ructions On July 31, 2019, the balances of the accounts
appearing in the ledger of Serbian...
ructions On July 31, 2019, the balances of the accounts
appearing in the ledger of Serbian Interiors Company, a furniture
wholesaler, are as follows: Accumulated Depreciation-Building
$365,000 Administrative Expenses 440,000 Building 810,000 Cash
78,000 Cost of Merchandise Sold 775,000 Interest Expense 6,000
Merchandise Inventory 115,000 Notes Payable 100,000 Peter Bronsky,
Capital 530,000 Peter Bronsky, Drawing 15,000 Sales 1,437,000 Sales
Tax Payable 4,500 Selling Expenses 160,000 Store Supplies 16,000
Store Supplies Expense 21,500 Required: Prepare the July 31, 2019,
closing entries...
Below are accounts from statement of financial position and
Income statement dated on December 31, 2020...
Below are accounts from statement of financial position and
Income statement dated on December 31, 2020 for Ben’s Inc., a
merchandising business.
All amounts are expressed in Canadian dollars and report normal
balance.
Account
Balance
Accounts payable
$ 4,360
Accounts receivable
$ 200
Advertising expense
$ 3,200
Bank loan payable
$ 8,000
Building (net value)
$ 26,100
Cash
$ 34,000
Common shares
$ 16,000
Cost of goods sold
$ 92,000
Depreciation expense, Building
$ 4,400
Income tax payable
To determine...
A company has the following balances at December 31, 2019:
Accounts payable
60,000
Accounts receivable
52,500...
A company has the following balances at December 31, 2019:
Accounts payable
60,000
Accounts receivable
52,500
Cash
80,000
Common stock
200,000
Equipment
96,000
Equity investments
76,300
Inventory
57,000
Long-term liabilities
100,000
Patents
32,000
Retained earnings
17,000
Salaries payable
15,000
Unearned revenue
1,500
Additional information:
The cash balance includes $20,000 cash restricted for future
plant expansion.
Allowance for doubtful accounts is $3,800.
Accumulated depreciation on equipment is $40,000.
The long-term liabilities balance includes $12,000 due in
2020.
Format guidance: Enter whole...
The partial adjusted account balances of the Raiders Fitness
Center at December 31 are as follows:...
The partial adjusted account balances of the Raiders Fitness
Center at December 31 are as follows:
Accounts
Account Balances
Accounts
Account Balances
Cash
$
16,000
Service
Revenue
$107,000
Accounts
Receivable
15,000
Interest Revenue
13,000
Supplies
4,000
Depreciation
Expense
28,000
Prepaid
Insurance
8,000
Insurance
Expense
12,000
Buildings
300,000
Salaries and Wages
Expense 45,000
Accumulated Depreciation—Building 120,000
Supplies
Expense
5,000
Utilities
Expense
10,000
Accounts
Payable
19,000
Unearned Service
Revenue
7,000
Common
Stock
90,000
Retained
Earnings
115,000
Dividends
10,000
Instructions
Prepare...
The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December...
The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December 31, 2019.
Cash
80,000
Accounts Receivable
15,000
Supplies
3,000
Inventory
150,000
Prepaid Insurance (represents 2 years)
50,000
Equipment
300,000
Accumulated Depreciation - Equipment
40,000
Land
75,000
Patent
5,000
Accounts Payable
145,000
Note Payable (due in 3 equal annual installments)
36,000
Deferred Revenue (represents 8 months)
16,000
Common Stock (50,000 shares authorized, $5 par, 20,000 shares
issued and outstanding
100,000
Additional Paid in Capital
30,000...
Given the following adjusted account balances (all normal),
prepare the closing journal entries for Ezzy Holdings...
Given the following adjusted account balances (all normal),
prepare the closing journal entries for Ezzy Holdings on December
31, 2018.
Cash
45,000 Prepaid
rent
9,000
Garth Gaudette, Capital
85,000
Land
65,000 Service
revenue
75,500
Unearned service revenue 24,000
Supplies
4,000 Interest expense
5,000
Amortization expense
15,000
Rent
expense
12,500 Salary
expense
46,000
Garth Gaudette, Withdrawals 20,000
Note
payable
70,000 Interest
payable 3,000
Acc.
amortization, building
15,000
Supplies expense 8,000
Building
85,000
Accounts
receivable ...
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2019
Debit
Credit
Cash
$970
Accounts Receivable
720
Supplies...
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2019
Debit
Credit
Cash
$970
Accounts Receivable
720
Supplies
290
Prepaid Insurance
990
Equipment
1,000
Accumulated Depreciation—Equipment
$30
Accounts Payable
60
Salaries and Wages Payable
46
Interest Payable
10
Unearned Service Revenue
250
Notes Payable
1,600
Owner’s Capital
660
Owner’s Drawings
410
Service Revenue
3,759
Salaries and Wages Expense
825
Utilities Expense
105
Advertising Expense
135
Supplies Expense
840
Depreciation Expense
30
Insurance Expense
90
Interest Expense
10
$6,415
$6,415
Using the information...
Charlie Corporation's adjusted trial balance included the
following items (all account balances are normal): Accounts payable...
Charlie Corporation's adjusted trial balance included the
following items (all account balances are normal): Accounts payable
$65,000, Accounts receivable $45,000, Capital stock $100,000, Cash
$50,000, Dividends $10,000, Goodwill $47,000, Interest expense
$4,000, Interest payable $2,000, Inventory $38,000, Notes payable
$80,000, Prepaid expenses $5,000, Property, plant & equipment
$123,000, Retained earnings $46,000, Rent expense $18,000, Revenues
$101,000, and Salary expense $60,000. How much are total
assets?
Exercise 3-5 Monty Corp. has the following balances in selected
accounts on December 31, 2019. Accounts...
Exercise 3-5 Monty Corp. has the following balances in selected
accounts on December 31, 2019. Accounts Receivable $ 0 Accumulated
Depreciation—Equipment 0 Equipment 8,000 Interest Payable 0 Notes
Payable 9,800 Prepaid Insurance 3,180 Salaries and Wages Payable 0
Supplies 2,100 Unearned Service Revenue 28,000 All the accounts
have normal balances. The information below has been gathered at
December 31, 2019. 1. Monty Corp. borrowed $9,800 by signing a 12%,
one-year note on September 1, 2019. 2. A count of supplies...
The following information pertains to the York Company for the
year ending December
31, 2019.
$...
The following information pertains to the York Company for the
year ending December
31, 2019.
$ Hours
Revenue 240,000
Interest Revenue 50,000
Raw materials used 40,000
Indirect Labour 4,000
Indirect Materials 9,000
Utilities [factory] 4,500
Depreciation of factory equipment 10,000
Depreciation of factory buildings 19,000
Depreciation of admin buildings 5,000
Marketing costs 30,000
Wages [Store] 10,000
Utilities [store] 6,000
Supplies [store] 3,500
Direct Labour Hours 2000
Hourly Rate for direct labour 10
Finished Goods Inventory Jan 1 2019 7,000
Finished...