From the following list of balances, prepare a trial balance as at 31 December 2020 for Arusha James. Plant and Machinery 21 450 Motor Vehicles Premises Wages 26 000 80 000 42 840 Purchases Sales Rent Received Telephone, printing and stationery Accounts Payable Accounts Receivable Bank Overdraft Capital Drawings General Expenses Lighting and heating Motor Expenses Inventory (1 January 2020) Discount Recerved 119 856 179 744 3 360 3 600 27200 30440 2216 10 680 3 584 2960 2 360 9 000 000
Q: The following accounts and their balances appear in an unadjusted trial balance of Hydro Company as…
A: Calculation of Adjusted Balances at December 31, 2019 Cash Accounts Receivable Inventory…
Q: As at 30 June 2019, the unadjusted trial balance of Green Ltd was noted as follows: Green Ltd…
A: Adjusting entries are entries that are passed at the end of the year in order to accurately reflect…
Q: Tamapo Trial Balance as at 31 December 2019 P P Motor Vehicle at net 38,000.00 Sales 109,000.00…
A: Trial balance are the basic book of recording transactions in trial balance the mathematical…
Q: T. Bryan is a retailer whose Trial Balance at 2020 December 31 is given below: DR CR $ $ Purchases…
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
Q: The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub-parts for…
Q: Presented below, together with account numbers, is the unadjusted trial balance of Madelyn Rialubin…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: The following pre‐adjustment trial balance appeared in the books of Musketeer Traders at the end of…
A: POST - ADJUSTED TRIAL BALANCE MUSEKEETER TRADERS AT THE YEAR END OF 30 SEPTEMBER 2019:
Q: The following data from the adjusted trial balance of National Gift Shopping Center Trial balance…
A: The closing entries are prepared to close the temporary accounts.
Q: 1.Prepare Nyarkoa Enterprise’s Income Statement (Profit or loss account) for the year ended 31…
A:
Q: The December 31, 2021 adjusted trial balance section of Premier Construction's work sheet is below…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Garvey Company's unadjusted trial balance includes the following account balances as of December 31,…
A: Following are the Adjustment entries that the question demands
Q: The ledger accounts of the Pab Eba Accessories for the year ended Dec. 31, 2020 are as follows:…
A: Financial statements are those statements which are prepared at the end of the period in order to…
Q: Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable…
A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…
Q: The following data from the adjusted trial balance of Safa Shopping Center Trial balance for the…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Presented below is the adjusted trial balance of Elvie CPA for the year ended December 31,2020…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Using the ledger bal & addtl data given, do the following for Callahan Lumber for the yr ended…
A: A trial balance contains accounts of general ledger list of a business. This will contain nominal…
Q: You have been asked to help prepare the financial statements of Cee Jee trading co. for the year…
A: Profit or loss account is the summary showing cost and revenues where, the former is reduced from…
Q: Prepare Trial balance with the given ledger account balances the year ended March 2019. Capital…
A: A trail balance is a summary statement of all the account balances at the end of the accounting…
Q: Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the…
A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…
Q: The following is the Trial Balance for Mina Traders as at 30th April 2020 Particulars DR. CR. € €…
A: Income statement determines the net profit of a company by subtracting total expenses from revenue.…
Q: The adjusted trial balance for Dillan's Tailoring Services on December 31, 2020, appears as follows:…
A: Trial balance: It is a statement where ending balances of all debit and credit items get recorded.…
Q: The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR…
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: the following unadjusted trail balance is prepared at month-end for trey company. trey comapny…
A: Lets understand the basics. Income statement can be prepared using two methods which are, (1) Single…
Q: Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable…
A: (1) A closing entry is a Journal Entry which is prepared at the end of the Accounting Period. (2)…
Q: TRIAL BALANCE AS AT DECEMBER 2020 DEBIT$ CREDIT $ Cash 8000 Accounts Receivable 26,000…
A: The balance sheet includes assets, liabilities, and stockholders' equity.
