Following are accounts and year-end adjusted balances ofCruz Company as of December 31.NumberAccount TitleDebitCredit101126$ 18,00014,500CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentA. Cruz, CapitalA. Cruz, WithdrawalsServices revenue2,00023,000128167$ 6,50045,8001683013026,00040348,000612Depreciation expense-EquipmentSalaries expense2,00027,9842,0163,2161,584622637Insurance expenseRent expense640652Supplies expenseTotals$ 100,300$ 100,3001. Prepare the December 31 closing entries. The accountnumber for Income Summary is 901.2. Prepare the December 31 post-closing trial balance.Note: The A. Cruz, Capital account balance was $45,800on December 31 of the prior year.Complete this questions by entering your anbelow.Required 1Required 2Prepare the December 31 post-closing trial balancCapital account balance was $45,800 on DecembeCRUZ COMPANYPost-Closing Trial BalanceDecember 31DebitCreditTotals

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 14,500 2,000 23,000 128 167 168 301 $ 6,500 45,800 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense 612 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Supplies expense Totals 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.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 14,500 2,000 23,000 128 167 168 301 $ 6,500 45,800 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense 612 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Supplies expense Totals 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.

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

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.
Please do not give solution in image format thanku
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
Question Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankCash Flows From The Operating Activities Section Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -
Do not give answer in image
Adams Company reports the following balance sheet accounts as of December 31. $ 7,200 Retained earnings 74,200 Notes payable (due in 9 years) 8,200 Office supplies 6 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities 16,400 Land 22,000 Accumulated depreciation-Building 5,400 Mortgages payable (due in 5 years) 16,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets Liabilities Equity P Prev 8 of 8 $ $ $ ‒‒‒ --- T 0 0 0 0 0 0 0 Next $ 70,000 54,000 4,400 46,000 7,400 36,000 40,000
Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. What is the financial statement effect to Being Company at the end of the accounting period on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash InterestReceivable Retained Earnings InterestIncome A) +25 +25 +25 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) +25 -25 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) -25 -25 -25 d. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY…
Complete a general ledger based on the below
The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit Accounts Payable 1,960,000 Accounts Receivable 1,280,000 Accrued Interest - Note A 30,000 Accrued Interest - Note X 200,000 Accrued Interest - Note Y 50,000 Accrued Interest- Note B 24,000 Accumulated Depreciation - Factory Building 325,000 Accumulated Depreciation- Admin. Building 200,000 Accumulated Depreciation of Machinery and Equipment 270,000 Administrative Building 1,000,000 Advances to Customers 148,000 Advances to Suppliers 149,000 Allowance for Doubtful Accounts 58,000 Bonds Payable 2,000,000 Cash 540,000 Cash fund for acquisition of Building 1,500,000…
Prepare the retained earnings statement Prepare the balance sheet (Classified Format)
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…