Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6)Fill in the missing amounts in the following schedules.Complete this question by entering your answers in the tabs below.Required 1Required 2 Required 3Required 4Required 5Fill in the missing amounts in the following schedules.Retained earnings,12/31/x0$ 2,050,000Net income for 20x1400,000Dividends paid in 20x1Retained earnings,12/31/x1< Required 4Required 5 >*Half of each month's sales are on account. March sales amounted to $60,000.160% of credit sales is collected in the month of sale; 40% is collected in the following month.+Yen is the Japanese national currency.

The statement of retained earnings is prepared to record changes in retained earnings such as net…

Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Retained earnings, 12/31/x0 Net income for 20x1 Dividends paid in 20x1 Retained earnings, 12/31/x1 $ 2,050,000 400,000 < Required 4 Required 5 >

Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Retained earnings, 12/31/x0 Net income for 20x1 Dividends paid in 20x1 Retained earnings, 12/31/x1 $ 2,050,000 400,000 < Required 4 Required 5 >

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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3 Part 3 of 3 Required information [The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Gibson Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals Cash Budget for October Required c. Indicate whether Gibson will need to borrow money during October by preparing October's Cash Budget. Note: Negative amounts should be indicated by a minus sign. Round your answers to the nearest whole dollar. Cash available Less: Payments Total budgeted payments Cash surplus (shortage) 0 $ 20,000 68,000 44,000 280,000 0 $78,400 76,000 180,000 58,000 19,600 $ 412,000 $ 412,000
Question 38 Most budgets are prepared on a cash or modified cash basis. T F Question 39 When Spruce City receives goods at a cost of $9,700 that were encumbered in the prior year for $10,000, which of the following entries are required (assume that encumbrances lapse at year end)? a. Debit Expenditures $9,700; Credit Vouchers Payable $9,700; no entry for Encumbrances. b. Debit Expenditures $9,700 and Reserve for Encumbrances $10,000; Credit Vouchers Payable $9,700 and Encumbrances $10,000. c. Debit Expenditures $10,000 and Reserve for Encumbrances $10,000; Credit Vouchers Payable $10,000 and Encumbrances $10,000. d. Debit Reserve for Encumbrances $10,000; Credit Encumbrances $10,000; no entry for Expenditures. Question 40 To close Reserve for Encumbrances at the end of the year which of the following entries should be made? a. Debit Reserve for Encumbrances; Credit Fund Balance. b. Debit Reserve for Encumbrances; Credit Encumbrances. c. Debit Fund Balance; Credit Reserve for…
Please need help with how to determined the budgeted unit
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Exercise 10.7 (Static) Journalizing payroll transactions. LO 10-7 On July 31, the payroll register for Red Company showed the following totals for the month: gross earnings, $38,950; social security tax, $2,414.90; Medicare tax, $564.78; income tax, $5,842.00; and net amount due, $30,128.32. Of the total earnings, $30,500.00 was for sales salaries and $8,450.00 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 20X1 Mc Graw Hill 6.586 APE 6 23 MacBook Pro
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Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Accounts receivable, 12/31x0 Sales on account during 20x1 Collections of accounts receivable during 20x1 Accounts receivable, 12/31x1 340,000 t 900,000 (780,000) *Half of each month's sales are on account. March sales amounted to $60,000. 160% of credit sales is collected in the month of sale; 40% is collected in the following month. +Yen is the Japanese national currency.