Jameson Consultants, incorporated, provides marketing research for clients in the retail industry. At the end or the current year, the company had the following unadjusted accounts with normal debit and credit balances: Depreciation expense Cash Salaries expense Accounts receivable Income taxes payable Utilities expense Investment income. Common stock Notes payable Accumulated depreciation Supplies expense Prepaid expenses Consulting fees revenue Travel expense $9,300 159,500 Gain on sale of land i 1,740,000 Accounts payable 231,900 3,290 29,130 12,100 3,630 173,000 20,700 23,650 11,500 2,629,200 Additional paid-in capital Rent expense (on leased computers) Salaries payable Supplies Interest expense Retained earnings Buildings and equipment Unearned consulting fees Land Professional development expense Investments JAMESON CONSULTANTS, INCORPORATED Unadjusted Trial Balance At the End of the Current Year Debit $26,590 7,300 103,330 Credit 233,000 162,480 29,550 13,500 18,500 ? Required: Prepare an unadjusted trial balance for Jameson Consultants, Incorporated, at the end of the culent year 636,040 36,400 70,400 21,200 338,000

Jameson Consultants, incorporated, provides marketing research for clients in the retail industry. At the end or the current year, the company had the following unadjusted accounts with normal debit and credit balances: Depreciation expense Cash Salaries expense Accounts receivable Income taxes payable Utilities expense Investment income. Common stock Notes payable Accumulated depreciation Supplies expense Prepaid expenses Consulting fees revenue Travel expense $9,300 159,500 Gain on sale of land i 1,740,000 Accounts payable 231,900 3,290 29,130 12,100 3,630 173,000 20,700 23,650 11,500 2,629,200 Additional paid-in capital Rent expense (on leased computers) Salaries payable Supplies Interest expense Retained earnings Buildings and equipment Unearned consulting fees Land Professional development expense Investments JAMESON CONSULTANTS, INCORPORATED Unadjusted Trial Balance At the End of the Current Year Debit $26,590 7,300 103,330 Credit 233,000 162,480 29,550 13,500 18,500 ? Required: Prepare an unadjusted trial balance for Jameson Consultants, Incorporated, at the end of the culent year 636,040 36,400 70,400 21,200 338,000

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 information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the question that follow. Assets Cash and short-term investments $30,000 Accounts receivable (net) 20,000 Merchandise inventory 15,000 Property, plant, and equipment 185,000 Total assets $250,000 Liabilities and Stockholders' Equity Current liabilities $45,000 Long-term liabilities 70,000 Stockholders' equity—common 135,000 Total liabilities and stockholders' equity $250,000 Income Statement Sales $ 85,000 Cost of merchandise sold 45,000 Gross profit $ 40,000 Operating expenses (15,000) Interest expense (5,000) Net income $ 20,000 Number of shares of common stock outstanding 6,000 Market price per share of common stock $20 Total dividends paid $9,000 Net cash flows from operating activities $30,000…
The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
Ryan Hinds has prepared the following trial balance at the end of December 2001 : Capital Purchases Sales 53,780 9,000 18,400 Return Inwards 100 Return Outwards 250 890 Depreciation for the year Wages Discounts Allowed 4,300 450 Discounts Received 270 Debtors 1,250 2,750 Creditors Premises 45,000 8,900 Fixtures & Fittings Bank Overdraft 1,200 150 370 Cash Carriage Inwards Opening Stock Carriage Outwards Sundry Expenses Prov. for Bad Debts 2,500 140 1,420 420 75,770 75,770 Prior to the preparation of the trial balance Hinds received a draft to tour with the West Indies Cricket Team ( evidently his excitement resulted in a few accounting errors). Suspect of apparent errors, an audit was carried out, and the following errors located : a A page of the purchases day book was undercast by $3,000 A total in the sales day book was carried forward as S1,000 instead of s1,600 « The sale of some old fixtures for cash for S300 has been credited to sales a. Return inwards of $100 have been posted…
Please do not give solution in image format
Subject - account Please help me. Thankyou.
Rahul
Required Information [The following information applies to the questions displayed below.] Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2824 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other incone (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2824 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and Mablities: 2824 Net cash flows from operating activities $ 246 388 894 227 187 69 97 $ 225 183 14 S 2023 $217 487 867 268 282 57 118 $830 315 515 0 422 93…
The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?
The accounts receivable of VERADIO COMPANY were stated at P1,467,000 in a balance sheet submitted to a banker for credit. Upon analysis, the asset was found to consist of the following items: Due from customers on open account P 1,125,000 Acknowledged claim for damages 22,500 Due from consignee at billed price – cost price being P22,500 30,000 Investment in and advances to affiliated company 150,000 Loans to officers and employees 13,500 Deposits with municipalities – bids for contracts 67,500 Unpaid capital stock subscriptions 60,000 Advances to creditors for merchandise purchased but not received 24,000 Cash advanced to salesmen for traveling expenses 4,500 Allowance for doubtful accounts ( 30,000) P1,467,000 The amount of P1,125,000 due from customers was the remaining balance after deducting accounts with credit balances of P6,000. During your examination, you noted that on December 31, the company assigned P300,000 of customers’ accounts to secure a 17%,…
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,386,000 Expenses: Cost of goods sold $ 2,200,000 Operating expenses 908,000 Depreciation expense 32,000 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses 3,219,000 Net income $ 167,000 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 270,300 $ 185,900 Accounts receivable 86,500 65,000 Inventory 105,000 140,000 Prepaid rent 13,200 6,600 Long-term assets: Investments 110,000 0 Land 215,000 250,000 Equipment 280,000 215,000…
Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Cash Interest receivable. Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Divide Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue. TOTALS Multiple Choice $792 million O $819 million $1,635 million Debit $846 million $ 666 938 54 38 38 26 26 170 What would Symphony report as total shareholders' equity? 474 26 12 59 $ 2,463 Credit $ 647 77 475 27 16 15 48 816 329 29 $ 2,463