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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The adjusted trial balance columns of the worksheet for Oriole Company are as follows.
Complete the worksheet.
Cash
Accounts Receivable
Equipment
Prepaid Rent
Account Titles
Accumulated Depreciation-Equip.
11
Notes Payable (due in October 2027)
Accounts Payable
Common Stock
Dividends
Retained Earnings
Service Revenue
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Interest Expense
Totals
Interest Payable
Net Income
Totals
Adjusted Trial Balance
10,500
7,600
2,300
22,800
3,300
10,820
900
650
50
58,920
Cr.
5,500
5,800
4.500
19.230
15,500
50
58,920
Dr.
ORIOLE COMPANY
Worksheet (Partial)
Income Statement
960.
Cr.
DL
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- Part 2 asks to record the adjustment for uncollectable accountsarrow_forwardListed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable $ 4,660 9,600 5,200 1,000 1,100 Cash Common shares 5,000 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 2,600 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31. (e) Present your answer in part (d) in the form of the basic accounting equation.arrow_forwardThe account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 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 Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenuearrow_forward
- The following income statement pertains to Bins Limited as of 12/31/2019: Revenue Operating Expenses: Wages Expense Depreciation Expense Other Expenses: Interest Expense Net Income 590,000 Account (120,000) (50,000) (15,000) 405,000 Based on this income statement, what closing entries should Bins Limited record as of 12/31/2019 Debit Creditarrow_forwardRequired:1. Prepare the following statements of the company from the data given above: Income Statement for the year ending at December 31, 2020 Retained Earnings Statement for the year ending at December 31, 2020 Balance Sheet as at December 31, 2020arrow_forwardUse the following Adjusted Trial Balance. Adjusted Trial Balance Debit Credit Cash $16,500 Accounts Receivable 18,200 Supplies 2,000 Prepaid Insurance 2,300 Equipment 14,000 Accounts Payable $14,200 Unearned Fee Revenue 4,300 Common Stock 31,000 Service Fee Revenue 21,500 Salaries Expense 12,000 Rent Expense 6,000 $71,000 $71,000 Prepare a classified Balance Sheet. Balance Sheet December 31, 2019 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Assets Liabilities Current Liabilities: Total Current Liabilities Stockholders' Equity $ Total Stockholders' Equity Total Liabilities and Stockholders' Equityarrow_forward
- Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28 February 2021. INFORMATION The trial balance, adjustments and additional information given below were extracted from the accounting recore of Royal Traders on 28 February 2021, the end of the financial year. ROYAL TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021 Debit (R) Credit (R) Balance sheet accounts section Capital 301 000 Drawings 134 720 Vehicles at cost 360 000 Equipment at cost 240 000 Accumulated depreciation on vehicles 186 000 Accumulated depreciation on equipment 62 000 Trading inventory 140 000 Debtors control 62 000 Provision for bad debts 8 000 Bank 42 800 Cash float 1 000 Creditors control 82 800 Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000 Cost of sales 480 000 Sales returns 8 000 Salaries and wages 178 000 Bad debts 2 000 Stationery 4 000arrow_forwardThe following is a list of alphabetically arranged accounts and balances, in highly simplified form, of VILLEGAS Company for the month of July 2018. Accounts Payable P 8,000Accounts Receivable 14,000Accumulated Depreciation 2,000Cash 8,000Equipment 16,000Prepaid Insurance 4,000VILLEGAS, Capital 24,000VILLEGAS, Drawings 12,000Rent Income 46,000Supplies 8,000Unearned Rent 6,000Utility Expense 4,000Wages Expense 20,000 Required:1. Prepare a 10-column work sheet.2. Data for adjustment:a. Expired…arrow_forward
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