Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800 Supplies Equipment Accumulated Depr. Equip. Accounts Payable Notes Payable Benson, Capital Benson, Drawing Service Revenue 1.400 15.000 2.000 1.400 4.000 25.000 1.800 18.000 Salaries Expense Advertising Expense Supplies Expense Depreciation Expense 8.000 2.400 3.500 1.500 Totals 50.400 50.400
Q: M. SANTOS Adjusted Trial Balance December 31, 2011 Adjusted Trial Balance Debit 212,000 P 60,000…
A: The financial statements are prepared to calculate the financial performance of the company during…
Q: C Preparation ofAdusting Eres NESTOR MARTEL HOPPE Unaqusted Tial Balance December 31, 20CY ACCOUNT…
A: At the end of each accounting period, every business wants to reflect accurate reporting of all…
Q: Identify the errors in the following trial balance. All accounts have normal balance
A: Introduction: Trial Balance is prepared to check the arithmetical accuracy of ledger postings. All…
Q: Year 2 T-Accounts info needed The following transactions apply to Jova Company for Year 1, the…
A: Journal entries recording is the initial step of accounting cycle process. After that, recorded…
Q: accounting 1-tést 1 (20 marks) A business purchases equipment by payingORB, 000 in cash and issuing…
A: Journals are the books of prime entries. Transactions are recorded at the initial stage having debit…
Q: Account Title Debit Credit 20,000 13,000 Cash Equipment Accumul.Dep-Equipment Supplies Prepaid Rent…
A: The post closing trial balance is prepared to record the final balance of each permanent account of…
Q: 1. From the Trial Balances accounts of XYZ Company, construct a Simple Balance Sheet Statement. Cash…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
Q: December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit Cash Prepaid insurance Notes…
A: The balance sheet is an essential part of the financial statement. It indicates the financial…
Q: The controller prepared the following pre-closing trial balance. LMN LLC Trial Balance 12/31/20…
A: Journal entries are the entries to be recorded in the general journal of the company's books for all…
Q: Account Title Ledger Balance 19,266.00 1,541.00 Cash Accounts Receivable- News 2 You ccounts…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Trial balance. Debit balances 10,700 Cash Accounts receivable 23,750 Supplies Equipment Accumulated…
A: Trial Balance:— Trial Balance is Statement of Account which Shows list of Ledger Account having…
Q: Required Income Statement Statement of Owner’s Equity Balance Sheet
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: 6. Prepare Extended Trial balance using spread sheet. Account Title £ Account Title £ Salaries…
A: Trial balance means a statement which include all the debit or credit balances of accounts from…
Q: Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 48,000 48,000 Accounts Receivable 18,000 18,000…
A: Account Title and Explanation Debit Credit Fees Revenue $155,000 C. Finley Capital…
Q: pS-cF-to-cepital expencli teres=cf frem ops actiutio s Annuel net cepitel expercldures @ Cambridge…
A: Statement of cash flows:This statement reports all the cash transactions which are responsible for…
Q: KARISE REPAIRS Adjusted Trial Balance December 31 lumber 101 124 128 167 168 201 210 307 318 Account…
A: The financial statements of the business including income statement, statement of retained earnings…
Q: Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 8,130 Accounts…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: Accounts DR CR cash 10,800 accts receiv 50,200 prepaid insurance supplies equipment building 1,200…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Adjusted Trial Balance Account Tiles Debit Credit S 2,500.00 $ 1,800.00 Cash Accounts Receivable…
A: Income statement shows all the expenses, losses, incomes and gains for a financial period Balance…
Q: Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash…
A: Income Statement- The income statement refers to the annual report which shows the amount of…
Q: The following data of HASF Company is available with you. You are required to prepare the…
A: Introduction: Income statement: All incomes and expenses are recorded in Income statement. It tells…
Q: Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52…
A: Current assets are assets owned by company which can be realised or sold or consumed or converted…
Q: Dř. Dř. Cash $ 11,000 $ 11,000 Accounts Receivable 20,000 23,500 Supplies Prepaid Insurance 8,400…
A: Financial Statement: Financial statement consists of financial report and company’s financial…
Q: T Accounts 1. Cash A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital…
A: Adjusting entries PARTICULAR DEBIT CREDIT Salary Expense 19,500 Salary Payable…
Q: Stockton Company Adjusted Trial Balance December 31 5,540 Cash 2,873 Accounts Receivable 774 Prepaid…
A: As per IAS 37, A liability is present obligation which results from past obligating event whose…
Q: Trial Balance Adjusted Trial Balance Debit Credit Debit Credit Cash $ 5,410 5,410 Accounts…
A: Journal Entry - It is record of every business transaction over day to day life whether it is…
Q: plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770…
A: Net income = Total revenue - Total expenses
Q: It's not incomplete
A: The balance sheet is one of the financial statements of the business that represents the financial…
Q: plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770…
A: Statement of Owner's Equity - This statement contains amount invested by the owner of the business.…
Q: Legal Aid Inc. Trial Balance 31-Mar-20 Accounts Debit Credit Cash 5,450 Accounts Receivable 16,200…
A: Legal Aid Inc. Trail Balance 31'March'2020 Cash 5,450 Accounts Receivable…
Q: December 3T Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…
Q: Quèstion 13 Prepare adjusting entries for the following transaction: XYZ Co. completed half of the…
A: given that, XYZ co. completed half of the work related to €250000 related to cash received in…
Q: sets Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable +_Capital…
A: The financial statements of the business include the income statement and balance sheet if the firm.
