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Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31.
Debit | Credit | |
Cash | 1,500 | |
Accounts Receivable | 2,000 | |
Interest Receivable | 100 | |
Prepaid Insurance | 1,600 | |
Notes Receivable (long-term) | 2,800 | |
Equipment | 15,000 | |
Accumulated Depreciation | 3,000 | |
Accounts Payable | 2,400 | |
Accrued Expenses Payable | 3,920 | |
Income Taxes Payable | 2,700 | |
Unearned Rent Fees | 500 | |
Common Stock | 7,700 | |
Dividends | 2,000 | |
Rent Fees Earned | 37,000 | |
Furniture Rental Revenue | 1,300 | |
Wages Expense | 19,000 | |
Depreciation Expense | 1,800 | |
Utilities Expense | 320 | |
Insurance Expense | 700 | |
Maintenance Expense | 9,000 | |
Income Tax Expense | 2,700 | |
Totals | 58,520 | 58,520 |
The entry required to close the expense accounts at the end of the period includes a:
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Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit...
Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit 1,500 Cash Accounts Receivable 2,000 100 1,600 Interest Receivable Prepaid Insurance Notes Receivable (Long-Term) 2,800 15,000 Equipment Accumulated Depreciation 3,000 2,400 Accounts Payable Accrued Expenses Payable Income Taxes Payable 3,920 2,700 500 7,700 Uneamed Rent Fees Common Stock 2,000 Dividends Rent Fees Earned 37,000 1,300 Furniture Rental Revenue 19,000 Wages Expense Depreciation Expense 320 Utilities Expense 700 Insurance Expense 9,000 Maintenance Expense...
Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at Decemb Beachside Realty...
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Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted...
Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Account No. Debit Balances Credit Balances Cash 11 1,500 Accounts Receivable 12 2,000 Interest Receivable 13 100 Prepaid Insurance 14 1,600 Notes Receivable (long-term) 16 2,800 Equipment 18 15,000 Accumulated Depreciation 19 3,000 Accounts Payable 21 2,400 Accrued Expenses Payable 22 3,920 Income Taxes Payable 23 2,700 Unearned Rent Fees 24 500 Robert Evans, Capital 31 13,700 Robert Evans,...
Indicate whether each of the following would be reported in the financial statements as a (a)...
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Requirement: P42: P43: P44: Complete practice M4-8 from the handout (slides 43-44) by filling out the...
Requirement:
P42:
P43:
P44:
Complete practice M4-8 from the handout (slides 43-44) by filling out the balance sheet and income statement templates below. Read slide # 42 from the handout before you start. ROMNEY'S MARKETING COMPANY Balance Sheet December 31, 2017 ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current Assets: Cash Accounts receivable Interest receivable Prepaid insurance Total Current Assets Notes receivable Current Liabilities: Accounts payable Accrued expenses payable Income taxes payable Unearned rent revenue Total Current Liabilities Total Liabilities Stockholders' Equity:...
I don't know how to find income summary and ending retained earning The adjusted trial balance...
I don't know how to find income summary and ending
retained earning
The adjusted trial balance for Montague Contracting as of
December 31, 2018, follows
The December 31, 2017, credit balance of the Retained Earnings
account was $125,400. Montague Contracting is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1. Prepare the necessary closing entries at
December 31, 2018.
The adjusted trial balance for Montague Contracting as of December 31, 2018, follo No. Credit...
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The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash...
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Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has...
Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31. 6,820 Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation...
Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit 1,500 Cash Accounts Receivable 2,000 100 1,600 Interest Receivable Prepaid Insurance Notes Receivable (Long-Term) 2,800 15,000 Equipment Accumulated Depreciation 3,000 2,400 Accounts Payable Accrued Expenses Payable Income Taxes Payable 3,920 2,700 500 7,700 Uneamed Rent Fees Common Stock 2,000 Dividends Rent Fees Earned 37,000 1,300 Furniture Rental Revenue 19,000 Wages Expense Depreciation Expense 320 Utilities Expense 700 Insurance Expense 9,000 Maintenance Expense...
Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at Decemb Beachside Realty Adjusted Trial Balance December 31 Debit Credit Cash 1,500 2,000 100 1,600 2,800 15,000 Accounts Receivable Interest Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Accrued Expenses Payable Income Taxes Payable Unearned Rent Fees Common Stock Retained Eamings Dividends 3,000 2,400 3,920 2,700 500 5,000 2,700 Rent Fees Earned 37,000 Retained Earnings 2,700 Dividends 2,000 Rent Fees Earned Furniture Rental Revenue...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Requirement:
P42:
P43:
P44:
Complete practice M4-8 from the handout (slides 43-44) by filling out the balance sheet and income statement templates below. Read slide # 42 from the handout before you start. ROMNEY'S MARKETING COMPANY Balance Sheet December 31, 2017 ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current Assets: Cash Accounts receivable Interest receivable Prepaid insurance Total Current Assets Notes receivable Current Liabilities: Accounts payable Accrued expenses payable Income taxes payable Unearned rent revenue Total Current Liabilities Total Liabilities Stockholders' Equity:...
I don't know how to find income summary and ending
retained earning
The adjusted trial balance for Montague Contracting as of
December 31, 2018, follows
The December 31, 2017, credit balance of the Retained Earnings
account was $125,400. Montague Contracting is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1. Prepare the necessary closing entries at
December 31, 2018.
The adjusted trial balance for Montague Contracting as of December 31, 2018, follo No. Credit...
Required information [The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31. 6,820 Debit Credit Cash $ 1,370 Accounts Receivable 3,400 Prepaid Insurance 3,700 Notes Receivable (long-term) 4,400 Equipment 19,000 Accumulated Depreciation $ 5,400 Accounts Payable Salaries and Wages Payable 1,700 Income Taxes Payable 4,300 Deferred Revenue 880 Common Stock 3,800 Retained Earnings 1,560 Dividends 440 Sales Revenue 54,630 Rent Revenue 440 Salaries and Wages Expense 24,400 Depreciation...
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