Prepare A Post Closing Trail Balance And Balance Sheet. INCEK COMPANY ADJUSTED TRIAL BALANCE - December 31, 2022ACCOUNTS100-Cash on Hand101- Checks Received102-Cash in Bank120-Accounts Receivable153- Merchandise191- V.A.T. Deductible252- Buildings255- Furniture & Fixtures257- Accumulated Deprec.321- Notes Payable360- Taxes & Funds Payable361- Social Security Payable391- V.A.T. Collected500-Capital570- Previous Years' Profits600- Sales621- Cost of Merchan. Sold631- Mrktg., Sel., Ad. Expen.632-Gen. & Adm. Expenses660- Shrt-Term Borrow. Exp.689- Other Extraord. Losses760- Mrkt, Sell. & Dist. Costs761- Mkt, Sll. & D.C. Applied770- General & Adm. Costs771- Gen. & Adm. C. Applied780- Financial Costs781-Financial Costs AppliedTOTALSAMOUNTSDebit70,80067,000142,600 142,600132,600150,000180,00014,400250,00050,00080,00049,00023,400100,0006,00025,0002,0005,0006,00010,000Credit2,00060,000100,00014,40015,000196,40050,0002,00023,400400,00080,000130,000-6,000TWEED10,0002,0001,298,800 1,298,800MacBook AirBALANCESDebit3,800132,60090,00080,000*****250,00050,000100,0006,00025,0002,0005,0006,00010,0001312,000***762,400Credit15,000116,4001,0002,000400,00080,000130,0006,00010,0002,000762,400

Closing Trial balance A post-closing trial balance is a listing of all balance sheet accounts…

Answered: Prepare A Post Closing Trail Balance…

Business

Accounting

Prepare A Post Closing Trail Balance And Balance Sheet.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 86APSA: Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses....

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QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable
July DATE 14 CASH PAYMENTS JOURNAL ACCOUNT TITLE Salary Expense Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Directions for Assignment A: Salary Expense CK. NO. 521 Medicare Tax Payable DEBIT GENERAL 3,149.00 2 CREDIT 283.41 195.24 45.66 3 ACCOUNTS PAYABLE DEBIT Federal Income Tax Payable I Cash PAGE 4 PURCHASES DISCOUNT CREDIT 8 5 Geeknet Company's payroll register has the following totals for the weekly pay period August 1-7. Record and journalize the following payroll items. Total Earnings = $8250.00; Federal Income Tax Withheld = $742.50; Social Security Tax Withheld = $511.50; Medicare Tax Withheld = $119.63 1. Use the T-Accounts to analyze Geeknet's payroll. 2. Journalize the payment of Geeknet's payroll on page 12 of the Cash Payments Journal. The payroll was paid on August 7 using check #122. CASH CREDIT 2,624.69 Social Security Tax Payable
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ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. - Furniture Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 4,002,200 Credit Liabilities 15,000 45,000 140,000 960,300 234,000 4,000 2,600 1,300 2,600,000 P 4,002,200 Requirement 1: Compute the accounting equation for the above post-closing trial balance of Pinklane Company as of Dec. 31, 2016. Assets Equity
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
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Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tax Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 22,000 $1,700 23,700 $128,400 $4 54,000 4,200 68200 128,400 %24
Cash Note Receivable Accounts Receivable P 67,075 70,000 176,500 Allowance for Bad Debts 5,400 60,900 34,100 Merchandise Inventory, Jan. 1 Funiture & Fixtures Accumulated Depreciation - Furn. & Fixt. Ofice Equipment Accumulated Depreciation- Ofice Eaput Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns Sales Discount 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Purchases Freight in Parchase Returns Purchase discount 3,630 6,885 Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 Additional information: Merchandise Inventory, December 31, P 76,000 How much is the gross profit? P186.925 P 189.425 P154925
TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…