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Use the information below to answer the following questions XYZ commenced operations on January 1st 2013...
Required information (The following information applies to the questions displayed below.] A six-column table for JKL...
Required information (The following information applies to the questions displayed below.] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 34,000 14,000 16,000 8,540 84,000 $ 14,000 9, 100 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation office equip. Accounts payable Interest payable Salaries payable...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of...
Use the following information to answer the following 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8 ASSETS: 20X7 20X8 Current assets: Cash $10,000 $12,000 Accounts receivable 20,000 25,000 Inventory 16,000 24,000 Prepaid insurance 4,000 3,000 50,000 64,000 Property & equipment 76,000 84,000 Total assets $126,000 $148,000 LIABILITIES AND STOCKHOLDERS EQUITY: Current liabilities: Accounts payable $15,000 $17,000 Other payables 3,000 7,000 18,000 24,000 Long term notes payable 35,000 40,000 Total liabilities 53,000 64,000 Stockholder's equity Capital...
Question 2 Use the following information to answer questions that follow. The following information was found...
Question 2 Use the following information to answer questions that follow. The following information was found in the books of Kelebale. Capital 32,000 Sales 160,000 Sales Returns 5,000 Furniture and Fittings 10,000 Opening inventory 10,000 Motor vehicles 25,000 Purchases 125,000 Purchases Returns 3,000 Accounts Payable 10,000 Accounts receivable 15,000 Short loan 18,000 Bank 10,000 Cash 3,000 General expenses 7,000 Electricity 5,000 Motor expenses 2,000 Telephone 2,000 Rent 5,000 Interest payable 1,500 Interest receivable 500 Closing stock 7,000 Required: a. Prepare...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash $31,000 $20,000 Accounts receivable 74,000 80,000 Supplies 10,000 7,000 Land 50,000 40,000 Equipment 20,000 36,000 Accumulated depreciation 6,000 8,000 Patent 0 6,000 LIABILITIES + EQUITY Accounts payable $15,000 $19,000 Short-term notes payable 22,000 13,000 Salaries payable 17,000 1,000 Common stock 40,000 50,000 Retained earnings 85,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing $17,000...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash $31,000 $20,000 Accounts receivable 74,000 80,000 Supplies 10,000 7,000 Land 50,000 40,000 Equipment 20,000 36,000 Accumulated depreciation 6,000 8,000 Patent 0 6,000 LIABILITIES + EQUITY Accounts payable $15,000 $19,000 Short-term notes payable 22,000 13,000 Salaries payable 17,000 1,000 Common stock 40,000 50,000 Retained earnings 85,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing $17,000...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash...
The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash $31,000 $20,000 Accounts receivable 74,000 80,000 Supplies 10,000 7,000 Land 50,000 40,000 Equipment 20,000 36,000 Accumulated depreciation 6,000 8,000 Patent 0 6,000 LIABILITIES + EQUITY Accounts payable $15,000 $19,000 Short-term notes payable 22,000 13,000 Salaries payable 17,000 1,000 Common stock 40,000 50,000 Retained earnings 85,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing $17,000...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash Accounts receivable Supplies Land Equipment Accumulated depreciation Patent $31,000 74,000 10,000 50,000 20,000 6,000 $20,000 80,000 7,000 40,000 36,000 8,000 6,000 LIABILITIES + EQUITY Accounts payable Short-term notes payable Salaries payable Common stock Retained earnings $15,000 22,000 17,000 40,000 85,000 $19,000 13,000 1,000 50,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing...
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance...
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 19,200 Merchandise inventory 14,000 Store supplies...
Required information (The following information applies to the questions displayed below.) The following unadjusted trial balance...
Required information (The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,150 12,500 5,500 2,600 42,600 $ 17,050...
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance...
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit $ 19,100 Cash Merchandise inventory 14,500 Store supplies...
Required information (The following information applies to the questions displayed below.] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 34,000 14,000 16,000 8,540 84,000 $ 14,000 9, 100 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation office equip. Accounts payable Interest payable Salaries payable...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash Accounts receivable Supplies Land Equipment Accumulated depreciation Patent $31,000 74,000 10,000 50,000 20,000 6,000 $20,000 80,000 7,000 40,000 36,000 8,000 6,000 LIABILITIES + EQUITY Accounts payable Short-term notes payable Salaries payable Common stock Retained earnings $15,000 22,000 17,000 40,000 85,000 $19,000 13,000 1,000 50,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing...
Required information (The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,150 12,500 5,500 2,600 42,600 $ 17,050...
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit $ 19,100 Cash Merchandise inventory 14,500 Store supplies...
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