Homework Answers
Retained Earnings = Opening balance + Net income - Dividend
Net Income = Revenue - Expense
= 55,000 - Rent Expense - Salary Expense
= $ 55,000 - $ 23,000 - $ 18,000
= $ 14,000
Retained Earnings = 14,000 - 3,000 = $ 11,000
Answer is $ 11,000
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Assume a company commenced operations on January 1, 2019. Its accounting records showed the following account...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Capital contributions during the year were $54,000. Randall's Service Company Trial Balance December 31, 2019 Account Title Debit Credit Cash $25,400 Accounts Receivable 5,000 Prepaid Rent 1,200 Office Supplies 3,400 Land 45,000 Building 16,500 Equipment 23,000 Accounts Payable $15,000 Unearned Revenue 5,000 Notes Payable 25,000 Common Stock 54,000 Dividends 6,300 Service Revenue 83,100 Salaries Expense 34,000 Rent Expense 15,000 Office Expense...
Amazing Company began operations on January 1, 2015, and is now in its fourth year of...
Amazing Company began operations on January 1, 2015, and is now
in its fourth year of operations. It is a retail sales company with
a large number of online sales. The adjusted trial balance as of
December 31, 2019 appears below, along with prior year balance
sheet data and some additional transaction data for 2018.
Transaction Data for 2018 (Note, these transactions were
included in the trial balance numbers above.)
Cash paid for purchase of office equipment
$
6,000
Cash...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. 61,500...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. 61,500 21,089 7,500 6,789 90,000 ACCOUNTS Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Sadie Palmer, Capital Fees Income Depreciation Exp.-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense 15,280 80,450 109,500 9,160 9,350 Additional information: a. Supplies used during January totaled $4.950. b. Expired insurance totaled $1.675. c. Depreciation expense for the month was $1,450. Complete the worksheet through the Adjusted...
On January 31, 2019, the general ledger of palmer Company showed the following account balances. Accounts...
On January 31, 2019, the general ledger of palmer Company showed the following account balances. Accounts cash. 61,400 accounta Receivable. 20,900 supplies. 7,400 prepaid insurance. 6,600 Equipment. 89,900 accumulated. Depr.- Equip. 0 accounts payable. 15,100 sadie palmer, capital. 80,350 fees income. 109,000 Depreciation Exp.-Equip. 0 Insurance Expense. 0 Rent Expense. 9,000 salaries Expense. 9,250 supplies expense. 0 a. spuulies used during January totaled $4,900. b. Expired insurance totaled $1,650. c. Depreciation expense for the month was $1,425 Complete the worksheet...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 31,500 Accounts Receivable 11,250 Supplies 4,500 Prepaid Insurance 4,100 Equipment 45,750 Accum. Depr.—Equip. 0 Accounts Payable 8,350 Sadie Palmer, Capital 40,975 Fees Income 58,500 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 5,300 Salaries Expense 5,425 Supplies Expense 0 Additional information: Supplies used during January totaled $2,850. Expired insurance totaled $1,025. Depreciation expense for the month was $925. Complete the worksheet through the...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Account Title Credit Cash Accounts Receivable Prepaid Rent Office Supplies Land Debit $15,500 8,000 2,400 1,400 25,000 32,000 23,000 Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense $10,400 2,500 20,000 59.000 6,800 78,400 34,000 15,000 20,000 59,000 6,800 78,400 Notes Payable Common Stock...
Amazing Company began operations on January 1, 2015, and is now
in its fourth year of operations. It is a retail sales company with
a large number of online sales. The adjusted trial balance as of
December 31, 2019 appears below, along with prior year balance
sheet data and some additional transaction data for 2018.
Transaction Data for 2018 (Note, these transactions were
included in the trial balance numbers above.)
Cash paid for purchase of office equipment
$
6,000
Cash...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Credit Account Title Cash Accounts Receivable Prepaid Rent Debit $15,500 8,000 2.400 1,400 25,000 32,000 23,000 Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends $10,400 2,500 20,000 55,000 6,200 55,000 6,200 82,400 Common Stock Dividends Service Revenue Salaries Expense Rent Expense Truck Expense Office Expense Total...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. 61,500 21,089 7,500 6,789 90,000 ACCOUNTS Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Sadie Palmer, Capital Fees Income Depreciation Exp.-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense 15,280 80,450 109,500 9,160 9,350 Additional information: a. Supplies used during January totaled $4.950. b. Expired insurance totaled $1.675. c. Depreciation expense for the month was $1,450. Complete the worksheet through the Adjusted...
Donaldson's Delivery Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Donaldson's Delivery Service Company Trial Balance December 31, 2019 Account Title Credit Cash Accounts Receivable Prepaid Rent Office Supplies Land Debit $15,500 8,000 2,400 1,400 25,000 32,000 23,000 Building Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense $10,400 2,500 20,000 59.000 6,800 78,400 34,000 15,000 20,000 59,000 6,800 78,400 Notes Payable Common Stock...
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