Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previouspart. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Date ExplanationJuly31July31July31July31BalanceJuly31Close Net Income/LossDate ExplanationJuly31Close DividendsClose RevenuesClose ExpensesBalanceRetained EarningsDebitRefJ15J15J15Income SummaryDebitRefJ15J15J1582001650078200CreditCredit2700070000BalanceBalance27001880230 follows.No.101112201Accounts Receivable157Equipment158 Accumulated Depreciation-Equip.Accounts PayableUnearned Rent RevenueCommon Stock208311320332400429Cash711726732Swifty CompanyAdjusted Trial BalanceJuly 31, 2022Account TitlesRetained EarningsDividendsService RevenueRent RevenueDepreciation ExpenseSalaries and Wages ExpenseUtilities ExpenseDebit$8,6509,00016,20016,5007,00056,20015,000Credit$8,0004,0002,20017,35027,00063,0007,000$128.550 $128,550

Retained earnings is the portion of profits which is not distributed as dividend and is retained by…

No. 101 201 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 208 311 320 332 400 Swifty Company Adjusted Trial Balance July 31, 2022 429 711 726 732 Account Titles Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $8,650 9,000 16,200 16.500 7,000 56,200 Credit $8,000 4,000 2,200 17,350 27,000 63,000 7,000 15,000 $128,550 $128,550

No. 101 201 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 208 311 320 332 400 Swifty Company Adjusted Trial Balance July 31, 2022 429 711 726 732 Account Titles Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $8,650 9,000 16,200 16.500 7,000 56,200 Credit $8,000 4,000 2,200 17,350 27,000 63,000 7,000 15,000 $128,550 $128,550

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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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
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Account Debits Credits Time left 1:10:40 Cash at Bank 60,00 62,000 42,000 194,000 310,000 Accounts Receivable Prepaid Rent Inventory Equipment Accumulated Depreciation - Equipment 140,000 Land 340,000 Accounts Payable 102,000 Unearned revenue 68,000 Mortgage Loan 370,000 Capital Drawings 340,000 80,000 Sales Revenue 540,000 Fee Revenue 60,000 Depreciation Expense Electricity Expense Rent Expense Wages Expense TOTALS 110,000 90,000 130,000 202,000 1,620,000 1,620,000 From the Adjusted Trial Balance provided on the previous page prepare the appropriate Closing Journal entries for the year ended 30 June 2020
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Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260 510 500 Inventory 2,175 2,020 3,050 Prepaid expenses 300 600 900 Total current assets $ 5,135 $ 3,360 $ 6,350 Current liabilities $ 2,220 $ 1,320 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above.b. Which company is in the best position to meet short-term obligations?
Income statement , SFP
answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling…