Homework Answers
19. Option B, $614,000
| Leased buildings | 530,000 |
| Land | 86,000 |
| Equipment | 317,000 |
| Less: Accumulated dep- buildings | 178,000 |
| Less: Accumulated dep- equipment | 141,000 |
| PPE | 614,000 |
20. Option , D, Exclude and exclude.
20.
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19. Consider the following accounts and balances from Stilman Co.'s December 31, 2019 adjusted trial balance: Accum...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit Buildings $127,400 Common Stock $93,050 Accounts Receivable 14.700 26,150 Retained Earnings Accumulated Depreciation-Buildings Prepaid Insurance 4,400 43,300 Cash 18,900 Accounts Payable 11,900 Equipment 62,500 Notes Payable 96,300 18,300 Land Insurance Expense 68,500 Accumulated Depreciation-Equipment 900 Interest Payable 7,400 Service Revenue 2,400 $307,100 2,400 15,700 Depreciation Expense Interest Expense $280,950 Prepare a classified balance sheet: assume that $23,000 of the note payable will be paid...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200 34,750 Accounts Receivable Prepaid Insurance 6,000 Supplies Land 1,725 50,000 155,750 Building Accumulated Depreciation---Building 62,850 Equipment 45,000 Accumulated Depreciation Equipment 17,650 Accounts Payable 3,750 Unearned Rent Joni Reece, Capital Joni Reece, Drawing 3,600 153,550 8,000 Fees Eamed 158,600 Salaries and Wages Expense 56,850 Land 155,750 Building Accumulated Depreciation-Building S 62,850 45.000 I SA 17,650 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent 3,750 3,600 Joni...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable...
Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) $36000 Trading securities 11500 Accumulated depreciation on equipment and furniture 31500 Cash 30500 Inventory 61000 Equipment 51000 Patent 7300 Prepaid expenses 3800 Land held for future business site 35500 In Carla Vista’s December 31, 2017 balance sheet, the current assets total is
The following adjusted trial balance contains the accounts and balances of Zein Company as of December...
The following adjusted trial balance contains the accounts and balances of Zein Company as of December 31, 2015, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,500 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 R. Zein, Capital 39,664 302 R. Zein, Withdrawals 6,000 404 Services revenue 48,500 612 Depreciation expense—Equipment 2,000 622 Salaries expense 28,276 637 Insurance expense 2,037 640 Rent expense 3,250 652 Supplies...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Me...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Pactory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 34,100 Direct labor 9,300 Income taxes expense...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 28,750 7,250 8,600 33,550 102,600 7,350 33,000...
Presented are selected accounts from the adjusted trial balance of Uhura Company at December 31, 2020....
Presented are selected accounts from the adjusted trial balance of Uhura Company at December 31, 2020. All balances are normal. Cash $230,000 Accounts receivable 357,000 Allowance for doubtful accounts 17,000 Inventory (market value $408,000) 401,000 Equity investments - marketable, short-term (fair value $120,000) 140,000 Fair value adjustment – equity investments (20,000) Buildings 730,000 Equipment 265,000 Accumulated depreciation – buildings 160,000 Accumulated depreciation – equipment 125,000 Land held for future use 175,000 Goodwill 80,000 Cash surrender value of life insurance 90,000...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and...
The following calendar year-end information is taken from the
December 31, 2019, adjusted trial balance and other records of
Leone Company.
Required:
1. Prepare the company’s 2019 schedule of cost of
goods manufactured.
Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished...
The adjusted trial balance for Monty at December 31, 2019, contains the following accounts. Debit Credit Buildings $127,400 Common Stock $93,050 Accounts Receivable 14.700 26,150 Retained Earnings Accumulated Depreciation-Buildings Prepaid Insurance 4,400 43,300 Cash 18,900 Accounts Payable 11,900 Equipment 62,500 Notes Payable 96,300 18,300 Land Insurance Expense 68,500 Accumulated Depreciation-Equipment 900 Interest Payable 7,400 Service Revenue 2,400 $307,100 2,400 15,700 Depreciation Expense Interest Expense $280,950 Prepare a classified balance sheet: assume that $23,000 of the note payable will be paid...
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash 10,200 34,750 Accounts Receivable Prepaid Insurance 6,000 Supplies Land 1,725 50,000 155,750 Building Accumulated Depreciation---Building 62,850 Equipment 45,000 Accumulated Depreciation Equipment 17,650 Accounts Payable 3,750 Unearned Rent Joni Reece, Capital Joni Reece, Drawing 3,600 153,550 8,000 Fees Eamed 158,600 Salaries and Wages Expense 56,850 Land 155,750 Building Accumulated Depreciation-Building S 62,850 45.000 I SA 17,650 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent 3,750 3,600 Joni...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Pactory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 34,100 Direct labor 9,300 Income taxes expense...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 28,750 7,250 8,600 33,550 102,600 7,350 33,000...
The following calendar year-end information is taken from the
December 31, 2019, adjusted trial balance and other records of
Leone Company.
Required:
1. Prepare the company’s 2019 schedule of cost of
goods manufactured.
Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished...
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