Following are accounts and year-end adjusted balances of Cruz Company as of December 31.NumberAccount Title101Cash126Supplies128Prepaid insurance167168301302403Services revenue612622EquipmentAccumulated depreciation-EquipmentA. Cruz, CapitalA. Cruz, WithdrawalsDepreciation expense-EquipmentSalaries expense637Insurance expense640Rent expense652Supplies expenseTotalsDebit$ 19,00013,000Credit3,00024,000$ 7,50047,6007,00044,0003,00022,0002,5003,4002,200$ 99,100$ 99,1001. 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 $47,600 on December 31of the prior year.

1. Closing Entries (December 31) Close Revenue Accounts to Income Summary:Debit Services Revenue…

Answered: Following are accounts and year-end…

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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The following selected accounts and their current balances appear in the ledger Multiple-step ino me statement and balane me 100 Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 240,000 Retained Earnings $ 2,949,100 Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable 966,000 1,690,000 Sales Dividends 100,000 11,343,000 22,500 Cost of Goods Sold 7,850,000 13,500 8,000 830,000 Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense 916,000 550,000 140,000 550,000 38,000 3,600,000 650,000 94,000 1,820,000 Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 326,000 40,000 50,000 Customer Refunds Payable Salaries Payable Note Payable…
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare two closing journal entries
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The net income reported on the income statement for the current year was $132,100. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $51,250 $46,640 Accounts receivable (net) 36,750 34,470 Merchandise inventory 50,170 52,470 Prepaid expenses 5,640 4,430 Accounts payable (merchandise creditors) 48,020 44,120 Wages payable 26,240 28,820 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial)blank Cash flows from operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating…
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Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 32,700 $ 37,849 $ 37,130 Accounts receivable, net 94,775 65,580 51,527 Merchandise inventory 120,330 86,659 53,800 Prepaid expenses 10,118 10,034 4,252 Plant assets, net 285,450 268,303 235,991 Total assets $ 543,373 $ 468,425 $ 382,700 Liabilities and Equity Accounts payable $ 138,006 $ 78,372 $ 51,022 Long-term notes payable 100,111 107,738 83,731 Common stock, $10 par value 163,500 163,500 162,500 Retained earnings 141,756 118,815 85,447 Total liabilities and equity $ 543,373 $ 468,425 $ 382,700 For both the current year and one year ago, compute the following ratios: 1. Express the balance sheets in common-size percents.2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?3. Assuming annual sales have not…
Lloyd Company reprted net income of $25000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below Accounts receivable $4,600 $3000 Merchandise Inventory 25000 30000 Accounts payable 16000 18000 wages payable 8000 12000
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Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.

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