Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Account...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $44,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $25,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets?
Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment.
Homework Answers
1.
| Cash | 50,000 |
| Accounts receivable | 44,000 |
| Inventory | 25,000 |
| Prepaid expenses | 5,000 |
| Property, plant & equipment | 123,000 |
| Goodwill | 47,000 |
| Total assets | $294,000 |
Total assets = $294,000
2.
Journal
| Service revenue receivable | 7,500 | ||
| Service revenue | 7,500 |
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Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Account...
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances...
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $42,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $26,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Your Answer:
A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account...
A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $48,500, Accounts receivable $49,500, Capital stock $100,000, Cash $60,000, Dividends $10,000, Interest expense $4,000, Interest payable $3,200, Inventory $32,000, Prepaid expenses $4,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two...
At December 31, 2018, Smole Corporation's adjusted trial balance shows the following balances: (Click the icon...
At December 31, 2018, Smole Corporation's adjusted trial balance shows the following balances: (Click the icon to view more information.) EEB (Click the icon to view the balances.) Requirement 1. Prepare the current liability section of Smole Corporation's balance sheet at December 31, 2018. (If applicable, combine the Notes Payable on one line of the statement.) Data Table Smole Corporation Balance Sheet (partial) December 31, 2018 Accrued Warranty Payable $65,000 Account Amount 7% Notes Payable, due April 30, 2019 165,000...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current year: Debit Credit Cash $ 15,000 Buildings and Equipment 85,000 Accumulated Depreciation $ 5,000 Accounts Payable 10,000 Common Stock 59,000 Retained Earnings 18,000 Sales Revenue 56,000 Depreciation Expense 25,000 Loss on Disposal of Assets 23,000 Totals $ 148,000 $ 148,000 Which of the following will be included in the closing entry prepared at the end of the current year? Multiple Choice Credit to Retained...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000;...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
need help solving On January 1, 2018, Dakota, Inc., had the following account balances in its...
need help solving
On January 1, 2018, Dakota, Inc., had the following account balances in its general ledger. All accounts have a "normal" type of balance, i.e., a debitor credit balance, depending on the type of acc Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Utilities Payable Unearned Revenue Notes Payable Owner Capital Withdrawals Service Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expense $255,000 160,000 60,000 0 550,000...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on...
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Debit Credit $500,000 1,500,000 2,500,000 15,100,000 Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense-AL Division Loss on sale of...
All paper. Good feed back. Thanks anticipated. Exercise 4. Following is the year-end adjusted trial balance...
All
paper. Good feed back. Thanks anticipated.
Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. $ 67,500 46,000 60,000 800 $ 16,000 850 125,630 45,000 550,000 Cash......... Accounts receivable.... Merchandise inventory............ Store supplies.................... Accounts payable.... Salaries payable.................... F. Brewster, Capital... F. Brewster, Withdrawals................ Sales. Sales returns & allowances... Sales discounts...... Cost of goods sold.. Sales salaries expense.................. Advertising expense......... Store salaries expense...............
Question 1 (7 points) Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $42,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $26,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets? Your Answer:
At December 31, 2018, Smole Corporation's adjusted trial balance shows the following balances: (Click the icon to view more information.) EEB (Click the icon to view the balances.) Requirement 1. Prepare the current liability section of Smole Corporation's balance sheet at December 31, 2018. (If applicable, combine the Notes Payable on one line of the statement.) Data Table Smole Corporation Balance Sheet (partial) December 31, 2018 Accrued Warranty Payable $65,000 Account Amount 7% Notes Payable, due April 30, 2019 165,000...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
need help solving
On January 1, 2018, Dakota, Inc., had the following account balances in its general ledger. All accounts have a "normal" type of balance, i.e., a debitor credit balance, depending on the type of acc Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Utilities Payable Unearned Revenue Notes Payable Owner Capital Withdrawals Service Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expense $255,000 160,000 60,000 0 550,000...
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise,...
Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Debit Credit $500,000 1,500,000 2,500,000 15,100,000 Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense-AL Division Loss on sale of...
All
paper. Good feed back. Thanks anticipated.
Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. $ 67,500 46,000 60,000 800 $ 16,000 850 125,630 45,000 550,000 Cash......... Accounts receivable.... Merchandise inventory............ Store supplies.................... Accounts payable.... Salaries payable.................... F. Brewster, Capital... F. Brewster, Withdrawals................ Sales. Sales returns & allowances... Sales discounts...... Cost of goods sold.. Sales salaries expense.................. Advertising expense......... Store salaries expense...............
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