Following are accounts and year-end adjusted balances of Cruz Company as of December 31.NumberAccount TitleDebitCredit101CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-Equipment$ 18,00013,8002,00023,000126128167168$ 6,5009,55535,600307Common stock318Retained earningsDividendsServices revenue3196,00040347,800612Depreciation expense-EquipmentSalaries expense2,00027,8672,0083,2031,577$ 99,455622637Insurance expenseRent expenseSupplies expense640652Totals$ 99,4551. 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 Retained Earnings account balance was $35,600 on December 31 ofthe prior year.Complete this questions by entering your answers in the tabs below.Required 1Required 2Prepare the December 31 closing entries. The account number for Income Summary is 901.View transaction list

Name: Following are accounts and year-end adjusted balances of Cruz Company
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Following are accounts and year-end adjusted balances of Cruz Company as of December 31.NumberAccount TitleDebitCredit101CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-Equipment$ 18,00013,8002,00023,000126128167168$ 6,5009,55535,6003

Closing entries are reported in the books to close the temporary accounts at the end of the year.

Business

Accounting

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject-Acounting
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year: 1 Year Ago: Current Year Net sales $ 30,400 87,600 113,000 10,500 281,000 $ 522,500 Numerator: $ 128,400 97,500 160,000 136,600 $ 522,500 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Current Year $ 441,000 227,850 12, 200 9,350 1 1 1 Year Ago $ 35,750 62,000 82,000 9,350 249,000 $ 438,100 Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (2) Compute total asset turnover for the current year and one year ago. Total Asset Turnover I $ 75,250 99,500…
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
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.
Subject- accounting
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
Hansaben
Harding Company Accounts payable $34,411 Accounts receivable 74,965 Accrued liabilities 6,258 Cash 21,193 Intangible assets 37,609 Inventory 78,910 Long-term investments 111,094 Long-term liabilities 73,297 Notes payable (short-term) 28,248 Property, plant, and equipment 613,888 Prepaid expenses 2,504 Temporary investments 36,411 Based on the data for Harding Company, what is the amount of quick assets?
Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1. Accounts receivable $41,120 Accounts payable 6,905 Cash 14,050 Common stock 40,000 Land 19,000 Long-term notes payable 20,750 Merchandise inventory 27,475 Retained earnings 33,990 Assets Current assets ALPHA COMPANY Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
Fortune Corporation's comparative balance sheet showed noncash current assets and liabilities as follows: Dec. 31, Year 2 Dec. 31, Year 1 $7,639 $4,034 11,762 16,277 4,443 5,510 4,585 2,265 Accounts receivable Merchandise inventory Accounts payable Dividends payable Adjust Year 2 net income of $48,103 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.
1
Privett Company Accounts payable $26,195 Accounts receivable 62,336 Accrued liabilities 6,328 Cash 23,939 Intangible assets 37,985 Inventory 74,958 Long-term investments 107,215 Long-term liabilities 74,188 Marketable securities 32,601 Notes payable (short-term) 26,240 Property, plant, and equipment 660,621 Prepaid expenses 1,525 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 2 Оb. 17 Ос. 1 Od. 3.3