Prepare the Income Statement, the Retained Earning
Statement , the Classified Balance Sheet, and the
Closing Entries using...
Prepare the Income Statement, the Retained Earning
Statement , the Classified Balance Sheet, and the
Closing Entries using the adjusted trial balance for Stockton
Company.
Stockton Company
Adjusted Trial Balance
For the Year ended December 31, 2018
Cash
$ 6,030
Accounts Receivable
2,100
Prepaid Expenses
700
Land
10,000
Equipment
13,700
Accumulated Depreciation
$ 1,100
Accounts Payable
1,900
Notes Payable,
4,200
Common Stock
10,000
Retained Earnings
12,150
Fees Earned
8,750
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
85...
Please prepare the CLOSING entries!!
Required information
P4-7 (Algo) Recording Adjusting and Closing Entries and
Preparing...
Please prepare the CLOSING entries!!
Required information
P4-7 (Algo) Recording Adjusting and Closing Entries and
Preparing a Balance Sheet and Income Statement Including Earnings
per Share LO4-1, 4-2, 4-4
[The following information applies to the questions
displayed below.]
Tunstall, Inc., a small service company, keeps its records
without the help of an accountant. After much effort, an outside
accountant prepared the following unadjusted trial balance as of
the end of the annual accounting period on December 31:
Tunstall, Inc.
Unadjusted...
The following information is provided for Guci Corporation
before closing entries.
Cash
$
12,000
Supplies
4,500...
The following information is provided for Guci Corporation
before closing entries.
Cash
$
12,000
Supplies
4,500
Prepaid rent
2,000
Salaries expense
4,500
Equipment
65,000
Service revenue
30,000
Miscellaneous expenses
20,000
Dividends
3,000
Accounts payable
5,000
Common stock
68,000
Retained earnings
8,000
What is the amount of total shareholders’ equity?
Multiple Choice
$5,000.
$83,500.
$68,500.
$78,500.
Using the Adjusted Trial Balance below, prepare a) The General
Journal Closing entries for Shona’s Real...
Using the Adjusted Trial Balance below, prepare a) The General
Journal Closing entries for Shona’s Real Estate b) A
Post-closing Trial Balance for Shona’s Real Estate
Shona’s Real Estate List of Account Balances As at 30 June 2020
Cash at Bank 67,400 Shona, Capital 146,500 Loan Payable 74,300
Accounts Receivable 2,100 Revenue 143,000 Supplies 2,000 Motor
Vehicles 89,000 Accumulated Depreciation- Motor Vehicles 8,200 Rent
Expense 80,000 Unearned Revenue 1,700 Prepaid Advertising 1,200
Shona, Drawings 45,500 Accounts Payable 17,500 Wages Expense...
1. Income Statement.
Prepare an Income Statement in good form using the information
listed below. The...
1. Income Statement.
Prepare an Income Statement in good form using the information
listed below. The name of the company is Herit Designs, and it is
owned and operated by Dapper Herit. The information provided below
is for the month ended May 31, 2017.
Depreciation
Expense
$5,950
Insurance
Expense
3,900
Miscellaneous
Expense
2,200
Rent
Expense
34,000
Service
Revenue
102,500
Supplies
Expense
4,150
Utilities
Expense
6,000
Wages
Expense 53,750
Adjusting Entries Judy Brock began Brock Refinishing Service on
July 1. Selected accounts are shown below...
Adjusting Entries Judy Brock began Brock Refinishing Service on
July 1. Selected accounts are shown below as of July 31, before any
adjusting entries have been made:
Debit
Credit
Prepaid rent
$5,700
Prepaid advertising
930
Supplies
3,000
Unearned refinishing fees
900
Refinishing fees revenue
2,500
Monthly financial statements are prepared. Using the following
information, record in a general journal the adjusting entries
necessary on July 31:
a. On July 1, the firm paid one year's rent of $5,700.
b. On...
Required information
[The following information applies to the questions displayed
below.]
Pastina Company sells various types...
Required information
[The following information applies to the questions displayed
below.]
Pastina Company sells various types of pasta to grocery chains as
private label brands. The company's fiscal year-end is December 31.
The unadjusted trial balance as of December 31, 2018, appears
below.
Account Title
Debits
Credits
Cash
45,300
Accounts receivable
59,000
Supplies
1,900
Inventory
78,000
Note receivable
30,300
Interest receivable
0
Prepaid rent
2,800
Prepaid insurance
0
Office equipment
96,000
Accumulated depreciation—office equipment
36,000
Accounts payable
38,000
Salaries...
Which of the following accounts would not be found in closing
entries?
a. Service Revenue
b....
Which of the following accounts would not be found in closing
entries?
a. Service Revenue
b. Wages Expense
c. Accounts Payable
d. Dividends
Payments made by a company to reduce its debt to the bank would
be reflected as a cash flow in the investing activities section of
the statement of cash flows.
a. True
b. False
Edwards Co. purchased a car wash for $400,000. The appraised
value for the land was $50,000, while the building was appraised at
$250,000,...
presented below is income statement information of the
Nebraska corporation for the year ended December 31,...
presented below is income statement information of the
Nebraska corporation for the year ended December 31, 2018.
sales revenue 776,000
salaries expense 103,000
dividend revenue 4,300
miscellaneous expense 25,000
loss on sale of investments 9 300
cost of goods sold 420,000
insurance expense 33,000
depreciation expense 31,000
income tax expense 48,000
rent expense 23,000
prepare the necessary closing entries at December 31 2018. (if no
entry is required for a transaction/event, select no journal entry
required in the first account...
Presented below is income statement information of the Nebraska
Corporation for the year ended December 31,...
Presented below is income statement information of the Nebraska
Corporation for the year ended December 31, 2018.
Sales revenue
860,000
Cost
of goods sold
455,000
Salaries
expense
110,000
Insurance
expense
40,000
Dividend
revenue
5,000
Depreciation
expense
38,000
Miscellaneous
expense
32,000
Income tax
expense
55,000
Loss on sale of
investments
10,000
Rent
expense
30,000
Required:
Prepare the necessary closing entries at December 31, 2018.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account...