Current Attempt in Progress Waterway has year-end account balances of Sales Revenue $811,419, Interest Revenue $12,690, Cost of Goods Sold $575, 593, Administrative Expenses $189,840, Income Tax Expense $31,877, and Dividends$18,984. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for theamounts.)

The objective of this question is to prepare the year-end closing entries for Waterway based on the…

Answered: Current Attempt in Progress Waterway…

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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Presented below are year-end adjusted account balances for Grouper Co. Insurance expense $11,160 Salaries and wages expense 55,230 Rent expense 22,430 Sales discounts 12,590 Inventory 26,260 Sales returns and allowances 15,640 Cost of goods sold 212,780 Sales revenue 411,350 Freight-out 7,930 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
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On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).

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