3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:=Liabilities+ Stockholders' EquityAssetsAccountsAccounts CommonFeesSalariesRentAuto SuppliesMisc.=Cash +Receivable + Supplies - Payable+ Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense+53,000+6,000+6,0006,0006,00053,000-3,5006,0002,50053,000+108,000108,0006,0002,50053,000-33,4006,0002,50053,000108,000-33,400-15,200-5,9006,0002,50053,000108,000-33,400-15,200-5,900-59,0006,0002,50053,000108,000 -59,000 -33,400 -15,200-5,900-3,900-3,9002,1002,50053,000108,000 -59,000 -33,400 -15,200 -3,900 -5,900+50,1002,1002.50053,000158,100 -59,000 -33,400-15,200-3,900-5,9002,1002,50053,000158, 100 -59,000 -33,400 -15,200-3,900-5,900a. +53,000b.Bal. 53,000C. -3,500Bal. 49,500d. +108,000Bal. 157,500e. -33,400Bal. 124,100f. -21,100Bal. 103,000g. -59,000Bal. 44,000h.Bal. 44,000i.Bal. 44,000j. -12,500Bal. 31,500+50,10050,10050,100-12,500-12,500 12 Cash3 Accounts receivable4 Supplies567 Accounts payable89 Common stock10 Retained earnings1112AssetsLiabilitiesStockholders' EquityBalance SheetJuly 31, 20Y2$53,000.0028,200.00$31,500.0050,100.002,100.00$83,700.00$2,500.0081,200.00

Name: 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Seth Feye established Reliance Fin

The balance sheet is prepared to represent the financial position of the business with assets and…

Business

Accounting

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense Cash +Receivable + Supplies - Payable a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53.000 C. -3,500 -3,500 Bal 49,500 6,000 2,500 53,000 d. 108.000 +108,000 Bal 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 Bal 124,100 f. -21,100 Bal 103.000 9. -59,000 Bal. 44,000 h. -59,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 6,000 -3,900 2,100 -3,900 Bal 44,000 2,500 53,000 -5,900 108,000 -59,000 -33,400 -15,200 -3,900 +50,100 i. Bal 44,000 2,100 2,500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 50,100

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense Cash +Receivable + Supplies - Payable a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53.000 C. -3,500 -3,500 Bal 49,500 6,000 2,500 53,000 d. 108.000 +108,000 Bal 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 Bal 124,100 f. -21,100 Bal 103.000 9. -59,000 Bal. 44,000 h. -59,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 6,000 -3,900 2,100 -3,900 Bal 44,000 2,500 53,000 -5,900 108,000 -59,000 -33,400 -15,200 -3,900 +50,100 i. Bal 44,000 2,100 2,500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 50,100

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 19EB: Josue Fabricating, Inc.s accountant has the following information available to prepare the Statement...

