None The adjusted trial balance of Whispering Winds Company at September 30, 2020 includes the following accounts: Owner's Capital$26,592; Owner's Drawings $9,360; Service Revenue $44,928; Insurance Expense $1,872; Salaries Expense $17,280; Rent Expense$2,880; Supplies Expense $624; and Depreciation Expense $1,056.Prepare an owner's equity statement for the year. (List items that increase owner's equity first.)WHISPERING WINDS COMPANYOwner's Equity Statement$

Detailed explanation:Prepare income statement. Net income from the income statement will be added…

Answered: The adjusted trial balance of…

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The following is the alphabetical adusted trial balance of Meadows Company on December 31, 2019: 1. Prepare Meadows’s December 31, 2019, balance sheet. 2. Next Level Compute the debt-to-assets ratio. what does it indicate about Meadows at the end of 2019?
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
On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
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.
Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided. What are the following amounts at 1/30/21: Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21: What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap? What is the significance of these two percentages?
Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance.
From the following trial balance of Faris Ali Qureshi & Bros. and additional information, prepare Trading and Profit & Loss account and Balance sheet for the year ended June 30th, 2020. Additional Information:- a) Depreciation furniture by 10% by written down method (WDM).b) A provision for doubtful debts is to be created to the extent of 5% on sundry debtors.c) Salaries for the month of June, 2019 amounting to Rs. 3,000 were unpaid which must be provided for. However, salaries included Rs. 2,000 paid in advance. Office expenses outstanding Rs. 8,000.d) Insurance amounting to Rs. 2,000 is prepaid.e)Stock use for private purpose Rs. 6,000 and closing stock Rs. 60,000.
The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January 1, 2020 balance of P16,800 representing rent for January through April 2020; and (2) a debit of P57,600 representing a payment for one-year rent beginning May 1, 2020. Compute for the total rent expense at the end of the 2020.
The adjusted trial balance of Cullumber Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings $ 7,900, 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
Byrd Company had the following transactions during 2019 and 2020: 1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet. 3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).
Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.

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