The adjusted trial balance of Debit Company is shown below: &n
The adjusted trial balance of Debit Company is shown below:
Debit Company
Adjusted Trial Balance
December 31, 2012
Cash $6,500
Accounts receivable 8,000
Supplies 1,000
Prepaid Rent (3 months) 2,500
Equipment, net 42,000
Accounts payable $4,000
Salary payable 2,000
Unearned revenue (2 month advance) 2,000
Note payable — long term 14,000
Common stock 10,000
Retained earnings 14,700
Dividends 4,000
Service revenue 75,000
Salary expense 40,000
Rent expense 10,000
Supplies expense 1,500
Depreciation expense 5,000
Utilities expense 1,200
Total $121,700 $121,700
Prepare Debit Company's statement of retained earnings for the year ended December 31, 2012.
Homework Answers
Retained Earnings are the undistributed earnings (Net Income) of the firm since inception, the cumulative earnings that have not been paid out to shareholders as dividends.
Create an Income Statement I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create an Income Statement
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
Journalize the closing entries at the end of the year. I TUDIUM 1. The adjusted trial...
Journalize the closing entries at the end of the year.
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense...
Problem I: The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted...
Problem I: The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 2020 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable $4,000 Salary payable 2,000 Unearned revenue (2 month advance) 2,000 Note payable — long term 14,000 Common stock 10,ooo Retained earnings 14,700 Dividends 4000 Service revenue 75,000 Salary expense 40,000 Rent expense 10,ooo Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1200...
Prepare Debit Company's income statement and statement of retained earnings for the year ended December 31,...
Prepare Debit Company's income statement and statement of
retained earnings for the year ended December 31, 20X7
Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
nsert Adjusted Trial Balance Image HERE Jung Company Adjusted Trial Balance December 31, 2018 115,000 21,000...
nsert Adjusted Trial Balance Image HERE 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...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement for the December 31, 2012. Baba Repair Service Adjusted Trial Balance December 31, 2012 Debit Credit $1,600 2,400 800 200 14,000 Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned revenue D. Baba, capital D. Baba, drawing Service revenue Salary expense Rent expense Depreciation expense Supplies expense Total $2,000 4,200 1,000 800 6,000 1,000 50,000 121.000 114,000 8.500...
Use the Adjusted Trial Balance to answer the questions below Oscar Company Adjusted Trial Balance December...
Use the Adjusted Trial Balance to answer the questions below
Oscar Company Adjusted Trial Balance December 31, 2017 DEBIT 12,000 2,200 CREDIT 100 500 1,500 100 2,000 180 4,500 T 2,000 500 450 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales Sales Returns...
A company had the following adjusted trial balance
A company had the following adjusted trial balance on December 31, 2012:Cash$5,000Accounts Receivable5,500Supplies1,800Prepaid Rent36,000Land7,000Accounts Payable$1,000Unearned Service Revenue3,500Common Stock44,000Retained Earnings10,500Dividends3,300Service Revenue156,250Salaries Expense152,000Rent Expense900Utilities Expense1,650Supplies Expense2,100$215,250$215,250 The closing entry to close the Income Summary would include which entry to Retained Earnings?Group of answer choicescredit of $400debit of $400credit of $3,700debit of $3,700debit of $2,900
Create an Income Statement
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
Journalize the closing entries at the end of the year.
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense...
Prepare Debit Company's income statement and statement of
retained earnings for the year ended December 31, 20X7
Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
nsert Adjusted Trial Balance Image HERE 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...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement for the December 31, 2012. Baba Repair Service Adjusted Trial Balance December 31, 2012 Debit Credit $1,600 2,400 800 200 14,000 Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned revenue D. Baba, capital D. Baba, drawing Service revenue Salary expense Rent expense Depreciation expense Supplies expense Total $2,000 4,200 1,000 800 6,000 1,000 50,000 121.000 114,000 8.500...
Use the Adjusted Trial Balance to answer the questions below
Oscar Company Adjusted Trial Balance December 31, 2017 DEBIT 12,000 2,200 CREDIT 100 500 1,500 100 2,000 180 4,500 T 2,000 500 450 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales Sales Returns...
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