com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpro0CalculatorUse the adjusted trial balance for Stockton Company to answer the question that follows.Stockton CompanyAdjusted Trial BalanceDecember 31Account No.Debit BalancesCredit BalancesCash116,530Accounts Receivable122,100Prepaid Expenses13700EquipmentAccumulated Depreciation1813,700191,100Accounts Payable211,900Notes Payable224,300Bob Steely, CapitalBob Steely, Drawing3112,94032790Fees Earned419,250Wages Expense512,500Rent ExpenseUtilities Expense521,96053775Depreciation ExpenseMiscellaneous Expense5425059185Totals29.49029,490Use the adjusted trial balance for Stockton Company. Determine the current assets.Oa. $21.930

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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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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 Wages Expense 51 2,500 Rent Expense 52 1,960 Utilities Expense 53 775 Depreciation Expense 54 250 Miscellaneous Expense 59 185 Totals 29,490 29,490 Use the adjusted trial balance for Stockton Company. Determine the current assets. a.$9,330 b.$21,930 c.$8,630 d.$23,030
Clear Copy Co. Worksheet For month ended December 31, 2021 Unadjusted Trial Balance Account | Adjusted Trial Balance Adjustments Debit Income Statement Balance Sheet No 101 Cash 102 |Store Supplies | 103 Prepaid Insurance |104 Copy Equipment 105 Accumulated Depreciation 201 Accounts Payable 202 Salaries Payable 203 Unearned Copy Services Revenue 301 Terry Dow, Capital 302 Terry Dow, Withdrawals | 401 Copy Services Revenue 501 Depreciation Expense 502 Salaries Expense 503 Insurance Expense 504 Rent Expense 505 Store Supplies Expense 506 Utilities Expense Title Debit Credit Credit Debit Credit Debit Credit Debit Credit 7,950.00 3,720.00 2,400.00 26,000.00 6,200.00 3,000.00 30,000.00 400.00 3,900.00 1,400.00 1,000.00 230.00 Totals 43,100.00 43,100,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Income 0.00 0.00
Hanshaben
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…
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,946 Accounts Receivable 12 2,302 Prepaid Expenses 13 632 Equipment 18 14,319 Accumulated Depreciation 19 1,405 Accounts Payable 21 1,499 Notes Payable 22 4,301 Bob Steely, Capital 31 15,223 Bob Steely, Drawing 32 634 Fees Earned 41 7,214 Wages Expense 51 3,364 Rent Expense 52 829 Utilities Expense 53 351 Depreciation Expense 54 172 Miscellaneous Expense 59 93 Totals 29,642 29,642 Determine the net income (loss) for the period.
! Required information [The following information applies to the questions displayed below.] Psymon Company, Ic., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Account Titles Debits Credits $ 45,190 19,200 69,500 53,000 Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable $ 22,300 32,100 96,000 12, 200 179,600 Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense 105, 200 18, 200 19, 200 2,300 10,410 $342, 200 Totals $342, 200 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
Question Content Area Finley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 2,911 2,911 Dividends 1,000 1,000 Fees Earned 49,736 49,736 Wages Expense 21,463 21,463 Rent Expense 5,022 5,022 Depreciation Expense 5,162 5,162 Totals 75,647 75,647 31,647 49,736 44,000 25,911 Net Income (Loss) 18,089 18,089 49,736 49,736 44,000 44,000 The ending balance of retained earnings is
ermediate Accounting 1.docx Open with Google Docs The following information is available for AVS-CVN Company: Credit sales during 2019 Accounts recelvable deemed worthless and written off during 2019 Allowance for doubtful accounts at December 31, 2018 22. P 8,000,000 180,000 160,000 As a result of a revlew and aging of accounts receivable in early January 2020, however, It has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? a. P130,000 b. P110,000 P90,000 d. P270,000 C. 23. Terrific Corporation, an equipment distributor, sells a piece of machinery with a list price of P800,000 to Archer Company. Per agreement, Archer will pay P850,000 in one year evidenced by a note. Terrific normally sells at cash price equivalent to 90% of list price. The note has a market rate of 12%. How much should be recorded as Sales? (The PV of 1 at 12% for 1…

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