accounting
Sheridan Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
| Debits | Credits | |||||
| Cash | R$ 6,000 | Accumulated Depreciation—Equipment | R$ 600 | |||
| Accounts Receivable | 480 | Notes Payable | 3,000 | |||
| Prepaid Rent | 1,000 | Accounts Payable | 700 | |||
| Supplies | 800 | Salaries and Wages Payable | 300 | |||
| Equipment | 11,000 | Interest Payable | 50 | |||
| Dividends | 400 | Unearned Rent Revenue | 300 | |||
| Salaries and Wages Expense | 7,000 | Share Capital—Ordinary | 11,580 | |||
| Rent Expense | 1,000 | Service Revenue | 11,000 | |||
| Depreciation Expense | 600 | Rent Revenue | 1,200 | |||
| Supplies Expense | 100 | R$28,730 | ||||
| Utilities Expense | 300 | |||||
| Interest Expense | 50 | |||||
| R$28,730 | ||||||
Determine the net income for the quarter April 1 to June 30. Determine the total assets and total liabilities at June 30, 2020, for Sheridan Company Determine the amount that appears for Retained Earnings at June 30, 2020.Net income/(loss) R$ eTextbook and Media
Sheridan Company Total assets R$ Total liabilities R$ eTextbook and Media
Retained Earnings, June 30 R$
Homework Answers
| a. Prepare Income Statement. | |||||
| Kang Company | |||||
| Income Statement | |||||
| For the Quarter ended 30 June,2020 | |||||
| Revenues | |||||
| Service Revenue | 14200 | ||||
| Add: Rent Revenue | 800 | ||||
| Total Revenues | 15000 | ||||
| Less:Expenses | |||||
| Salaries & wages Expense | 9400 | ||||
| Rent Expense | 1500 | ||||
| Depreciation Expense | 850 | ||||
| Utilities Expense | 510 | ||||
| Supplies Expense | 200 | ||||
| Interest Expense | 50 | ||||
| Total Expenses | 12510 | ||||
| Net Income | 2490 | ||||
| a. Prepare Retained Earnings Statement. | |||||
| Kang Company | |||||
| Retained Earnings Statement | |||||
| For the Quarter ended 30 June,2020 | |||||
| Owner's capital ,April 1 | 0 | ||||
| Add: Share capital-Ordinary | 14000 | ||||
| Net Income | 2490 | ||||
| Less: Dividends | 600 | ||||
| Owner's capital,June 30 | 15890 | ||||
| a. Prepare Statement of Financial Position. | |||||
| Kang Company | |||||
| Statement of Financial Position | |||||
| June 30,2020 | |||||
| Total Assets | Total Liabilities and Owner's Equity | ||||
| Cash | 6700 | Notes payable | 5000 | ||
| Accounts Receivable | 600 | Accounts payable | 1510 | ||
| Supplies | 1000 | Unearned rent Revenue | 500 | ||
| Prepaid Rent | 900 | Salaries & wages payable | 400 | ||
| Equipment | 15000 | Interest payable | 50 | ||
| Less:Accumulated depreciation -Equipment | 850 | 14150 | Total Liabilities | 7460 | |
| Owner's Equity | |||||
| Owner's capital ,April 1 | 0 | ||||
| Add: Share capital-Ordinary | 14000 | ||||
| Net Income | 2490 | ||||
| Less: Dividends | 600 | ||||
| Owner's capital,June 30 | 15890 | ||||
| Total assets | 23350 |
Wildhorse Co. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted...
Wildhorse Co. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Credits R$ 6,600 Accumulated Depreciation Equipment R$ 800 680 Notes Payable 4,100 1,000 Accounts Payable 900 900 Salaries and Wages Payable 400 11,900 Interest Payable 70 400 Unearned Rent Revenue 300 7,200...
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The...
