Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 301 306 112 Accounts Receivable 157 158 201 208 400 429 711 726 732 Cash (a) Oriole Company Adjusted Trial Balance July 31, 2022 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Account Titles Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,200 9,400 16,100 15,800 9,300 55,800 14,900 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) $129,500 Credit $7,400 4,500 1,500 44,600 64,700 6,800 $129,500 Debit Credit

Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 301 306 112 Accounts Receivable 157 158 201 208 400 429 711 726 732 Cash (a) Oriole Company Adjusted Trial Balance July 31, 2022 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Account Titles Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,200 9,400 16,100 15,800 9,300 55,800 14,900 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) $129,500 Credit $7,400 4,500 1,500 44,600 64,700 6,800 $129,500 Debit Credit

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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Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss on Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit…
The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Credits Debits $ 44,000 Cash 94,000 119,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 82,000 158,000 395,000 113,000 31,000 51,000 $ $ 29,000 119,000 44,000 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 84,000 39,000 345,000 6,000 390,000 31,000 $ 1,087,000 1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the…
Johnstone & Gonari Ltd. (J&G) continued operating through 2021 and is now preparing for its accounting work for the annual fiscal period (January 1, 2021 – December 31, 2021). The adjusted trial balance for J&G at December 31, 2021 is presented below: Account Name Debits Credits Cash $89,000 Accounts receivable 10,000 Supplies 5,000 Prepaid expense 2,000 Equipment 250,000 Accumulated depreciation (equipment) $24,000 Accounts payable 4,000 Income tax payable 6,000 Deferred revenue 5,000 Notes payable (long-term) 10,000 Contributed capital 11,000 Retained earnings (beginning – Jan 1) 40,000 Dividends declared 200,000 Revenue 900,000 Depreciation expense 44,000 Office expense 120,000 Supplies expense 70,000 Wages expense 140,000 Income tax expense 70,000 Totals…
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The accounts and balances shown below were taken from Unique Low Company's trial balance on December 31, 2021. Wages payable P150,000; Cash P250,000; Inventories P50,000; Accumulated Depreciation-PPE P100,000: Property. Plant & Equipment P500,000; Land held for future business site P900,000; Deferred income P10,000; Accounts Receivable P15,000; Owner's capital P1.455.000 how much should be reported in Unique Low Company's December 31, 2021 balance sheet as noncurrent assets? O P1,400,000 O P1,300,000 OP1,500,000 O P1,600,000
Required information Skip to question [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts and balances at its December 31 year-end. Notes payable $ 11,000 Accumulated depreciation—Buildings $ 15,000 Prepaid insurance 2,500 Accounts receivable 4,000 Interest expense 500 Utilities expense 1,300 Accounts payable 1,500 Interest payable 100 Wages payable 400 Unearned revenue 800 Cash 10,000 Supplies expense 200 Wages expense 7,500 Buildings 40,000 Insurance expense 1,800 Dividends 3,000 Common stock 10,000 Depreciation expense—Buildings 2,000 Retained earnings 14,800 Supplies 800 Services revenue 20,000 Use the adjusted trial balance accounts and balances at its December 31 year-end for Stark Company to prepare an adjusted trial balance.
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Required information [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts with normal balances at its December 31 year-end. $ 28,000 Accumulated depreciation-Buildings 4,200 Accounts receivable Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Services revenue 840 Utilities expense 10,000 Interest payable 2,100 Unearned revenue 44,000 Supplies expense 9,200 Buildings 3,500 Dividends 27,000 Depreciation expense-Buildings 105,000 Income Statement Complete this question by entering your answers in the tabs below. Expenses Use the adjusted accounts for Stark Company to prepare the (1) income statement and (2) statement of retained earnings for the ye ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $99,800 on December 31 the prior year. Supplies Retained earnings Statement of Retained Balance…
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