46. Use Oma Bean Corporation's adjusted trial balance to prepare the company's income statement.OMA BEAN CORPORATIONAdjusted Trial BalanceFor Year Ending December 31, 2019DebitCreditCash$ 66,000Accounts receivable42,000Equipment564,000Accumulated depreciation$ 108,000Notes payable90,000Common stock195,000Retained earnings93,000Sales489,000Rent expense66,000Salaries expense174,000Depreciation expense63,0000Totals$975,000$975,000

There are various types of financial statement which are prepared by an organization. One of them…

Answered: 46. Use Oma Bean Corporation's adjusted…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following accounts appeared on the trial balance of Ashanti Company at December 31 , 2020. Notes Payable (short-term ) $191,000 Accounts Receivable $518,600 Accumulated Depreciation - Bldg. 788,000 Prepaid Insurance 56,050 Supplies 37,850 Salaries and Wages Payable 35,200 Common Stock 1,125,000 Debt Investments (long -term ) 280,400 Unappropriated Retained Earnings 318,300 Cash 175,250 Inventory 1,580,200 Bonds Payable Due 1/1 / 2 1,200,000 Land 465,000 Allowance for Doubtful Accts .7,850 Trading Securities 72,300 Copyrights 192,950 Interest Payable 4,800 Notes Receivable (due in 6 months ) 138,050 Buildings 1,927,000 Income Taxes Payable 155,000 Accounts Payable 410,000 Preferred Stock 750,000 Additional Paid-in Capital163,500 Appropriated Retained Earnings 295,000 Instructions : Compute each of the following : You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file . If this…
Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)
On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1, 2019 257,000 Estimated Returns Inventory 35,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated Depreciation-Store Equipment 55,900 Office Equipment 78,500 Accumulated Depreciation-Office Equipment 16,000 Accounts Payable 27,800 Customer Refunds Payable 50,000 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Shirley Wyman, Capital 515,600 Shirley Wyman, Drawing 25,000 Sales 3,280,000 Purchases 2,650,000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation Expense-Store Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent…
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Prepare an income statement with the information below. Need asap.
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with their normal balances before adjustments: Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000 Notes Receivables 45,000 Retained Earnings 75,000 Office Supplies 12,000 Sales Revenues 640,000 Prepaid Insurance 72,000 Interest Income 12,000 Inventory (Average Cost) 24,000 Cost of Goods Sold 320,000 Fixed Assets 120,000 Selling Expenses 21,000 Accum. Depr- Fixed assets 36,000 Salary and Wages Expense 105,000 Unearned Rent (Liability) 56,000 Rent Expense 15,000 Required Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019: The office supplies consumed during the year is Br 8,000 The Unexpired part of insurance is only Br 26,000 iii. Br 30,000 is earned sales revenues from the unearned advance collection Salary and wages accrued as on 31-Dec-2019 amounts to be Br…
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The Trial Balance for Jaya Sentrycon at December 31, 2019 are as follows: Account Tittle Trial Balance Dr Cr Cash 45.000 Accounts Receivable 15.000 Roofing Supplies 12.000 Equipment 75.000 Accumulated Depreciation-Equipment 10.000 Accounts Payable 15.000 Unearned Revenue 4.500 Share Capital 87.500 Dividend 8.000 Service Revenue 55.000 Salaries Expense 12.300 Miscellaneous Expense 4.700 Total 172.000 172.000 Other data: 1. Physical counts remains only $ 3.600,- of roofing supplies on hand 2. Depreciations for December 31, 2019 is $ 1.200,- 3. Unearned revenue amounted to $ 900,- at December 31, 2019 4. Accrued salaries are $ 2.550,- 5. Account Receivable has not been recorded $ 3.950,- Instructions: a. Journalize the adjusting entries! b. Enter the trial balance on a worksheet and complete the worksheet! c. Prepare an Income Statement and Retained EarningStatement for the month of December 2019 and the Financial…
On the Balance Sheet, what would the Total Current Assets be for Lion Consulting? (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.) Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion,…
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on accounts payable, $11,900. 7. September 30 Pay salaries for employee work in the current year, $70,200. 8. November 22…
he adjusted trial balance of Cullumber Company for the year ended December 31, 2022, is as follows: Debit Credit Cash $ 6,900 Accounts Receivable 2,800 Notes Receivable 7,100 Inventory 9,500 Equipment 8,300 Allowance for Doubtful Accounts $ 400 Accumulated Depreciation—Equipment 1,400 Notes Payable 1,400 Accounts Payable 700 Common Stock 16,800 Retained Earnings 11,500 Dividends 1,700 Sales Revenue 15,000 Interest Revenue 100 Cost of Goods Sold 8,000 Salary and Wages Expense 2,000 Rent Expense 900 Bad Debt Expense 70 Service Charge Expense 30 $ 47,300 $ 47,300 Attempts: 2 of 3 used (a3) Prepare a classified balance sheet. The notes payable is due on January 10, 2023. (List Current Assets in order of liquidity.) Please don't provide answer in image format thank you

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