See similar textbooks

Similar questions

Compare The Home Depot and Lowes Using your answers for The Home Depot, Inc. (HD) in MAD 1-2 and Lowes Companies, Inc. (LOW) in MAD 1-3, compare and interpret Home Depots ratio of liabilities to stockholders equity to that of Lowes.
Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: What is the total ending balance as reported on the companys Statement of Stockholders Equity?
A transaction has been recorded in the journal of Davis Company as follows: Credit Account Title Interest Expense Interest Payable Which of the following describes the effect of this transaction on the company's financial statements? Multiple Choice Increases Stockholders' Equity Increases Liabilities Decreases Assets Debit 800 Decreases Liabilities 800
Gulf Cement, Inc. reports the following assets and liabilities, Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)). Cash...Asset.. OMR 37,000 Assets e Yi abilities + Equity- Accounts Payable....liabi libies OMR 15,000 30 800 Supplies....A seps. OMR 1, 800 Loan Payable. ibiliies OMR 9,000 Inventory....AScts. OMR 12,000
Begin by identifying the accounting equation and the formula to calculate the change in the stockholders' equity during a period. (Abbreviations used: Beg. equity = beginning equity; End. equity = ending equity.) Accounting equation: Stockholders' equity equation: Assets Liabilities + Equity Beg. equity + Common stock issued + Net income or - Net loss - Dividends = End. equity For each of the following situations that occurred in June, 2024 with regard to common stock and dividends of a corporation, compute the amount of net income or net loss during June 2014 (Use a minus sign or parentheses for a net loss.) a. The company issued $35,000 of common stock and paid no dividends. Net income (loss) is Data table Total Assets Total Liabilities May 31, 2024 $ Print 211,000 $ 99,000 June 30, 2024 Done - X 250,000 66,000
a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
A transaction has been recorded in the T-accounts of Powell Corporation as follows: Prepaid Rent Rent Expense 1,000 1,000 Which of the following reflects how this event affects the company's financial statements? A. B. C. D. Debit Assets = + + Credit Multiple Choice Liabilities + + N/A N/A Balance Sheet Option C Option A Option B Debit Option D Stockholders Equity N/A + N/A Credit Revenue N/A N/A + N/A Income Statement Expense N/A + N/A + Net Income N/A Statement of Cash Flows +FA N/A +OA -OA
Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.
Use the following to answer questions 21 - 27 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY ACCOUNTS F. Accounts Payable G. Deferred revenue A. Cash K. Service Revenue L. Advertising expense M. Rent Expense N. Salaries/Wage expense O. Utilities expense B. Accounts Recelvable C. Supplies D. Prepaid advertising E. Equipment H. Notes Payable I. Common Stock J. Retained Earnings February 1* transaction Is completed as an example: Only include the letter of the account not the account name. Date Transaction AMOUNT Eebruary 01 (ex) Pald an Accounts Payable $500 February 2 Borrowed from the bank 25,000 February 7 Provided services to customers on account 65,000 Paid rent for the month 3,000 February 14 February 15 Recorded and paid salaries and wages 30,000 February 25 Received the utility bill, will pay in March 1,300 February 28 Collected from customers from services on account 42,000 Account Debit Credit Date Account payable (L-) Cash (A-) 500 ex FEB 1 500 21. Feb 2 22. Feb 7…
XYZ Company's accounting records reported the following account balances as of December 31, 2024: Supplies Common stock Sales revenue Building Accounts payable Trademark ***** Accumulated depreciation Insurance expense Cash... Salaries payable Land Dividends. Rental revenue ...…...…… Advertising expense Accounts receivable Retained earnings. Salaries expense.... Inventory **************** Patent Interest revenue Equipment... Notes payable Cost of goods sold ******* $18,000 $73,000 $92,000 $56,000 $11,000 $34,000 $59,000 $21,000 ? $44,000 $17,000 $76,000 $22,000 ? $30,000 (at Jan. 1, 2024) $41,000 $26,000 $37,000 $51,000 $29,000 $84,000 $49,000 Additional information: 1) The total current assets at December 31, 2024 were equal to $134,000. 2) The total P-P-E at December 31, 2024 was equal to $107,000: Calculate the balance in the salaries payable account at December 31, 2024.
Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. 2. 3. 4 5. 6. 7. 8. 9. 10. 11. 12. Common Stock. Discount on Bonds Payable. Treasury Stock (at cost). Notes Payable (short-term). Raw Materials. Equity Investments (long-term). Unearned Rent Revenue. Work in Process. Copyrights. Buildings. Notes Receivable (short-term). Cash. Current Assets Cash 13. Less 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.) Salaries and Wages Payable. Accumulated Depreciation-Buildings. Restricted Cash for Plant Expansion.. Land Held for Future Plant Site. Allowance for Doubtful Accounts. Retained Earnings. Paid-in Capital in Excess…
The following transactions occurred during a recent year: a. Paid wages of $1,450 for the current period (example). b. Borrowed $7,250 cash from local bank using a short-term note. c. Purchased $2,900 of equipment on credit. d. Earned $580 of sales revenue; collected cash. e. Received $1,160 of utilities services, on credit. f. Earned $2,450 of service revenue, on credit. g. Paid $435 cash on account to a supplier. h. Incurred $100 of travel expenses; paid cash. i. Earned $580 of service revenue; collected half in cash, with balance on credit. j. Collected $160 cash from customers on account. k. Incurred $420 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first…