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To prepare: Multi-step Income Statement
Introduction: The financial statements of a company include the balance sheet, income statement, and
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To prepare: To pass Journal (closing) entries
Introduction: In accounting,
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To prepare: Post-closing
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
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HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
- Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forwardUse the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Journalizing closing entries Requirements Journalize the required dosing entries at March 31, 2018. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. How much was Quality Office’s net income or net loss?arrow_forwardClosing Entries and Completing the Accounting Cycle Define the following: Accounting cycle Closing entry End- of- period worksheet Fiscal business year Income Summary Natural business year Nominal account Permanent account List the steps to the accounting cycle Using the end- of- period spreadsheet for week 2- make all appropriate closing entries and post them to the spreadsheet. Prepare the Income Statement, Balance Sheet and Statement of Retained Earnings Name of Company End- of Period Spreadsheet (Worksheet) For the period ended Unadjusted Adjusted Closing Entires Post- closing Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Trial Balance Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 2065 2065 2065 A/R 2220 (d) 500 2720 2720 Supplies 2000 (a) 1240…arrow_forward
- Use the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Preparing a multi-step income statement Prepare Quality Office’s multi-step income statement for the year ended March 31, 2018.arrow_forwardCLOSING ENTRIES (NET INCOME) Using the following partial listing of Taccounts, prepare closing entries in general journal form dated April 30,20--. Then post the closing entries to the T accounts.arrow_forwardPrepare the following, December 31, 2019 financial statements: Income Statement Retained Earnings Statement Balance Sheet Note: The December 31, 2019 adjusted trial balance is provided below. Prepare the fiscal year end closing entries.arrow_forward
- identifying and Journalizing Closing Entries through "e" to the accounts at Dec. 31, 2020. All the income, expense, and equity accounts of the entity are listed here in T-account form: Journalize the closing entries. Completing the Accounting Cycle | 283 NAME: SCORE: SECTION: PROFESSOR: Problem #4 dentifying and Journalizing Closing Entries The accountant for Estela Pascual Events Planner has posted adjusting entries "a" through "e" to the accounts at Dec. 31, 2020. All the income, expense, and equity counts of the entity are listed here in T-account form: Accounts Receivable 230,000 35,000 Pascual, Withdrawals 524,000 je) Supplies 40,000 Service Revenues 20,000 (a) 1,030,000 35,000 (e) Accumulated Depreciation-Furniture Salaries Expense 50,000 280,000 30,000 (b) (d) 15,000 Accumulated Depreciation-Building Supplies Expense 330,000 60,000 (a) 20,000 (c) Depreciation Expense-Furniture (b) Salaries Payable 15,000 (d) 30,000 Pascual, Capital 494,000 Depreciation Expense-Building (c)…arrow_forwardRequired: Prepare the following, December 31, 2019, financial statements: Income Statement Retained Earnings Statement Balance Sheet December 31, 2019, adjusted trial balance is provided below. Prepare the fiscal year-end closing entries. Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners provided a written summary of activities they believe accounting entries need to be prepared (see page 2). The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account.arrow_forwardClosing entries; net income Based on the data presented in Exercise 5-27, journalize the closing entries.arrow_forward
- Customer allowances and returnsAssume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsarrow_forwardFinancial Statements Turtle Company has prepared the followingadjusted Trial balance for the year ended December 31, 2019: Required:For 2019, prepare in proper form: (1) an income statement, (2) a retainedearnings statement, (3) an ending balance sheet, and (4) closing entries.arrow_forwardFinancial Statements Carolyn Company has prepared the following alphabeticaladjusted trial balance on December 31, 2019: Required:Prepare the following 2019 items in proper form for Carolyn:1. the income statement 2. the retained earnings statement3. the ending balance sheet (Hint: The Common Stock, Additional Paid-inCapital, and Retained Earnings accounts are summed to determine the totalshareholders’ equity ) 4. the closing entries in the general journalarrow_forward
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