Plese do the exercise:By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries.This is the trial balance that he has. Acapulco Inc.Trial Balance dated December 31st year 2021Cash And EquivalentsAccounts ReceivableOther Receivables,Notes ReceivableInventoryPrepaid ExpensesOther Current Assets,Gross Property Plant And EquipmentGoodwillLoans Receivable, Long-TermDeferred Tax Assets Long-TermOther Long-Term AssetsDividendsAccounts PayableAccrued ExpensesCurrent Income Taxes. Pavable.Unearned Revenue CurrentOther Current LiabilitiesLong-Term DebtUnearned Revenue Non CurrentDeferred Tax Liability Non CurrentOther Non Current LiabilitiesCommon StockAdditional Paid, In CapitalBetained EarningsAccumulated Depreciation,BevenuesCost of Goods SoldSelling General & Admin ExpensesDepreciation & AmortizationOther Operating, ExpensesInterest ExpenseIncome Tax ExpenseTotalDebit15,5659,692,373,4225,1324,1115,30818,6385,5310,140,7740,08200,001.293,94158,1440,9966,257,4049,722.917.17Credit42,7064,908,543,348,55299,823,3110,0553,090,44172,57219,28386,881.643,702.917.17

Closing Entries Closing entries are journal entries that move temporary account balances into…

Plese do the exercise: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has.

Plese do the exercise: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has.

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

Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings
Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has a total revenues of 55,000 during the first 3 months of 2022 and the accounts receivable balance on March 31, 2022, is 22,467.
Make sure all parts are DONE!! (use link at the bottom of question to complete certain parts) Project - Comprehensive Problem For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June. Transactions: June: Kell Dice deposited $55,000 into Dice Consulting as the sole owner. Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash. Paid three months’ rent on a lease rental contract, $ 6,000. Paid the yearly premium on property and casualty insurance policies, $3,000. Paid cash for a newspaper advertisement, $120. Received cash from clients as an advance payment for services to be…
Your friend started their own company a few years ago. During covid they experienced a lot ofchallenges, especially with leave pay. He also heard about IAS19 but is not sure what it is about. Heis asking for your advice regarding short-term employee benefits, as well as your assistance basedon the following information relating to the company:At the end of the current financial year being the 30 June 2022, the company has 80 middlemanagers, 20 top managers and 10 partners in the company. As compensation for their services,the following compensation packages are awarded:• Middle managers are compensated with an average salary of R900 000 per annum and havea total of 25 days annual leave.• Top managers are compensated with an average salary of R1 200 000 per annum, with atotal of 22 days leave per annum.• Partners in the company are paid an average salary of R1 800 000 per annum.Per their employment contracts, annual leave may be carried forward for one financial period andis…
Hi, I have an Financial Management exam. These are examples of midterm questions. Please solving detaily, i need them. And I don't know much informations about this course
I am working on a journal entry and this is the question. I am not sure on what accounts I should use. Employees earned $2,300 in salaries that will be paid next month. And Completed services that were paid for six months earlier, $4,100.
Dr Mo started his own medical practice at the end of 2020. At the... Dr Mo started his own medical practice at the end of 2020. At the end of his second year in business he thinks it prudent to compare his 2021 and 2022 financial results to reassess if it's better for him to work in the private sector or return to public service. You are his financial manager, and he provides you with the following financial information: Gross Profit Margin - 35%Net Profit Margin - 11%Return on capital employed(ROCE) - 13%Current Ration - 1.4:1As at 31 December 2022Revenue - R5,000,000Cost of Sales - R2,880,000Total running costs - R1,536,000Current Assets - R660,00Current Liabilities - R600,000Total Capital Employed - R2,560,000 Required:1. Tabulate the 2021 ratios and your calculated 2022 ratios. comment on the changes in the ratios from one year to the next. In your assessment, provide two plausible reasons that could explain the financial trends observed.
In September of year 1, Jason agreed to a contract in which he agreed to redo the floors in an office building and be paid $15,000 for the job. The owner of the office building gave Jason the first $5,000 payment toward the contract on the day the contract was signed. Jason started and completed the work in November of year 1. Upon completion of the project, Jason's bookkeeper mailed an invoice to the building owner for the balance owed, with a due date of February 15th of year 2. Jason received payment in full from the building owner in January of year 2. Jason uses the accrual basis method of accounting for both financial and tax reporting purposes. Which amounts should Jason report as income from this job when filing taxes in year 1 and year 2?
Please help me. Thankyou.
I already got helped with the first three parts. I got advised to repost the question to get the two other parts figured (Income statement and balance sheet). "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-parts solved, please repost the complete question and mention the sub-parts to be solved." Requirement: 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15). Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is…
The end part of the question wouldn't fit in one snip picture so I have copied and pasted the text from the question. I am so lost on this question on how to break it down piece by piece. My numbers aren't adding up correctly at all, I have been trying over and over again for almost 40 minutes and keep going in circles.On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,000.2 Paid rent on office and equipment for the month, $3,050.3 Purchased supplies on account, $2,250.4 Paid creditor on account, $850.5 Earned fees, receiving cash, $14,660.6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670.7 Paid office salaries, $2,600.8 Determined that the cost of supplies used was $1,050.9 Withdrew cash for personal use, $2,200.Required:1. Journalize entries…
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.