Nadia CompanyAdjusted Trial BalanceDecember 31,2015Cash5,130Accounts Receivable3,300Prepaid Expenses55012,400EquipmentAccumulated Depreciation2,200Accounts Payable700Notes Payable-Due on June 30, 2016Nadia Porter, Capital4,00013,000Nadia Porter, Drawing700Fees Earned9,9302,450Wages ExpenseRent Expense1,900Utilities Expense1,475Depreciation Expanse1,150Miscellaneous Expense77529,83029,830Totals Nadia CompanyBalance SheetDecember 31, 2015LiabilitiesAssets

Prepare income statement and owners' equity statement to determine the balance in Nadia Porter,…

Answered: Nadia Company Adjusted Trial Balance…

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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Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion, Drawing 300,000 Sales 8,925,000 Cost of Merchandise Sold 5,620,000 Sales Salary Expense 850,000 Advertising Expense 420,000 Depreciation Expense--Store Equipment 33,000 Miscellaneous Selling Expense…
A Company Unadjusted Trial Balance December 31, 2020 Cash $ 27,300 Accounts receivable 4,500 Supplies 900 Prepaid Rent 7,800 Equipment 73,500 Accumulated depreciation: equipment $19,400 Accounts payable 5,700 Unearned revenue 3,800 Note payable 20,000 Common stock 35,000 Retained earnings. 1/1/20 6,400 Service revenue 32,600 Salary expense 8,400 Telephone expense 300 Utilities expense 200 _______ Total $122,900 $122,900 Prepare the adjusting entry for the following: (Answers without supporting calculations will receive 0 points.) The note payable originated on September 1, 2020. The note has an interest rate of 10% with all interest and principle to be paid when the note matures on August 31, 2021. Debit Credit
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Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion, Drawing 300,000 Sales 8,925,000 Cost of Merchandise Sold 5,620,000 Sales Salary Expense 850,000 Advertising Expense 420,000 Depreciation Expense--Store Equipment 33,000 Miscellaneous Selling Expense…
Woods Company Adjusted Trial Balance for the year ended December 31st 2012 DETAILS DEBIT $ CREDIT $ Cash 45,000 Accounts Receivable 50,000 Inventory 96,000 Equipment 100,000 Accumulated depreciation-equipment 20,000 Accounts payable 56,000 D. Woods - Capital 201,000 D. Woods - Drawing 36,000 Sales revenue 455,000 Sales returns and allowances 30,000 Sales discounts 25,000 Cost of goods sold 260,000 Salary expense 52,000 Insurance expense 9,000 Utilities expense 19,000 Depreciation expense 10,000 Delivery expense 15,000 Interest revenue 28,000 Interest expense 13,000 Total 760,000 760,000 Required: Prepare the company’s closing entries Prepare a multiple-step income statement, statement…
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A Company Unadjusted Trial Balance December 31, 2020 Cash $ 27,300 Accounts receivable 4,500 Supplies 900 Prepaid Rent 7,800 Equipment 73,500 Accumulated depreciation: equipment $19,400 Accounts payable 5,700 Unearned revenue 3,800 Note payable 20,000 Common stock 35,000 Retained earnings. 1/1/20 6,400 Service revenue 32,600 Salary expense 8,400 Telephone expense 300 Utilities expense 200 _______ Total $122,900 $122,900 Prepare the adjusting entry for the following: (Answers without supporting calculations will receive 0 points.) At year-end, services for $2,300 of the unearned fees have not been performed. Debit Credit
Prepare the retained earnings statement Prepare the balance sheet (Classified Format)

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