The adjusted trial balance of Karlse Repairs on December 31 follows.Number Account Title101124128167168201210301302403612623637640650690Adjustad Trial BalanceDecember 31CashOffice suppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentAccounts payable.Wages payableC. Karise, CapitalC. Karise, WithdrawalsServices revenueDepreciation expense-EquipmentWages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseTotalsDabit$ 127,0001,2002,65057,000Required:1a. Prepare an income statement for the year.1b. Prepare a statement of owner's equity for the year.1c. Prepare a classified balance sheet at December 31.2. Prepare the December 31 closing entries.20,000Credit$ 5,700he below13,5001,40035,000222,3505,70042,00070014, 5004,3002,900$ 277,950 $ 277,950Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments duringthe year.Submit

The financial statements of the business include income statement, balance sheet and statement of…

Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.

Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.

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

Data for adjustments: • Unearned professional fees 10,000 • Accrued salaries 14,000
General journal for coffee machine
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…
Capital, 1 February 2019 Drawings Fixtures and fittings Equipment Accumulated depreciation of fixtures and fittings Accumulated depreciation of equipment Cash in Hand Hairdressing Fees Interest expense Wages and salaries Insurance expense Cash at bank (Cr) Rent income 5% loan from April Bank Trade payables Utilities expense Discount received Bank charges $ 16 000 1 900 30 000 25 200 6 000 1 320 750 38 100 500 23 900 3 850 910 12 300 15 000 600 4 200 120 50 Additional information On 31 January 2020 (i) Annual insurance expense was $5 000. (ii) Utilities expense paid in advance $700. (iii) $500 rent income was earned but not yet collected. (iv) 5% interest was charged on bank loan. 1 Owner paid half of the bank overdraft using his personal cheque. 2 One third of the bank loan is repayable on 30 June 2020. REQUIRED (a) Prepare the statement of financial performance for the year ended 31 January 2020. (b) Prepare the statement of financial position at 31 January 2020.
On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of Quantity Purchased Price per Unit Extended Total Cost Measure Shop Towels Rolls Supplies a 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 t1 -- July 1 $6 $240 Total $1,395 Account N On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Quantity Remaining Item Measure ent 2 -- Ju Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: ient 3 -- Quantity Remaining Unit of Item Measure Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial…
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…
Motor Vehicle 180,000 Prepaid Rent 18,000 Salary Expenses 96,000 Cash at Bank 130,000 Service Revenue 213,000 Depreciation expense – Motor Vehicle 18,000 Accounts receivable 17,000 Electricity Expense 9,200 Owner, Drawings 6,000 Unearned revenue 16,000 Supplies Expense 14,800 Accounts payable 13,000 Capital ? Bank Loan 23,000 Accumulated Depreciation- Motor Vehicle 80,000 a) Prepare the closing entries for the business. Narration is not required. b) Prepare the post-closing trial balance for the business.
s
AISIONUFFICE OF CAMAR b. Repairs expense c. Consumption d. Depreciation VISION ASSIGNMENT The following accounts were taken from the adjusted trial balance of Dota Gaming Services for accounting period December 31, 2019: Debit 12,000 150,000 Credit Prepaid insurance Cash Dota gaming services, capital Dota gaming services, drawing Depreciation expense Office supplies Salaries expense Rent expense Supplies expense Accounts receivable Service income Notes receivable Accumulated depreciation- Building Accumulated depreciation - Equipment Land Building Equipment Interest payable Mongage payable Furniture and fixtures Accumulated depreciation - turniture and fixtures Utilities expense Insurance expense 600,000 10,000 13,500 15,000 65,000 15,000 13,210 150,910 55,500 OF EDUC 45,000 12,000 250,000 300,000 60,000 6,000 85,000 25,000 7,500 3,800 6,000 28 Accounts payable Notes payable Interest income Interest receivable TOTAL 95,000 96,000 3,500 3.500 1.095.510 1.095.510 Required: 1. Income…