ORIOLE COMPANY Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 8,700 9.900 Supplies 2,300 600 Prepaid Insurance 3,800 2,700 Equipment 13,600 13,600 Accumulated Depreciation-Equipment $ 3,800 $ 4,500 Accounts Payable 5,900 5,900 Salaries and WWages Payable 1,200 Unearned Rent Revenue 1,300 700 Owner's Capital 15,000 15,000 Service Revenue 34,000 35,200 Rent Revenue 10,900 11,500 Salaries and Wages Expense 17,100 18,300 Supplies Expense 1,700 Rent Expense 15,100 15,100 Insurance Expense 1,100 Depreciation Expense 700 $70,900 $70,900 $74,000 $74,000

ORIOLE COMPANY Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 8,700 9.900 Supplies 2,300 600 Prepaid Insurance 3,800 2,700 Equipment 13,600 13,600 Accumulated Depreciation-Equipment $ 3,800 $ 4,500 Accounts Payable 5,900 5,900 Salaries and WWages Payable 1,200 Unearned Rent Revenue 1,300 700 Owner's Capital 15,000 15,000 Service Revenue 34,000 35,200 Rent Revenue 10,900 11,500 Salaries and Wages Expense 17,100 18,300 Supplies Expense 1,700 Rent Expense 15,100 15,100 Insurance Expense 1,100 Depreciation Expense 700 $70,900 $70,900 $74,000 $74,000

Name: ORIOLE COMPANYTrial BalanceAugust 31, 2020BeforeAfterAdjustmentAdjust
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: ORIOLE COMPANYTrial BalanceAugust 31, 2020BeforeAfterAdjustmentAdjustmentDr.Cr.Dr.Cr.Cash$10,300$10,300Accounts Receivable8,7009,900Supplies2,300600Prepaid Insurance3,8002,700Equipment13,60013,600Accumulated Depreciation-Equipment$ 3,800$ 4,500Accou

