e adjusted trial balance of Gobyerno Financial Couriers at June 30, 2022, the end of t cal year, follows: Gobyerno Financial Couriers Adjusted Trial Balance 30-Jun-22 ash ccounts Receivable upplies repaid Insurance quipment ccumulated Depreciation-Equipment 164,800.00 ilding 193,500.00 264,700.00 12,900.00 32,000.00 558,000.00 1.449.000.00
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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- lal Acc CO ng-20201 am ACCT301 Fall 2020/2021 (Sections 1, 2, and 81) 19 Revenue has a credit balance of OMR 15,000 in Muscat Co. if the dosing entry will made at the year end, ved The entry to close Revenue is: it of Select one: O a debit Income Summary OMR20,000, credit Revenue OMR20,000 Ob. debit Revenue OMR15,000, credit Ahmad Capital OMR15,000 Oc debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000 Clear my choice s pageThe shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entryll uil 12:33 0.00 KB/s cember 31, 2019. Problem Set A (Figure)The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 775,984 Accounts Receivable 45,688 Buildings Merchandise Inventory 200,460 135,624 Accounts Payable $437,880 Common Stock 410,542 Sales 555,696 Interest Revenue 84,652 86,900 Rent Revenue Sales Salaries Expense 24,500 Office Supplies Expense 6,270 Sales Discounts 102,890 Interest Expense Sales Returns and Allowances 4,577 105,854 Cost of goods sold Rent Expense 122,853 20,000 Depreciation Expense: Office Equipment Insurance Expense Advertising Expense 10,555 2,780 17,635 Totals $1,575,670 $1,575,670 A. Use the data provided to compute net sales for E Previous: Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods Next: Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory…
- ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…More info - X December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,900; the cost of goods sold for each was $400. December 5 Ritchie received notice of a class-action lawsuit being filed against it. The lawsuit claims that Ritchie's go-karts have engine defects that appear after the warranty period expires. The plaintiffs,want Ritchie to replace the defective engines and pay damages for the owners' losé of use. The cost of replacing the engines would be approximately $380,000 (not including any damages). Ritchie's attorney believes that it is reasonably possible that Ritchie will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Ritchie performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Ritchie's cost of the repairs, paid in cash, was $850. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Ritchie…Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
- Record general journal entries for balance day adjustments Notes - Australian Based Question periodic inventory system * 10% GST is included in the amount Subscription fee - for monthly newsletter Financial Year = starts on 1 July and ends the next year on 30 June (example 1 July 2019 - 30 June 2020) Trial Balance (Before Balance Day Adjustments) - As at 30 June 2020 Account Title Debit $ Credit $ Cash 27,736 Accounts Receivable 35,650 Provision for Doubtful Debts 950 Inventory 10,500 Purchases 386,000 Sales Revenue 575,000 Investments 120,000 Interest Expense 1,200 Interest Revenue 2,500 Loan 20,000 Subscriptions Revenue 2,000 Insurance Expense 7,500 Wages 65,666 Advertising Expense 5,800 Water 7,500 Equipment 40,000 Accumulated Depreciation – Office Equipment 4,600 Accounts Payable 5,552 GST Collected 40,000 GST Paid 15,500 Capital 1/7/19 95,000 Rates 3,600 Drawings 12,000…Percent Uncollectible Age Class Balance Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due $ 892,000 4% 285,000 1 101,000 8. 63,000 16 43,100 50 17,700 80 $1,401,800 a. Estimate what the total balance of the allowance for doubtful accounts should be as of December 31. b. Journalize the adjusting entry for uncollectible accounts as of December 31.Current Attempt in Progress Metlock, Inc. purchased an 18-month insurance policy on May 31, 2022 for $10080. The December 31, 2022 balance sheet would report Prepaid Insurance of: O $6160. O $3920. O $10080. O $0 because Prepaid Insurance is reported on the Income Statement. Save for Later Attempts: 0 of 1 used Submit Answer
- Question Content Area On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $17,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a. $174 b. $181 c. $171 d. $184Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019)