Q: The fallowing is tue Trial balance % j jamieson as on. 31 october 2020. You are to draw up an income…
A: J.Jamieson Income Statement For the year ended on 31 Oct 2020 Revenue Sales 23,240…
Q: From the following trial balance and additional data, complete the worksheet for Ron's Wholesale…
A: Answer: Adjusted Trial Balance would be:
Q: The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: With this information create a Trial Balance, and Financial Statements Balance Sheet for end of…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS INCOME STATMENT…
Q: The following pre‐adjustment trial balance appeared in the books of Musketeer Traders at the end of…
A: Definition: Trial balance: Trial balance is a worksheet in which the list of all the ledger account…
Q: The following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased…
A: The journal entry seems to be the process of recording or keeping track of any financial or…
Q: Lily Kwan, a sole proprietor, extracted the following trial balance from her books 30 April 2020: Dr…
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON…
A: Introduction Adjusting entries: Adjusting entries are prepared at the end of year to match expenses…
Q: The ledger of Rashid Travel Agency includes the following accounts with normal balances on December…
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance…
A: Adjusted trial balance shows the balances of the ledger accounts which are adjusted with the…
Q: Trial Balance as at June 30, 2020 Dr $ 127,000 151,000 Cr $ Cash Accounts Receivable Allowance for…
A: Answer - Adjusting Entries - are journal entries recorded at the end of an accounting period to…
Q: PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing…
A: Trial balance is a statement showing the summary of ledger accounts and their balances. Generally it…
Q: Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS BALANCE SHEET…
Q: 2021 are as follows: Accounts receivable P 29,250 Unearned Fees P 26,500 Supplies 2,700 Fees Earned…
A: The trial balance is prepared to record the balances of each account as debit and credit balance.
Q: NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc.…
A: The financial statements of the business include the income statement, balance sheet and statement…
Q: A. You are provided with the following information form the accounts of BBS Ltd for the yearending…
A: Taxable profit : The profit of the firm is ascertained to pay the tax on that profit. In other…
Q: At January 31, 2021, the balance in Foster Inc.’s Supplies account was $750. During February, Foster…
A: An asset is kind of resource which can be used to pay off debt or obligation in case of an…
Q: As at 30 June 2019, the unadjusted trial balance of Green Ltd was noted as follows: Green Ltd…
A: The Journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following is the trial balance extracted from the books of the heavy equipment company :on…
A: Trading account is a statement which gives you Gross Profit/(Loss) amount for the company. Trading…
Q: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Sharifah Aini is the owner of COMEI ENTERPRISE, who sells women clothes and accessories since 2018.…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: 8 The following Trial Balance was extracted from the books of Tom Nik Trading, a wholesaler as at 31…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Indus clothing provides you the following ledger balances. Prepare trial balance as on 31* December,…
A: Trial balance is the summarized statement which contains debit and credit balances of various types…
Step by step
Solved in 3 steps with 2 images
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…lai Exam Dtd: 14-04-2021 Identify the Day-to-day expenses from the following. O a. Office Expenses O b. Fuel Oc Power O d. All the optionsTransactions Alex and Hagi decided to open a home cleaning service company, H@L . The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi gach donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225,…
- Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.What are journal entries for an accrual of electricity expenses of ksh 1000lal Acc CO ng-20201 am ACCT301 Fall 2020/2021 (Sections 1, 2, and 81) 19 Revenue has a credit balance of OMR 15,000 in Muscat Co. if the dosing entry will made at the year end, ved The entry to close Revenue is: it of Select one: O a debit Income Summary OMR20,000, credit Revenue OMR20,000 Ob. debit Revenue OMR15,000, credit Ahmad Capital OMR15,000 Oc debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000 Clear my choice s page
- YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon7-2 Project: Company Accour x 121. Project Guidelines and Rubric x 121. 7-1 Problem Set: Module Sev X CengageNOWv2 | Online tea now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress3false eBook Show Me How Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $224,540 Interest expense 39,620 Average total assets Determine the return on total assets. If required, round the answer to one decimal place. 1.8 Check My Work Divide the sum of net income and interest expense by average total assets. Previa Check My Work ADE dyMore info - X December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,900; the cost of goods sold for each was $400. December 5 Ritchie received notice of a class-action lawsuit being filed against it. The lawsuit claims that Ritchie's go-karts have engine defects that appear after the warranty period expires. The plaintiffs,want Ritchie to replace the defective engines and pay damages for the owners' losé of use. The cost of replacing the engines would be approximately $380,000 (not including any damages). Ritchie's attorney believes that it is reasonably possible that Ritchie will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Ritchie performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Ritchie's cost of the repairs, paid in cash, was $850. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Ritchie…
- Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…ssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator38inprogress3Dfalse CardPointe ONew Tab UTA Is The Leader I.... Commercial Captur... UPS-Shipping ups Search for Corporat... |国 Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,600 $202 FOB Shipping Point, 1/10, net 30 $800 (b) $7,500 $62 FOB Destination, 2/10, net 45 $1,700 a. b. Previous Next Email Instruct + %24 %24A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.