Question

The income statement of XYZ Corporation for 2021 included the following items:             Interest revenue              &nb

The income statement of XYZ Corporation for 2021 included the following items:

            Interest revenue                                                             $64,800

            Interest expense                                                                5,800

            Salaries expense                                                              91,600

            Insurance expense                                                             8,000

            Rent Revenue                                                                 13,700

XYZ Corporation paid or collected during 2021 the following items:

            Interest collected                                                             65,500

            Interest paid                                                                      4,700  

            Salaries paid                                                                   85,000

            Insurance premiums paid                                                  8,775

            Rent collected                                                                 12,900

The following balances have been excerpted from XYZ Corporation's balance sheet:

                                                                             December 31, 2020

            Accrued interest receivable                                  $9,100                                                                                   

            Accrued salaries payable                                       8,900                                                                                   

            Prepaid insurance                                                  1,100

            Unearned Rent Revenue                                        2,700

            Interest payable                                                    1,800

     

A.  The amount that would be included on the balance sheet for interest receivable at 12/31/21 is: ___________

B. The amount that would be included on the balance sheet for prepaid insurance at 12/31/21 is: ___________

C. The amount that would be included on the balance sheet for unearned rent revenue at 12/31/21 is: ___________

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense:...
On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $36,000. Accrued sales revenue: $34,000. Accrued expenses: $18,000. Used insurance: $8,000; the insurance was initially recorded as prepaid. Rent revenue earned: $6,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Krug Company reported total assets of $340,000 prior to the adjusting entries, how much are Krug's total assets after the adjusting entries?
On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense:...
On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $51,000; Accrued sales revenue: $49,000; Accrued expenses: $26,000; Used insurance: $5,000; the insurance was initially recorded as prepaid. Rent revenue earned: $3,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Krug Company reported stockholders' equity of $390,000 prior to the adjusting entries, how much is Krug's stockholders' equity after the adjusting entries? Multiple Choice A)$360,000. B)$411,000. C)$390,000....
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.     Account Title Debits Credits Cash 33,800 Accounts receivable 41,800 Supplies 2,400 Inventory 61,800 Notes receivable 21,800 Interest receivable 0 Prepaid rent 1,800 Prepaid insurance 7,800 Office equipment 87,200 Accumulated depreciation 32,700 Accounts payable 32,800 Salaries payable 0 Notes payable 51,800 Interest payable 0 Deferred sales revenue 2,900...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.     Account Title Debits Credits Cash 32,000 Accounts receivable 40,600 Supplies 1,800 Inventory 60,600 Notes receivable 20,600 Interest receivable 0 Prepaid rent 1,200 Prepaid insurance 6,600 Office equipment 82,400 Accumulated depreciation 30,900 Accounts payable 31,600 Salaries payable 0 Notes payable 50,600 Interest payable 0 Deferred sales revenue 2,300...
A partial adjusted trial balance of Crane Company at January 31, 2021, shows the following. CRANE...
A partial adjusted trial balance of Crane Company at January 31, 2021, shows the following. CRANE COMPANY Adjusted Trial Balance January 31, 2021 Debit Credit Supplies $2,900 Prepaid Insurance 10,500 Salaries and Wages Payable $3,400 Unearned Revenue 4,200 Supplies Expense 4,300 Insurance Expense 1,750 Salaries and Wages Expense 7,800 Service Revenue 8,600 Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $2,700 of supplies was purchased...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 42,600   Expenses:        Cost of Goods Sold 18,000        Depreciation Expense 1,400        Salaries and Wages Expense 8,400        Rent Expense 3,900        Insurance Expense 1,600        Interest Expense 1,500        Utilities Expense 1,100   Net Income $ 6,700 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 565     $ 590       Inventory 830     690       Accounts Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 42,600   Expenses:        Cost of Goods Sold 18,000        Depreciation Expense 1,400        Salaries and Wages Expense 8,400        Rent Expense 3,900        Insurance Expense 1,600        Interest Expense 1,500        Utilities Expense 1,100   Net Income $ 6,700 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 565     $ 590       Inventory 830     690       Accounts Payable...
Prepare December 31, 2017, adjusting entries for English Corporation for each of the following items: a....
Prepare December 31, 2017, adjusting entries for English Corporation for each of the following items: a. An inventory of office supplies on hand reveals a count of $1,800. The ledger reflects a balance in the office supplies account of $3,700. b. On December 1, 2017, English collected rent of $7,200 (for December 2017 and January 2018 rent) from a tenant renting some space in its warehouse. The entry on December 1 debited Cash and credited unearned rent revenue for $7,200....
6. The net income reported on the income statement is $90,000. However, adjusting entries have not...
6. The net income reported on the income statement is $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, is a. $87,300 b. $90,000 c. $88,700 d. $86,000 7. The type of account and normal balance of Unearned Rent is a. revenue, credit b. expense, debit c. liability, credit d. liability, debit 8. Supplies are recorded as assets when purchased. Therefore,...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 35,000 Accounts receivable 42,600 Supplies 2,800 Inventory 62,600 Notes receivable 22,600 Interest receivable 0 Prepaid rent 2,200 Prepaid insurance 7,300 Office equipment 90,400 Accumulated depreciation 33,900 Accounts payable 33,600 Salaries payable 0 Notes payable 52,600 Interest payable 0 Deferred sales revenue 3,300 Common...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT