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BC E. 1,2,3 Your Answer C $ 43) A business has only the following balances: Accounts...
All balances are as of the end of the period. There are no other accounts listed. Find the...
All balances are as of the end of the period. There are no other accounts listed. Find the missing amount. Total Liabilities$40,000 Ending Retained Earnings$60,000 Common Stock$20,000 Paid in Capital$ 10,000 Accounts Receivable$40,000 Cash ???? Equipment, net $30,000 What is the ending balance of the cash account?
River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable...
River Corporation had the following beginning balances: Cash $120,000 Accounts Receivable 40,000 Supplies 25,000 Accounts Payable 20,000 Common Stock 50,000 Retained Earnings 115,000 If ending assets for River Corporation were $200,000, net income was $75,000, and dividends paid were $20,000, what was ending liabilities for River Corporation. Show your work to receive full and partial credit.
Geo Inc. had the following account balances on January 1, Year 2. Accounts Payable Accounts Receivable...
Geo Inc. had the following account balances on January 1, Year 2. Accounts Payable Accounts Receivable Cashi Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies 5728 2,300 2,300 20,000 3,100 4,400 4,536 4.800 1.660 A Paid $728 on account for utilities that were used during December Year 1 B. Purchased $488 of supplies for cash. C. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1,...
FINANCIAL STATEMENT Practice Problem NAME Given the list below of accounts and normal balances for the...
FINANCIAL STATEMENT Practice Problem NAME Given the list below of accounts and normal balances for the Munchkin income statement, statement of stockholders equity and classified balance sheet. Company on Dec 31, create an Cash Inventory Supplies Equipment Buildings Accounts payable Salaries Payable Common Stock 1,300 4,000 2,400 20,000 30,000 3.400 900 33,000 Retained Earnings (1/1) Service Revenue Cost of Goods Sold Delivery Expense Salaries Expense 16.200 62,700 52,400 1,600 4,500 Use the form below to create an Income Statement (Include...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
Please answerPlease answer Geo Inc. had the following account balances on January 1, Year2: Accounts Payable...
Please answerPlease answer
Geo Inc. had the following account balances on January 1, Year2: Accounts Payable Accounts Receivable Cash Common Stock Equlpment Note Payable Retained Earnings S 731 2,400 2,400 20,000 3,300 4,600 4,661 4,900 1,780 Salamies and Wages Expense4 Supplies Required: Prepare jounal entries for each of the following January activities, and post results to the relevant T accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event,...
Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable Accounts Receivable...
Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies $ 713 1,800 1,800 15,000 2,100 3.400 3,911 4,300 1,060 Required Prepare journal entries for each of the following January activities, and post results to the relevant T- accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transactionlevent, select "No...
Update your trial balance with the following accounts and balances and then answer the questions that...
Update your trial balance with the following accounts and balances and then answer the questions that follow. Cash Accounts payable Common stock Rent expense Salaries expense Prepaid rent Supplies 137.500 48.000 138,400 33,400 120.308 36,000 29,800 Salaries payable Service revenue Accounts receivable Advertising expense Retained earnings Dividends Notes payable 6,300 234,100 143.000 48.700 90,600 8.600 39.400 Required: 1. What are the total debits and credits on your revised trial balance? Total Debits Total Credits 2. Assuming the Retained Earnings balance...
The following accounts and balances were drawn from the records of Barker Company at December 31,...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 720 Beginning retained earnings (7,700) Cash flow from financing act. 2,700 Rent expense 77,000 Dividends 41,000 Cash 240 Accounts receivable Prepaid rent 900 Unearned revenue 7,200 5,700 Accounts payable $ 20,000 (5,300) 2,600 4,900...
Geo Inc. had the following account balances on January 1, Year 2. Accounts Payable Accounts Receivable Cashi Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies 5728 2,300 2,300 20,000 3,100 4,400 4,536 4.800 1.660 A Paid $728 on account for utilities that were used during December Year 1 B. Purchased $488 of supplies for cash. C. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1,...
FINANCIAL STATEMENT Practice Problem NAME Given the list below of accounts and normal balances for the Munchkin income statement, statement of stockholders equity and classified balance sheet. Company on Dec 31, create an Cash Inventory Supplies Equipment Buildings Accounts payable Salaries Payable Common Stock 1,300 4,000 2,400 20,000 30,000 3.400 900 33,000 Retained Earnings (1/1) Service Revenue Cost of Goods Sold Delivery Expense Salaries Expense 16.200 62,700 52,400 1,600 4,500 Use the form below to create an Income Statement (Include...
Please answerPlease answer
Geo Inc. had the following account balances on January 1, Year2: Accounts Payable Accounts Receivable Cash Common Stock Equlpment Note Payable Retained Earnings S 731 2,400 2,400 20,000 3,300 4,600 4,661 4,900 1,780 Salamies and Wages Expense4 Supplies Required: Prepare jounal entries for each of the following January activities, and post results to the relevant T accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event,...
Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies $ 713 1,800 1,800 15,000 2,100 3.400 3,911 4,300 1,060 Required Prepare journal entries for each of the following January activities, and post results to the relevant T- accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transactionlevent, select "No...
Update your trial balance with the following accounts and balances and then answer the questions that follow. Cash Accounts payable Common stock Rent expense Salaries expense Prepaid rent Supplies 137.500 48.000 138,400 33,400 120.308 36,000 29,800 Salaries payable Service revenue Accounts receivable Advertising expense Retained earnings Dividends Notes payable 6,300 234,100 143.000 48.700 90,600 8.600 39.400 Required: 1. What are the total debits and credits on your revised trial balance? Total Debits Total Credits 2. Assuming the Retained Earnings balance...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 720 Beginning retained earnings (7,700) Cash flow from financing act. 2,700 Rent expense 77,000 Dividends 41,000 Cash 240 Accounts receivable Prepaid rent 900 Unearned revenue 7,200 5,700 Accounts payable $ 20,000 (5,300) 2,600 4,900...
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