Given the following account balances before closing entries, what would be the balance for Smith, Capital on the Post - Closing Trial Balance (assuming the beginning capital balance is zero)?Smith, Withdrawals$27,000Service Revenue281,000Salaries Expense66,000Depreciation Expense - Building and Equipment6,900Supplies Expense14,600Insurance Expense13,700Utilities Expense20,700A. $121,900B. $159,100C. $132,100D. $186,100

Given: Smith, Withdrawals: $27,000Service Revenue: 281,000Salaries Expense: 66,000Depreciation…

Answered: Given the following account balances…

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

The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Credits Debits $ 44,000 Cash 94,000 119,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 82,000 158,000 395,000 113,000 31,000 51,000 $ $ 29,000 119,000 44,000 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 84,000 39,000 345,000 6,000 390,000 31,000 $ 1,087,000 1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the…
Solve the following Trial Balance Required: a. Income Statement b. Statement of Change Equity c. Balance Sheet
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
The following account balances were included in Bromley Companγs balance sheet on December 31, 2018: Prepare journal entries to record all the preceding events. Unless otherwise indicated, assume the company makes all payment's in cash.
The accounts and balances shown below were taken from Unique Low Company's trial balance on December 31, 2021. Wages payable P150,000; Cash P250,000; Inventories P50,000; Accumulated Depreciation-PPE P100,000: Property. Plant & Equipment P500,000; Land held for future business site P900,000; Deferred income P10,000; Accounts Receivable P15,000; Owner's capital P1.455.000 how much should be reported in Unique Low Company's December 31, 2021 balance sheet as noncurrent assets? O P1,400,000 O P1,300,000 OP1,500,000 O P1,600,000
attached below is the question Provide closing entries and t accounts
If the balance of the Lang Capital account was P210,000, what would be the balance of building account?
What is the income before the income statement? Cheyenne Corp's unadjusted trial balance at December 1, 2022, is presented below. Cash $20,100 Accounts Receivable 38,600 Notes Receivable 11,000 Interest Receivable 0 Inventory 34,700 Prepaid Insurance 3,600 Land 20,900 Buildings 141,000 Equipment 59,000 Patent 9,900 Allowance for Doubtful Accounts $500 Accumulated Depreciation-Buildings 47,000 Accumulated Depreciation-Equipment 23,600 Accounts Payable 25,300 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 10,500 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) 32,100 Common Stock 49,000 Retained Earnings 92,700 Dividends 12,000 Sales Revenue 919,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 674,000 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 65,900 Amortization Expense 0 Salaries and Wages Expense…
Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600 Income statement
P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 Skip to question (javascript:;) [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Incorporated Unadjusted Trial BalanceAt December 31 DebitCreditCash47,800 Accounts receivable11, 500 Supplies630 Prepaid insurance660 Service trucks 17,900 Accumulated depreciation 8, 200Other assets9, 460 Accounts payable 2, 220Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) 15,000Common stock (4,300 shares outstanding) 1,876Additional paid - in capital 16, 884 Retained earnings 4, 500
37 )
Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable $ 10,100 Accounts receivable $ 4,350 Land 33,500 Accumulated depreciation—Machinery 17,400 Cash 14,050 Notes payable (due in 7 years) 31,800 Salaries payable 1,350 Long-term investments in bonds 7,700 S. Andrea, Capital 47,600 Notes receivable (due in 4 years) 17,100 Machinery 22,800 Merchandise inventory 5,350 Prepaid insurance 3,400

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS