The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023.Debits$ 6,0003,0006,00012,000Account TitleCashAccounts receivableInventoryEquipmentAccumulated depreciationAccounts payableAccrued liabilitiesCommon stockRetained earningsSales revenueCost of goods soldSalaries expenseRent expenseAdvertising expenseDividendsTotals00000$ 27,000CreditsJanuary 16 Paid the entire amount due to the Strong Company.January 18 Received $6,000 from customers on account.January 20 Paid $900 to the owner of the building for January's rent.January 30 Paid employees $4,000 for salaries for the month of January.$ 4,5004,00009,0009,5000$ 27,000The following transactions occurred during January 2024:January 1 Sold inventory for cash, $4,500. The cost of the inventory was $3,000. The company uses the perpetualinventory system.January 2 Purchased equipment on account for $6,500 from the Strong Company. The full amount is due in 15 days.January 4 Received a $200 invoice from the local newspaper requesting payment for an advertisement that Whitlow placedin the paper on January 2.January 8 Sold inventory on account for $6,000. The cost of the inventory was $3,800.January 10 Purchased inventory on account for $10,000.January 13 Purchased equipment for cash, $900. January 31 Paid a cash dividend of $900 to shareholders.4. Prepare an unadjusted trial balance as of January 31, 2024.TotalsWHITLOW MANUFACTURING CORPORATIONUnadjusted Trial BalanceJanuary 31, 2024Account TitleDebitsCredits

Trial balance is summary of all general ledger account balances in the business. General ledger…

Answered: January 31 Paid a cash dividend of $900…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Current Attempt in Progress Oriole Corporation reported the following information (in thousands) at December 31, 2024 : Dividends payable Bank loan payable - current portion Bank loan payable - non-current portion Common shares Retained earnings 2024 $15 280 420 640 700 2023 $5 280 300 440 530 Additional information: 1. 2. 3. The bank loan was increased by additional borrowings of $330 to partially finance the purchase of new equipment that cost $700. The bank loan was decreased by repayments. Common shares were issued during the year. None were repurchased. The company paid dividends during the year. Net income for the year was $420. B SUPPORT Prepare the financing activities section of Oriole's statement of cash flows for the year.
Question No.2 Wahid Company Limited is registered with an authorized capital of 2,000,000 divided into ordinary share of Rs.10 each. The company books showed the following balances on December 31, 2019 are as follows: Debit Credit Title of Account Rs. Rs. Cash at Bank Accounts Rec eivable Allowance for Bad Debts Prepaid Rent Merchandise Inventory (Beg) Machinery Accumulated Depreciation |(Machinery) Accounts Payable Accrued Rent Mortgage Notes Payable Share Capital Retained Earning 8,000 26,000 2,000 400 5,200 560,000 68,000 28,000 1,000 133,400 380,000 48,700 180,000 Sales Purchases Salaries Expense Transportation-in Rent Expense Auditor's Fee 180,000 22,000 18,000 17,000 4,500 841,100 841,100 Total Data for Adjustment: I. Rent Payable Rs.100 II. Merchandise Inventory Rs.88,000 III.Depreciation Expense for the year Rs.16,000 IV.Appropriate Rs, 8,000 for Plant Extension and Rs. 18,000 for Contingencies Required: A. Prepare Income Statement B. Prepare Statement of Retained Earning C.…
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities. Cash Supplies Prepaid rent Land Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. $54,200 12,500 32,000 280,000 Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. Beginning Balance Ending Balance Accounts payable Utilities payable Salaries payable Notes payable GLASSON ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock $ Retained Earnings 08 Total Stockholders' Equity 0 $ 0 $14,600 5,600 5,100 31,000
C5.3
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Liability transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Date Transaction Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $140,400 from Triple Creek Bank, issuing a 60-day, 8% note. July 21. Purchased tools by issuing a $120,000, 90-day note to Poulin Co., which discounted the note at the rate of 9%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $140,400. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased equipment from Greenwood Co. for…
mic Calendar My MCBS Library English (en) - damentals of Financial Accou ing mmer Session 1 2021/ACT 140/D2/ Course Documents/ Quiz 126-5-2021 On January 1, 2011, Baird Company had beginning balances as follows: Assets = Liabilities = $420 Common Stock = $500 During 2011, Baird paid dividends to its stockholders of $500. Given that ending retained earnings was $600, what was Baird's net income for the 2011 accounting period? $1,250 a. $770 b. $830 S1.750
Jj.84.
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $180,000 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $102,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000,…
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January 31 Paid a cash dividend of $900 to shareholders. 4. Prepare an unadjusted trial balance as of January 31, 2024. WHITLOW MANUFACTURING CORPORATION Unadjusted Trial Balance January 31, 2024 Account Title Debits Credits