Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Stóckton Company Adjusted Trial Balance For the Year ended December 31, 20XX $ 6,030 Cash 2,100 Accounts Receivable 700 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 13,700 $ 1,100 1,900 4,200 12,940 790 8,750 2,500 1,960 775 250 85 $28,890 Totals $28,890 Determine total assets. O a. $23,630 O b. $15,330 O c. $21,430 O d. $22,530
Q: Below are selected accounts that Pinagpalit Repairs reported in its August 31, 2021 financial…
A: Single Step Income Statement :— It is simplified income statement that shows revenues and expenses…
Q: prepare an Income Statement and a Retained Earnings Statement for the year ended December 31, 2019.
A:
Q: Use EMBG's adjusted trial balance to prepare the company's income stater EMBG CORPORATION Adjusted…
A: The income statement is one of the important financial statements of the business, which details…
Q: The following account balances were provided by Kate's Consulting Company as of December 31, 2022.…
A: Income statement: The income statement determines the net income of the business by subtracting the…
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: Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 3. Prepare a) multi-step income statement, (b) a statement of owner's equity, and (c) a classified…
A: Income statement, Statement of owners equity and balance sheet are three important financial…
Q: Use the adjusted trial balance for Stockton Company. Determine the current asset. Stockton Company…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: Adjusting Entries and Adjusted Trial Balances Emerson Company is a small editorial services company…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number 101…
A: Income statement is the financial statement which is prepared to check the profitability of the…
Q: alance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors.…
A: Balance sheet is a statement which summarizes the assets, liabilities, and owners' equity.a…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The closing entries are prepared at year end to close the temporary accounts of the business…
Q: 5 The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020.…
A: The financial statements of business include statement of profit or loss and other comprehensive…
Q: The following account balances were provided by Kate's Consulting Company as of December 31, 2022.…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020.…
A: Final accounts includes the trading account, profit & loss(P/L) account and balance sheet which…
Q: Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October…
A: Income statement is financial statement showing the profits/losses of the business. Net income is…
Q: Use the adjusted trial balance for Stockton Company. Determine the current asset. Stockton Company…
A: The current assets are the assets that can be converted into cash within one year.
Q: Required: 1. Prepare a vertical analysis of the balance sheet data for Year 2 and Year 1. Express…
A: Balance Sheet is a statement of an entity which is generally prepared on yearly basis. It shows…
Q: These items are taken from the financial statements of Cullumber Company at December 31, 2022.…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: The Baker's Talent Inc. Unadjusted Trial Balance, December 31, 2020 Account name Debit CADS Credit…
A: Income tax: It is the amount a person is liable to pay on the earned amount in an accounting year.…
Q: 5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December…
A: The trial balance is used to prepare Profit or loss and balance sheet for the business. These…
Q: Following is a partial set of accounts as of December 31. Equipment Accounts receivable Land…
A: Balance sheet indicates the financial position of an organization. The assets are split into current…
Q: 5. Reem.'s trial balance reflected the following account balances at December 31, 2020: Accounts…
A: current assets are classified in the balance sheet which is to be used up within one year. for…
Q: XYZ Corporation's trial balance contained the following account balances at December 31, 2021…
A: Current assets are those which are owned by an entity for a short period and can be converted into…
Q: Presented below is selected information related to F. Co. on December 31, 2010. F. reports financial…
A: As per basic accounting equation, Assets = Liabilities + Owners Equity
Q: King Company had the following adjusted trial balance: Account Titles Debit Cash $28,050 Accounts…
A: Closing entries are used to close the temporary accounts to the permanent account. Further, the…
Q: 5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December…
A: A Balance sheet depicts the financial standing of any entity at a specified date. Thus, it is also…
Q: Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts…
A: 1. Depreciation a/c. Dr. 21,600 To accumulated depreciation.…
Q: pany idS UTe adjusted accounts and balances at its December 31 year-end, Notes payable Prepaid…
A: The financial statements of the business includes income statement, balance sheet and statement of…
Q: Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts…
A: 1. Income Statement - The first statement shows the income earned and loss incurred by the…
Q: Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software,…
A: A trial balance is a backbone of accounting as it includes a list of all general ledger account. It…
Q: Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts…
A: MFRS is an important phase of Accounting and it stands for "The Malaysian Financial Reporting…
Q: OB The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue a…
A: The financial statements of the business includes the income statement and balance sheet for the…
Q: The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period,…
