↓Business CourseNet Incomed.Ch 3 ProblemBalance, June 1e.HAssetsAdd: Net Income for June4Less: Dividends paid(enter as negative)Balance, June 30https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=3629CashAccounts ReceivablePianoTotal AssetsXType here to search+✔$+ ✔MICA DANCE STUDIOStatement of Stockholders EquityFor the Month Ended June 30Return to course$Common Stock Retained Earnings7,870 $2,000 $25,460 x$7,0205,90010,580✔5,500✔0✔0✓6,970 * $MICA DANCE STUDIOBalance SheetJune 30LiabilitiesAccounts PayableNotes Payable(900)1,100 x $Total LiabilitiesStockholders' Equity.Common StockRetained EarningsOETotal9,870✔25,460 x(900) ✔24,560 *→✔$+ ✔Total Stockholders' Equity$ 21,980 Total Liabilities and Stockholders' Equity $VH510✔5,480 ✓5,990 ✔7,870✔2,000 x9,870 x15,860 *COM Business CourseMICA DANCE STUDIOTrial BalanceJune 30CashAccounts ReceivablePianoAccounts PayableNotes PayableCommon StockRetained EarningsDividendsInstructional Fees EarnedPerformance RevenueRent ExpenseUtilities ExpenseAdvertising ExpenseInterest ExpenseTotalsDebit Credit5,90010,5805,500Type here to search900510514807,8702,0007,5002,1001,6655103753025,460 25,460Return to courseRequiredc. Prepare an income statement for the month of June.d. Prepare a statement of stockholders' equity for the month of June.e. Prepare a balance sheet as of June 30.f. Prepare closing entries.g. Prepare a post-closing trial balance./quiz/review.php?attempt=OI

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- - Business Course MICA DANCE STUDIO Trial Balance June 30 Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals Debit 5,900 10,580 5,500 Type here to search 900 Credit 510 51480 7,870 2,000 7,500 2,100 1,665 510 375 30 25,460 25,460 Return to course Required c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. g. Prepare a post-closing trial balance. O Ai G

- - Business Course MICA DANCE STUDIO Trial Balance June 30 Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals Debit 5,900 10,580 5,500 Type here to search 900 Credit 510 51480 7,870 2,000 7,500 2,100 1,665 510 375 30 25,460 25,460 Return to course Required c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. g. Prepare a post-closing trial balance. O Ai G

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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Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
Instructions to chapter 10 exercises - Word eview View Help Y Tell me what you want to do AaBbCcDc AaBbCcDc AaBbC AABBCCD AaB AaBbCcD 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Paragraph Styles Exer 10-4 Entries for notes payable Obj. 1 A business issued a 120-day,5% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Exer 10-6
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
My Courses-alam X ouTube Maps mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Northwest Vista Co... t Typing Lessons | C,... 1: Homework i UL ACCT-2301-047 X Required 1 Required 2 Company 1 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the expanded accounting equation to compute the missing financial statement amounts. 2 Complete this question by entering your answers in the tabs below. $ Use the expanded accounting equation to compute the missing financial statement amounts. Common Stock Assets 44,000 = 83,800 = Liabilities Question 2- Requi X O Mail-Alsadoon, H X $ $ 17,000 33,000 + + $ $ Welcome to Rosett... Saved 22,000 46,000 14,000 26,000 O I - $ $ Expenses 9,000 19,000 ✔K
AutoSave OFF Home Insert Draw Paste Page 47 of 95 Calibri B I U 20 Design V v 16916 words 50 ab X 2 V Layout X Α Α΄ A References Aa ▾ A Αν English (United States) Mailings = Review V V W= Packet Lecture-4 View 12/31 싫 V Accessibility: Investigate Tell me 30,000 V Estimating Uncollectible Accounts An estimate of bad debts is made at the end of the accounting period to match the cost of credit sales (bad debt expense) with the revenue credit sales allowed the company to record during the period. The estimate is incorporated in the company's books through an ADJUSTING ENTRY and the entry increases the allowance for uncollectible accounts and bad debt expense. Saved to my Mac ✓ Percent of Receivables Method (an allowance method) management estimates a percent of ending accounts receivable they expect to be uncollectible the ending balance of the Allowance for Uncollectible Accounts (AUA) is determined based on the estimate (% of uncollectible accounts x ending balance of A/R, "% of A/R").…
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edugen.wileyplus.com Return to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK Exercise 7-05 a-d (Part Level Submission) Sandhill Company has a balance in its Accounts Payable control account of $8,180 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,660; Janish Company, balance $1,860; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,340 $5,890 $ 0 Janish Company 4,950 1,860 3,150 Valdez Company 6,065 6,000 (a) Collapse question part What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ Click if you would like to Show Work for this question: Open Show Work SUB SAVE FOR LATER Attempts: 0 of 4 used
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