Homework Answers
Decrease in Retained Earnings : $ 14,173
| Adjustment # | Account Titles | Debit | Credit | Effect on Retained Earnings |
| $ | $ | |||
| 1. | Retained Earnings | 3,400 | ||
| Unearned Revenue | 3,400 | (3,400) | ||
| 2. | Retained Earnings | 800 | ||
| Inventory | 800 | (800) | ||
| 3. | Retained Earnings | 10,000 | ||
| Accounts Receivable | 5,500 | |||
| Cash | 4,500 | (10,000) | ||
| 4. | Retained Earnings | 30 | ||
| Accounts Receivable | 30 | (30) | ||
| 5. | No adjustment needed | 0 | 0 | 0 |
| 6. | Accounts Payable | 57 | ||
| Retained Earnings | 57 | 57 | ||
| Totals | (14,173 ) |
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Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $17,000 Accounts payable $27,000 Accounts...
The current assets and current liabilities sections of the balance sheet of Wildhorse Co. appear as...
The current assets and current
liabilities sections of the balance sheet of Wildhorse Co. appear
as follows.
Wildhorse Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,800
Accounts payable
$28,300
Accounts
receivable
$39,500
Notes payable
13,600
Less: Allowance for doubtful accounts
2,200
37,300
Unearned revenue
2,500
Inventory
61,500
Total current
liabilities
$44,400
Prepaid expenses
5,100
Total current
assets
$122,700
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $4,400 on December
20, 2017 as...
Restate the current assets and current liabilities sections of the balance sheet in accordance with good...
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
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The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows....
The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,000 Accounts payable $27,900 Accounts receivable $39,300 Notes payable 15,100 Less: Allowance for doubtful accounts 3,200 36,100 Unearned revenue 3,800 Inventory 62,100 Total current liabilities $46,800 Prepaid expenses 6,000 Total current assets $123,200 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,800 on December 20, 2017 as a...
The current assets and current liabilities sections of the balance sheet of BLANK Company appear as...
The current assets and current liabilities sections of the
balance sheet of BLANK Company appear as follows.
BLANK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 47,800
Accounts payable
$ 64,720
Accounts receivable
$91,000
Notes payable
67,890
Less:
Allowance for doubtful accounts
7,810
83,190
$132,610
Inventory
175,740
Prepaid expenses
9,770
$316,500
The following errors in the corporation’s accounting have been
discovered:
1.
January 2018 cash
disbursements entered as of December 2017 included payments of
accounts payable in the amount of...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Flint Company...
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I have tried the following method with an answer of -19800 but it doesn't work. Please...
I have tried the following method with an answer of -19800 but
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The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following...
Please show how you got the retained earnings The current assets and current liabilities sections of...
Please show how you got the retained earnings
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following errors in the corporation's accounting have been discovered: 1....
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Marigold Company...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Marigold Company appear as follows. MARIGOLD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 47,800 Accounts receivable $91,000 Less: Allowance for doubtful accounts 7,810 83,190 Inventory 175,740 Prepaid expenses 9,770 $316,500 Accounts payable Notes payable $ 64,720 67,890 $132,610 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in...
Can you please show me how to answer this. Thank you! Exercise 5-9 (Part Level Submission)...
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Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company...
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The current assets and current
liabilities sections of the balance sheet of Wildhorse Co. appear
as follows.
Wildhorse Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,800
Accounts payable
$28,300
Accounts
receivable
$39,500
Notes payable
13,600
Less: Allowance for doubtful accounts
2,200
37,300
Unearned revenue
2,500
Inventory
61,500
Total current
liabilities
$44,400
Prepaid expenses
5,100
Total current
assets
$122,700
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $4,400 on December
20, 2017 as...
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The...
The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,000 Accounts payable $27,900 Accounts receivable $39,300 Notes payable 15,100 Less: Allowance for doubtful accounts 3,200 36,100 Unearned revenue 3,800 Inventory 62,100 Total current liabilities $46,800 Prepaid expenses 6,000 Total current assets $123,200 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,800 on December 20, 2017 as a...
The current assets and current liabilities sections of the
balance sheet of BLANK Company appear as follows.
BLANK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 47,800
Accounts payable
$ 64,720
Accounts receivable
$91,000
Notes payable
67,890
Less:
Allowance for doubtful accounts
7,810
83,190
$132,610
Inventory
175,740
Prepaid expenses
9,770
$316,500
The following errors in the corporation’s accounting have been
discovered:
1.
January 2018 cash
disbursements entered as of December 2017 included payments of
accounts payable in the amount of...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Flint Company appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses FLINT COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 40,100 Accounts payable $89,200 Notes payable 8,330 80,870 161,250 9,400 $291,620 $ 59,850 60,600 $120,450 The following errors in the corporation's accounting have been discovered: 1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in...
I have tried the following method with an answer of -19800 but
it doesn't work. Please help.
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following...
Please show how you got the retained earnings
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Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Marigold Company appear as follows. MARIGOLD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 47,800 Accounts receivable $91,000 Less: Allowance for doubtful accounts 7,810 83,190 Inventory 175,740 Prepaid expenses 9,770 $316,500 Accounts payable Notes payable $ 64,720 67,890 $132,610 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,600 Accounts receivable $95,200 Less: Allowance for doubtful accounts 8,060 87,140 Inventory 167,370 Prepaid expenses 8,130 $311,240 Accounts payable Notes payable $ 65,590 73,440 $139,030 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable...
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