Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Stockton Company Adjusted Trial Balance December 31 Depreciation Expense Miscellaneous Expense Determine the net income (loss) for the period. a. net income $1,390 b. net loss $1,390 c. net loss $2,276 d. net income $2,276 6,633 2,769 745 15,877 886 3,419 817 401 234 102 31,883 12,201 1,458 5,896 1,000 4,079 7,249 31,883

Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Stockton Company Adjusted Trial Balance December 31 Depreciation Expense Miscellaneous Expense Determine the net income (loss) for the period. a. net income $1,390 b. net loss $1,390 c. net loss $2,276 d. net income $2,276 6,633 2,769 745 15,877 886 3,419 817 401 234 102 31,883 12,201 1,458 5,896 1,000 4,079 7,249 31,883

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Description: CashAccounts ReceivablePrepaid ExpensesEquipmentAccumulated DepreciationAccounts PayableNotes PayableCommon StockRetained EarningsDividendsFees EarnedWages ExpenseRent ExpenseUtilities ExpenseStockton CompanyAdjusted Trial BalanceDecember 31Deprecia

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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Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable. Inventory Accounts Payable Salaries and Wages Payable Net Income: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Assets and Liabilities Case A Year 2 $ 11,000 6,000 5,000 1,000 2,500 $1,500 $ 300 750 800 1,000 Case A Year 1 $ 9,000 5,500 3,500 1,000 2,000 $ 500 Case B $ 400 500 700 1,200 I... Case Year 2 $ 21,000 12,000 9,000 1,500 5,000 $ 2,500 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amoun should be indicated with a minus sign.) $750 730 800 200 B Year 1 $ 18,000 11,000 7,000 1,500 5,000 $ 500 $ 600 800 850 250
A-2
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
Date Accounts Debit Credit Cash 145,000 a. Accounts Receivable 145,000 b. Selling and Administrative Expenses 32,000 Cash 32,000 Accounts Payable 39,000 C. Cash 39,000 d. Raw Materials Inventory 28,200 Accounts Payable 28,200 Work-in-Process Inventory Manufacturing Overhead 8,850 e. 1,200 Raw Materials Inventory 10,050 Work-in-Process Inventory Manufacturing Overhead f. 20,600 18,400 Wages Payable 39,000 Wages Payable 38,700 g. Cash 38,700 h. Manufacturing Overhead 2,500 Accumulated Depreciation 2,500 Work-in-Process Inventory 16,480 i. Manufacturing Overhead 16,480 j. Finished Goods Inventory 47,430 Work-in-Process Inventory 47,430 k. Accounts Receivable 104,000 Sales Revenue 104,000 k. Cost of Goods Sold 47,430 Finished Goods Inventory 47,430 L. Cost of Goods Sold 5,620 Manufacturing Overhead 5,620
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax…
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