Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 101 126 128 167 160 168 301 302 403 612 622 637 640 652 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals $ 18,000 9,200 2,000 23,000 6,000 2,000 20,522 1,478 2,358 1,162 $ 85,720 $ 6,500 44,020 35,200 $ 85,720 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $44,020 on December 31 of

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 101 126 128 167 160 168 301 302 403 612 622 637 640 652 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals $ 18,000 9,200 2,000 23,000 6,000 2,000 20,522 1,478 2,358 1,162 $ 85,720 $ 6,500 44,020 35,200 $ 85,720 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $44,020 on December 31 of

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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Income Statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $ 3,095 Fuel Expense 3,374 Maintenance and Repairs Expense 2,622 Other Expense 10,337 Provision for Income Taxes (Benefit) (219) Purchased Transportation 15,101 Rentals and Landing Fees 3,361 Revenues 65,450 Salaries and Employee Benefits 23,207 Prepare an income statement. FedEx CorporationIncome StatementFor the Year Ended May 31 (in millions) $Revenues Expenses: $Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense Maintenance and repairs expense Provision for income taxes (benefit) Other expense Total expenses fill in the blank 19 $Net income
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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 126 $ 18,000 14,500 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 2,000 23,000 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 612 Depreciation expense-Equipment Salaries expense 2,000 27,984 2,016 3,216 1,584 622 637 Insurance expense Rent expense 640 652 Supplies expense Totals $ 100,300 $ 100,300 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $45,800 on December 31 of the prior year. Complete this questions by entering your an below. Required 1 Required 2 Prepare the December 31 post-closing trial balanc Capital account balance was $45,800 on Decembe CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals
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For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)
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Complete a general ledger based on the below
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