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7,600 1,800 700 100 400 80 $32,760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
Sheffield Company was organized on April 1, 2019. The company prepares quarterly financial statements. The adjusted...
Sheffield Company was organized on April 1, 2019. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. 400 Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit Credit $ 6,900 Accumulated Depreciation-Equipment $ 800 480 Notes Payable 4,200 600 Accounts Payable 900 800 Salaries and Wages Payable 12,100 Interest Payable 80 500 Unearned Rent Revenue 300 7,600 Common...
Question 5 of / < -/1 Splish Brothers Company was organized on April 1, 2020. The...
Question 5 of / < -/1 Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7.600 1,800 700 100 400 80 $32.760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
When preparing a post closing entry please do not use Profit and Loss account as an...
When preparing a post closing entry please do not use Profit
and Loss account as an aswer. The word bank is below for the second
picture.
Bramble Company had the following adjusted trial balance. Bramble Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,840 Accounts Receivable 3,830 Supplies 600 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 3,900 Retained Earnings 1,540 Dividends 570 Service Revenue 4,100 Salaries and Wages Expense 1.300 Miscellaneous...
Practice Do It! Review 2 (Part Level Submission) Lumina Co. was organized on April 1, 2017....
Practice Do It! Review 2 (Part Level Submission) Lumina Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balan Debit Credit $7,000 Accumulated Depreciation-Equipment $600 4,000 800 300 70 300 11,380 11,500 1,300 $30,250 Cash Accounts Receivable Prepaid Rent Supplies 380 Notes Payable 700 900 Accounts Payable Salaries and Wages Payable Equipment Dividends Salaries and Wages Expense7,000 Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 11,300 Interest Payable 400 Unearned Rent...
CES Exercise 2-1 du Tranc Lever SUSSION) The T-accounts below summarize the ledger of Sheridan Landscaping...
CES Exercise 2-1 du Tranc Lever SUSSION) The T-accounts below summarize the ledger of Sheridan Landscaping Company at the end of the first month of operations. No. 101 4/1 Cash 10,000 4/15 840 4/25 1,600 4/12 - 1,000 540 4/29 4/30 art 1,800 Accounts Receivable 2,200 4/29 No. 112 4/7 540 4/4 udy. 4/25 Supplies No. 126 2,000 Accounts Payable No. 201 1,000 4/4 2,000 Unearned Service Revenue No. 209 4/30 1,800 Owner's Capital No. 301 4/1 10,000 Service Revenue...
On June 1, 2022, Blossom Company was started with an initial investment in the company of...
On June 1, 2022, Blossom Company was started with an initial investment in the company of $24,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: $ 4,770 Notes payable $12,340 Cash Accounts payable Accounts receivable 4,110 610 Service revenue 7,600 Supplies expense 740 Maintenance and repairs expense Supplies 2,262 690 Utilities expense Advertising expense 400 210 Salaries...
Wiew Policies Current Attempt in Progress On June 1, 2022, Blossom Company was started with an...
Wiew Policies Current Attempt in Progress On June 1, 2022, Blossom Company was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Notes payable Accounts payable Supplies expense Maintenance and repairs expense Service revenue $4,700 4,100 7,600 2,460 400 24,200 20,000 $12,200 600 1,000 610...
the trial balance before and after adjustment for Sheridan company at October Maps News Translate The...
the trial balance before and after adjustment for Sheridan
company at October
Maps News Translate The trial balances before and after adjustment for Sheridan Company at October 31, 2021, which is the end of its fiscal year. are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit $9,170 $9,170 Cash Accounts Receivable 8,845 9,395 Supplies 2,520 765 Prepaid Insurance 2,530 3,750 34,145 34,145 Equipment $5,540 Accumulated Depreciation-Equipment $3,285 5,725 5,725 Accounts Payable Notes Payable 38,060 38,060 1,230 Salaries Payable...
