SUSQUEHANNA EQUIPMENT RENTALS | ||
After-closing Trial Balance | ||
December 31, Year 1 | ||
Particulars | Debit | Credit |
Cash | 157,500.00 | |
Rental Equipment | 278,400.00 | |
Office Supplies | 640.00 | |
Notes Payable | 148,400.00 | |
Prepaid Rent | 7,800.00 | |
Accounts Payable | 1,820.00 | |
Unearned Rental Fees | 4,400.00 | |
Accounts Receivable | 9,840.00 | |
Dividends Payable | 2,800.00 | |
Interest Payable | 742.00 | |
Unexpired Insurance | 9,600.00 | |
Salaries Payable | 1,200.00 | |
Accumulated Depreciation: Rental Equipment | 2,900.00 | |
Capital Stock | 280,000.00 | |
Income Tax Payable | 7,295.40 | |
Retained Earnings | 14,222.60 | |
TOTAL | 463,780.00 | 463,780.00 |
Working Note:
Calculation of Income Tax Payable & Retained Earnings | |
Particulars | Amount in $ |
Rental Fees Earned | 44,740.00 |
Less: | |
Salaries Expense | 11,000.00 |
Rent Expense | 3,900.00 |
Interest Expense | 742.00 |
Repair Expense | 700.00 |
Office Supplies Expense | 560.00 |
Utilities Expense | 620.00 |
Depreciation Expense | 2,900.00 |
Net Profit before Tax | 24,318.00 |
Less: | |
Income Tax Expense | 7,295.40 |
Net Profit after Tax | 17,022.60 |
Less: | |
Dividend (10 cents per share) |
2,800.00 |
Retained Earnings | 14,222.60 |
Credit SUSQUEHANNA EQUIPMENT RENTALS After-Closing Trial Balance December 31, Year Debit Cash Rental equipment Office supplies...
Required information $ 45,040 SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31, Year 1 Revenue: Rental fees earned Expenses Maintenance expense 700 Salaries expense 10.600 Utilities expense 670 Rent expense 3,900 Interest expense 401 Depreciation expense 2,200 Office supplies expense 1,090 $ $ 19,561 25,479 $ 25,479 K Prev Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals...
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental...
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental...
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: ...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Total assets Liabilities & Stockholders' equity Liabilities: Accounts payable Salaries payable Unearned rental fees Dividends payable Income taxes payable Interest payable Total liabilities Stockholders' equity: Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equit Comprehensive Problem 1 The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed...
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: -Rental...
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental...
Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Income Taxes Payable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the...
[The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental...
[The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental...