Question

Spring company on Sep 30, 2019 shown selected accounts from the trial balance. Cash $19600 Furniture...

Spring company on Sep 30, 2019 shown selected accounts from the trial balance.


Cash

$19600

Furniture

20000

Prepaid rent

5000

Account payable

6500

Account receivable

12000

Rami, capital

50000

Rent, revenue

13000

Service revenue

27000

Salaries expanse

3500

building

25000

Utilities expense

600

Unearned revenue

6500

Rami, drawing

300

Interest expense

500


INSTRUCTIONS:-


1. Compute the total of the credit column in the trial balance?

2. Determine the total assets?

3. Compute the net income or loss for the period
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

1. Credit column Amounts = Account payable + Rami capital + Rent revenue + Service revenue

= 6500 + 50000 + 13000 + 27000

= 96500

2. Total Assets = Cash + Furniture + Prepaid rent + Accounts receivable + Building + Unearned revenue

= 19600 + 20000 + 5000 + 12000 + 25000 + 6500

= 88100

3. Income = Rent revenue + servise revenue

= 13000 + 27000

= 40000

Expence = Salary expense + Utility expense + Interest expense

= 3500 + 600 + 500

= 4600

Net Income = 40000 - 4600

= 35400

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
Spring company on Sep 30, 2019 shown selected accounts from the trial balance. Cash $19600 Furniture...
Spring company on Sep 30, 2019 shown selected accounts from the trial balance. Cash $19600 Furniture 20000 Prepaid rent 5000 Account payable 6500 Account receivable 12000 Alex, capital 50000 Rent, revenue 13000 Service revenue 27000 Salaries expanse 3500 building 25000 Utilities expense 600 Unearned revenue 6500 Alex, drawing 300 Interest expense 500 INSTRUCTIONS:- 1. Compute the total of the debit column in the trial balance? 2. Determine the total liabilities? 3. Compute the net income or loss for the period
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
Trial Balance The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are...
Trial Balance The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $118,600 Accounts Receivable 660,500 Cash ? Common Stock 150,000 Dividends 36,000 Fees Earned 4,330,000 Insurance Expense 18,000 Land 1,850,000 Miscellaneous Expense 30,200 Notes Payable 75,000 Prepaid Insurance 21,600 Rent Expense 390,000 Retained Earnings 1,814,400 Supplies 11,200 Supplies Expense 23,700 Unearned Rent...
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed...
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $ 42,910 Notes Payable $ 45,000 Accounts Receivable 115,920 Prepaid Insurance 20,500 Cash ? Rent Expense 47,000 Elaine Wells, Capital 70,000 Supplies 4,880 Elaine Wells, Drawing 21,500 Supplies Expense 7,410 Fees Earned 746,900 Unearned Rent 13,000 Insurance Expense 3,400 Utilities Expense 26,150...
JOHNSON TRAVEL TRİAL BALANCE DECEMBER 31,2005 CASH 1300 A/R 6600 SUPPLIES 2300 PREPAİD RENT 1600 FURNİTURE...
JOHNSON TRAVEL TRİAL BALANCE DECEMBER 31,2005 CASH 1300 A/R 6600 SUPPLIES 2300 PREPAİD RENT 1600 FURNİTURE 36000 ACCUMULATED DEPRECIATION(FURNITURE) 4900 A/P 4500 UNEARNED SERVICE REVENUE 600 CAPITAL 26000 WITHDRAWALS 29000 SERVICE REVENUE 106000 DEPRECIATION EXPENSE 2300 SALARY EXPENSE 39900 RENT EXPENSE 20000 SUPPLIES EXPENSE 2900 TOTAL 141900 141900 Question:What adjusting entry will jonhson make on this transection? a.Depreciation on furniture for the month. The estimated useful life of the furniture is 2 years. b.On december 1 the business moved into...
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...
Which of the following accounts would NOT appear in a post-closing trial balance? Unearned Fees Accounts...
Which of the following accounts would NOT appear in a post-closing trial balance? Unearned Fees Accounts Payable Fees Eaned Cash Our company pays rent of $1,000 per month in advance for the year. At the end of each month, what would be the adjusting entry? Prepaid Rent                        1,000 Rent Expense                                   1,000 None of these answers is correct. Rent Expense                               1,000 Prepaid Rent                                          1,000 Rent Expense                        1,000      Cash                                                  1,000 You are learning the accrual basis of accounting in...
ZYX Merchandising Company Unadjusted Trial Balance December 13, 2019 Account Balance Bank 499.200 Interest Payable 480.000...
ZYX Merchandising Company Unadjusted Trial Balance December 13, 2019 Account Balance Bank 499.200 Interest Payable 480.000 Bank Loan (5 years) 1.472.000 Notes Receivable 896.000 Service Revenue 2.880.000 Cost of Service 1.536.000 Office Supplies 57.600 Accumulated Depreciation (Building) 896.000 Equipment 704.000 Marketing Expense ???? Building 1.280.000 Depreciation Expense (Building) 192.000 Interest receivable 240.000 Note payable (3 years) 800.000 Cash 89.600 Profit from sale of equipment 19.200 Account Receivable 364.800 Capital 2.464.000 Utilities Expense 614.400 Accounts Payable 448.000 Bank Loan (1 year)...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial Balance October 31, 2020 Accounts Debit Credit Cash $45,000 Prepaid Insurance    99,000 Supplies     49,500 Furniture 1,080,000 Accumulated Depreciation - Furniture $202,500 Notes Payable 180,000 Accounts Payable 108,000 Star, Capital 688,500 Star, Drawings 108,000 Service Revenue 220,500 Utilities Expense     18,000 Total 1,399,500 1,399,500 Other information: 1. Salaries owed for the month of October but will not be paid until November, 2020 was...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT