Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3   Year 2 Year 3 Operating Income (Loss) $fill in the blank 4a02a8fb0ff3010_1 $fill in the blank 4a02a8fb0ff3010_2 Gain (Loss) from Sale of Investments 5,890 (11,780) Net Income (Loss) $fill in the blank 4a02a8fb0ff3010_3 $(16,200)   Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3   Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets       Available-for-Sale Investments, at Cost $114,860 $100,130 $139,890 Valuation Allowance for Available-for-Sale Investments 7,360 (8,840) fill in the blank b142bc0b505c055_1 Available-for-Sale Investments, at Fair Value fill in the blank b142bc0b505c055_2 fill in the blank b142bc0b505c055_3 fill in the blank b142bc0b505c055_4 Stockholders' Equity       Unrealized Gain (Loss) on Available-for-Sale Investments fill in the blank b142bc0b505c055_5 fill in the blank b142bc0b505c055_6 (10,310) Retained Earnings $241,490 $341,620 $fill in the blank b142bc0b505c055_7

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Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Fixed Assets Accumulated Depreciation Prepaid Rent Unearned Revenue A. B. C. Debit $123,000 8,900 18,300 A. Depreciation on fixed assets, $8,900 B. Unexpired prepaid rent, $12,700 C. Remaining balance of unearned revenue, $565 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. 24,300 X Credit 565 X $24,300 3,700 8,900 12,700 X

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The following are independent events. For each change or error select how it would be accounted for. a. Changed remaining serVice life from 8 years to 10 years b. Change from an unacceptable accounting method to an acceptable C. Received money won in a law suit d. Inventory write down due to obsolescence e. Change in rate used to calculate warranty costs f. Change from FIFO to average costs inventory method g. Discovered errors in unrecorded expenses from a prior period h. Purchased another company which now requires the financial statements to be consolidated

Bramble Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2025. Inventory at December 31, 2025 (based on physical count of goods in Bramble's plant, at cost, on December 31, 2025) Accounts payable at December 31, 2025 Net sales (sales less sales returns) Additional information is as follows. 1. 2. 3. 4. 5. 6. 7. 8. $1,605,130 1,167,200 8,334,500 Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31, 2025. These tools had a cost of $31,750 and were billed at $40,750. The shipment was on Bramble's loading dock waiting to be picked up by the common carrier. Goods were in transit from a vendor to Bramble on December 31, 2025. The invoice cost was $76,750, and the goods were shipped f.o.b. shipping point on December 29, 2025. Work in process inventory costing $30,750 was sent to an outside processor for plating on December 30, 2025. Tools returned by customers…

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A. 1. Utilities Payable 2. Utilities Expense Credit 3. Supplies 4. Supplies Expense Debit 5. Fees Earned N/A 6. Unearned Fees 7. Accounts Receivable 8. Dividends 9. Retained Earnings 10. Accumulated Depreciation-Equipment 11. Depreciation Expense-Equipment 12. Equipment 13. Prepaid Insurance 14. Insurance Expense Previous Next

Prepare correcting entries ✓ Equipment purchased for P 7,500 at year-end was debited to Expenses. ✓ Sales on credit of P 829 were debited to Accounts Receivable for P 892 and credited to Revenues for P 829. ✓ A P 8,000 collection on accounts receivable was debited Cash and credited to Revenues. ✓ The inventory amount is understated by P 2,500 (cost of goods sold is included in expenses)