Homework Answers
| INCOME STATEMENT | |||||
| AMOUNT | AMOUNT | ||||
| Revenue : | |||||
| Sales Revenue | $ 1,33,000 | ||||
| Less: Expenses | |||||
| Cost of Sales | $ 64,000 | ||||
| Wages Expenses | $ 25,660 | ||||
| Depreciation Expenses - Building | $ 15,000 | ||||
| Depreciation Expenses - Delivery VAN | $ 4,000 | ||||
| Electricity Expenses | $ 1,800 | ||||
| Rent Expenses | $ 5,600 | ||||
| Total Expenses | $ 1,16,060 | ||||
| Net Income | $ 16,940 | ||||
| BALANCE SHEET | |||||
| ASSETS | AMOUNT | AMOUNT | LIABILITIES & SHAREHOLDER'S EQUITY | AMOUNT | AMOUNT |
| CURRENT ASSETS: | CURRENT LIABILITIES: | ||||
| Cash | $ 8,700 | Account Payable | $ 6,500 | ||
| Bank Deposit | $ 37,000 | Wages Payable | $ 2,500 | ||
| Account Receivable | $ 8,000 | $ 9,000 | |||
| Inventory | $ 9,900 | ||||
| Prepaid insurance | $ 4,600 | LONG TERM LIABILITIES: | |||
| $ 68,200 | Loan Payable | $ 45,000 | |||
| NET ASSETS: | |||||
| Building | $ 1,70,000 | ||||
| Less : Accumulated Depreciation - Equipment | $ 68,260 | $ 1,01,740 | CAPITAL ACCOUNT | ||
| Delivery Vehicles | $ 68,000 | Capital | $ 1,59,000 | ||
| Less : Accumulated Depreciation - Delivery Vehicles | $ 8,000 | $ 60,000 | Retained Earnings | $ 16,940 | $ 1,75,940 |
| TOTAL OF ASSETS | $ 2,29,940 | TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY | $ 2,29,940 | ||
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Question Adjusted Trial Balance Aune 2019 Helix 68,000 Cost of Sales Wapes Payable Depreciation expense- Building A...
Adjusted Trial Balance 10 June 2019 m ed depreciation 15.000 Electricity empenye Rent Expense Accumulated Depreciation...
Adjusted Trial Balance 10 June 2019 m ed depreciation 15.000 Electricity empenye Rent Expense Accumulated Depreciation Delivery Vehicles Accounts Payable 5,600 Capital Sales Revenue Loan Payable Prepaid Insurance Inventory Bank deposit (matures 1/8/19) Depreciation expense-Delivery Vehicles 8.000 6,500 159.000 133.000 45,000 Total 4,600 9,900 37,000 4,000 422,260 422,260 Required: Prepare an income statement for the year ended 30 June 2019 Prepare a balance sheet sit would appear on 30 June 2019. using the report format and clearly identy the total...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given...
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given
below is from the firm’s worksheet for the year ended December 31,
2019.
Required:
Prepare a classified income statement for the year
ended December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative
expenses.
Prepare a statement of owner’s equity for the year ended
December 31, 2019. No additional investments were made during the
period.
Prepare a classified balance...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
Adjusted Trial Balance December 31, 2019 Account Title $ Debit 8,000 24,500 8,888 8, 4ee 55,000...
Adjusted Trial Balance December 31, 2019 Account Title $ Debit 8,000 24,500 8,888 8, 4ee 55,000 $ 27,500 177,000 59, eee 54,370 16,eee 2,989 3,eee 2,800 1,282 7,880 7,5ee 61,5ee 14,3ee 181 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 288 Rent payable 219 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note...
Account number Account Income statement Balance sheet Unadjusted trial Adjusted trial balance Adjustments balance Debit Credit...
Account number Account Income statement Balance sheet Unadjusted trial Adjusted trial balance Adjustments balance Debit Credit Debit Credit Debit Credit 42,350 42,350 Debit Credit Debit Credit 100 Cash 42350 110 Cash float 450 450 450 120 Accounts receivable 679 679 679 130 Inventory - food 1,366 1,366 1366 140 Inventory - packaging 995 995 995 150 Prepaid advertising 586 293 293 709 293 1,418 160 Prepaid insurance 2,127 1418 170 Motor vehicles (cost) 19,290 19,290 19290 171 Accumulated depreciation -...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 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 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 24,100 Petty Cash Fund 500 Notes Receivable, due 2020 11,800 Accounts Receivable 96,000 Allowance for Doubtful Accounts $ 6,000 Merchandise Inventory 234,000 Warehouse Supplies 2,860 Office Supplies 1,420 Prepaid Insurance 10,200 Land 46,000 Building 178,000 Accumulated Depreciation—Building 54,000 Warehouse Equipment 37,000 Accumulated Depreciation—Warehouse Equipment 17,400 Delivery...
Adjusted Trial Balance 10 June 2019 m ed depreciation 15.000 Electricity empenye Rent Expense Accumulated Depreciation Delivery Vehicles Accounts Payable 5,600 Capital Sales Revenue Loan Payable Prepaid Insurance Inventory Bank deposit (matures 1/8/19) Depreciation expense-Delivery Vehicles 8.000 6,500 159.000 133.000 45,000 Total 4,600 9,900 37,000 4,000 422,260 422,260 Required: Prepare an income statement for the year ended 30 June 2019 Prepare a balance sheet sit would appear on 30 June 2019. using the report format and clearly identy the total...
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given
below is from the firm’s worksheet for the year ended December 31,
2019.
Required:
Prepare a classified income statement for the year
ended December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative
expenses.
Prepare a statement of owner’s equity for the year ended
December 31, 2019. No additional investments were made during the
period.
Prepare a classified balance...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
Adjusted Trial Balance December 31, 2019 Account Title $ Debit 8,000 24,500 8,888 8, 4ee 55,000 $ 27,500 177,000 59, eee 54,370 16,eee 2,989 3,eee 2,800 1,282 7,880 7,5ee 61,5ee 14,3ee 181 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 288 Rent payable 219 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note...
Account number Account Income statement Balance sheet Unadjusted trial Adjusted trial balance Adjustments balance Debit Credit Debit Credit Debit Credit 42,350 42,350 Debit Credit Debit Credit 100 Cash 42350 110 Cash float 450 450 450 120 Accounts receivable 679 679 679 130 Inventory - food 1,366 1,366 1366 140 Inventory - packaging 995 995 995 150 Prepaid advertising 586 293 293 709 293 1,418 160 Prepaid insurance 2,127 1418 170 Motor vehicles (cost) 19,290 19,290 19290 171 Accumulated depreciation -...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 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 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
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