Q: Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the…
A: The question is related to calculation of Net Profit for the period.
Q: Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman…
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: Reece Financial Services Co., which specializes in appliance repair services, is owned and oper-…
A: Adjusted trial balance An adjusted trial balance is a list of the ending balances in all accounts…
Q: II. Directions: Problem Solving: Prepare Trial Balance for the accounts of Corny Enterprises as of…
A: A trial balance seems to be a statement that shows the sums, or totals of debits as well as credits,…
Q: Prepare the unadjusted trial balance. Note that you should use the T account balances completed in…
A: Trial balance is a statement showing ledger accounts and their balances. Trial balance have debit…
Q: Account Title Debit 8,100 19,500 6,958 181,000 Cradit Cash Accounts receivable Office supplies…
A: Income statement is prepared by the business organizations so as to know how much amount of Gross…
Q: PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year,…
A: The income statement is prepared to record revenues and expenses of the current period.
Q: Direction: Prepare a Trial Balance. There is a space provided after the data where you can write…
A: Real Account:- What comes into the business is Debit. What goes out from the business is Credit.…
Q: Completing the Accounting Cycle Justine Company Unadjusted Trial Balance December 31, 2024 Cash…
A: Financial statement is the representation of company's position and activities during the year in a…
Q: Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies…
A: Stockholder's equity shows the excess amount of assets over liabilities during an accounting year.…
Q: Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52…
A: Liabilities are the amount of debt owed by company towards outsiders . These are the financial…
Q: Cash (a) 170,000 (b) 26,000 (d) 10,000 (e) 500 (g) 1,000 (h) 9,000 (i) 3,000 Equipment (c)…
A: The trial balance is prepared from the T-accounts of the business and further financial statements…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500workjam (ulta) - Question 2 of 10 The following data are taken from the financial statements of JB Chris, Inc. The average number of shares of common stock outstanding for the year was 5,200. The following data are in are provided: Current ratio $20,800 23,400 54,600 148,200 26,000 Net sales connect Other current liabilities Total assets Salaries and wages payable Total stockholders' equity MYOCC 21 zoom :1 $382,200 14,300 3,900 174,720 quizlet google docs 312,000 Compute the following: (Round Earnings per share to 2 decimal places, e.g. 52.51 and all other answers to 1 decimal place, e.g. 525.1.) google slides 0.25/1 =
- Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3Assessment Directionis: Prepare tht journal entry fur ech trannactiun Use the follewing account rumbers for pooting vofarmmoc. Write your anawora on a noprate sheet of paper. Ansria Revenue 101 Cash 401 Service Roventae 102 Accounts Reccivable ExpenLeK 501 Salarice Expense Rent Expenne S03 Utlities Experse S04 Advertisinng Expense Miscellaneous Expenne 103 Supplica 104 Service Vahicie 502 Linbility 201 Arcounta Payaıle Owner's Equity 505 Angelie, Capital Angelie, Drowingn 301 302 Micbelle Angelie catabliahed Angelie'n Advartiaing Buoiness. The following are that trandactionn for the whole month of October 2019. Michele Angclic deposited P250,000 under the name of the buaines She aoquired a service vebkcln in the amount of F195,000 an aocount. Ot 1. She aoquired supplles for cash worth P57.000. Sho recolved Pg7,500 coalı for palnted ulgna. 10 Sho paid the nonth'a rent amounting to P25,000. 11 Sho pulnted signa for Mundo Mobile an accDunt for P170,000. 12 She pald PS5,000 on account from…engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce
- Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…Information for the questions is located in the image attached. Required 1 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.) WEB WIZARD, INC. Partial Balance Sheet At March 31 Assets Current Assets: [ ] [ ] [ ] [ ] Accounts Receivable, Net of Allowance [ ] [ ] [ ] [ ] [ ] [ ] [ ] Required 2 Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after,…Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…
- 16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C DPrepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders. Trial Balance for Comvita Year Ended March 31, 2019 All figures are in ‘000 Account Name Debt Account Name Credit Accounting Fee 9000 Accounts payable 63600 Accounts receivable 286650 Accumulated Depreciation – Motor Vehicle 30000 Advertising 6000 Accumulated Depreciation – Office Equipment 6000 Bad Debts 1500 Mortgage-non current 282600 Bank 60240 Discount Received 31200 Bank Fees 300 Allowance for Doubtful Debts 2865 Freight Out 36000 Retained earnings 1365000 Cost of goods sold 630000 Sales 1218300…