Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit...
Refer to the following adjusted trial balance after the first year of operations.
|
Accounts |
Debit |
Credit |
|
Cash |
$ 1,600 |
|
|
Accounts Receivable |
8,200 |
|
|
Office Supplies |
500500 |
|
|
Equipment |
19,600 |
|
| Accumulated
Depreciation - Equipment |
$ $2,000 |
|
|
Accounts Payable |
1,700 |
|
|
Salaries Payable |
800 |
|
|
Unearned Revenue |
500500 |
|
|
Common Stock |
3,900 |
|
|
Dividends |
3,000 |
|
|
Service Revenue |
49,100 |
|
|
Salaries Expense |
21,000 |
|
|
Supplies Expense |
2,400 |
|
| Depreciation
Expense— Equipment |
1,700 |
|
|
Total |
$58,000 |
$58,000 |
What will the balance of the Retained Earnings account be after the closing entries are posted?
A. $27,900
B. $24,000
C. $21,000
D. $ 27,000
Homework Answers
| Service Revenue | 49100 |
| Less: Expenses | |
| Salaries Expense | 21000 |
| Supplies Expense | 2400 |
| Depreciation Expense— Equipment | 1700 |
| Total expenses | 25100 |
| Net income | 24000 |
| Net income | 24000 |
| Less: Dividends | 3000 |
| Balance of the Retained Earnings | 21000 |
| Option C $21,000 is correct |
Add Answer to:
Refer to the following adjusted trial balance after the first
year of operations.
Accounts
Debit
Credit...
Refer to the following adjusted trial balance after the first year of operations. Credit Debit $1,900...
Refer to the following adjusted trial balance after the first year of operations. Credit Debit $1,900 - 200 2,000 20.300 Accounts Cash Accounts Receivable Office Supplies Prepaid Insurance Expense Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock - Dividends Sales Revenue Salaries Expense Cost of Goods Sold Supplies Expense Depreciation Expense Total $2.000 1,000 850 400 3,600 3,000 55,150 23,000 1,500 500 1.700 $63.000 $63.000 What will the balance of the Retained Earnings account be after...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts Receivable 30,000 Prepaid Insurance 6,500 Office Supplies 3,000 Land 50,000 Building 140,000 Accumulated Depreciation—Building $16,500 Equipment 76,000 Accumulated Depreciation—Equipment 7,000 Accounts Payable 27,000 Salaries Payable 3,000 Unearned Revenue 24,000 Mortgage Payable 102,000 Baker, Capital 25,500 Baker, Withdrawals 25,000 Service Revenue 290,000 Salaries Expense 63,000 Depreciation Expense—Building and Equipment 6,000 Supplies Expense 11,000 Insurance Expense 14,800 Utilities Expense 19,000 Total $495,000 $495,000 There were no...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and a balance sheet. Make sure all three are in good form. Bertrand Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $12,000 Accounts Receivable 46,200 Office Supplies 17,700 Prepaid Insurance 4,600 Building 58,000 Accumulated Depreciation—Building $24,300 Equipment 26,000 Accumulated Depreciation—Equipment 7,600 Accounts Payable 27,100 Interest Payable 1,800...
list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts Receivable 6,400 Office Supplies 2,200 Prepaid Insurance 2,400 Equipment 28,000 Accumulated Depreciation-Equipment $8,500 Accounts Payable 5,100 Salaries Payable Common Stock 12,200 Dividends 27,000 Service Revenue 73,000 Depreciation Expense-Equipment Supplies Expense Utilities Expense 4,700 Salaries Expense 24,500 Insurance Expense Total $98,800 $98,800 a. As of December 31, Ganville had performed $100 of service revenue but has not yet billed customers. b. At the end of...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Data Table Houston Veterinary Hospital Worksheet December 31, 2018 Adjustments Adjusted Trial Balance Debit Credit Debit...
Data Table Houston Veterinary Hospital Worksheet December 31, 2018 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit $ 31,200 Unadjusted Trial Balance Debit Credit $ 31,200 8,700 1,500 6,000 27,000 (1) $ 1,400 10,100 275 (b) $ (a) Account Names Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation --Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue 600 1,225 5,400 27,000 (c) 1,900 1,900 3,400 3,400 310 310 (e) 1,075...
The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial...
The adjusted trial balance of Ryan Company appears below. Using
the information from the adjusted trial balance, you are to prepare
for the month ending December 31:
1.
an income statement.
