The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year - end reporting date. Account Title DebitsCredits Cash $ 57,510 Accounts receivable 27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30, 000 Salariespayable 0 Common stock 100, 000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86,600 Rent expense 24,000 Depreciation expense 0Utilities expense 17, 320 Advertising expense 5, 770 Totals $ 615, 000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on theequipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet.WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024

Financial statements are prepared by the management at the end of the accounting period. It includes…

payable common STOCK 100,000 Re Sales rever 455,000 Cost goods Utilities expense 17,320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year-end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024

payable common STOCK 100,000 Re Sales rever 455,000 Cost goods Utilities expense 17,320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year-end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024

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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1. Use the HUWING Uaun dubut the company's dujustments to complete a to-CoIUITI WUIK STEEL a. Unrecorded depreciation on the trucks at the end of the year is $6,859. b. Total amount of accrued interest expense at year-end is $8,000. c. Cost of unused supplies still available at year-end is $1,100. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on its year-end balance sheet. Note: The S. Dylan, Capital account balance was $260,373 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Use the following information about the company's adjustments to complete a 10-column work sheet. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31 Balance Sheet and Statement Unadjusted Trial Balance Adjustments Account Title Debit Credit Debit Credit Adjusted Trial Balance Debit Income Statement Credit Debit Credit Debit of Owner's Equity…
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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A company purchased a truck for USD 20,000 on 2010 January 1. The truck has an estimated residual value of USD 5,000 and a useful life of five years. Adjusting entries are prepared only at year-end. The necessary adjusting entry at 2010 December 31, the company’s year-end, is: Group of answer choices Debit Depreciation expense $3,000 Credit Trucks $3,000 Debit Accumulated depreciation trucks $3,000 Credit Depreciation expense – Trucks $3,000 Debit Depreciation expense $4,000 Credit Accumulated depreciation trucks $4,000 Debit Depreciation expense $3,000 Credit Accumulated depreciation – Trucks $3,000
Adjustment for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $20,000. There is no balance in the Accumulated Depreciation-Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $4,000. Prepare the required adjustment to record the yearly depreciation for equipment. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses = Net Income 20,000 4,000 Check O Previous A Save Answers
Depletion Earth's Treasures Mining Co. acquired mineral rights for $42,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 11,600,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
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