DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000...
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
Salaries and Wages Payable
2,500
Income tax Expense
6,500
Advertising...
Based on the data below, complete a formal income
statement, statement of owner's equity, and formal...
Based on the data below, complete a formal income
statement, statement of owner's equity, and formal balance
sheet:
Income Statement Section of Work Sheet:
Service Fees: 20,000 cr. balance
Supplies Expense: 400 dr. balance
Insurance Expense: 800 dr. balance
Depreciation Expense: 20,000 dr. balance
Wage Expense: 4000 dr. balance
Rent Expense: 12,000 dr. balance
Utilities Expense: 10,000 dr. balance
Net Loss = 27,200
Balance Sheet Section of Worksheet:
Cash: 40,000 dr. balance
Supplies: 2000 dr. balance
Prepaid Insurance: 2000 dr....
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...
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...
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...
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...
Prepare an Income Statement
ABC Corporation
Adjusted Trial
Balance
December 31,
2014
Debit
Credit
Accounts Payable...
Prepare an Income Statement
ABC Corporation
Adjusted Trial
Balance
December 31,
2014
Debit
Credit
Accounts Payable
$
65,340
Accounts Receivable
190,300
Accumulated Depreciation: Building
$
5,400
Accumulated Depreciation: Equipment
29,359
Accumulated Other Comprehensive
Income
15,000
Additional Paid in Capital - Treasury
Stock
21,000
Advertising Expense
8,400
Allowance for Doubtful Accounts
25,000
Bad Debt Expense
25,000
Bonds Interest Expense
43,088
Bonds Payable
1,600,000
Building
150,000
Cash
1,270,676
Common Stock
...
You are assigned to prepare the income statement for the year
ended 31 March 2020 and...
You are assigned to prepare the income statement for the year
ended 31 March 2020 and the balance sheet as at 31 March 2020 based
on the following information:
Accounts RM
Cash 31,000
Accounts Receivable 76,000
Supplies 9,500
Office Equipment 12,000
Accumulated Depreciation 3,600
Accounts Payable 24,000
Salaries Payable 16,000
Capital 71,220
Drawings 13,000
Service Revenue 95,400
Interest Income 11,500
Salaries Expense 39,700
Supplies Expense 4,200
Depreciation Expense 1,200
Rental Expense 35,000
Miscellaneous Expense 120
Accounts payable
$ 40,000
Accounts receivable
33,000
Accumulated depreciation—buildings
25,000
Ac
Accounts payable
$ 40,000
Accounts receivable
33,000
Accumulated depreciation—buildings
25,000
Accumulated depreciation—equipment
20,000
Advertising Expense
4,500
Bonds payable, due December 31, 2024
260,000
Buildings
180,000
Capital stock, $1 par value
220,000
Cash
92,120
Commission Expense
8,400
Cost of
Goods Sold
31,480
Depreciation Office
2,970
Equipment
75,500
Income
Tax Expense
7,150
Income taxes payable
3,860
Insurance Expense Sales Auto
3,200
Interest
Expense
1,550
Interest payable...