A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
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...
4. Use the following Adjusted Trial Balance and Statement of
Retained Earnings to prepare the CLASSIFIED...
4. Use the following Adjusted Trial Balance and Statement of
Retained Earnings to prepare the CLASSIFIED BALANCE
SHEET in good form for Weasley Inc. for December 31,
2016. (30 points)
Account Title
Balance
Debit
Credit
Cash
$ 76,000
Accounts Receivable
19,000
Merchandise Inventory
157,000
Office Supplies
2,000
Equipment
750,000
Accumulated Depreciation—Equipment
$ 50,000
Accounts Payable
44,000
Salaries Payable
12,000
Note Payable (Long Term)
208,000
Common Stock - $1 Par Value
200,000
Paid...
E4.21 (LO 4),
AP Selected year-end account balances from the adjusted
trial balance as of December...
E4.21 (LO 4),
AP Selected year-end account balances from the adjusted
trial balance as of December 31, 2022, for Tippy Corporation is
provided below.
Prepare closing entries.
Debit
Credit
Accounts Receivable
$ 72,600
Dividends
26,300
Depreciation Expense
13,200
Equipment
212,800
Salaries and Wages Expense
91,100
Accounts Payable
$ 53,000
Accumulated Depreciation—Equipment
114,800
Unearned Rent Revenue
22,900
Service Revenue
183,800
Rent Revenue
6,200
Rent Expense
3,600
Retained Earnings
61,800
Supplies Expense
1,400
Instructions
a. Prepare closing entries
b. Determine the post-closing...
QUESTION 6
Ellis had the following select account balances at year end,
12/31/20.
Cash
Prepaid
Rent ...
QUESTION 6
Ellis had the following select account balances at year end,
12/31/20.
Cash
Prepaid
Rent
50,000
24,000
Accumulated Depreciation
Allowance for Doubtful
Accounts
35,000
2,000
Sales Revenue
492,000
Cost of Goods Sold
284,000
Salaries Expense
80,000
Accounts Receivable
12,000
Unearned Revenue
6,000
Interest Revenue
4,000
Gain on Sale of Land
Retained Earnings (Jan 1)
8,000
80,000
Depreciation Expense
Dividends
20,000
15,000
Which of the following statements is correct regarding the first
closing entry that should be made?
A....
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...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2017, for Grouper...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2017, for Grouper Corp. is provided
below. Debit Credit Accounts Receivable $82,760 Dividends 29,980
Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages
Expense 103,850 Accounts Payable $60,420 Accumulated
Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service
Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained
Earnings 70,450 Supplies Expense 1,600 Collapse question part (a)
Prepare closing entries.