The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for...
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for the fiscal year ended
May 31, 2018:
Cash
$129,100
Retained Earnings
569,100
Accounts Receivable
344,300
Dividends
77,300
Inventory
392,500
Sales
$4,729,600
Estimated Returns Inventory
22,500
Cost of Goods Sold
2,735,700
Office Supplies
12,200
Sales Salaries Expense
769,300
Prepaid Insurance
9,400
Advertising Expense
211,600
Office Equipment
284,200
Depreciation Expense—
Store Equipment
41,200
Accumulated Depreciation—
Office Equipment
193,100
Miscellaneous Selling Expense
18,100
Store Equipment
887,000
Office...
Journalize the entries to record the following selected
transactions. Refer to the Chart of Accounts for...
Journalize the entries to record the following selected
transactions. Refer to the Chart of Accounts for exact wording of
account titles.
A.
Sold $61,700 of merchandise on account, subject to a sales tax
of 6%. The cost of the goods sold was $38,720.
B.
Paid $40,670 to the state sales tax department for taxes
collected.
CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130
Inventory
131
Estimated Returns Inventory
140
Office Supplies
141
Store...
Trial Balance
Worksheet as at June 30, 2018
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Account...
Trial Balance
Worksheet as at June 30, 2018
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Account
Adjusted
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$ 1,040,500.00
?
?
?
$ 1,040,500.00
?
Raw Material Inventory
$ 190,500.00
?
?
?
$ 190,500.00
?
Work-in-Process Inventory
$ 116,050.00
?
?
?
$ 116,050.00
?
Jobs Completed (Finished Goods
Inventory)
$
-
?
?
?
$
-
?
Note Receivable
$ 100,000.00
?
?
?
$ 100,000.00
?...
1) Brankov Company has current assets
of $95,000 and current liabilities of $110,000. The
company decides to...
1) Brankov Company has current assets
of $95,000 and current liabilities of $110,000. The
company decides to issue stock and receives cash of
$100,000. After this transaction, the company's current ratio will
be: (Round your final answer to two decimal places.)
A)
1.77. B)
1.86. C)
0.91. D)
0.86.
2) Which of the following lists the
accounts in order of
liquidity?
Furniture, Cash, Accounts Receivable, Inventory
Cash, Inventory, Accounts Receivable, Furniture
Cash, Accounts Receivable, Inventory, Furniture
Furniture, Cash, Inventory, Accounts Receivable
3) If adjusting...
The following list of accounts is from the adjusted trial
balance for Monty Corporation:
Accounts payable...
The following list of accounts is from the adjusted trial
balance for Monty Corporation:
Accounts payable $128,640
Equipment $907,200
Accounts receivable 179,520
Income tax expense 58,560
Accumulated depreciation—buildings 94,080
Insurance expense 112,320
Accumulated depreciation—equipment 217,920
Inventory 222,720
Advertising expenses 107,520
Land 1,056,000
Buildings 410,880
Loan payable (due in 2 years) 1,872,000
Cash 68,160
Prepaid expenses 27,840
Common shares 220,800
Property tax payable 17,280
Cost of goods sold 1,069,440
Refund liability 20,160
Deferred revenue 30,720
Salaries expense 744,960
Depreciation expense 180,480...
PLEASE USE THE CHART PROVIDED
On December 1 of the current year, the following accounts and...
PLEASE USE THE CHART PROVIDED
On December 1 of the current year, the following accounts and
their balances appear in the ledger of Latte Corp., a coffee
processor:
Preferred 2% Stock, $50 par (230,000 shares authorized, 87,000
shares issued)
$4,350,000
Paid-In Capital in Excess of Par—Preferred Stock
522,000
Common Stock, $30 par (1,000,000 shares authorized, 397,000
shares issued)
11,910,000
Paid-In Capital in Excess of Par—Common Stock
1,191,000
Retained Earnings
155,490,000
At the annual stockholders’ meeting on March 31, the board...
Journalize the entries for the following transactions. Refer to
the Chart of Accounts for exact wording...
Journalize the entries for the following transactions. Refer to
the Chart of Accounts for exact wording of account titles.
(Note: The company uses a clearinghouse to take
care of all bank as well as non-bank credit cards used by its
customers.)
A.
Sold merchandise for cash, $25,000.
The cost of the goods sold was $17,500.
B.
Sold merchandise on account,
$98,000. The cost of the goods sold was $58,800.
C.
Sold merchandise to customers who
used MasterCard and VISA, $475,000....
Prepare an income Statement
Accounts Payable- 88,851
Accounts receivable- 442,120
Accumulated depreciation: building- 1,265
Accumulated depreciation:...
Prepare an income Statement
Accounts Payable- 88,851
Accounts receivable- 442,120
Accumulated depreciation: building- 1,265
Accumulated depreciation: equipment- 9,900
Advertising Expense- 9,240
Allowance for doubtful accounts- 75,000
Allowance to Reduce Inventory to NRV- 16,000
Bad Debt Expense- 75,000
Bonds Payable- 700,000
Building- 37,500
Cash- 834,544
Common stock- 135,000
Depreciation Expense- 11,165
Dividends- 28,000
Equipment- 21,600
Impairment Loss Expense- 5,000
Income Taxes Expense- 99,000
Income taxes payable- 99,000
Insurance Expense- 22,500
Interest Expense- 31,171
Interest Payable- 35,000
Inventory- 70,000
Land- 88,000
Notes...
Identify if the financial statements accounts are located on a
balance sheet or income sheet? Identify...
Identify if the financial statements accounts are located on a
balance sheet or income sheet? Identify whether the account is an
Asset, Liability, Shareholder Equity, Revenue, Expense, or Not
Applicable?
Accounts Payable
Common Stock
Sales Revenue
Equipment
Retained Earnings
Bonds Payable
Dividends Paid
Inventory
Insurance Expense
Accounts Receivable
Cash Flow from Investing Activities
Cash
Payroll Expense
Builings
Administrative Expense
Interest Income
Cash Flor for Operating Activities
Inventory
Cost of Goods Sold
Marketable Securities
Accounts Receivable
Retained Earnings
Income Tax Expense...