2.
a retained earnings statement.
3.
a balance sheet.
(You need to calculate the amount of
cash)
Trial Balance Debit 285,000 $ 45,000 16,500 178,500 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,270 Accounts Receivable 2,400 Prepaid Insurance 2,700 Notes Receivable (long-term) 3,400 Equipment 12,400 Accumulated Depreciation $ 3,000 Accounts Payable 5,620 Salaries and Wages Payable 1,100 Income Taxes Payable 3,300 Unearned Revenue 640 Common Stock 2,800 Retained Earnings 1,100 Dividends 340 Sales Revenue 44,030 Rent Revenue 340 Salaries and Wages Expense 22,000 Depreciation Expense 1,500 Utilities Expense 4,620 Insurance Expense 1,600 Rent Expense 6,400 Income...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. $ ? 24,000 550 Cash Land Utilities Payable Accounts Payable Accumulated Depreciation-Equipment Service Revenue Supplies Expense Steve, Withdrawals 3,800 1,500 90,000 700 28,000 Equipment $ 25,000 Accounts Receivable 4,250 Office Supplies 900 Steve, Capital 18,600 Utilities Expense 1,550 Unearned Revenue 600 Depreciation Expense-Equipment 1,800 Salaries Expense 5,200 Prepare the adjusted trial balance for Steve's Tax...
Refer to the following adjusted trial balance after the first year of operations. Credit Debit $1,900 - 200 2,000 20.300 Accounts Cash Accounts Receivable Office Supplies Prepaid Insurance Expense Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock - Dividends Sales Revenue Salaries Expense Cost of Goods Sold Supplies Expense Depreciation Expense Total $2.000 1,000 850 400 3,600 3,000 55,150 23,000 1,500 500 1.700 $63.000 $63.000 What will the balance of the Retained Earnings account be after...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Data Table Houston Veterinary Hospital Worksheet December 31, 2018 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit $ 31,200 Unadjusted Trial Balance Debit Credit $ 31,200 8,700 1,500 6,000 27,000 (1) $ 1,400 10,100 275 (b) $ (a) Account Names Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation --Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue 600 1,225 5,400 27,000 (c) 1,900 1,900 3,400 3,400 310 310 (e) 1,075...
The adjusted trial balance of Ryan Company appears below. Using
the information from the adjusted trial balance, you are to prepare
for the month ending December 31:
1.
an income statement.
2.
a retained earnings statement.
3.
a balance sheet.
(You need to calculate the amount of
cash)
Trial Balance Debit 285,000 $ 45,000 16,500 178,500 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. $ ? 24,000 550 Cash Land Utilities Payable Accounts Payable Accumulated Depreciation-Equipment Service Revenue Supplies Expense Steve, Withdrawals 3,800 1,500 90,000 700 28,000 Equipment $ 25,000 Accounts Receivable 4,250 Office Supplies 900 Steve, Capital 18,600 Utilities Expense 1,550 Unearned Revenue 600 Depreciation Expense-Equipment 1,800 Salaries Expense 5,200 Prepare the adjusted trial balance for Steve's Tax...
Most questions answered within 3 hours.
-
Mr. and Mrs. Brown report taxable income of $130,000 in 2018. In
addition, they report the...
asked 1 hour ago -
You capture data by having 8 people fill in 30 small dots on a
piece of...
asked 5 hours ago -
What are the z-values such that 70% of the area lies in the
middle of the...
asked 7 hours ago -
You borrow $29,500 to purchase a brand new car. The interest
rate is 6%, and the...
asked 6 hours ago -
The amount of time it takes an asteroid, whose average distance
from the Sun is 4.70...
asked 7 hours ago -
A 0.289 kg mass slides on a frictionless floor with a speed of
1.34 m/s. The...
asked 7 hours ago -
15.A box contains five red balls, three green balls, and two
yellow balls. Suppose you select...
asked 9 hours ago -
Assume you are given the following for Stackelberg industries:
Return on Assets (ROA) = 8%
Debt...
asked 8 hours ago -
an engineer proposes to use mmWave in 5G network to
increase data rate.
What are the...
asked 8 hours ago -
Explain the idea behind using SEMIJOIN in distributed
query processing.
asked 8 hours ago -
why
is context important in selecting and applying guidelines and
principles for interface design?
illustrate your...
asked 8 hours ago -
In a certain board game, a player rolls two fair six-sided dice
until the player rolls...
asked 9 hours ago