ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Furniture Р Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 P Credit Liabilities 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 4,002,200 P 4,002,200 Requirement 1: Compute the accounting equation for the above post-closing trial balance of Pinklane Company as of Dec. 31, 2016. Assets Equity

ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Furniture Р Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 P Credit Liabilities 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 4,002,200 P 4,002,200 Requirement 1: Compute the accounting equation for the above post-closing trial balance of Pinklane Company as of Dec. 31, 2016. Assets Equity

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

no image pleas
Subject: accounting
Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Credit balances of P1,500,000 Inventory Bond sinking fund Total current assets 21,050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2,000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
ksk.1
Cash and Cash Equivalent & Receivables The following transactions occurred between January to September 2021 for Westwood Corp.: 1. Certificate of deposits received $1,400,000 2. Cash advances made to Eastwood Corporation (a subsidiary of Westwood) $980,000 3. Advance deposit paid to Light and Power Corp. for electricity $600 4. Overdraft in special chequing account at same bank as regular chequing account $17,000 5. Petty cash fund $300 6. Coins and currency on hand $1,350 7. Postdated cheque from Mr. Blanc Chek (customer) $11,000 8. Certified cheque Tenor Inc. (customer) $9,800 9. Postage stamps on hand $620 10. Money market balance at mutual fund (fund has chequing privileges) $48,000 11. NSF cheque received from Mr. Black List (customer) $800 12. Cash advance received from Mr. Paul Prompt (customer) and not included in cash balance $900 13. Cash advance to two company executives payable on demand $7,000 14. Refundable deposit paid to a supplier of specialized drones to guarantee…
Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
Please do not give image format
C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <
Please do not give solution in image format thanku
Boston Accounting Services provides accounting services to small businesses. The following data relate to the preparation of a master budget for January 2017. 1. At the end of 2016, the company's general ledger indicated the following balances: Cash Accounts receivable Equipment (net) Total $ 62,000 48,000 80,000 $190,000 Accounts payable Note payable Common stock Retained earnings $ 40,000 10,000 50,000 90,000 $190,000 2. Revenue in December 2016 was $80,000, and revenue budgeted for January 2017 is $70,000. 3. Forty percent of revenue is collected in the month earned, and 60 percent is collected in the subsequent month. The receivable balance at the end of 2016 reflects revenue earned in December 2016. 4. Monthly expenses (excluding interest expense) are budgeted as follows: salaries, $50,000; rent, $3,000; depreciation of equipment, $3,000; utilities, $1,000; other, $2,000. REQUIRED Complete the following budgets: 5. Expenses are paid in the month incurred. Purchases of equipment…
ASSIMILATION · ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. - Furniture Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 4,002,200 P Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 4,002,200