1. What amount is Net Assets - WODR after the closing entries? 2. What amount is Net Assets - WDR after the closing entries?
Q: Adjusting entries affect at least one a.revenue and the dividends account b.income statement…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Indicate for each transaction whether the assets (A), liabilities (L) or owner’s equity (OE)…
A: General points - If we purchase an asset by cash, the assets side of the balance sheet has nil…
Q: Which of the following would be typically added to the Adjustments column on a worksheet? A.…
A:
Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…
A: The correct option is a. General Ledger
Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…
A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…
Q: choose the right answer Of the following account types, which would be increased by a debit?…
A: I assumed the first MCQ as first question And next MCQ as second question.
Q: The temporary account used only in the closing process to hold the amounts of revenues and expenses…
A: Temporary accounts are the accounts that are shut toward the finish of each accounting year.…
Q: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts…
A: Solution: Accounts receivables, Unearned service revenue and sales tax payable are permanent account…
Q: What effect will this adjusting journal entry have on the accounting records? Supplies Expense 267…
A: Supplies expense are the cost of consumables used in the business during an accounting period. They…
Q: What is the last account that should be listed in the Post Closing Trial Balance? a. Income Summary…
A: Post-closing trial balance: After passing all the journal entries and the closing entries are made…
Q: Prepare a a. Statement of Comprehensive Income b. Statement of Financial Position c. Closing Entries
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Select the best answer for the question. 4. Which one of the following accounts is both opened and…
A: In accounting, accounts are mainly classified as: Assets accounts Liabilities accounts Capital…
Q: What are the 4 steps in the closing process and pick one and explain the step(entry) and why it is…
A: Closing entry is a journal entry made at the end of accounting periods that involves shifting data…
Q: a. What was the correct amount of unrestricted net assets at the end of Year 2? b. What was the…
A: Financial Statement: A financial statement is the complete record of financial transactions that…
Q: Which of these account types assets, liabilities, equity, revenue, expense, dividend are debited in…
A: Permanent accounts (Real accounts) These are accounts whose balances at the end of the current…
Q: do the income statement and the closing entries
A: Income Statement: The income statement reports the financial performance in terms of profit or loss…
Q: What is the amount of retained earnings after the closing entries have been posted?
A: Retained earning means earning left with company for equity shareholder after all the payments…
Q: All of the following are types of adjusting entries excepta. depreciation.b. deferrals.c.…
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Q: Assets are listed on the balance sheet in the order of their a. purchase date. b. adjustments. c.…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: Income statement presents a) The revenues generated ,and the expenses paid during an accounting…
A: The income statement represents the net income or loss of the company that is calculated by…
Q: the closing entry at the end of the period, we will ____ Depreciation Expense. A.Debit B. Credit
A: Depreciation for an asset occurs due to passages of time or wear and tear of asset.
Q: The bal . equal to net income or loss for. the period the capital account after all closing entries…
A: Solution: Capital accounts consists of capital introduced by the owner plus net income less any net…
Q: 16. Which of the following accounts should be closed to Income Summary? a. Accumulated Depreciation…
A: Nominal accounts like incomes and expenses are closed to the income statement and are not shown into…
Q: 1. Which of the following accounts could appear in an adjusting entry, closing entry and reversing…
A: Hey there since you have posted multiple questions, we can answer only first question for you,…
Q: The temporary account used only in the closing process to hold the amounts of revenues and expenses…
A: Temporary accounts are the accounts that are shut toward the finish of each accounting year.…
Q: a. What was the correct amount of unrestricted net assets at the end of Year 2? b. What was the…
A:
Q: (prepare and process Required: After the closing process has been completed, answer the following…
A: Closing entries are those entries which are passed at the end of the period. It will close all…
Q: Choose the correct answer: Which of the following is equal to the SFP? A. Unadjusted trial…
A: Abbreviations used in the Question : SFP means Statement of Financial Position of Balance Sheet SCI…
Q: 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and…
A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…
Q: Which of the following accounts are debited to record increases? A. assets and liabilities…
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: .Prepare Closing Entries b.Adjusted Trial balance, Income Statement & Balance Sheet
A: The financial statements of the business includes the income statement and balance sheet.
