On November 1, 2022, the account balances of Splish Brothers Inc. were as follows.No.101112 Accounts Receivable126 Supplies153 EquipmentNov. 810121517202225Cash27Debits2914,880eTextbook and MediaList of AccountsCredits154 Accumulated Depreciation-Equipment.$ 2,9765,2702,232 209$25,358No.201During November, the following summary transactions were completed.212311320Accounts PayableUnearned Service RevenueSalaries and Wages PayableCommon StockRetained EarningsPaid $2,108 for salaries due employees, of which $868 is for October salaries.Received $4,232 cash from customers on account.Received $3,844 cash for services performed in November.Purchased equipment on account $2,480.Purchased supplies on account $868.Paid creditors on account $3,348.Paid November rent $496.Paid salaries $2,108.Performed services on account and billed customers $2,356 for these services.Received $744 from customers for future service.Splish Brothers Inc.Balance SheetAssetsLiabilities and Stockholders' Equity$ 2,4803,2241,48886812,4004,898$25,358

Name: On November 1, 2022, the account balances of Splish Brothers Inc. wer
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On November 1, 2022, the account balances of Splish Brothers Inc. were as follows.No.101112 Accounts Receivable126 Supplies153 EquipmentNov. 810121517202225Cash27Debits2914,880eTextbook and MediaList of AccountsCredits154 Accumulated Depreciation-Eq

Lets understand the basics.Balance sheet is as name suggest balance each other in every…

Business

Accounting

On November 1, 2022, the account balances of Splish Brothers Inc. were as follows. No. 101 112 126 Supplies 153 Debits Cash Accounts Receivable Equipment No. Credits $2,976 154 Accumulated Depreciation-Equipment 5,270 201 Accounts Payable 2,232 209 Unearned Service Revenue 14,880 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $25,358 During November, the following summary transactions were completed. $2,480 3,224 1,488 868 12,400 4,898 $25,358

On November 1, 2022, the account balances of Splish Brothers Inc. were as follows. No. 101 112 126 Supplies 153 Debits Cash Accounts Receivable Equipment No. Credits $2,976 154 Accumulated Depreciation-Equipment 5,270 201 Accounts Payable 2,232 209 Unearned Service Revenue 14,880 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $25,358 During November, the following summary transactions were completed. $2,480 3,224 1,488 868 12,400 4,898 $25,358

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

The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 29,300 Accounts receivable 17,000 Equipment 29,000 Accumulated depreciation 8,700 Salaries payable 9,500 Common stock 48,000 Retained earnings 9,100 Total 75,300 75,300 The following is a summary of the transactions for the year: Service revenue, $130,000, of which $39,000 was on account and the balance was received in cash. Collected on accounts receivable, $26,200. Issued shares of common stock in exchange for $15,000 in cash. Paid salaries, $47,500 (of which $9,500 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $25,600. Purchased equipment for $17,500 in cash. Paid $3,150 in cash dividends to shareholders. Accrued salaries at year-end amounted to $950. Depreciation for the year on the…
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 69,000 Accounts receivable 164,000 Inventory 287,000 Prepaid expenses 152,000 Equipment 324,000 Accumulated depreciation $ 112,000 Investments 144,000 Accounts payable 62,000 Interest payable 22,000 Deferred revenue 82,000 Income taxes payable 32,000 Notes payable 210,000 Allowance for uncollectible accounts 18,000 Common stock 402,000 Retained earnings 200,000 Totals $ 1,140,000 $ 1,140,000 Additional information: Prepaid expenses include $124,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. Investments include $32,000 in Treasury bills purchased on November…
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768.352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6.500 and P6.700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30,000 in Caloy's book are uncollectible c) Other assets of P4,000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The…
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 4,500 Accounts Receivable 9,500 Supplies 3,500 Equipment 36,000 Accumulated Depreciation $ 8,000 Accounts Payable 6,000 Utilities Payable 7,000 Deferred Revenue 0 Common Stock 23,000 Retained Earnings 9,500 Totals $ 53,500 $ 53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable, $53,000. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $33,000. 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance…
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 29,300 Accounts receivable 17,000 Equipment 29,000 Accumulated depreciation 8,700 Salaries payable 9,500 Common stock 48,000 Retained earnings 9,100 Total 75,300 75,300 The following is a summary of the transactions for the year: Service revenue, $130,000, of which $39,000 was on account and the balance was received in cash. Collected on accounts receivable, $26,200. Issued shares of common stock in exchange for $15,000 in cash. Paid salaries, $47,500 (of which $9,500 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $25,600. Purchased equipment for $17,500 in cash. Paid $3,150 in cash dividends to shareholders. Accrued salaries at year-end amounted to $950. Depreciation for the year on the…
On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10,…
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on accounts payable, $11,900. 7. September 30 Pay salaries for employee work in the current year, $70,200. 8. November 22…
The following information is available for Pharoah Company Accounts receivable $2,200 Cash $6,300 Accounts payable 4,500 Supplies 3,820 Interest payable 540 Unearned service revenue 920 Salaries and wages expense 5,000 Salaries and wages payable 760 Notes payable 32,500 Depreciation expense 670 Common stock 50,500 Equipment (net) 109,800 Inventory 2,910 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)
The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the followingaccount balances:Account Title Debits CreditsCash 30,000Accounts receivable 15,000Equipment 20,000Accumulated depreciation 6,000Salaries payable 9,000Common stock 40,500Retained earnings 9,500Total 65,000 65,000 The following is a summary of the transactions for the year:a. Sales of services, $100,000, of which $30,000 was on credit.b. Collected on accounts receivable, $27,300.c. Issued shares of common stock in exchange for $10,000 in cash.d. Paid salaries, $50,000 (of which $9,000 was for salaries payable).e. Paid miscellaneous expenses, $24,000.f. Purchased equipment for $15,000 in cash.g. Paid $2,500 in cash dividends to shareholders.Required:1. Set up the necessary T-accounts and enter the beginning balances from the trial balance.
Tax Drill - Work Opportunity Credit During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $7,500 during the year. Lincoln Company's work opportunity credit is $
Adams Company reports the following balance sheet accounts as of December 31. $ 7,200 Retained earnings 74,200 Notes payable (due in 9 years) 8,200 Office supplies 6 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities 16,400 Land 22,000 Accumulated depreciation-Building 5,400 Mortgages payable (due in 5 years) 16,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets Liabilities Equity P Prev 8 of 8 $ $ $ ‒‒‒ --- T 0 0 0 0 0 0 0 Next $ 70,000 54,000 4,400 46,000 7,400 36,000 40,000
The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: apr13 Wrote off account of Dean Sheppard, $8,450 may15 Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible july27 Received $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. dec31 Wrote off the following accounts as uncollectible (record as one journal entry): 31. If necessary, record the year-end adjusting entry for uncollectible accounts.a. Journalize the transactions under the direct write-off method.b. Journalize the transactions under the allowance method. Shipway Company usesthe percent of credit sales method of estimating uncollectible accounts expense.Based on past history and industry averages, ¾% of credit sales are expected to beuncollectible. Shipway Company recorded $3,778,000 of…