Question

The accounts below appear in the ledger of Sheridan Company. Retained Earnings Dr. Cr. Bal. Jan....

The accounts below appear in the ledger of Sheridan Company.

Retained Earnings

Dr.

Cr.

Bal.
Jan. 1, 2020 Credit Balance $41,700
Aug. 15 Dividends (cash) $14,800 26,900
Dec. 31 Net Income for 2020 $39,900 66,800

Equipment

Dr.

Cr.

Bal.
Jan. 1, 2020 Debit Balance $139,900
Aug. 3 Purchase of Equipment $61,700 201,600
Sept. 10 Cost of Equipment Constructed 48,000 249,600
Nov. 15 Equipment Sold $56,100 193,500

Accumulated Depreciation—Equipment

Dr.

Cr.

Bal.
Jan. 1, 2020 Credit Balance $83,700
Apr. 8 Major Repairs $21,000 62,700
Nov. 15 Accum. Depreciation on Equipment Sold 25,000 37,700
Dec. 31 Depreciation for 2020 $16,900 54,600


Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The loss on sale of equipment (November 15) was $5,900. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Account titles are                             Accumulated Depreciation—EquipmentEquipment, Investing—Cash Dividends, Investing—Construction of Equipment, Investing—Depreciation Expense, Investing—Major Repairs to Equipment, Investing—Loss on Sale of Equipment, Investing—Net Income, Investing—Purchase of Equipment, Investing—Sale of Equipment, Financing—Cash Dividends, Financing—Construction of Equipment, Financing—Depreciation Expense, Financing—Extraordinary Repairs to Equipment, Financing—Loss on Sale of Equipment, Financing—Net Income, Financing—Purchase of Equipment, Financing—Sale of Equipment, Operating—Cash Dividends, Operating—Construction of Equipment, Operating—Depreciation Expense, Operating—Extraordinary Repairs to Equipment, Operating—Loss on Sale of Equipment, Operating—Net Income, Operating—Purchase of Equipment, Operating—Sale of Equipment, Retained Earnings

Account Titles and Explanation

Debit

Credit

(To record cash dividends.)

(To record net income.)

(To record depreciation expense.)

(To record new Equipment.)

(To record repairs.)

(To record sale of Equipment.)
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

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
The accounts below appear in the ledger of Bridgeport Company. Retained Earnings Dr. Cr. Bal. Jan....
The accounts below appear in the ledger of Bridgeport Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $42,100 Aug. 15 Dividends (cash) $14,800 27,300 Dec. 31 Net Income for 2020 $39,900 67,200 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $139,300 Aug. 3 Purchase of Equipment $62,100 201,400 Sept. 10 Cost of Equipment Constructed 48,000 249,400 Nov. 15 Equipment Sold $56,200 193,200 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $84,400 Apr. 8 Major...
1. The income statement of Sandhill Company is shown below. SANDHILL COMPANY INCOME STATEMENT FOR THE...
1. The income statement of Sandhill Company is shown below. SANDHILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,380,000 Cost of goods sold Beginning inventory $2,080,000 Purchases 4,350,000 Goods available for sale 6,430,000 Ending inventory 1,460,000 Cost of goods sold 4,970,000 Gross profit 1,410,000 Operating expenses Selling expenses 430,000 Administrative expenses 670,000 1,100,000 Net income $310,000 Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $150,000 during the year. 3....
Below are 3 journal entries relating to Plant Assets. (1) dr. Plant Assets                 9,000             
Below are 3 journal entries relating to Plant Assets. (1) dr. Plant Assets                 9,000                           (2) dr. Cash                 1,000 cr. Cash                                   9,000                     dr. A/Depreciation            3,000 Record the purchase of assets with cash                                cr. Plant Asset             3,600                                                                                                 cr. Gain on sale               400 (3) dr. Depreciation Expense 2,400                           Record sale of Plant Asset for Cash             cr. Accum. Depreciation        2,400 Record depreciation expense Use these journal entries to post to the T accounts, Plant Assets and...
The following three accounts appear in the general ledger of Marin Inc. during 2022. Equipment Date...
The following three accounts appear in the general ledger of Marin Inc. during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 200,000 July 31 Purchase of equipment 87,500 287,500 Sept. 2 Cost of equipment constructed 66,250 353,750 Nov. 10 Cost of equipment sold 61,250 292,500 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 88,750 Nov. 10 Accumulated depreciation on equipment sold 20,000 68,750 Dec. 31 Depreciation for year 35,000 103,750 Retained Earnings Date Debit Credit Balance Jan. 1...
Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece...
Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $75,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $38,000 that was purchased on January 1, 2020. The equipment cost $105,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased...
please 47 In Polk Company, Treasury Stock increased $20,000 from a cash purchase, and Retained Earnings...
please 47 In Polk Company, Treasury Stock increased $20,000 from a cash purchase, and Retained Earnings increased $80,000 as a result of net income of $120,000 and cash dividends paid of $40,000. Net cash used by financing activities is: Select one: A. $20,000. B. $40,000. C. $120,000. D. $60,000. E. None of the above. 48. The following data are available for Deli Corporation. Net income $200,000 Depreciation expense 60,000 Dividends paid 90,000 Loss on sale of land 15,000 Decrease in...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr Dr Cr Cash 11,275 Accounts receivable 1,750 Office supplies 800 Prepaid insurance 3,400 Scoring equipment 140,000 Accumulated depreciation –      scoring equipment 21,700 Salaries payable 800 Common stock 20,000 Retained earnings (unadjusted) 40,000 Dividends 46,425 Bowling revenue 138,075 Depreciation expense –      scoring equipment 10,825 Salaries expense 1,800 Insurance expense 1,200 Rent expense 1,600 Office supplies expense 400 Repairs expense 350 Telephone expense 750 Totals 16,925...
Assume we know the depreciation expense, $25,000 (from income statement) and Loss on Sale of Plant...
Assume we know the depreciation expense, $25,000 (from income statement) and Loss on Sale of Plant Asset, $4,000. We also know the company purchased plant assets with cash in the amount of $45,000. When preparing the Investing section, we do not know the cash received from the sale of plant assets, but we can calculate it using the information provided. The comparative Balance Sheets indicate Net Plant Assets were $345,000 at the beginning of the year and $360,000 at the...
Prepare a multiple-step income statement for Yazdy Company for 2020 DR. CR. Accounts Payable 26,000 Accounts...
Prepare a multiple-step income statement for Yazdy Company for 2020 DR. CR. Accounts Payable 26,000 Accounts Receivable 57,000 Accumulated Depreciation – Equipment   40,000 Depreciation Expense 13,000 Sales Revenue 250,000 Cash 25,000 Common Stock 50,000 Equipment 150,000 Investment in Debt Securities 45,000 Freight-out 5,000 Insurance Expense 2,500 Salaries and Wages expense 30,000 Rent Expense 20,000 Sales Discount 8,000 Retained Earnings 25500 Prepaid Insurance 7,500 Sales Return and Allowance 12,000 Gain on Disposal of Plant Asset 6,000 Dividends 7,000 Interest Expense 7,500...
The ledger of Swifty Company contains the following balances: Retained Earnings $30,000, Dividends $1,000, Service Revenue...
The ledger of Swifty Company contains the following balances: Retained Earnings $30,000, Dividends $1,000, Service Revenue $49,000, Salaries and Wages Expense $26,000, and Supplies Expense $6,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT