eBookThe trial balance for Wallace Financial Services on January 31 is as follows:Wallace Financial ServicesAccount NameCashSuppliesPrepaid InsurancePrint ItemEquipmentAccumulated Depreciation,EquipmentAccounts PayableL. Wallace, CapitalL. Wallace, DrawingFinancial Services FeesWages ExpenseRent ExpenseUtilities ExpenseRepair ExpenseMiscellaneous ExpenseTrial BalanceJanuary 31, 20--Debit15,8905743,09612,2802,6003,82587043023520040,000Data for month-end adjustments are as follows:a. Expired or used-up insurance, $600.b. Depreciation expense on equipment, $280.Credit2,4001,98421,50614,11040,000c. Wages accrued or earned since the last payday, $970 (owed and to be paid on the next payday).d. Supplies used, $460. Income StatementFor Month Ended January 31, 20--Revenue:Total RevenueExpenses:Total ExpensesNet IncomePrepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report.Wallace Financial ServicesStatement of Owner's EquityFor Month Ended January 31, 20--SubtotalPrepare a balance sheet.Total AssetsQoçoWallace Financial ServicesBalance SheetJanuary 31, 20--Total LiabilitiesAssetsLiabilitiesOwner's EquityTotal Liabilities and Owner's Equity

Financial statements are those statements which are prepared at the end of accounting period. The…

Income Statement For Month Ended January 31, 20-- Revenue: Total Revenue Expenses: 8 Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report. Wallace Financial Services Statement of Owner's Equity For Month Ended January 31, 20-- Total Expenses Net Income Subtotal QOQO Prepare a balance sheet. Total Assets Wallace Financial Services Balance Sheet January 31, 20-- Assets Liabilities

Income Statement For Month Ended January 31, 20-- Revenue: Total Revenue Expenses: 8 Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report. Wallace Financial Services Statement of Owner's Equity For Month Ended January 31, 20-- Total Expenses Net Income Subtotal QOQO Prepare a balance sheet. Total Assets Wallace Financial Services Balance Sheet January 31, 20-- Assets Liabilities

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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Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2821 $ 62,700 27,000 56,600 3,500 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 1. Cash paid for inventory 2. Cash paid for operating expenses 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500…
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TB SA Qu. 16-59 (Static) Complete: Complete: Current Assets Cash Accounts receivable Prepaid rent Merchandise inventory Total current assets $ Amount $ $ $ 12,000 9,000 5,000 28,000 Round to Nearest Hundredth Percent % % % % 100 %
Operating / Investing / Financing Activities Identification Identify each transaction as an operating (O), investing (I), financing (F), or other non-cash (NC) event. 1 Borrowed $50,000 on a long-term note payable 2 Made a sale for $2,500 on open account. 3 Reclassified as a short-term liability the long-term notes payable of $30,000 now due within one year. 4 Purchased a building for $120,000 with a $20,000 cash down payment and signed a long-term note payable for the balance. 5 Paid the maturity value of $1,050 on a short-term note payable with a face value of $1,000. 6 Wrote off $500 in uncollectible accounts receivable. 7 Paid the liability for accrued wages payable of $700 as well as the current periods’ wages of $4,500. 8 Paid $2,000 on accounts payable. 9 Sold marketable securities that cost $12,000 for $12,750. 10 Issued 200 shares of $5 par value common stock in payment for equipment having a fair market value of $17,400.
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