Exercise 25 A partial adjusted trial balance of Zaylo Company at December 31, 2019, shows the following. Zaylo Company Trial Balance December 31, 2019 Debit Credit P850 Supplies Prepaid Insurance Salaries Payable Unearned Revenue 2,400 P800 750 950 Supplies Expense Insurance Expense Salaries Expense Service Revenue 600 1,800 2,000 Instructions: Answer the following questions, assuming the year starts January 1. a) The amount of P950 in Supplies Expense is the result of an adjusting entry and P500 of supplies were purchased in March. What was the balance in Supplies on January 1? b) The amount of P600 in Insurance Expense came from the December 31 adjusting entry. The original insurance premium was for one year. What was the total premium and when was the policy purchased?

Exercise 25 A partial adjusted trial balance of Zaylo Company at December 31, 2019, shows the following. Zaylo Company Trial Balance December 31, 2019 Debit Credit P850 Supplies Prepaid Insurance Salaries Payable Unearned Revenue 2,400 P800 750 950 Supplies Expense Insurance Expense Salaries Expense Service Revenue 600 1,800 2,000 Instructions: Answer the following questions, assuming the year starts January 1. a) The amount of P950 in Supplies Expense is the result of an adjusting entry and P500 of supplies were purchased in March. What was the balance in Supplies on January 1? b) The amount of P600 in Insurance Expense came from the December 31 adjusting entry. The original insurance premium was for one year. What was the total premium and when was the policy purchased?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 12P: Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance...

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?
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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
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