King Company had the following adjusted trial balance: Account Titles Debit Cash $28,050 Accounts Receivable 17,390 Supplies 9,660 Equipment 37,400 Accumulated $8,100 Depreciation Accounts Payable 3,270 Deferred Rent Revenue 2,350 Capital Stock 30,180 Retained Earnings 23,700 Dividends 16,800 Commission Revenue 55,200 Rent Revenue 7,000 Depreciation Expense 6,400 Utilities Expense 8,800 Supplies Expense 5,300 Total $129,800 $129,800 The president of King Company has asked you to close the books (prepare and process the closing entries). Credit 7

King Company had the following adjusted trial balance: Account Titles Debit Cash $28,050 Accounts Receivable 17,390 Supplies 9,660 Equipment 37,400 Accumulated $8,100 Depreciation Accounts Payable 3,270 Deferred Rent Revenue 2,350 Capital Stock 30,180 Retained Earnings 23,700 Dividends 16,800 Commission Revenue 55,200 Rent Revenue 7,000 Depreciation Expense 6,400 Utilities Expense 8,800 Supplies Expense 5,300 Total $129,800 $129,800 The president of King Company has asked you to close the books (prepare and process the closing entries). Credit 7

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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The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $570,960 Cost of merchandise sold 324,190 Gross profit $246,770 Operating expenses: Depreciation expense $43,810 Other operating expenses 115,830 Total operating expenses 159,640 Income before income tax S87,130 Income tax expense 24,180 Net income $62,950 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase Decrease Accounts receivable (net) S(12,650) Inventories 4,410 Prepaid expenses (4,220) Accounts payable (merchandise creditors) (9,000) Accrued expenses payable (operating expenses) 1,260 Income tax payable (3,020) a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Booker T Industries Inc. Cash Flows from Operating Activities…
Perform a vertical analysis for the balance sheet entry "Accounts Receivable" given below. (Round to the nearest tenth) Assets Current Assets Cash $ 23,000 Accounts Receivables 16,000 Merchandise Inventory 50,000 Supplies 2,500 Total Current Assets 91,500 Property, Plant, and Equipment Machinery and Equipment 23,000 Total Assets $114,500
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