Q: Prepare the Income Statement (Multiple Step Format) Prepare the necessary closing entries
A: The income statement is prepared to find the net income or loss incurred during the period.
Q: 7. Which of the following.statements is correct? The post-closing trial balance contains income and…
A: Solution: Statement a, b and c is incorrect due to following reasons 1. The post closing trial…
Q: Which of the following accounts would not be included in the closing entries?a. Service Revenueb.…
A:
Q: Expenses paid in advance are recorded: Select one: a. Revenue b. Expenses. c. Liabilities d. Assets
A: Expenses are the amount incurred by the company to generate profit or revenue. Examples of expenses…
Q: A major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust…
A: Definition: Closing entries: The journal entries prepared to close the temporary accounts to the…
Q: Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing…
A: Retained earnings refers to that portion of the after-tax profit of the company which the company…
Q: A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Need help for the closing entries and financial statements of this one.
A: Closing entries are those journal entries which are prepared for the closing of all temporary…
Q: Which of the following are NOT included in a post-closing trial balance? Revenues and expenses…
A: The post-closing trial balance is a summary of all ledger accounts, and it shows the debit and the…
Q: Indicate for each transaction whether the assets (A), liabilities (L) or owner’s equity (OE)…
A: The above answers are indicated as per the required marks with explanation in the next step;
Q: Which of the following accounts is not closed? a. Depreciation Expense b. Dividends c. Service…
A: Concept introduction: At the end of every accounting period, temporary accounts are closed and the…
Q: Which of the following do not show up on a post-closing trial balance? Assets and liabilities…
A: Post closing trial balance: The post closing trial balance is a summary of all ledger accounts, and…
Q: Provide closing entries and t accounts
A: In Closing Entries all the temporary Accounts are closed and moved to the Retained Earnings , So…
Q: Identify which of the following accounts would appear in a post- closing trial balance. Accumulated…
A: At the time of closing of accounts at the end of the year all temporary accounts are closed. These…
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- Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory…Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…
- Statement of activities for a nonprofit The following information was excerpted from the records of a nonprofit. All account balances are as of the fiscal year ended June 30, 2019, except for the net asset balances at the beginning of the year. Prepare a statement of activities for the nonprofit. Contribution revenue (without donor restrictions) $ 86,000 Contribution revenue (with donor restrictions) 80,000 Investment return, net (without donor restrictions) 5,000 Investment return, net (with donor restrictions) 15,000 Expenses-Program A 23,000 Expenses-Program B 26,000 Expenses-Management and general 4,000 Expenses-Fundraising 2,000 Net assets with donor restrictions-Reclassifications out- Satisfaction of program restrictions 17,000 Net assets without donor restrictions-Reclassifications in- Satisfaction of program restrictions 17,000 Net assets at beginning of year-without donor restrictions 80,000 Net assets at beginning of year-with donor restrictions 180,000 Use a negative sign…! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for- profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. HELP & SAVE Statement of Financial Position January 1, 2020 Assets Cash $1,800,000 110,000 400,000 800,000 $3,110,000 Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities $210,000 1,200,000 $1,410,000 Net Assets $1,300,000 400,000 $1,700,000 $3,110,000 Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets SWIM FOR SAFETY Statement of Financial Position January…
- The following expenditures were among those incurred by Cheviot Public University during 2019:Administrative data processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000Scholarships and fellowships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Operation and maintenance of physical plant . . . . . . . . . . . . . . . . . . . 200,000The amount to be included in the functional classification ‘‘Institutional Support’’ expenditures account isa. $50,000.b. $150,000.c. $250,000.d. $350,000.! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
- Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000 Revenue & Gains $10,550,000 Beginning year net assets $4,830,000 1)How much were the expenses for the year? 2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under: a. Unrestricted b. Temporarily restricted c. Permanently restrictedThe Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation. Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments-no restrictions Noncurrent pledges receivable Program service revenue-no restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4,550, 100 5,614,700 2,743,500 408,600 390, 200 Credits $25,100 267,400 215,600…a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?