AAA corporation unadjusted trial balance follows. On December 31, 2020, the accountant noticed that few adjustments should be made. Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000 Prepare: Adjusted trail balance Income statement Statement of shareholder’s equity Balance sheet.

AAA corporation unadjusted trial balance follows. On December 31, 2020, the accountant noticed that few adjustments should be made. Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000 Prepare: Adjusted trail balance Income statement Statement of shareholder’s equity Balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

IN GOOD ACCOUNTING FORM
Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $126,000, Common Stock $765,600, Bonds Payable $109,700, Paid-in Capital in Excess of Par-Common Stock $208,700, Goodwill $59,300, Accumulated Other Comprehensive Loss $154,700, and Noncontrolling Interest $34,200. Prepare the stockholders' equity section of the balance sheet.
Prepare the Classified Statement of Financial Positionand calculate ROA.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
During your audit of the books of Colorado Corporation for the year ended December 31, 2021, you discovered that certain accrued income and expenses were overlooked at the end of 2019, 2020 and 2021. Not recognized at year end 2019 2020 2021 Accrued interest income 2,000 3,000 Accrued salaries expense 12,000 6,000 Accrued rent payable 20,000 Net income for the year 500,000 550,000 600,000 Retained earnings at year end 8,300,000 8,800,000 9,200,000 REQUIRED: Based on the foregoing, compute the corrected balances of following: Net income for 2019 Net income for 2020 Net income for 2021
Under Fierce Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended December 31, 2020 is as follows: Prepaid insurance, beg. P150,000 Renewal of insurance charged to expense during the year applicable for the period April 1, 2020-2021 is P500,000. What is the insurance expense using the accrual basis accounting?
Bryant Corporation was incorporated on December 1, 2018, and began operations one week later. Before closing the books for the fiscal year ended November 30, 2019, Bryant’s controller prepared the following financial statements: BRYANT CORPORATION Balance Sheet November 30, 2019 1 Assets 2 Current Assets: 3 Cash $180,000.00 4 Accounts receivable 480,000.00 5 Less: Allowance for doubtful accounts (59,000.00) 6 Inventories 430,000.00 7 Prepaid insurance 15,000.00 8 Total current assets $1,046,000.00 9 Property, plant, and equipment 426,000.00 10 Less: Accumulated depreciation (40,000.00) 11 R&D costs 120,000.00 12 Total Assets $1,552,000.00 13 Liabilities and Shareholders’ Equity 14 Current Liabilities: 15 Accounts payable and accrued expenses $592,000.00 16 Income taxes payable 168,000.00 17 Total current liabilities…
1. An insurance policy, good for one year, was purchased on April 1, 2020 and has a valueof $25,000.a) Write the journal entry to record the original purchase of the insurance policy onApril 1.b) Write the adjusting journal entry required on April 31, 2020 to reflect the use of onemonth of the insurance service. What, concerning Insurance, would appear on theBalance Sheet? What would appear on the Income Statement?c) Write the adjusting journal entry required on May 31, 2020 to reflect the use of onemore month of the insurance service. What, concerning Insurance, would appear onthe Balance Sheet? What would appear on the Income Statement?
Simple Company had the following balances on December 31, 2021, BEFORE preparing adjusting entries. Credit Equipment (used in operating Simple Company) Accounts Receivable Merchandise Inventory Goodwill Equipment (rented to another company) Available for Sale Securities Cash Patent Debt Retirement Fund Trademark Prepaid Insurance Common Stock, $10 par, 40,000 shares authorized, 15,000 shares issued and outstanding Bonds Payable Retained Earnings Accumulated Depreciation - Operating Equipment Accounts Payable Paid in Capital in Excess of Par Premium on Bonds Payable Accumulated Depreciation - Rented Equipment Unearned Sales Debit $174,000 62,000 57,000 36,000 31,000 18,000 15,000 11,000 8,000 5,000 4,000 Cash Dividends Payable Allowance for Doubtful Accounts $421,000 $150,000 90,000 84,000 42,000 19,000 14,000 6,000 6,000 5,000 3,500 1,500 $421,000
Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. b-1. Use the horizontal model to show the amount of Insurance premlum "used" that month. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Liabilities Income Statement + Stockholders' Equity - Net Income Revenues Expenses Assets
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
Requlred Information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance premium of $4,248 on March 1, 2019. e. Prepald expenses reflects as an asset for more meaningful net Income amount. True or False True False