A: Office supplies are the consumables or products that are frequently utilized in an office setting to…
Q: Systems for the year ended Dec. 31, 2018: lce of the Moises Dondoyano Information Moises Dondoyano…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: BE1-1 Presented below is the basic accounting equation. Determine the missing amounts Assets…
A: Working note:
Q: im struggling with the my adjusted trial balance
A: Adjusted Trial balance is as follows:
Q: 4. What total amount was paid for expenses during the current year? * 3 points Tripeaks Company used…
A: Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two…
Q: The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the…
A: Depreciation is a decrease in the value of an asset over its life. It is an expense and recorded at…
Q: The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit…
A: Closing entries are used to close the temporary accounts to the permanent account. The income…
Q: The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company…
A: Closing entries are used to close the temporary account and transfer the balance to a capital…
Q: Calculate the missing figures indicated by the letters. Beginning of the year Assets Liabilities…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: The Trial Balance of WTF Company as follows. UNADJUSTED ADJUSTED Account Receivable 2,200 3,200…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: he following are the adjusted account balances of Calamba and ecember 31, 2018: Accounts Payable…
A: 1. Income statement : (Amount in P) Particulars Amount Amount Sales - Sales return and…
Q: Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted…
A: A balance sheet is a significant element of financial statements. Balance sheet helps the…
Q: The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: Part B Presented below is an adjusted trial balance for Shayla Company, as at 31 December 2021. Cr…
A: Closing entries are journal entries made at the end of an accounting period to transfer temporary…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…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…
- You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable. e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold. 4. What is the amount of net income for the year? Net income Debit $ 34,100 25,950 106,500 18,350 52,100 16,100 23,850 ?…Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 124000Accumulated Depreciation-Equipment….…. 35000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 203000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 408000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 189120Common Stock ($2 each)…. …. …. …. …. ….. 122000Cost of Goods Sold …. …. …. …. ….. …. ….… 1083000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21500Loss on Sale of Property …. …. …. …. …. …. 7680Merchandise Inventory …. …. ……. …. …. …. 231000Mortgage Loan …. …. …. …. …. …… …. …. …. 112000Rent Revenue …. …. …. …. …. …. … …. …. …. 51000Retained Earnings …. …. …. …. …… …. …. …. 52200Salaries and Wages Expense …. …. …. …. …. 107000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1752000Sales Returns…
- Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit Que h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold 4. What is the amount of net income for the year? Net income Debit $ 34,000 25,850 106,400 18,250 52,000 16,000 23,250 ?…Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 125000Accumulated Depreciation-Equipment….…. 37000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 407000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 180530Common Stock ($2 each)…. …. …. …. …. ….. 105000Cost of Goods Sold …. …. …. …. ….. …. ….… 1087000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21600Loss on Sale of Property …. …. …. …. …. …. 7520Merchandise Inventory …. …. ……. …. …. …. 226000Mortgage Loan …. …. …. …. …. …… …. …. …. 116000Rent Revenue …. …. …. …. …. …. … …. …. …. 52000Retained Earnings …. …. …. …. …… …. …. …. 51900Salaries and Wages Expense …. …. …. …. …. 106000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1754000Sales Returns…The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
- Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… Balances ($) Accumulated Depreciation-Building…. …… 123000 Accumulated Depreciation-Equipment….…. 36000 Additional Paid in Capital-Common Stock.. 220000 Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 406000 Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 148220 Common Stock ($2 each)…. …. …. …. …. ….. 104000 Cost of Goods Sold …. …. …. …. ….. …. ….… 1086000 Equipment …. …. …. …. …. …. ….. ….. ….. ….. 202000 Interest Expense …. …. …. …. …. …. ….. ….. …. 23100 Loss on Sale of Property …. …. …. …. …. …. 7530 Merchandise Inventory …. …. ……. …. …. …. 235000 Mortgage Loan …. …. …. …. …. …… …. …. …. 102000 Rent Revenue …. …. …. …. …. …. … …. …. …. 51000 Retained Earnings …. …. …. …. …… …. …. …. 51700 Salaries and Wages Expense …. …. …. …. …. 108000 Sales …. …. …. …. …. …. ….. ….. ……. …. …. ….…Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccount TitleDebitCredit101Cash$ 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.Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue $ 15,900 b. Depreciation expense—Equipment $ 35,900 c. Loss on sale of equipment 27,750 d. Accounts payable 45,900 e. Other operating expenses 108,300 f. Accumulated depreciation—Equipment 73,500 g. Gain from settlement of lawsuit 45,900 h. Accumulated depreciation—Buildings 178,300 i. Loss from operating a discontinued segment (pretax) 20,150 j. Gain on insurance recovery of tornado damage 31,020 k. Net sales 1,017,500 l. Depreciation expense—Buildings 53,900 m. Correction of overstatement of prior year’s sales (pretax) 17,900 n. Gain on sale of discontinued segment’s assets (pretax) 43,500 o. Loss from settlement of lawsuit 25,650 p. Income…