Homework Answers
| Income Statement (Single Step) | |||
| Revenues | |||
| Net Sales Revenue | $ 16,55,400 | =1705000-22475-27125 | |
| Rent Revenue | $ 27,900 | ||
| Gain on disposal of land | $ 46,500 | ||
| Total Revenues | $ 17,29,800 | ||
| Expenses | |||
| Selling Expenses | $ 3,59,600 | ||
| Administrative Expenses | $ 1,53,450 | ||
| Cost of Goods Sold | $ 9,99,750 | =945500-15500+31000+137950-99200 | |
| Total Expenses | $ 15,12,800 | ||
| Income before Income tax | $ 2,17,000 | ||
| Income tax expense | $ 83,545 | ||
| Net Income | $ 1,33,455 |
Net Sales Revenue = Sales Revenue - Sales Discounts - Sales
returns
Cost of Goods Sold = Purchase - Purchase discount + Freight In +
Beginning Inventory - Ending Inventory
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*Problem 4-05 (Part Level Submission) The trial balance follows for Bridgeport Corporation at December 31, 2020:...
Problem 4-5 (Part Level Submission) The trial balance follows for Culver Corporation at December 31, 20...
Problem 4-5 (Part Level Submission) The trial balance follows for Culver Corporation at December 31, 20 CULVER CORPORATION Trial Balance Year Ended December 31, 2017 Debit Credit Purchase discounts Cash Accounts receivable Rent revenue Retained earnings Salaries and wages payable Sales revenue Notes receivable Accounts payable Accumulated depreciation-equipment Sales discounts Sales returns and allowances Notes payable Selling expenses Administrative expenses Common shares Income tax expense Dividends Allowance for doubtful accounts Supplies $15,500 $294,035 162,750 27,900 248,000 27,900 1,705,000 170,500 75,950...
The following is the trial balance of Skysong Corporation at December 31, 2020. SKYSONG CORPORATION TRIAL...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The following is the trial balance of Metlock Corporation at December 31, 2020. METLOCK CORPORATION TRIAL...
The following is the trial balance of Metlock Corporation at December 31, 2020. METLOCK CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Credits Purchase Discounts $17,000 Cash $322,490 Accounts Receivable 178,500 Rent Revenue 30,600 Retained Earnings 272,000 Salaries and Wages Payable 30,600 Sales Revenue 1,870,000 Notes Receivable 187,000 Accounts Payable 83,300 Accumulated Depreciation—Equipment 47,600 Sales Discounts 24,650 Sales Returns and Allowances 29,750 Notes Payable 119,000 Selling Expenses 394,400 Administrative Expenses 168,300 Common Stock 510,000 Income Tax Expense 91,630 Cash Dividends 76,500...
The following is the trial balance of Oriole Corporation at December 31, 2020. A physical count...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash $ 199,690 $ 8,103,140 Sales Debt Investments (trading) (at cost, $145,000) 156,140 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,690 Equity Investments (long-term) 279,690 93,140 Notes Payable (short-term) Accounts Payable 458,140 Selling Expenses 2,003,140 Investment Revenue 65,840 Land 263,140 Buildings 1,042,690 Dividends Payable 138,690 Accrued Liabilities 99,140 Accounts Receivable 438,140 Accumulated Depreciation Buildings 152.000 28,140 Allowance for Doubtful Accounts Accounts Receivable 438,140 152,000...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $ $ $ $ $ 18,000 160,000 18,000 1,100,000 $ 49,000 28,000 $ $ 70,000 THOMPSON CORPORATION Trial Balance December 31, 2020 Debit Purchase Discounts Cash $ 189,700 Accounts Receivable $ 105,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable $ 110,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts $ 14,500 Sales Returns and Allowances $ 17,500 Notes Payable Selling Expenses $...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
Problem 4-5 (Part Level Submission) The trial balance follows for Culver Corporation at December 31, 20 CULVER CORPORATION Trial Balance Year Ended December 31, 2017 Debit Credit Purchase discounts Cash Accounts receivable Rent revenue Retained earnings Salaries and wages payable Sales revenue Notes receivable Accounts payable Accumulated depreciation-equipment Sales discounts Sales returns and allowances Notes payable Selling expenses Administrative expenses Common shares Income tax expense Dividends Allowance for doubtful accounts Supplies $15,500 $294,035 162,750 27,900 248,000 27,900 1,705,000 170,500 75,950...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The following is the trial balance of Oriole Corporation
at December 31, 2020.
A physical count of inventory on December 31 resulted in
an inventory amount of $172,800; thus, cost of goods sold for 2020
is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash $ 199,690 $ 8,103,140 Sales Debt Investments (trading) (at cost, $145,000) 156,140 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,690 Equity Investments (long-term) 279,690 93,140 Notes Payable (short-term) Accounts Payable 458,140 Selling Expenses 2,003,140 Investment Revenue 65,840 Land 263,140 Buildings 1,042,690 Dividends Payable 138,690 Accrued Liabilities 99,140 Accounts Receivable 438,140 Accumulated Depreciation Buildings 152.000 28,140 Allowance for Doubtful Accounts Accounts Receivable 438,140 152,000...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
Credits $31,000 Con- 55,800 496,000 55,800 3,410,000 SPLISH CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $588,070 Accounts Receivable 325,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 341,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 44,950 Sales Returns and Allowances 54,250 Notes Payable Selling Expenses 719,200 Administrative Expenses 306,900 Common Stock Income Tax Expense 167,090 Cash Dividends 139,500 Allowance for Doubtful Accounts Supplies 43,400 Freight-in 62,000 Land 217,000 151,900 86,800 217,000 930,000 15,500 MacBook...
The following is the trial balance of Thompson Corporation at December 31, 2020. Credit 10,000 $ $ $ $ $ 18,000 160,000 18,000 1,100,000 $ 49,000 28,000 $ $ 70,000 THOMPSON CORPORATION Trial Balance December 31, 2020 Debit Purchase Discounts Cash $ 189,700 Accounts Receivable $ 105,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable $ 110,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts $ 14,500 Sales Returns and Allowances $ 17,500 Notes Payable Selling Expenses $...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
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