Wildhorse Co. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Credits R$ 6,600 Accumulated Depreciation Equipment R$ 800 680 Notes Payable 4,100 1,000 Accounts Payable 900 900 Salaries and Wages Payable 400 11,900 Interest Payable 70 400 Unearned Rent Revenue 300 7,200...
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7,600 1,800 700 100 400 80 $32,760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
Sheffield Company was organized on April 1, 2019. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. 400 Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit Credit $ 6,900 Accumulated Depreciation-Equipment $ 800 480 Notes Payable 4,200 600 Accounts Payable 900 800 Salaries and Wages Payable 12,100 Interest Payable 80 500 Unearned Rent Revenue 300 7,600 Common...
Question 5 of / < -/1 Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7.600 1,800 700 100 400 80 $32.760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
When preparing a post closing entry please do not use Profit
and Loss account as an aswer. The word bank is below for the second
picture.
Bramble Company had the following adjusted trial balance. Bramble Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,840 Accounts Receivable 3,830 Supplies 600 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 3,900 Retained Earnings 1,540 Dividends 570 Service Revenue 4,100 Salaries and Wages Expense 1.300 Miscellaneous...
Practice Do It! Review 2 (Part Level Submission) Lumina Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balan Debit Credit $7,000 Accumulated Depreciation-Equipment $600 4,000 800 300 70 300 11,380 11,500 1,300 $30,250 Cash Accounts Receivable Prepaid Rent Supplies 380 Notes Payable 700 900 Accounts Payable Salaries and Wages Payable Equipment Dividends Salaries and Wages Expense7,000 Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 11,300 Interest Payable 400 Unearned Rent...
CES Exercise 2-1 du Tranc Lever SUSSION) The T-accounts below summarize the ledger of Sheridan Landscaping Company at the end of the first month of operations. No. 101 4/1 Cash 10,000 4/15 840 4/25 1,600 4/12 - 1,000 540 4/29 4/30 art 1,800 Accounts Receivable 2,200 4/29 No. 112 4/7 540 4/4 udy. 4/25 Supplies No. 126 2,000 Accounts Payable No. 201 1,000 4/4 2,000 Unearned Service Revenue No. 209 4/30 1,800 Owner's Capital No. 301 4/1 10,000 Service Revenue...
On June 1, 2022, Blossom Company was started with an initial investment in the company of $24,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: $ 4,770 Notes payable $12,340 Cash Accounts payable Accounts receivable 4,110 610 Service revenue 7,600 Supplies expense 740 Maintenance and repairs expense Supplies 2,262 690 Utilities expense Advertising expense 400 210 Salaries...
Wiew Policies Current Attempt in Progress On June 1, 2022, Blossom Company was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Notes payable Accounts payable Supplies expense Maintenance and repairs expense Service revenue $4,700 4,100 7,600 2,460 400 24,200 20,000 $12,200 600 1,000 610...
the trial balance before and after adjustment for Sheridan
company at October
Maps News Translate The trial balances before and after adjustment for Sheridan Company at October 31, 2021, which is the end of its fiscal year. are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit $9,170 $9,170 Cash Accounts Receivable 8,845 9,395 Supplies 2,520 765 Prepaid Insurance 2,530 3,750 34,145 34,145 Equipment $5,540 Accumulated Depreciation-Equipment $3,285 5,725 5,725 Accounts Payable Notes Payable 38,060 38,060 1,230 Salaries Payable...
Most questions answered within 3 hours.
-
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 7 minutes ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 1 hour ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 1 hour ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 1 hour ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 1 hour ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 1 hour ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 1 hour ago -
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 1 hour ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 1 hour ago -
A single cable supports an 703-kg elevator car. What is the
tension in the cable when...
asked 1 hour ago -
among the three different ways to link CSS specifications to an
HTML document (inline CSS, document...
asked 1 hour ago -
(1) Write the net ionic equation for the reaction that occurs
when equal volumes of 0.191...
asked 2 hours ago