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...
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...
Accounts Payable
$ 70,600
Accounts Receivable
46,000
Accumulated Depreciation—Equipment
183,600
Cash
21,600
Common Stock
94,500
Cost...
Accounts Payable
$ 70,600
Accounts Receivable
46,000
Accumulated Depreciation—Equipment
183,600
Cash
21,600
Common Stock
94,500
Cost of Goods Sold
1,646,340
Freight-Out
17,410
Equipment
429,190
Depreciation Expense
37,500
Dividends
32,400
Gain on Disposal of Plant Assets
5,400
Income Tax Expense
27,000
Insurance Expense
24,300
Interest Expense
13,500
Inventory
70,300
Notes Payable
117,450
Prepaid Insurance
16,200
Advertising Expense
90,450
Rent Expense
91,800
Retained Earnings
37,900
Salaries and Wages Expense
320,360
Sales Revenue
2,440,000
Salaries and Wages Payable
16,200
Sales Returns and Allowances...
The following information relates to TipTopTea for the year
ended 30 June 2020. Accounts payable 82,500...
The following information relates to TipTopTea for the year
ended 30 June 2020. Accounts payable 82,500 Accounts receivable
7,500 Accumulated depreciation- Equipment 11,800 Bank Loan (due in
2025) 38,000 Capital 105,400 Cash at bank 186,400 Depreciation
expense-Equipment 8,600 Drawings 4,000 Electricity expense 7,500
Equipment 180,000 Prepaid rent 16,500 Rent expense 32,000 Service
revenue 282,600 Supplies 3,900 Unearned revenue 19,200 Wages
expense 135,400 Wages payable 42,500 Required; Prepare the closing
entries for TipTopTea as at 30 June 2020. Narrations are required.
The following information relates to TipTopTea for the year
ended 30 June 2020.
Accounts payable
82,500...
The following information relates to TipTopTea for the year
ended 30 June 2020.
Accounts payable
82,500
Accounts receivable
7,500
Accumulated depreciation- Equipment
11,800
Bank Loan (due in 2025)
38,000
Capital
105,400
Cash at bank
186,400
Depreciation expense-Equipment
8,600
Drawings
4,000
Electricity expense
7,500
Equipment
180,000
Prepaid rent
16,500
Rent expense
32,000
Service revenue
282,600
Supplies
3,900
Unearned revenue
19,200
Wages expense
135,400
Wages payable
42,500
Prepare the closing entries for TipTopTea as at 30 June 2020.
Narrations are required.
Cash 11 1,500
Accounts Receivable 12 2,000
Interest Receivable 13 100
Prepaid Insurance 14 1,600
Notes...
Cash 11 1,500
Accounts Receivable 12 2,000
Interest Receivable 13 100
Prepaid Insurance 14 1,600
Notes Receivable (long-term) 16 2,800
Equipment 18 15,000
Accumulated Depreciation 19 3,000
Accounts Payable 21 2,400
Accrued Expenses Payable 22 3,920
Income Taxes Payable 23 2,700
Unearned Rent Fees 24 500
Robert Evans, Capital 31 7,700
Robert Evans, Drawing 32 2,000
Rent Fees Earned 41 37,000
Furniture Rental Revenue 42 1,200
Interest Revenue 43 100
Wages Expense 51 19,000
Depreciation Expense 52 1,800
Utilities Expense...
The trial balance before adjustment of Larkspur, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable...
The trial balance before adjustment of Larkspur, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$105,500
Allowance for doubtful accounts
1,960
Sales revenue (all on credit)
$698,000
Sales returns and allowances
29,100
A. Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts
receivable.
B. Give the entry for bad debt expense for the current year
assuming historical records show that, based on accounts receivable
aging, the following percentages...
The following data pertain to Branner Company: Accounts Payable,
$10,200; Accounts Receivable, $7,600; Accumulated
Depreciation-Building, $2,800;...
The following data pertain to Branner Company: Accounts Payable,
$10,200; Accounts Receivable, $7,600; Accumulated
Depreciation-Building, $2,800; Accumulated Depreciation-Equipment,
$3,400; Bonds Payable, $12,000; Building, $14,000; Cash, $6,240;
Copyright, $1,240; Equipment, $30,400; Inventory, $8,000;
Investment in Corporate Securities (long-term), $4,000; Investment
in Six-Month Government, Securities, $3,280; F. Branner, Capital,
$47,640; Land, $1,600; Prepaid Rent, $240; and Revenue Received in
Advance, $560.
Prepare a classified balance sheet at December 31, 2011. Assume
that this is Branner Company’s first year of operation.