70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 Salary Expense Accounts Receivable Supplies Equipment 74,000 Fees Earned 175,200 7,400 Miscellaneous Expense Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 Kate, Drawing 12,000 Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement

70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 Salary Expense Accounts Receivable Supplies Equipment 74,000 Fees Earned 175,200 7,400 Miscellaneous Expense Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 Kate, Drawing 12,000 Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement

Name: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation
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Description: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation-Equipment 14,800SuppliesEquipment3,60074,000Fees Earned175,2007,400Miscellaneous ExpenseSalaries Payable1,500Kate, Capital90,400Cash38,000Kate, Drawing12,000Supplies ExpenseDeprec

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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What is the total value of tangible assets that will be reflected in the balance sheet? Land 5,000 Building 40,000 Plant and Equipment 20,000 Commercial Vehicles 35,000 Accumulated Depreciation 30,000 $60,000 O $70,000 O $100,000 O $80,000
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Compute for Net Loss/Income, Capital Ending, Current Assets, Non-current Assets, Current Liability, Non-current Liability
27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30,000 Salaries payable 0 Common stock 100,000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86, 600 Rent expense 24,000 Depreciation expense 0 Utilities expense 17, 320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024
Subject : Accounting
Recognizing $3,500 of actual manufacturing equipment depreciation is an asset __________ transaction.
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Problem 4.a: A hydraulic crane service company had sales revenue of $2,250,000 from operations during tax-year 1. The following table provides other financial information relating to the tax year: Labor expenses Materials costs Depreciation expenses Interest expenses Rental expenses Proceeds from sale of old equipment with a book value of $20,000 How much is the taxable income? $550,000 $385,000 $132,500 $22,200 $45,000 $23,000
Data for adjustments: • Annual depreciation: Office equipment - 20% Furniture & Fixtures - 10%
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Company X balance sheet at 31..03.200x Assets Intangible fixed assets Fixed assets Cash Total assets 6 000 45 000 6 500 57 500 Equity Trade liabilities Required: a) Open the accounts b) Records all accounting operation c) Prepare closing balance sheet Total equity & liabilities 54 000 3 500 57 500 Company e has the following business events in April 1. The company purchased 100 units of production commodity 0,50 per unit Company paid in cash and commodities were taken to the warehouse 2. The company paid trade liabilities using bank money transfer 500 3. Cash delivered from bank account to cash desk 800 4. Purchased with deferred payment a tangible fixed asset and took in into active use 1000 5. The company signed a bank loan agreement for settling a trade liability for the purchase of tangible fixed asset Money received on bank account 1000 6. A liability relating to the purchase of tangible fixed asset was paid 1000
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