Homework Answers
rate positively ..
| Asset | ||
| current asset | ||
| Cash | 40000 | |
| Account receivable | 10000 | |
| Total current asset | 50000 | |
| Plant asset | ||
| Land | 25000 | |
| Total asset | 75000 | |
| Liabilities | ||
| Current liabilities | ||
| Account payable | 5000 | |
| Long term liabilities | ||
| Long term notes payable | 20000 | |
| Owner's capital | 50000 |
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Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the Accounts payable...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Cash $ 40,000 10,000 Accounts receivable 50,000 Total current assets Plant assets Land 25,000 $ 75,000 Total assets Liabilities $ 5,000 20,000 Current liabilities Account...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (The following information...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit $ Debit 12,000 150,000 6,000 30,000 400,000 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 Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest...
Problem IV: (15%) The adjusted trial balance of the Ricci and Napoli Partnership for the year...
Problem IV: (15%) The adjusted trial balance of the Ricci and Napoli Partnership for the year ended December 31, 2017, appears below: RICCI AND NAPOLI PARTNERSHIP Adjusted Trial Balance December 31, 2017 Debit 19,000 80,000 Credit Current Assets... Plant Assets... Current Liabilities. Long-term Debt Ricci, Capital Ricci, Drawings Napoli, Capital Napoli , Drawings. Sales Revenue. Cost of Goods Sold. 7,000 40,000 20,000 4,000 18,000 7,000 110,000 62,000 23,000 195,000 Operating Expenses 195,000 CC 202 Exam II Fall 2019-2020 Page 10
Problem 3-5A Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5)...
Problem 3-5A Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5) Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2018 DebitsCredits S 15,000 24,000 31,000 Accounts Receivable Supplies Prepaid Insurance Equipment 500,000 Accounts Payable Salaries Payable Utilities Payable Notes Payable (due...
Presented below is the adjusted trial balance of Tamarisk, Inc. at December 31, 2017. Prepare a...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts Receivab le Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Interest Payable Salaries & Wages Payable Owner's Capital Retained earnings Service Revenue Unearned service revenue 5,000 30,000 10,000 150,000 50,000 15,000 50,000 60,000 230,000 20,000 Cost of Goods Sold 100,000 30,000 Selling Expenses Interest Expense Admin Expenses 15,000 Interest revenues 10,000 Loss on sale of fixed assets 5,000 Total 440,000...
The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation: Cash,...
The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation: Cash, $5,000: Accounts Receivable, $9,000, Supples, $19,000;, Equipment, $120,000 Accumulated Depreciation, $45,000; Accounts Payable, $26,000: Salaries Payable, $16,000, Common Stock, $60.000; and Retained Eamings, Prepare the December 31, 2018, classified balance sheet including the corect balance for retained earnings. (Amounts to be deducted should be entered with minus sign.) BLUE DEVILS CORPORATION Balance Sheet December 31, 2018 Assets Liabilities Current liabilities: Current assets Total current...
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
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...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Cash $ 40,000 10,000 Accounts receivable 50,000 Total current assets Plant assets Land 25,000 $ 75,000 Total assets Liabilities $ 5,000 20,000 Current liabilities Account...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit $ Debit 12,000 150,000 6,000 30,000 400,000 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 Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest...
Problem IV: (15%) The adjusted trial balance of the Ricci and Napoli Partnership for the year ended December 31, 2017, appears below: RICCI AND NAPOLI PARTNERSHIP Adjusted Trial Balance December 31, 2017 Debit 19,000 80,000 Credit Current Assets... Plant Assets... Current Liabilities. Long-term Debt Ricci, Capital Ricci, Drawings Napoli, Capital Napoli , Drawings. Sales Revenue. Cost of Goods Sold. 7,000 40,000 20,000 4,000 18,000 7,000 110,000 62,000 23,000 195,000 Operating Expenses 195,000 CC 202 Exam II Fall 2019-2020 Page 10
Problem 3-5A Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5) Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2018 DebitsCredits S 15,000 24,000 31,000 Accounts Receivable Supplies Prepaid Insurance Equipment 500,000 Accounts Payable Salaries Payable Utilities Payable Notes Payable (due...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts Receivab le Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Interest Payable Salaries & Wages Payable Owner's Capital Retained earnings Service Revenue Unearned service revenue 5,000 30,000 10,000 150,000 50,000 15,000 50,000 60,000 230,000 20,000 Cost of Goods Sold 100,000 30,000 Selling Expenses Interest Expense Admin Expenses 15,000 Interest revenues 10,000 Loss on sale of fixed assets 5,000 Total 440,000...
The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation: Cash, $5,000: Accounts Receivable, $9,000, Supples, $19,000;, Equipment, $120,000 Accumulated Depreciation, $45,000; Accounts Payable, $26,000: Salaries Payable, $16,000, Common Stock, $60.000; and Retained Eamings, Prepare the December 31, 2018, classified balance sheet including the corect balance for retained earnings. (Amounts to be deducted should be entered with minus sign.) BLUE DEVILS CORPORATION Balance Sheet December 31, 2018 Assets Liabilities Current liabilities: Current assets Total current...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
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...
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