A company has the following adjusted trial balance:CashAccounts receivablePrepaid rentEquipmentAccumulated depreciation-EquipmentAccounts payableUnearned service revenueCommon stockRetained earningsService revenueInterest revenueSalaries and wages expenseDepreciation expenseRent expenseTotalO $4,700.O $8,450.O $4,350.O $5,050.DebitO $4,550.1,5002,1001003,5001506005008,4508,450After closing entries have been journalized and posted, the balance in the company's retainedearnings account will beCredit1,5001502001,0004,700800100

Net income = Revenue-expenses Net income Revenue Service Revenue 800Interest Revenue 100total…

Answered: A company has the following 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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Given the following account balances after closing entries are posted, what is the total credit amount on the Post-Closing Trial balance (assume normal account balances)? Cash Accounts Receivable $121,000 11,500 4,700 Supplies Prepaid Rent 8,800 Land 15,500 Building 47,000 Accumulated Depreciation, Building 26,000 Accounts Payable 117,200 Salaries Payable 4,000 Unearned Rent 5,000 Notes Payable Common Stock Retained Earnings OA. $208,500 B. $182,500 OC. $158,900 OD. $56,300 6,700 47,100 2,500
Cash Accounts Payable Land: Operating Expenses What is the total of the credit account balances that will be shown on the adjusted trial balance? Multiple Choice $60,500 $62,500 $61.500 18,100 Accounts Receivable 4,800 Service Revenue 25,100 Retained Earnings 12,500 Common Stock $43,200 5,800 18,300 17,300 21,100
pheet (partial) For the year ended December 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash 38,400 38,400 Accounts Receivable 10,200 10,200 Merchandise Inventory 30,720 9,020 21,700 Supplies 8,520 2,220 6,300 Prepaid Insurance 5,760 3,560 2,200 Store Equipment 25,560 25,560 Accumulated Depreciation-Store Equipment 8,520 2,500 11,020 Building 60,000 60,000 Accumulated Depreciation-Building 12,000 2,700 14,700 Land 54,000 54,000 Accounts Payable 6,720 6,720 Wages Payable 660 660 Sales Tax Payable 5,040 5,040 Mortgage Payable 86,400 86,400 Unearned Rental Revenue 7,500 4,300 4,300 7,500 Willie Kaplin, Capital 109,800 109,800 Willie Kaplin, Drawing 28,560 28,560 Income Summary Sales 118,440 118,440 Sales Returns and Allowances 2,952 2,952 Earned Rental Revenue 4,300 4,300 Purchases 37,920 37,920 Purchases Returns and Allowances 5,064 5,064 Wages Expense 45,120 660 45,780 Telephone Expense 2,112 2,112 Supplies Expense…
Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 10,900 Supplies 1,800 Prepaid Insurance 2,300 Salaries Payable $8,600 Common Stock 12,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 35,650 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,050 $59,050 Recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank. Post-Closing Trial Balance Debit Credit Cash Prepaid Insurance Retained Earnings Supplies Expense Supplies
Given the following account balances after closing entries are posted, what would be the balance in the Cash account on the Post-Closing Trial balance (assume normal account balances)? Cash Accounts Receivable Supplies Prepaid Rent Land Building Accumulated Depreciation, Building Accounts Payable Salaries Payable Unearned Rent Notes Payable Common Stock Retained Earnings OA. $26,000 OB. $48,000 OC. $107,400 OD. $50,700 ? 1,800 4,200 8,500 15,000 29,900 11,000 6,600 4,000 1,500 6,300 57,000 21,000 S
Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,946 Accounts Receivable 12 2,302 Prepaid Expenses 13 632 Equipment 18 14,319 Accumulated Depreciation 19 1,405 Accounts Payable 21 1,499 Notes Payable 22 4,301 Bob Steely, Capital 31 15,223 Bob Steely, Drawing 32 634 Fees Earned 41 7,214 Wages Expense 51 3,364 Rent Expense 52 829 Utilities Expense 53 351 Depreciation Expense 54 172 Miscellaneous Expense 59 93 Totals 29,642 29,642 Determine the net income (loss) for the period.
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo)…
Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk account has a balance of P2,600. What is the balance in the income summany account prior to closing net income or net loss? a. P2,900 debit b. P300 debit 6. c. P2,900 credit d. P300 credit с. Post-Closing Trial Balance Jewel Cherry, capital Cash P 54,900 35,200 Accounts receivable 10,900 3,500 Accounts payable Unearned service revenue Supplies Equipment 6,850 1,200 10,600 Land 15,400 Accumulated depreciation 7. Refer to the table; calculate the total amount in the credit column of the post- closing trial balance. a. P50,900 b. P73,300 C. P63,700 d. impossible to determine from the given data 8. Using the data in table, the balance in accumulated depreciation must be; а. Р8,050 b. Р10,200 C. P65,250 d. impossible to determine from the given data 322
Post-closing Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Unearned consulting revenue A. Mohr, Capital A. Mohr, Withdrawals Consulting revenue Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Totals Net income Unadjusted Trial Balance Debit 12,425 0 7,400 6,000 50,400 1,100 3,740 2,400 385 83,850 Credit Solid Systems Company Work Sheet For the Year Ended December 31, 2021 10,200 12,600 50,000 10,300 750 83,850 Adjustments Debit 0 Credit Adjusted Trial Balance Debit 12,425 0 7,400 6,000 50,400 1,100 0 3,740 0 2,400 0 385 83,850 Credit 0 10,200 0 12,600 50,000 10,300 750 83,850 Income Statement Debit 0 Credit 0 Statement of Owner's Equity & Balance Sheet Debit 0 Credit 0

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