In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Deep Freeze Co. With the exception of the Alistair Rowe, Capital account (the balance for which is from 6/1/2026), the company had the following account balances as of 6/30/2026: Accounts Payable Alistair Rowe, Capital 6/1/2026 Alistair Rowe, Drawing Building Cash $1,100 $21,700 $1,600 $9,500 $14.000 Insurance Expense $2,100 Rent Revenue Sales Revenue Shipping Expense Supplies Telephone Expense Utilities Expense $2,000 $8.100 $1.000 $600 $1,800 $2,300

In this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Deep Freeze Co. With the exception of the Alistair Rowe, Capital account (the balance for which is from 6/1/2026), the company had the following account balances as of 6/30/2026: Accounts Payable Alistair Rowe, Capital 6/1/2026 Alistair Rowe, Drawing Building Cash $1,100 $21,700 $1,600 $9,500 $14.000 Insurance Expense $2,100 Rent Revenue Sales Revenue Shipping Expense Supplies Telephone Expense Utilities Expense $2,000 $8.100 $1.000 $600 $1,800 $2,300

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Description: In this exercise, you will create a monthly income statement, statement of owner's equity, andbalance sheet in Excel for Deep Freeze Co. With the exception of the Alistair Rowe, Capitalaccount (the balance for which is from 6/1/2026), the company ha

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Norman Rae Ltd., a service business, provided a list of the general ledger accounts and their balances as at December 31, 2018: Accounts payable Bank Loan, due Dec. 31, 2025 $500 10,000 Accounts receivable 14,XXX Cash 10,000 Common shares 28,000 Dividends declared and paid 6,000 Land 30,000 Supplies 2,800 Rent expense 7,500 Retained earnings, Jan. 1 15,000 Salaries expense 11,200 Service revenue 28,XXX No common shares were issued during the year. Required: Prepare a Statement of Financial Pósition for Norman Rae Ltd. Hint: You need to calculate the amount of retained earnings at the end of the year. Replace XXX with the last three digits of your student number. E.g. A student, whose student number is TO03577222 will use Accounts Receivable amount of $ 14,222 and Service revenue amount of $28,222. Note: Double underline feature is not available. Single underline the values as necessary instead.
Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000. Instruction: (a) Determine the total assets of Sultan Company at December 31, 2020. (b) Determine the net income that Sultan Company reported for December 2020.
Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 10 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Having determined the account balances, represent this information using the accounting equation.
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The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $5,500 9,600 Rent Expense Equipment 2,600 Furniture 1,200 Notes Payable (due 12/31/25) Accumulated Depreciation 2,000 109,750 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Determine Total Current Assets as of December 31, 2023: $46,700 $190,750 $201,200 $45,500 $45,100 00000 1,000 52,800 3,500 9.500 3,000 2,000 Cash Common Stock Goodwill Retained Earnings (1/1/23) Marketable Equity Securities Depreciation Expense Unearned Revenue $6,000 82,500 22,000 35,000 10,450 26,000 20,000 50,000 14,150 400 10,450 4,200
Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019 (02) Balance Sheets: Income statements: Accounts receivable, net $ 32,011 $ 22,699 Sales revenue $ 38,033 $ 35,021 $ 23,525 $ 36,906 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 Receivables turnover ratio Q3 times times Average collection period Q4 days es Average collection period Q3 days
With what's given, how did we get to that Balance sheet? Please help. Final is coming up soon
Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000. Accounts payable $ 30 Notes payable (due in 5 years) $100 Accounts receivable 18 Prepaid insurance 8 Accumulated depreciation 160 Remodeling revenue 650 Cash 15 Rent expense 63 Common stock 150 Retained earnings, 7/1/20 79 Depreciation expense 40 Salaries expense 150 Dividends 25 Salaries payable 17 Equipment 500 Supplies 31 Income taxes payable 3 Supplies expense 275 Miscellaneous expense 84 Unearned revenue 20 Calculate Net Income for the year ending 6/30/21.
Walston Company provides consulting services. Here are the account totals for the month ended September 30, 2019. CASH $35,000 NOTES PAYABLE $20,000 16,000 5,000 ACCOUNTS RECEIVABLE CAPITAL, SEPTEMBER 1 40,000 SUPPLIES SERVICE REVENUE 120,000 EQUIPMENT 40,000 TOTAL EXPENSES 110,000 ACCOUNTS PAYABLE 28,000 OWNER DRAWINGS 2,000 Using the data above, create an income statement, owner's equity statement and balance sheet. On the balance sheet, the assets must equal liabilities + owner's equity. Walston Company Income Statement For Month Ended 9/30/19 Walston Company Walston Company Balance Sheet 9/30/19 Owner's Equity Statement For Month Ended 9/30/19 CAPITAL, 9/1/19 + NET INCOME FOR SEPTEMBER SUBTOTAL CASH ACCOUNTS RECEIVABLE SUPPLIES EQUIPMENT TOTAL ASSETS SERVICE REVENUE 10 ACCOUNTS PAYABLE TOTAL EXPENSES NET INCOME 10 NOTES PAYABLE 10 TOTAL LIABILITIES DRAWINGS 10 WALSTON CAPITAL lo CAPITAL, 9/30/19 TOTAL LIAB & OE 10
33 Calorie Catering completed the following selected transactions during May 2024: (Click the icon to view the transactions.) Read the requirements Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.) Date May 1 Help me solve Amount of Revenue (Expense) for May Cash Basis Amount of Revenue (Expense) $ (1,500) More info May 1 May 5 May 9 May 14 May 23 May 31 May 31 May 31 Accrual Basis Amount of Revenue (Expense) $ 0 Prepaid rent for three months, $1,500. Received and paid electricity bill, $400. Received cash for meals served to customers, $2,700. Paid cash for kitchen equipment, $3,120. Served a banquet on account, $2,900.…
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $23,800 Accounts Receivable 5,200 Supplies 3,100 Land 50,000 Accounts Payable $3,200 Common Stock 65,000 Retained Earnings 13,900 Totals $82,100 $82,100 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,000 ($500/month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25,500. January 17 Receive cash in advance from customers for services to be provided in the future, $3,700. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total…