 1800 Buildings 62000 Prepaid insurance 5500 Insurance expense 500 Inventory 23040 17280 Accumulated depreciation 200 accounts payable 14400 17600 Interest payable 75 Common stock 0 96000 Vehicle 21000 21000 Income tax expense 3700 Warranty liability 0 450 Salaries payable 1200 Notes payable 1 1375...
Could some please help me fill out this income
statement.
Here is the adjusted trial balance, statement of
stockholders' equity, and balance sheet.
Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Credit 119113 7500 1800 17280 200 17600 Adjusted Trial Balance December...
How do you fill out the income statement with the information
above?
Dawson, Inc. Trial Balances Dec 31, 2018 & 2017 Account # Account Description 1000 Cash 1050 Investments - Trading Prior Year Ending - FINAL 31-Dec-2017 Debit Credit 5,785,000 500,000 Current Year Ending - FINAL 31-Dec-2018 Credit 5,210,000 500,000 $ 15,000 3,800,000 5,000 4,900,000 140,000 220,000 1051 1100 1150 1200 1310 1320 1700 3,350,000 40,000 270,000 300,000 118,000 300,000 4,665,000 45,000 80,000 370,000 340,000 130,000 300,000 1720 1730 1810...
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions > 0.00 > Analyze the Transactions Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchase of building with note. Account 1 Account Type Increase/Decrease Debit/Credit Account...
11. During 2019, its first year of operations, Aaron Inc. reported a net operating loss of $4,000 for financial reporting and tax purpose. The enacted tax rate is 25%. In its 2019 income (loss) statement, Aaron will report a net loss of: a. $5,000 b. $3,000 C. $2,000 d. $1,000 12. At the end of 2018, HD Company had reported a deferred tax asset of $90 million with no valuation allowance. At December 31, 2019, the account balances of HD...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
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