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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2020.12.30 15:27 The for Planner has "a" through "e" to at 31, All and equity Completing the Accounting Cycle | 283 NAME: SECTION: SCORE: PROFESSOR: Problem #4 dentifying and Journalizing Closing Entries of accounts of the entity are listed here in T-account form: Accounts Receivable 000'0e7 000'sE (a) Pascual, Withdrawals Supplies 000'rzs 000'07 (e) 000'00 Service Revenues Accumulated Depreciation-Furniture 1,030,000 Salaries Expense (a) 000'sE 000'0E (a) 000'0s Accumulated Depreciation-Building 000'087 (p) Supplies Expense 000'0ɛE 000'09 ()) (a) Salaries Payable 000'07 (p) 000's Depreciation Expense-Furniture (b) 000'0, Pascual, Capital Depreciation Expense-Building 000' Required: (c) 000'09 ournalize the closing entries.
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Shawna Sikes, Registered DieticianTrial BalanceJuly 31, 2024BalanceAccount Title Debit Credit Cash$30,000Accounts Receivable8, 700Office Supplies 1,600 Prepaid Insurance2, 800Equipment21,000 Accounts Payable$3,400Unearned Revenue 6,214 Notes Payable 25, 000Sikes, Capital 21,000Sikes, Withdrawals2, 000Service Revenue13, 186Salaries Expense1, 400Rent Expense800Utilities Expense500Total$ 68,800$68,80 Prepare A balance sheet based off the info provided
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)) 18% O, Tue 2:47 PM A edugen.wileyplus.com WileyPLUS: MyWlleyPLUS | Help | Contact Us | Log Ou Weygandt, Accounting Principles, 13e FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202 CALCULATOR STANDARD VIEW PRINTER VERSION 1 BACK NEXT Exercise 9-14 Vandiver Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account…
Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69, 750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69, 750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…
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Paragraph The following is the trial balance of M/s Ngugi as on 31 March 2018, Рarticnlars Dr. Cr. Саpital Cash in hand Cash at bank Purchase Returm inwards 71,000 540 2,630 40,675 680 Returm outwards Sales 500 98,780 Wages Fuel and poweer Opening stock Creditors Debtors Premises 10,480 4,730 5,760 6,300 14,500 30,000 10,000 20,000 7,500 15,000 2,040 3,200 3,000 600 5.245 178.580 Land Machinery Patents Salaries Carriage inwards Carriage outwards Sundry expenses Insurance Drawings Additional information cvailable at 31" March 2018: 178.580 i) Closing stock Sh.5,800 ii) Depreciate machinery and patents by 10% and 20% respectively iii) Salaries due for the month of March amounted to Sh.1,500 iv) The insurance policy expired on 50 September 2018 v) Provide 5% for doubtful debts vi) Sh.2,000 spent on installation of a shed were included in wages account Required: a) Trading, Profit and Loss Account for the vear ended 31 March 2018 b) The Balance Sheet as at 31 March 2018
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28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr f Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 Rent Wages and salaries Discounts Debtors and creditors 820 160 12,316 4,120 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van Van running costs Bad debts written off 3,750 615 730 174,375 174,375 Notes: (a) Stock 28 February 20X7 £2,400. (b) Wages and salaries accrued at 28 February 20X7 £340. (c) Rent prepaid at 28 February 20X7 £230. (d) Van running costs owing at 28 February 20X7 £72. (e) Increase the provision for doubtful debts by £91. (f) Provide for depreciation as follows: Office furniture f380; Delivery van £1,250. Required: Draw up the trading and profit and loss account for the year ending 28 February 20X7 together with a balance sheet as on 28 February 20X7.