ABC Company has the following T Account at the end of the year:Acct Payale500Post to T-Acct (aka Ledger)Asset = liabilite + Cl stock - Dividend +Cash30,000 1,0004,000 5,00015,000 480Revenue - ExpenseCommon stak Dividend Service Revenuehent expense30,0004804100050015,000Travel expenste1,000Insurance expense5,000 What is the Journal Entry to close Expense Account?○ A.Account NameDebitCreditIncome Summary5,000Insurance Expense5,000B. All of the above○ C.Income SummaryTravel ExpenseD.Income SummaryRent ExpenseAccount NameDebitCredit1,0001,000Account NameDebitCredit500500

In accounting, closing entries are made at the end of an accounting period to transfer the balances…

Answered: ABC Company has the following T Account…

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 is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Debits 760,000 195,000 82,000 47,000 137,000 Credits 1,500,000 37,000 57,000 There were 100,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below.
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Presented below are data for XYZ Corp. Assets, January 1 Liabilities, January 1 Stockholders' Equity, Jan. 1 Dividends Common Stock, Dec. 31 2023 2024 4,560 ? ? 2,736 2 2,750 570 646 608 650 Stockholders' Equity, Dec. 31 ? 2,266 Net Income 684 Net income for 2024 is O $484 loss. O $162 loss O $162 income. O $120 income. $484 income. $120 loss.
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What is Naboo Manufacturing's 2019 Current Ratio?
The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
Calculate the other income from the following Information Dividends income 1000 Opening stock 27800 Accounts payable 18000 Accounts receivable 123000 Prepaid expense 25100 Rental revenue 5200 Interest expenses 1450 Interest Income 8540 Select one: a. OMR 9450 O b. OMR 6200 c. OMR 14740 O d. OMR 1000
Prior Year Current Year Accounts payable 3,153.00 5,915.00 Accounts receivable 6,935.00 9,046.00 Accruals 5,794.00 6,085.00 Additional paid in capital 19,655.00 13,876.00 Cash. ??? ??? Common Stock 2,850 2,850 COGS 22,169.00 18,794.00 Current portion long-term debt 500 500 Depreciation expense 1,016.00 1,037.00 Interest expense 1,276.00 1,138.00 Inventories 3,041.00 6,672.00 Long-term debt 16,904.00 22,546.00 Net fixed assets 75,987.00 73,861.00 Notes payable 4,002.00 6,534.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,536.00 34,724.00 Sales 46,360 45,799.00 Taxes 350 920 Category ww What is the firm's total change in cash from the prior year to the current year?
You are presented with the following information: Concord Ld. Trading and profit and loss account for the year ended 31 December 2009 £000 1.000 E000 Sales Less: Cost of goods aold: Opening Stock Purchases 200 700 900 Less: Closing Stock 300 Gross profit Operating expenses Operating profit Debenture interest Net profit before taxation Taxation 600 400 (240) 160 (10) 150 (50) 100 (60) 40 Net profit after taxation Dividends Retained profit for the year Concord Ltd. Balance sheet as at 31 December 2008 C000 2009 L000 E000 FO00 1,050 255 Fixed assets at cost 900 Less: Accumulated Depreciation 150 750 795 Current assets: Stocks Trade debtors Cash 200 120 300 150 20 340 45 495 Less: Current liabilities: Trade creditors Taxation Proposed dividend 70 90 50 40 30 140 60 200 950 200 295 1,090 Capital and resenes: Ordinary shares of £1 each Profit and loss accounts 750 200 950 750 240 990 Loans Debenture stock (10% issued on 1 Jan 2009) 100 1.090 950 Required: Prepare a cash flow statement (in…
< The following items are reported on a company's balance sheet: $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. Cash a. Current ratio b. Quick ratio
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