Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 36BE
To determine
Compute the amount of supplies expense, salaries expense and service revenue of Incorporation APS by using the T-account for the year ended 31st December 2018.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance:
Account
Debit
Credit
Nursing Services Expense. . . . . . . . . .
Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . .
General and Administrative Expense . . . . . . . . . . . .
Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . .
Repairs and Maintenance Expense . . . . . . . . . . . . . . . .
Provision for Uncollectible Accounts . . . . . . . . . . . . . .
Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . .
Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . .
Seminar Income.. . . .. . . . . . . . . . .. . . . . . . .
Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . .
Parking Fees. . . .. . . . . . . . . . .. .…
Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance:
Account
Debit
Credit
Nursing Services Expense. . . . . . . . . .
Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . .
General and Administrative Expense . . . . . . . . . . . .
Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . .
Repairs and Maintenance Expense . . . . . . . . . . . . . . . .
Provision for Uncollectible Accounts . . . . . . . . . . . . . .
Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . .
Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . .
Seminar Income.. . . .. . . . . . . . . . .. . . . . . . .
Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . .
Parking Fees. . . .. . . . . . . . . . .. .…
The adjusted Trail Balance of Saudi Gold Co Contained the following accounts at November 30, the end of the company’s fiscal year :
Saudi Gold Co.
Adjusted Trial Balance
November 30, 2019
Dr.
Cr.
Cash...............................................................
Sr 28,700
Accounts Receivable.....................................
33,700
Inventory........................................................
45,000
Supplies.........................................................
1,500
Equipment......................................................
133,000
Accumulated Depreciation—Equipment.....
Sr 39,000
Notes Payable................................................
51,000
Accounts Payable.........................................
48,500
Share Capital—Ordinary...............................
90,000
Retained…
Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Auditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…arrow_forwardvbbroncos.schoolsplp.com/enrollments/156569804/items/CL1W7/work?prev-YU132 A ALEKS - Gracie Glov. M My Classes | McGra.. A Classes O Western Brown Loc. Jal Desmos | Graphing... Glover Next Activity > Models B: Lesson 2 - Other Forms of Compensation Target due: 1/14/21 16.66% A O 3) Choose the correct answer. -Maribel is offered a job as a paralegal at an annual base salary of $47,000. In addition, the company will pay the following benefits: a retirement contribution that is 10.5% of Maribel’Ms base salary, disability insurance totaling $338, medical insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is the annual value of this job to Maribel? O $47,000 O $66,435 $58,773 $66,763 $58,435 口 O 4) Choose the correct answer. Marrow_forward2. Using the fact pattern presented in Exercise 8-15, prepare journal entries for CVC and Buffalo Supply on the following dates (for homework, you recorded the journal entries for CVC and Buffalo Supply on 1/1/2019 (20X3] only): a. 12/31/2019 (20X3] b. 12/31/2020 (20x4] c. 1/1/2021 [20X5] Central Valley Construetion (CVC) purchased S80,000 of sheet metal fabricating equipment from Buffalo Supply on January I, Page 9-40 20XI. CVC paid $15,000 cash and signed a five year, 10% note for the remaining $65,000 of the purchase price. The note specifies that payments of $13,000 plus interest be made each year on the loan's anniversary date. CVC made the required January 1, 20X2, payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time, CVC owed Buffalo Supply $52.000 plus $5.200 interest that had been accrued by both companies. Rather than write off the note and repossess the equipment, Buffalo Supply agreed to…arrow_forward
- Preparing the Adjusting Entries at Year-End On Nov. 30, 2019, the end of fiscal year, the following information is available to enable Chapter 6: Adjusting the Accounts 6-39 NAME: SCORE: SECTION: PROFESSOR: Problem #4 you to prepare Edgar Detoya Research and Development adjusting entries: The Supplies account showed a beginning balance of P21,740. Purchases during the tear were P45,260. The ending inventory revealed supplies on hand of P 13,970. The Prepaid Insurance account showed the following on November 30: Beginning balance July 1 P35,800 42,000 72,720 October 1 The beginning balance represented .the unexpired portion of a one-year policy nurchased in September 2018. The July 1 entry represented a new one-year policy, and the Oct. 1 entry is additional coverage in the form of a three-year policy. C The following table contains the cost and