Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 5,200 Salaries expense 2,100 Accounts payable 3,200 Retained earnings 3,800 Utilities expense 1,00 O Supplies 13,600 Service revenue 9,1 00 Common stock 5,800 Required: Use only the appropriate accounts to prepare an income statement.

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 5,200 Salaries expense 2,100 Accounts payable 3,200 Retained earnings 3,800 Utilities expense 1,00 O Supplies 13,600 Service revenue 9,1 00 Common stock 5,800 Required: Use only the appropriate accounts to prepare an income statement.

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Description: 3:17 AM | 5.7KB/sCheggStudent questionTime Left: 00:09:49Below are the account balances forCowboy Law Firm at the end ofDecember. Accounts Balances Cash $5,200 Salaries expense 2,100Accounts payable 3,200 Retainedearnings 3,800 Utilities expense 1,0

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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June 1 Cash 2,500 Common Shares 2,500 4 Supplies 250 Accounts Payable 250 7 Accounts Receivable 300 Service Revenue 300 18 Cash 200 Accounts Receivable 200 25 No Entry 0 No Entry 0 27 Cash 200 Deferred Revenue 200 28 Accounts Payable 250 Cash 250 29 Income Tax Expense 100 Cash 100 Using T accounts, post the above journal entries recorded for Ing Ltd. to the general ledger, and determine the ending balances in each account. (Post entries in the order presented in the problem.)
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6. Before closing the books for a fiscal period, you should print- a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting C. all the reports in the financials section of the reports menu d. all of the management reports for the business 7. From the supplier aged summary report you can learn – la. the unpaid balance for each invoice b. the total owing to each supplier c. the due date for each outstanding invoice d. which invoices are fully paid 8. Choosing Restore from the home window file menu will - a. restore a compressed backup file to a working data file b. restore the size of the window you are currently working in c. delete the changes from your current work session and restore the data file from your previous session d. restore the classic view home window from an enhanced view module window
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Natalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie Creations and Curtis's coffee shop. In this part of the problem, they want your help in preparing financial information following the first year of operations of their new business, Cookie & Coffee Creations. After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, 10,000 shares authorized, 2,000 shares issued Common stock, no par value, 100,000 shares authorized, 25,930 shares issued $10,000 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 June 30 Oct. 31 31 31…
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses: Balances $ 4,200 1,600 2,200 Total expenses 4,400 1,100 Required: Use only the appropriate accounts to prepare an income statement. 12,600 8,100 4,800 COWBOY LAW FIRM Income Statement For the Period Ended December 31
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,300 Salaries expense 1,650 Accounts payable 2,300 Retained earnings 4,250 Utilities expense 1,000 Supplies 12,700 Service revenue 8,200 Common stock 4,900 Required: Use only the appropriate accounts to prepare an income statement.
he Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Supplies 1,900 3,400 Prepaid insurance 6,400 4,700 Salaries payable 12,000 15,400 Deferred rent revenue 2,800 1,400 The following information also is known: The December income statement reported $2,400 in supplies expense. No insurance payments were made in December. $12,000 was paid to employees during December for salaries. On November 1, 2021, a tenant paid Righter $4,200 in advance rent for the period November through January. Deferred rent revenue was credited. Required:1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30.2. Using the above information, prepare the adjusting entries Righter recorded for the month of December.
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Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26.000 Office supplies 2,000 111,000 Retained earnings Common stock Salaries payable 7,000 Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets Accounts receivable Office supplies Total Current Assets Noncurrent Assets Land Total Noncurrent Assets Total Assets Liabilities & Stockholders' Equity Current Liabilities Salaries payable Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Common stock Total Stockholders' Equity o oo olo o olo o olo %24