On December 31, Gray Company had the following adjusted trial
balance:
Additional Resources
Account Titles
Debit...
On December 31, Gray Company had the following adjusted trial
balance:
Additional Resources
Account Titles
Debit
Credit
Cash
14,560
Accounts Receivable
8,470
Prepaid Rent
7,140
Equipment
46,200
Accumulated Depreciation
7,800
Accounts Payable
33,320
Capital Stock
22,000
Retained Earnings
24,600
Dividends
16,000
Sales
71,800
Sales Discounts
1,150
Sales Returns and
Allowances
1,420
Cost of Goods Sold
43,080
Selling Expenses
10,100
General and Administrative
Expenses
11,400
159,520
159,520
Required
Prepare the third closing entry to close the Income Summary account
to the...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash
$12,600
Accounts receivable
2,400
Prepaid rent
800
Inventory
28,000
Accounts payable
$4,200
Salary payable
1,000
Notes payable
800
Capital
13,800
Drawing
1,000
Sales revenue
96,000
Sales returns and allowances
1,600
Sales discounts
400
Cost of goods sold
25,000
Salary expense
21,000
Rent expense
22,500
Supplies expense
500
Total
$115,800
$115,800
Using the information above prepare an income statement in
single-step format and the closing...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash
$12,600
Accounts receivable
2,400
Prepaid rent
800
Inventory
28,000
Accounts payable
$4,200
Salary payable
1,000
Notes payable
800
Capital
13,800
Drawing
1,000
Sales revenue
96,000
Sales returns and allowances
1,600
Sales discounts
400
Cost of goods sold
25,000
Salary expense
21,000
Rent expense
22,500
Supplies expense
500
Total
$115,800
$115,800
Using the information above prepare an income statement in
single-step format and the closing...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below:
Debit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below:
Debit
Credit
Cash
12,400
Accounts
receivable
169,000
Prepaid
rent
6,900
Inventory
44,000
Equipment
490,000
Accumulated
depreciation - equipment
144,000
Accounts
payable
49,000
Notes payable -
due in three months
49,000
Salaries
payable
5,900
Interest
payable
2,900
Common
stock
295,000
Retained
earnings
91,800
Sales
revenue
590,000
Costs of goods
sold
275,000
Salaries
expense
139,000
Rent
expense
34,000
Depreciation
expense
49,000
Interest
expense
3,900
Advertising
expense
4,400...
Miller Company
ADJUSTED TRIAL BALANCE
December 31, 20--
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
8,130.00
2...
Miller Company
ADJUSTED TRIAL BALANCE
December 31, 20--
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
8,130.00
2
Accounts Receivable
3,300.00
3
Prepaid Expenses
2,750.00
4
Equipment
10,400.00
5
Accumulated Depreciation
2,200.00
6
Accounts Payable
2,700.00
7
Notes Payable
1,000.00
8
Common Stock
9,200.00
9
Retained Earnings
2,000.00
10
Dividends
4,870.00
11
Fees Earned
36,600.00
12
Wages Expense
12,450.00
13
Rent Expense
4,900.00
14
Utilities Expense
3,475.00
15
Depreciation Expense
2,150.00
16
Miscellaneous Expense
1,275.00
17
Totals
53,700.00
53,700.00
Required:
Prepare closing...
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold...
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold $61,330; Inventory $16,750; Operating
Expenses $30,320; Sales Revenue $123,150; Sales Discounts $1,280;
and Sales Returns and Allowances $2,070. A physical count of
inventory determines that merchandise inventory on hand is
$12,640.
Prepare the adjusting entry necessary as a result of the
physical count. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare...
The following account titles and balances were taken from the
adjusted trial balance of King Co....
The following account titles and balances were taken from the
adjusted trial balance of King Co. for 2016. The company uses the
periodic inventory system.
Account Title
Balance
Sales returns and
allowances
$
11,500
Miscellaneous
expense
6,100
Transportation-out
19,100
Sales
21,200
Advertising
expense
910
Salaries
expense
161,000
Transportation-in
3,250
Purchases
20,750
Interest
expense
58,500
Merchandise
inventory, January 1
331,000
Rent expense
9,100
Merchandise
inventory, December 31
6,750
Purchase returns and
allowances
11,350
Loss on sale of
land
5,100
Utilities
expense...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31,...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31, 2022
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$11,640
$11,640
Accounts Receivable
8,440
8,940
Supplies
2,930
1,370
Prepaid Insurance
4,250
2,860
Equipment
16,000
16,000
Accumulated Depreciation—Equipment
$3,600
$4,800
Accounts Payable
5,870
5,870
Salaries and Wages Payable
0
1,140
Unearned Rent Revenue
1,920
1,080
Common Stock
18,220
18,220
Retained Earnings
5,700
5,700
Dividends
2,600
2,600
Service Revenue
34,240
34,740
Rent Revenue
13,720
14,560...
Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning...
Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning Inventory
$37,000
Purchases Returns and
Allowances
$4000
Ending Inventory
42,600
Purchases
72800
Freight-In
3,400
Sales Discounts
5800
General and Administrative
Expenses
15,400
Sales Returns and
Allowances
5900
Interest Revenue
1,840
Sales
197400
Interest Expense
1,630
Selling Expenses
19800
Purchase Discounts
3,600
Required:
Compute the following:
Cost of goods sold
Net income, given that income from operations is $87,500.
Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning...
Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning Inventory
$37,000
Purchases Returns and
Allowances
$4000
Ending Inventory
42,600
Purchases
72800
Freight-In
3,400
Sales Discounts
5800
General and Administrative
Expenses
15,400
Sales Returns and
Allowances
5900
Interest Revenue
1,840
Sales
197400
Interest Expense
1,630
Selling Expenses
19800
Purchase Discounts
3,600
Required:
Compute the following:
Cost of goods sold
Net income, given that income from operations is $87,500.