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

Based on IAS 19 (Adjustment 2014) and the following data: Balance as of December 31, 2014: Current service cost Rp 6.000.000 Interest costs Rp 2.000.000 Past service costs Rp 1.000.000 10% Amortization of net actuarial losses Rp 500.000 Unrecognized actuarial losses Rp 17.000.000 Curtailment Rp 1.000.000 Adjustment Rp 1.500.000 What post-employment benefits should be recognized in the income statement for the year ended December 31, 2014 (the Company provides a post-employment benefit plan - defined benefit): A. Rp 29.000.000 B. Rp 12.000.000 C. Rp 9.000.000 D. Rp 6.000.000
(b) The company is considering purchasing a new delivery truck for $1,200,000. The intention is to obtain a 5-year loan from their bank, at an interest rate of 9% per annum. Annual payments are expected to be made on the loan. Required: i. Calculate DEVCON Industries' annual payment on this loan. ii. Prepare the 5-year Amortization Schedule for this loan, clearly showing the interest and principal payment annually.
The following is the trial balance relates to the business of Sam a sole trader as at31 December 2021: Sam Trial Balance as at 31 December 2021 Land and Buildings Motor Vehicles Depreciation of motor vehicles Sales Sales return Capital Machinery Carriage inwards Depreciation of Machinery Purchases Purchases Returns Inventory 1 January 2021 Selling Expenses Wages and salaries Miscellaneous expenses Loan from NCB Receivables and Payables Bank Account Rent Received DR Drawings $ Administration expenses 150,000 700,000 400,000 15,000 750,000 6,000 950,000 165,000 260,000 78,000 56,000 246,000 120,000 370,000 4,266,000 CR $ 60,000 3,100,000 600,000 70,000 20,000 230,000 160,000 26,000 4,266,000
Start-Up Costs Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start of operations, it incurred the following costs: Costs of hiring new employees $3,000 Attorney's fees in connection with the organization of the company 12,000 Improvements to leased offices prior to occupancy (10-year lease) 6,000 Costs of pre-opening advertising 5,000 1. What amount should the company expense in 2019? What amount should the company expense in 2020? 2. Next Level Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start of operations, it incurred costs to hire new employees, attorney fees in connection with the organization of the company, improvements to leased offices prior to occupancy (10-year lease), and costs related to pre-opening advertising. Start-up costs are:
6. The adjusted trial balance of Lotus Company included the following accounts on December 31, 2020: Sales 9,750,000 150,000 Share of profit of Associate Other Income Decrease in inventory of finished goods Raw materials and consumables used 300,000 250,000 3,500,000 Employee benefit expense Translation gain on foreign operation Depreciation Impairment loss on property Finance Cost 1,500,000 300,000 450,000 800,000 350,000 450,000 900,000 Other Expenses Income tax expense Unrealized gain on option contract designated as cash flow hedge 200,000 Required: Prepare a single statement of comprehensive income for the year ended December 31, 2020.
An Plant and Machinery loss of $200,000 from market decline occurred in October 2019. Smart Co., recorded this loss in October 2019. Which month Company posted? State the dollar amounts that should appear in Smart Company's March 31, June 30, September 30 and December 31, 2019. Select one: a. June 30 Ob. December 31 c. September 30 d. March 31
Sales Inventory (1 October 2019) Purchases Operating expenses Loan from: Nelly Olive Land Building Plant and machinery (cost) Accumulated depreciation (30 September 2020) Accounts receivable and accounts payable Bank overdraft Capital accounts: Mercy Nelly Olive Current accounts: Mercy Nelly Olive Drawings: Mercy Nelly Olive $ 9,000 30,000 19,200 3,000 15,000 21,000 12,000 600 $ 60,000 3,000 6,000 12,000 9,900 3,600 7,500 6,000 3,000 900 600 900 1,200 600 112,800 112,800
Analyse the above and prepare the necessary 31 December 2018 adjusting journalentries to describe the information provided. No narrations required (1) The company bought a small warehouse on 1 January 2018 that costs$465,000. The warehouse is expected to have a residual value of $30,000at the end of its estimated useful life of 20 years. ACC202 Copyright © 2020 Singapore University of Social Sciences (SUSS) Page 8 of 11Timed Online Assignment – July Semester 2020(2) Since the company does not occupy the entire warehouse, it rented outspace to two tenants at $600 per month each starting on 1 October 2018.The first tenant paid $1,200 for two months’ rent on 1 October 2018.However, no further payments have been made. On 1 October 2018, thesecond tenant paid $3,600 for six months’ rental.(3) On 1 January 2018, to finance the purchase of the warehouse, thecompany took a loan of $150,000 from the bank. The company onlyneeded to start making the first principal repayment on 1 January 2021.The…
Compute RNOA with Disaggregation Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets $9,940 $9,636 Nonoperating assets 419 846 Total assets $10,359 $10,482 Operating liabilities $3,926 $3,777 Nonoperating liabilities 6,874 6,362 Total liabilities $10,800 $10,139 Net sales $25,471 Operating expense before tax 21,815 Net operating profit before tax (NOPBT) 3,656 Other expense 229 Income before tax 3,427 Tax expense 809 Net income $2,618 a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute 2018 RNOA. Numerator Denominator RNOA Answer Answer Answer Answer b. Disaggregate RNOA into components of profitability (NOPM) and productivity (NOAT). Assume a…
37 ABC Company reported net income and retained earnings for a two – year period as follows: Net Income Retained Earnings, Ending 2020 6,000,000 6,000,000 2021 8,000,000 14,000,000 In checking the statement for the year ended December 31, 2020, the following errors are discovered: The company paid one – year insurance premium of P 240,000 effective April 1, 2020. The entire amount was debited to asset account and no adjustment was made at the end of 2020. The company leased a portion of its building for P 480,000. The term of the lease is one year ending April 30, 2021. Collection of rent was credited to unearned rent revenue account. At the end of 2020, no entry was made to take up the earned portion of the amount collected. Depreciation expense in 2020 was understated by P 12,000. Depreciation expense in 2021 was overstated by P 14,000. Bad debts expense of P 11,000 was not recorded in 2020. How much is…
Determining Asset Cost When Paying with Cash and Notes Payable Ked Inc. purchases equipment, which has a cash price of $2,690. Terms are arranged for a $800 cash down payment plus payment of the remaining $1,890, plus 15% compound interest per annum, through three equal payments. The purchase occurs on January 1, and the three payments occur on each December 31 thereafter. Required • Round answer to the nearest whole dollar. • Do not use negative signs with your answers. a. Compute the amount of each annual payment. $ b. What does Ked record for the cost of equipment? $ c. What total amount of interest was paid? $ 2,690 X X
By how much did Declan's Designs' Accumulated Depreciation decrease during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual decrease to Accumulated Depreciation. Question 4 options: $1,000 $2,000 $4,000 $3,000