The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Debit $18,000 9,700 2,000 23,000 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense Account Title $ 6,500 44,439 6,000 35,500 2,000 20,697 1,491 2,379 1,172 652 Supplies expense Totals $86,439 $86,439 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $44,439 on December 31 of the prior year.
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: A trial balance is a statement that shows either the balance or total amounts of debit and credit…
Q: The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant,…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: All income statement accounts are closed using Income summary account. The balance of income summary…
Q: The ledger of Concord Corporation on March 31 of the current year includes the selected accounts…
A: The adjusting entries are generally prepared at the end of the accounting period. The adjusting…
Q: The adjusted trial balance for Carla Vista Company is presented below. CARLA VISTA COMPANY Adjusted…
A: The closing entries are prepared at year end to close the temporary accounts of the business…
Q: The following is the adjusted trial balance for Miller Company. Miller Company ADJUSTED TRIAL…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial…
A: Current expenses are the sum of an individual's or firm's debts and commitments to third parties.…
Q: "Following are the accounts and balances from the adjusted trial balance of Stark Company. Prepare…
A: Introduction: Income statement: All revenues and expenses are recorded in income statement.
Q: Required information [The following information applies to the questions displayed below.] The…
A: Closing entries: All revenues are closed by crediting the income summary account and expenses are…
Q: The following accounts and balances are taken from Evan Company's adjusted trial balance:…
A: Closing entries are prepared at the time of preparation of financial statements for a specific…
Q: From the following Company A adjusted trial balance, prepare simple financial statements, as…
A: A)
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Closing entries: All revenues are closed by crediting the income summary account and expenses are…
Q: The year-end adjusted trial balance for the Santo Company follows:…
A: A balance sheet is a budget summary that reports an organization's assets, liabilities and…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: PLEASE LIKE THE ANSWER 1. Closing entries Date General Journal Ref Debit ($) Credit…
Q: The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account…
A: Solution Retained earning are the amount of profit of a company has left over after paying all its…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:…
A: Here in this question, we are required to answer which entry needs to pass to close the salaries…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: Owner's capital account is increased by the net income and decreased by net loss and owner's…
Q: Prepare a classified balance sheet? Presented below is the adjusted trial balance of De Young…
A: Prepare statement of retained earnings:
Q: The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial…
A: Introduction: After preparing the adjusted Trial Balance, we need to enter and post the related…
Q: The following accounts were included on ABC Inc., adjusted trial balance at December 31, 2014:…
A: CURRENT ASSETS Assets that are expected to be used or sold i.e. converted into cash, within the…
Q: Use the following information in the adjusted trial balance for Stockton Company to answer the…
A: Formula to calculate total liabilites:Total liabilites =Notes payable + Accounts payable
Q: The following account balances were taking from the adjusted trial balance for laser messenger…
A: Income statement is one of the important statements prepared in financial statements. It provides…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: A journal entry is a means of recording all of a company's individual financial transactions in its…
Q: A portion of Anderson Publishing’s work sheet for the year ended December 31 follows: Anderson…
A: Answer - Part 1 - Adjusment Journal Entries : Date Account Titles PR Debit…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: Closing entries are the journal entries reported in the books so as to close the temporary accounts…
Q: The trial balance for Vaughn Manufacturing appears as follows: Vaughn Manufacturing Trial…
A: In accounting adjusting entries that are often done at the period end to assign income and expense…
Q: The following partial work sheet covers the affairs of Masanto and Company for the year ended June…
A: Journal entry is a record of financial transaction in the books of accounts of a business. It…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Financial statements are the essential part of financial statements. These are prepared by the…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: The income statement, balance sheet and statement of shareholders equity are the important financial…
Q: The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial…
A: Net Income = Fees earned - Wages expense - Rent expense - Utilities expense - Depreciation expense…
Q: Blossom Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of…
A: The trial balance is prepared with posting of accounting transactions to particular accounts and…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity…
Q: The following is the adjusted trial balance as of December 31, 2018 of Bravo Photography:…
A: Closing Entry: These are the journal entries which are passed at the end of accounting period. It…
Q: Rus Company was organized on April 1, 2X20. The company’s adjusted trial balance is shown below.…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: A post-closing trial balance is used to be prepared after all the adjustments and closing entries.…
Q: The ledger of Kingbird, Inc. on March 31 of the current year includes the selected accounts below…
A: Prepare adjsuting entries in the books of Kingbird Incorporation as follows:
Q: he adjusted trial balance for the Company at December 31, Year 2 is presented belowr Adjusted Trial…
A: solution calculation of net income Service revenue 590000 Total revenue 590000…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Owner's capital account is increased by the net income and new investment and decreased by net loss…
Q: Consider the following information taken from the Adjusted Trial Balance of a business as of…
A: The current assets are the assets which can be converted into cash within one year. For example,…
Q: Shown below is the adjusted Trial Balance for Simon Incorporated, on December 31, after the first…
A: Trial Balance- A trial balance is a bookkeeping worksheet where the balances from all ledgers are…
Q: Presented below is the adjusted trial balance of De Young Corporation at December 31, 2014 Debits…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as of the…
Q: For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account…
A: The income statement is prepared to find the profitability of the business. The balance sheet…
Q: Following are the accounts and balances from the adjusted trial balance of Stark Company. Prepare…
A: The company will prepare the income statement, balance sheet, stockholders' equity and cash flow…
Q: The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $…
A: INTRODUCTION: A financial statement is the balance sheet. It displays an entity's assets,…
Q: The adjusted trial balance columns of the worksheet for LingLing Corporation are as follows:…
A: As requested to provide the solution for Income statement , Statement of Financial position we are…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccount TitleDebitCredit101Cash$ 18,000 126Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment23,000 168 Accumulated depreciation Equipment $ 6,500301A. Cruz, Capital 47, 343302A. Cruz, Withdrawals 6,000 403Services revenue 33,300612Depreciation expense Equipment2, 000 622Salaries expense19, 414 637 Insurance expense 1,399 640 Rent expense2, 231 652Supplies expense 1,099 Totals$ 87, 143$ 87,143 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post - closing trial balance. Note: The A. Cruz, Capital account balance was $47,343 on December 31 of the prior year.Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓
- Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
- An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)An alphabetical list of Ivanhoe Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.Accounts payable$15,600Notes payable$42,000Accumulated depreciation-equipment14,000Prepaid insurance575Accumulated depreciation-furniture17,500R. Martin, capital65,750Cash17,830R. Martin, drawings71,000Cost of goods sold286,875Rent expense24,800Depreciation expense7,020Salaries expense51,000Equipment35,000Salaries payable2,250Furniture42,000Sales473,000Insurance expense3,575Sales returns and allowances14,000Interest expense1,375Supplies950Interest payable575Supplies expense6.325Merchandise inventory70,950Unearned revenue2,600 1.Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2.prepare owner's equity 3.prepare balance sheetAccounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
- Data for item nos. 16 and 17 The following accounts and their balances in an unadjusted trial balance of Record of Youth Company as of December 31, 2020: Cash and cash equivalents- P400,000; Trade and other receivable P2,000,000; Subscription receivable- P375,000; Inventory- P500,000; Trade and other payables- P670,000; Income tax payable- P196,500. Additional information are as follows: • Trade and other receivables include long term advances to company officers amounting to P430,000. • The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. • Inventory of P500,000 was determined by physical count. At December 31, 2020, goods costing P125,000 are in transit from a supplier. Terms of purchase of said goods is FOB shipping point. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable…On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…