account |
Dr |
Cr |
Plant & Equipment at cost |
370,000 |
|
Plant & Equipment accumulated depreciation, 1 Jan 2019 |
30,000 |
|
Building at cost |
110,000 |
|
Building accumulated depreciation, 1 Jan 2019 |
55,000 |
|
Prepaid rent |
30,000 |
|
Bank balance |
35,000 |
|
Revenues |
915,000 |
|
Supplies |
15,000 |
|
Purchases |
555,000 |
|
Inventory at 1 Jan 2019 |
80,000 |
|
Cash |
10,000 |
|
Account Payable |
125,000 |
|
Account Receivable |
170,000 |
|
Salaries expense |
62,500 |
|
Electricity Expense |
25,250 |
|
Telephone expense |
45,000 |
|
Insurance expense |
29,750 |
|
Loan due (December 2029) |
15,000 |
|
Retained earnings at 1 Jan 2019 |
65,000 |
|
Common stock, $1 |
235,000 |
|
Unearned Revenues |
40,000 |
|
Dividend paid |
12,500 |
The following additional information is also available:
Required: Prepare for Flamingo Ltd.
Flamingo, a limited liability company, has an accounting year end of 31 December. The accountant is...
Problem 3 J.V. Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year G Hi B C D E Unadjusted Trial Balance Debit 40,000 Adjusting Entries Credit Adjusted Trial Balance 1 Debit Credit Credit Debit 2 ఉ0 3 Cash 35,000 4 Accounts Receivable 5 Prepaid Insurance 6 Supplies 7 Land 15,000 20,000 a 4,000 11,000 15,000- 80,000- 150.000 20,000 60,000 150,000 200,000 200,000 8 Building 9 Accum. Depr.-Building 10 Accounts Payable 11 Wages...
Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31, 2019 is shown below. ISK2: 10 marks) Smith Company Trial Balance December 31, 2019 Debit 75,000 Credit Accounts Cash 165.000 $2,500 1.800,000 337,500 300,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings Service Revenue Utilities Expense Total 180,000 1.147.500 180.000 367,500 30,000 2,332,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000, 2. Rent...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000 2,500 50,000 200,000 10,000 20,000 1,000 3,000 5,000 10,000 190,500 100 Cash 110 Accounts Receivable 150 Prepaid Insurance 160 Supplies 180 Land 185 Building 190 Acc. Dep. Building 200 Accounts Payable 215 Wages Payable 220 Building Maintenance payable 225 Interest payable 230 Unearned Rent 235 Income Tax Payable 300 Share Capital 320 Dividends 325 Retained Earnings 500 Service Revenue 520 Rent Revenue 600 Advertising...
Thanos Merchandising Company was established on January 1, 2019.
As of December 31, 2019, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2019.
As of December 31, 2017, $20.000 of the Unearned Service Revenue is
earned.
Required:
A) Find the Marketing Expense for the year of 2019 (Hint: Write all
the accounts to debit or credit sides while considering their...
ZYX Merchandising Company was established on January 1, 2019. As of December 31, 2019, the following additional information is available: $5.000 of Office Supplies has been used. Accrued interest revenue is $10.000. $15.000 of prepaid rent has expired as of December 31, 2019. As of December 31, 2017, $20.000 of the Unearned Service Revenue is earned. Questions: Find the Marketing Expense for the year of 2019 (Hint: Write all the accounts to debit or credit sides while considering their nature....
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities: a. Depreciation on the company's equipment for 2011 is computed to be $16,000 b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $740 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,140. A physical count of...
SecHD C1 - The trial balance of Smith Company at December 31, 2019 is shown below. [SK2: 10 marks) Credit Smith Company Trial Balance December 31, 2019 Accounts Debit Cash 75,000 Prepaid Insurance 165.000 Supplies 82,500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180.000 Service Revenue Utilities Experise 30,000 Total 2,332,500 337,500 300,000 180,000 1.147.500 367,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000 2. Rent owed for the month...
The unadjusted trial balance of Mesa Inc., at the company's year end of December 31, follows: MESA INC. Trial Balance December 31, 2018 2. There was $750 of supplies on hand on December 31. 3. Depreciation expense for the year is $6,000 for the buildings and $4,500 for the equipment. 4. Salaries of $750 are accrued and unpaid at December 31. 5. Accrued interest expense at December 31 is $735. 6. Unearned revenue of $975 is still unearned at December...
accounting 200
financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...