Use the following end-of-period spreadsheet below to answer the question that follow.Finley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31CashAccount TitleAccounts ReceivableSuppliesEquipmentAccumulated DepreciationAccounts PayableWages PayableC. Finley, CapitalC. Finley, DrawingFees EarnedWages ExpenseRent ExpenseDepreciation ExpenseNet IncomeAdjusted Trial Balance Income Statement Balance SheetDr.Cr.Cr.Cr.16,0006,0002,00019,0001,00021,0475,2545,70676,0076,00010,0002,00017,58940,41876,007Dr.21,0475,2545,70640,418Dr.16,0006,0002,00019,0001,0006,00010,0002,00017,58932,007 40,418 44,000 35,5898,4118,41140,41840,418 44,000 44,000The expenses would be closed bya. crediting Expenses for $21,047b. debiting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706Oc. crediting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706d. debiting Expenses for $32,007

To finish up your expense accounts, you will need to make a debit entry into the income summary…

Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Net Income 16,000 6,000 2,000 19,000 1,000 21,047 5,254 5,706 76,007 Cr. 6,000 10,000 2,000 17,589 40,418 76,007 Dr. 21,047 5,254 5,706 32,007 8,411 40,418 Cr. 40,418 Balance Sheet Dr. 16,000 6,000 2,000 19,000 1,000 Cr. The expenses would be closed by Oa. crediting Expenses for $21,047 Ob. debiting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706 Oc. crediting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706 Od. debiting Expenses for $32,007 6,000 10,000 2,000 17,589 40,418 44,000 35,589 8,411 40,418 44,000 44,000

Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Net Income 16,000 6,000 2,000 19,000 1,000 21,047 5,254 5,706 76,007 Cr. 6,000 10,000 2,000 17,589 40,418 76,007 Dr. 21,047 5,254 5,706 32,007 8,411 40,418 Cr. 40,418 Balance Sheet Dr. 16,000 6,000 2,000 19,000 1,000 Cr. The expenses would be closed by Oa. crediting Expenses for $21,047 Ob. debiting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706 Oc. crediting Wages Expense for $21,047, Rent Expense for $5,254, and Depreciation Expense for $5,706 Od. debiting Expenses for $32,007 6,000 10,000 2,000 17,589 40,418 44,000 35,589 8,411 40,418 44,000 44,000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 3AP

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