Omkars general and administrative expenses for 2013? Omkar Corp. reports operating expenses in two categories: (1) sellingand (2) general and administrative. The adjusted trial balance atDecember 31, 2013, included the following expense accounts:Expense CategoryAccounting and legal feesAdvertisingFreight-outInterestAmount$300,000$260,000$170,000$140,000Loss on sale of long-term investments $80,000Officers' salariesRent for office spaceSales salaries and commissions$380,000$400,000$250,000One-half of the rented premises is occupied by the sales department.How much of the expenses listed above should be included in Omkar'sgeneral and administrative expenses for 2013?

Explanation of Operating Expenses: Operating expenses are the costs a business incurs through its…

Answered: Omkar Corp. reports operating expenses…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following: a. Statement of Retained Earnings Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building 1,400,000 Accumulated Deperciation - Building 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 45,000 250,000 1,000,000 Common Stock Par $ 0.01 10,000 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings 1,990,000 3,425,000 Dividends Decdared - Common $ 400,000 Sales 14,400,000 Sales Discounts 180,000 Sales Returns and Allowances 2$ 210,000 Cost of Goods Sold (COGS) Selling Expenses 5,350,000 1,300,000 Administrative Expenses $ 650,000 Investment Revenue 150,000 Income Tax Expense $…
Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.Accounts Debit CreditRetained Earnings $30,000Dividends $ 3,000Service Revenue 50,000Interest Revenue 6,000Salaries Expense 15,000Rent Expense 6,000Advertising Expense 3,000Depreciation Expense 11,000Interest Expense 5,000Required:1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.
R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows: Account title Debit Credit Cash 6,000 Accounts receivable 6,000 Allowance for uncollectable accounts 1,000 Supplies 13,000 Materials 7,000 Equipment 78,000 Accumulated Depreciation 8,000 Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value 4,000 Additional paid-in capital 80,000 Retained earnings 17,000 Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses Totals 110,000 110,000 Create an adjusted trial…
R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows: Account title Debit Credit Cash 6,000 Accounts receivable 6,000 Allowance for uncollectable accounts 1,000 Supplies 13,000 Materials 7,000 Equipment 78,000 Accumulated Depreciation 8,000 Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value 4,000 Additional paid-in capital 80,000 Retained earnings 17,000 Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses Totals 110,000 110,000 Transactions during 2019:…
R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows: Account title Debit Credit Cash 6,000 Accounts receivable 6,000 Allowance for uncollectable accounts 1,000 Supplies 13,000 Materials 7,000 Equipment 78,000 Accumulated Depreciation 8,000 Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value 4,000 Additional paid-in capital 80,000 Retained earnings 17,000 Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses Totals 110,000 110,000 Adjusting entries: $18,000…
Accounting The partial trial balance of Rollins Inc. included the following accounts as of December 31, 2020: Debits Credits Sales revenue 6,500,000 Interest revenue 40,000 Dividend revenue 25,000 Unearned rent revenue 260,000 Interest payable 5,500 Cash 545,000 Merchandise inventory 256,000 Loss on sale of investments…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in thousands): sales revenue, $15,300; cost of goods sold, $6,200;selling expenses, $1,300; general and administrative expenses, $800; interest revenue, $85; interest expense, $180.Income taxes have not yet been recorded. The company’s income tax rate is 40% on all items of income or loss.These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in thousands). All transactions are material in amount.1. Investments were sold during the year at a loss of $220. Schembri also had unrealized gains of $320 for theyear on investments.2. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,200.3.…
Selected accounts from Lue Company’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following: DEBIT CREDIT Sales P2,500,000 Cost of Sales P1,600,000 Administrative Expenses 150,000 Loss on Sale of Equipment 90,000 Salesmen's Commission 100,000 Interest Revenue 50,000 Freight-out 30,000 Loss on Condemnation of Asset 100,000 Bad Debts Expense 30,000 P2,100,000 P2,550,000 Other Information: Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000 What was Paris Company's profit before tax?
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $18,500. By the end of the year, actual bad debts total $20,500. Determine the financial statement effects of writing off an uncollectible account. (Amounts to be deducted should be entered with minus sign.) Revenues Assets Accounts Receivable Allowance for Uncollectible Accounts Income Statement Expenses Balance Sheet Net Income Liabilities + Stockholders' Equity (20,500) Retained Earnings 18,500

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