annual depreciation for buildings and equipment, all of which the entity purchased before the current year: Account Cost Annual Depreciation…arrow_forwardoncos.schoolsplp.com/enrollments/156569804/items/CL1W7/work?prev=YU132 A Desmos | Graphing.. A ALEKS - Gracie Glov. M My Classes | McGra. A Classes O Western Brown Loc. er odels B: Lesson 2 - Other Forms of Compensation Nex Target due: 1/14/21 I J 1) Choose the correct answer. Andres is offered a job as manager of a health club. The job will pay $3,100 per month, paid semimonthly. Along with the base salary, the company offers to pay half the cost of medical insurance and will match Andres' contribution to a retirement plan up to a total of $3,500. If the full cost of the medical insurance is $450 per month and Andres plans to contribute the full $3,500 every year to a retirement plan, what is the actual annual value of this job to Andres? $83,300 $43,400 $42,600 $46,100 T $37,200 2) Choose the correct answer. Marrow_forwardCentral Valley Construction (CVC) purchased $80,000 of sheet metal fabricating equipment from Buffalo Supply on January 1, 20X1. CVC paid $15,000 cash and signed a five-year, 10% note for the remaining $65,000 of the purchase price. The note specifies that payments of $13,000 plus interest be made each year on the loan's anniversary date. CVC made the required January 1, 20X2, payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time, CVC owed Buffalo Supply $52,000 plus $5,200 interest that had been accrued by both companies. Rather than write off the note and repossess the equipment, Buffalo Supply agreed to restructure the loan as one payment of $50,000 on January 1, 20X5, to satisfy the Page 9-40 restructured note.arrow_forward
- 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$166, 700arrow_forwardThe Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts..... ..... ** Balances ($)....||| .... Accounts ... ........... ...... ..... Balances ($) Accumulated Depreciation-Building.... ..... 121000 . ... ||| .... Loss on Sale of Property Accumulated Depreciation-Equipment. . 36000.... ||| .... Merchandise Inventory Additional Paid in Capital-Common Stock.. 222000.... ||| - . . . Mortgage Loan.. . . **** .... .... ... 7380 231000 ............. 109000 Auditors Fee ... .... .... .... ... ... ... ..* 209000.... III.... Rent Revenue .. .... ... .... .... .. 53000 Retained Earnings .. . 52900 Buildings.. 410000.... |II - .......... ................... ............ Cash ... ......... ****** 150710.. .. |||. ... Salaries and Wages Expense 104000 Common Stock ($2 each).... ... .... .... .... ... ....... 104000....II.... Sales .... ........ .... .... .... ..... .*.* *.** 1754000 Cost of Goods Sold 1086000....…arrow_forward17.39 .. 90 PROBLEMS OF SEMESTER FINAL TEST 2021 Word es Mailings Review View Help O Tell me what you want to do Aa - AaBbCeDd AaBbCcl AaBbCcDe AaBbCcDe AaBt Heading 2 Heading 3 T Normal I No Spac. Headin Paragraph Styles 4.5.6 7 8.. 9. • 10. 11 12. 13. 14. 15.I Thursday : January 21, 2021 --- 80 Minutes 1. In this section we examine three theories of investor preference: The dividend irrelevance theory. The "bird in the hand" theory, the tax preference theory, which theory is the best? What is the different of stock dividends, stock splits, and stock repurchase. 2. In the working capital management, we know about cash conversion cycle model. For problem if average inventories are $3 million and sales are $11 million. If receivables are S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year and if its accounts payable average $ 657.535. What is the length of the cash conversion sicle? 3. The ELGRAJO Corporation has capital structure as follow…arrow_forward
- My Monroe Z View Assessment > Bb Collaborate - 20FL-LA122-18 x M Daily Notifications - rblack8930 x 命 A https://elearn.monroecollege.edu/ultra/courses/ 40124 1/grades/assessment/_2440908 1/overview/attempt/ The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month, the month of December 2017. (Note that the accounts are not thus the balances in the temporary accounts are for listed in their normal sequence -- rather they are listed in alphabetical sequence.) Account Name _Debit_ Credit_ Gradin Accounts Payable 26,000 Accounts Receivable 28,850 Cash 10,000 Common Stock 12,500 Cost of Goods Sold 68,000 Equipment 73,000 150 Interest Expense Interest Payable 500 Inventory 45,000 Note Payable 21,000 Retained Earnings 53,000 Sales Revenue 179,000 Supplies Expense 7,000 Wages Expense 60,000 Total 292,000 292,000 Place the accounts in the correct order. Use the editor to formor your onswer A Past due This attempt will be submitted…arrow_forwardA Final Exam - MATH 1330 - Math b Details | bartleby E New tab A https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=254878928tags=autosave#question4023958_1 Sign in 12. DETAILS HARMATHAP12 6.2.009. MYΝΟΤΕS What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.) future value 24 interest earned %24arrow_forwardThe Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. …….…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License