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Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1- The following is the trial balance of Star Company on Decem...
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following...
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Credit Star Company Trial Balance December 31st, 2019 Debit Cash $500,000 Accounts Receivable 175,000 Supplies 200,000 Equipment 500,000 Furniture 375,000 Accounts Payable Star, Capital Star, Drawings 50,000 Service Revenue Salaries Expense 250,000 Advertising Expense 75,000 Rent Expense 125,000 Utilities Expense 50,000 Total 2,300,000 $150,000 1,400,000 750,000 2,300,000 Required: Prepare the financial statements of...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue 750,000 Salaries Expense Advertising Expense Rent Expense Utilities Expense 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star...
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star Company on December 31st, 2019. [SK1: 5 marks]
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture &...
CI The trial balance of Star Company at December 31, 2019 is shown below. [SK2: 10...
CI The trial balance of Star Company at December 31, 2019 is shown below. [SK2: 10 marks Section C (20 Marks) Star Company Trial Balance December 31, 2019 Credit Debit Accounts 25,000 Cash Prepaid Insurance 55,000 Supplies 27.500 Equipment 600,000 Accumulated 112,500 Depreciation - Equipment Notes Payable 100,000 Accounts Payable 60,000 Star Capital 382,500 Star Drawings 60,000 Service Revenue 122,500 Utilities Expense 10,000 Total 777,500 777,500 Other information: 1. Rent owed for the month of December but will not be...
Section C: Long Exercises (20 Marks) C1 - The trial balance of Smith Company at December...
Section C: Long Exercises (20 Marks) 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 62.500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180,000 Service Revenue Utilities Expense 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....
Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31,...
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...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Credit Star Company Trial Balance December 31st, 2019 Debit Cash $500,000 Accounts Receivable 175,000 Supplies 200,000 Equipment 500,000 Furniture 375,000 Accounts Payable Star, Capital Star, Drawings 50,000 Service Revenue Salaries Expense 250,000 Advertising Expense 75,000 Rent Expense 125,000 Utilities Expense 50,000 Total 2,300,000 $150,000 1,400,000 750,000 2,300,000 Required: Prepare the financial statements of...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue 750,000 Salaries Expense Advertising Expense Rent Expense Utilities Expense 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star Company on December 31st, 2019. [SK1: 5 marks]
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
CI The trial balance of Star Company at December 31, 2019 is shown below. [SK2: 10 marks Section C (20 Marks) Star Company Trial Balance December 31, 2019 Credit Debit Accounts 25,000 Cash Prepaid Insurance 55,000 Supplies 27.500 Equipment 600,000 Accumulated 112,500 Depreciation - Equipment Notes Payable 100,000 Accounts Payable 60,000 Star Capital 382,500 Star Drawings 60,000 Service Revenue 122,500 Utilities Expense 10,000 Total 777,500 777,500 Other information: 1. Rent owed for the month of December but will not be...
Section C: Long Exercises (20 Marks) 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 62.500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180,000 Service Revenue Utilities Expense 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....
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...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
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