Using information from the trial balance, can you create anBenson Consulting Companyincome statement, OE statement and balance sheet?Income StatementUse the dropdowns to choose your accounts.For the Month Ended June 30, 2021Benson Consulting CompanySERVICE REVENUETrial BalanceSALARIES EXPENSE30-Jun-21ADVERTISING EXPENSEDRCRSUPPLIES EXPENSECash15.000DEPRECIATION EXPENSEAccounts Receivable1.800NET INCOMESupplies1.400Equipment15.000Accumulated Depr. Equip.2.000Benson Consulting CompanyAccounts Payable1.400Owner's Equity StatementNotes Payable4.000For the Month Ended June 30, 2021Benson, Capital25.000Benson, Drawing1.800BEGINNING CAPITALService Revenue18.000NET INCOMESalaries ExpenseAdvertising ExpenseSupplies Expense8.000SUBTOTAL2.400DRAWINGS3.500ENDING CAPITALDepreciation Expense1.500Totals50.40050.400Benson Consulting CompanyBalance Sheet30-Jun-21CASHACCOUNTS PAYABLEACCOUNTS RECEIVABLENOTES PAYABLESUPPLIESTOTAL LIABILITIESEQUIPMENTACCUM. DEPR. EQUIPMENTBENSON CAPITALTOTAL ASSETSTOTAL LIAB. AND OE

The financial statements of the business include income statement and balance sheet.

Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800 Supplies Equipment Accumulated Depr. Equip. Accounts Payable Notes Payable Benson, Capital Benson, Drawing Service Revenue 1.400 15.000 2.000 1.400 4.000 25.000 1.800 18.000 Salaries Expense Advertising Expense Supplies Expense Depreciation Expense 8.000 2.400 3.500 1.500 Totals 50.400 50.400

Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800 Supplies Equipment Accumulated Depr. Equip. Accounts Payable Notes Payable Benson, Capital Benson, Drawing Service Revenue 1.400 15.000 2.000 1.400 4.000 25.000 1.800 18.000 Salaries Expense Advertising Expense Supplies Expense Depreciation Expense 8.000 2.400 3.500 1.500 Totals 50.400 50.400

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

Cash Receipt Journals
After Vaughn Company had completed all posting for the month of December, the sum of the balances in the following accounts payable subsidiary ledger did not agree with the balance of the control account in the general ledger. Name Ryker's Address 286 Buck Avenue Date Item Dec. 2 Name Geordie Company Address 818 Western Avenue Date Item Dec. 1 Balance 10 20 29 Name La Forge Company Address 90210 Baker Boulevard Date Item Dec. 1 Balance 18 29 Name Deanna Troi Address 2720 Sommers Avenue Date Item 27 Ref. Debit Credit Balance 3,400 3,400 P25 Ref. Debit Credit Balance 8,600 CP23 8,600 P32 G15 CP28 10,900 P34 900 Ref. Debit Credit Balance 10,900 P27 4,300 R33 4,300 11,600 5,200 Ref. Debit Credit Balance 7.000 7,000 9.000 700 14000
Question Content Area Cash and accounts receivable for Adams Company are provided below: Current Year PriorYear Cash $76,835 $63,500 Accounts receivable (net) 48,794 78,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…
Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by Issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory $ 10,000 28,120 1,000 29,000 115,000 50,000 24, 500 66, 700 9,500 6,000 16,000 194,000 100,880 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be indicated with o minus sign.) FERRON COMPANY Statement of…
What is the solution to the question I uploaded
Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
The march 24 question (sales, sales discounts, accounts recievable)