Below are the account balances for Cowboy Law Firm at the end of December. Balances $3,500 1,250 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 1,500 4,850 1,200 11,900 7,400 4,100 Total expenses

Below are the account balances for Cowboy Law Firm at the end of December. Balances $3,500 1,250 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 1,500 4,850 1,200 11,900 7,400 4,100 Total expenses

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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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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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
On December 31, Year 2, Kimberly Company had the following normal account balances in its general ledger. The accounts are listed in random order. Salaries expense $ 18,900 Buildings 87,000 Retained earnings 1/1/Year 2 17,000 Operating expense 103,900 Cash 27,000 Accounts payable 16,000 Bonds payable 32,000 Accounts receivable 26,000 Common stock 57,000 Sales revenue 157,000 Prepaid rent 16,200 Required: Use the information regarding normal account balances to prepare a trial balance
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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Below are the account balances for Cowboy Law Firm at the end of December. Balances $ 4,300 1,650 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses: Required: Use only the appropriate accounts to prepare an income statement. 2,300 4,250 1,000 12,700 8,200 4,900 COWBOY LAW FIRM Income Statement For the Period Ended December 31 Total expenses
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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