Homework Answers
Sales=closing cash balance+cash received-opening balance
=9000+140000-5000=144000
Rent revenue=cash recevied+closing urr-op.urr
56000+6000-1000=61000
Salareies expense=salareies paid+opening prepaid expense-clo.prepaid expense
=43000+4000-2000
=45000
Income tax expense =tax paid+clo.balance-op.balance
=23000-7000+3000=19000
Cogs=cash paid to suppliers-clo.stock+op.stock+clo. Suppliers-op.suppliers
78000+7000-11000+14000-20000
=68000.
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please create T-accounts to slove this problem
The following example pertains to Bluefielod Company for 2005...
To create an income statement. On July 31, 2018, the following alphabetically ordered list of accounts...
To create an income statement.
On July 31, 2018, the following alphabetically ordered list of accounts and amounts was available for Wildhorse Repair Services Ltd Accounts payable $ 2,100 Equipment $9,500 Accounts receivable 3,000 Retained earnings 19,250 Accumulated depreciation equipment 1,900 Salaries payable 1,360 Accumulated depreciation-vehicles 5,500 Supplies 920 Bank loan payable (non-current) 4,300 Unearned revenue 1,210 Cash 8.900 Vehicles 27,500 Common shares 14,200 During August, the following summary transactions were completed: Aug. 1 Paid $270 for advertising on Kijiji...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1,...
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The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
Solve the following problem Part 3: Below are the accounts for Ben Inc. The company just...
Solve the following problem
Part 3: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. 213,000 34,000 275,000 8,000 4,000 Cash Accounts Payable Service Fees Revenue Supplies Expense Insurance Expense Retained Earnings, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3.100 Retained earning 1.720 56,120 56,120 The company underwent a major expansion in July, New staff was hired and more financing was obtained Grouperconducted the following transactions during July 2022, and adjusts its accounts monthly July 1Purchased equipment, paying 53 200 cash and signing a 2 year note payable for $17.200. The equipment has a 6-year useful life. The note has a...
"Using T accounts to record all business transactions." 3.4A. The following accounts and transactions are for...
"Using T accounts to record all business transactions." 3.4A. The following accounts and transactions are for Horace Brock, Landscape Consultant. Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts. By writing the letter of the transaction next to the entry. Assets: Cash, Accounts Receivable, Office Furniture, Office Equipment Liabilities: Accounts Payable Owner’s Equity: Horace Brock –...
I will upvote the correct answers Requirement 2. T-accounts have been opened for each of the...
I will upvote the correct answers
Requirement 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. Sep. 1: Received $43,000 cash and gave capital to Stewart. (We will post to the accounts one transaction at a...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
To create an income statement.
On July 31, 2018, the following alphabetically ordered list of accounts and amounts was available for Wildhorse Repair Services Ltd Accounts payable $ 2,100 Equipment $9,500 Accounts receivable 3,000 Retained earnings 19,250 Accumulated depreciation equipment 1,900 Salaries payable 1,360 Accumulated depreciation-vehicles 5,500 Supplies 920 Bank loan payable (non-current) 4,300 Unearned revenue 1,210 Cash 8.900 Vehicles 27,500 Common shares 14,200 During August, the following summary transactions were completed: Aug. 1 Paid $270 for advertising on Kijiji...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
Solve the following problem
Part 3: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. 213,000 34,000 275,000 8,000 4,000 Cash Accounts Payable Service Fees Revenue Supplies Expense Insurance Expense Retained Earnings, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3.100 Retained earning 1.720 56,120 56,120 The company underwent a major expansion in July, New staff was hired and more financing was obtained Grouperconducted the following transactions during July 2022, and adjusts its accounts monthly July 1Purchased equipment, paying 53 200 cash and signing a 2 year note payable for $17.200. The equipment has a 6-year useful life. The note has a...
I will upvote the correct answers
Requirement 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. Sep. 1: Received $43,000 cash and gave capital to Stewart. (We will post to the accounts one transaction at a...
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