Fall 2023 Thu Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Beg Dr (CR) $ $ $ $ $ $ $ 1/1/2022 $ Ending Dr (Cr) $ 75,000 $ $ $ $ 50,000 $ (10,000) $ 12,000 $ 12/31/2022 (36,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ (160,500) 85,000 80,300 5,000 20,000 60,000 (10,000) 20,000 (12,400) (20,000) 5,000 (40,000) 5,000 (60,000)
Fall 2023 Thu Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Beg Dr (CR) $ $ $ $ $ $ $ 1/1/2022 $ Ending Dr (Cr) $ 75,000 $ $ $ $ 50,000 $ (10,000) $ 12,000 $ 12/31/2022 (36,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ (160,500) 85,000 80,300 5,000 20,000 60,000 (10,000) 20,000 (12,400) (20,000) 5,000 (40,000) 5,000 (60,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Fall 2023 Thu
Trial Balance Assignment
Data - Prepare financials
Revenue
Cash
COGS
SG & A
Depreciation
Goodwill
Building
Accum Depreciation
A/R
A/P
Capital stock
Dividend paid
Retained Earnings
Salaries
Bank loan
corp taxes expense
corp taxes payable
Interest expense
Accrued Interest
Insurance
Beg
Dr (CR)
$
es
$
$
$
$
$
$
1/1/2022
$
Ending
Dr (Cr)
$
75,000 $
$
SS
$
$
50,000 $
(10,000) $
12,000 $
12/31/2022
(36,000) $
(10,000) $
$
(40,000) $
$
(50,000) $
(160,500)
85,000
80,300
5,000
20,000
60,000
(10,000)
20,000
(12,400)
(20,000)
5,000
(40,000)
5,000
(60,000)
Transcribed Image Text:Prepaid Insurance
Intellectual Property (IP)
Accum amortization
Amortization of IP
Total
Make the following Journal entries
a) Depreciation - straight line 10
years on ending balance
b) Corp tax payable 22% on Income
before tax
c) Interest on the bank loan on
ending balance 5% accrued but not
paid till Jan 15, 2023
d) Insurance paid on 9/1/2022
$3600 for one whole year
e) Amortization of IP is 10 years
straight line on ending balance
$
$
$
$
10,000 $
(1,000) $
$
3,600
20,000
(1,000)
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