The adjusted trial balance of Cullumber Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings S7,900, Service Revenue $ 38,600, Salaries and Wages Expense $ 16,000, Insurance Expense $ 2.700, Rent Expense $ 3,900, Supplies Expense $ 2.500, and Depreciation Expense $ 1,100. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $ 12.400 for the year. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement

The adjusted trial balance of Cullumber Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings S7,900, Service Revenue $ 38,600, Salaries and Wages Expense $ 16,000, Insurance Expense $ 2.700, Rent Expense $ 3,900, Supplies Expense $ 2.500, and Depreciation Expense $ 1,100. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $ 12.400 for the year. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8RE: At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a...

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At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
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?
The adjusted trial balance of Pharoah Company at December 31, 2020, includes the following accounts: Owner's Capital $ 18,000, Owner's Drawings $7,000, Service Revenue $ 36,100, Salaries and Wages Expense $ 16,300, Insurance Expense $ 1.200, Rent Expense $ 4,000, Supplies Expense $ 2.100, and Depreciation Expense $ 1.300, Prepare an income statement for the year. PHAROAH COMPANY Income Statement %24
The Adjusted trial balance of Stowe Company at December 31, 2019, includes the following accounts: Owners Capital $8,200, Owners Drawings $3,500, Service Revenue $19,500, Wages Expense $8,000, Insurance Expense $1,000, Rent Expense $2,000, Supplies expense $750, Depreciation Expense $650. Prepare an income statement for the year 2019.
The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner's Capital $16,400. Owner's Drawings $7,000. Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year.
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.
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 classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,880, Land $47,300, Patents $16,300, Accounts Receivable $93,860, Prepaid Insurance $6,030, Inventory $37,700, Allowance for Doubtful Accounts $4,890, and Equity Investments (to be sold in the next quarter) $14,560.Prepare the current assets section of the balance sheet.
Blue Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $14,600, Goodwill $54,400, Franchise Fees Receivable $3,900, Franchises $44,800, Patents $30,890, and Trademarks $12,010. Prepare the intangible assets section of the balance sheet.
On April 1, 2020 Smith Jr. paid P43,800 for a one-year advance rent.a. Using the Asset Method, give the Journal Entry on April 1, 2020 and the Adjusting Journal Entry on December 31, 2020.b. Using the Expense Method, give the Journal Entry on April 1, and the Adjusting Journal Entry on December 31, 2020
The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.
Grouper Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $9,400, Land $45,600, Patents $18,900, Accounts Receivable $97,810, Prepaid Insurance $5,570, Inventory $39,900, Allowance for Doubtful Accounts $4,940, and Equity Investments (to be sold in the next quarter) $15,120. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)