Presented below is the partial adjusted trial balance of NashvilleNets Inc. Required: Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance (show your work).Nashville Nets Inc.Adjusted Trial BalanceDecember 31, 2018De bitCreditAccounts PayableSalaries and Wages PayableNotes Payable- Due 7/31/19Mortgage Payable - Due 12/31/2025Common Stock, Par11,000,000200,0001,100,0003,300,000םנ.סS0.101,000,000APIC (Additi on al Pald in Capital in Excess of Par)Retained Earnings9,000,00025,000,000Dividends Paid2,400,000Sales105,350,000Sales Discounts1,250,000Cost of Goods Sold (COGS)41,950,000Selling Expenses14,150,000Admini strative Expenses3,340,000Rent Revenue120,000Loss on sal e of equipmentIncome Tax Expense50,00021,580,000

Closing entries are prepared to close the temporary account to the permanent account. The difference…

Answered: Presented below is the partial adjusted…

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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use the following adjusted. trial balance to prepare the classified balance sheet for Nu2U for June 30, 2021. Nu2U, Inc. Adjusted Trial Balance At June 30, 2021 (in thousands) Accounts title Debit Credit Cash $ 102 Accounts receivable 40 Supplies 23 Prepaid insurance 15 land 288 buildings and equipment 450 Accumulated depreciation 63 trademark 65 account payable 35 accrued liabilities 15 unearned revenue 66 long-term-mortgage note payable 125 common stock 350 retained earnings, 07/01/20 324 dividends 45 commission revenue 475 wages expenses 160 supplies expenses 27 depreciation expenses 97 general and administrative expenses 102 interest expense 32 income tax expense 7 totals $1,453 $1,453
i) sttaement of profit and loss and other comprehensive income for the year ended 30 june 2020. ii) statement of financial position as at 30 june 2020
At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Account Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) Date Account Titles Dec. 31 Debit $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) 24,500 Debit Credit
Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. b-1. Use the horizontal model to show the amount of Insurance premlum "used" that month. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Liabilities Income Statement + Stockholders' Equity - Net Income Revenues Expenses Assets
Prepare adjusting entries, trial balance and income statement.
PROBLEM 1: The transactions of Dragon Company for December 2020 are shown below. Requirements: (a) Journalize each transaction and prepare the necessary adjusting entries; and (b) Prepare the current liabilities section of the balance sheet for the month ended December 31, 2020. Dec 1 Purchased P1,250,000 inventory on account. Received P200,000 from a lessee as an advance payment for rent over five months starting December 2020. Billed a customer who bought 400 units at P4,500 each. It is expected that 6% of the units will be defective and that repair costs will average P1,350 per unit Dec 3 Dec 9 Dec 15 Borrowed P900,000 from a bank by signing a 9-month, 10%, interest-bearing note. Dec 21 Paid P820,000 on account for inventory purchased on December 1. Dec 27 Sued by a disgruntied employee. Legal counsel believes that it is possible that the company will have to pay P80,000 in damages next year. Dec 30 Purchased new equipment for P650,000, paying P200,000 cash and signing a 3-year, 7%…
During the year ended December 31, 2021 the following transactions occurred: The table is in the pictures Prepare all the journal entries necessary to record the above transactions and any necessary December 31 year end adjusting entries. No need to provide closing entries. Ignore income and sales taxes . Clearly label of the number is credited or debited
Crane Company has the following year-end account balances on November 30, 2024: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $6,000; Supplies Expense $1,350; L. Johnson, Capital $42,000; and L. Johnson, Drawings $28,000. (a) 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 Ofor the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 30 Nov. 30 Nov. 30 Nov. 30 To close revenue account) < To close expense accounts) To close income summary) To close drawings account) Debit Credit | |||| |||||
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Debit $ 11,000 34,000 25,000 Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Accounts Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals View transaction list No 1 3,000 19,000 12,000 9,000 7,000 $120,000 Date December 31, 2021 Credit. Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) $ 2,000 20,000 Service Revenue 35,000. 8,000 55,000 $120,000 View journal entry worksheet General Journal Prev 9 of 18 Next > Suv Debit Credit petters Ⓒ sacer
Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double- declining-balance method in 2020 (before finalizing its 2020 financial statements) because of a change in the pattern of benefits received. The assets had an eight-year life and no expected residual value. Information related to both methods follows: Double-Declining- Balance Depreciation Straight-Line Depreciation Year Difference 2018 $410,000 $205,000 $205,000 2019 307,500 205.000 102.500 2020 230,625 205,000 25,625 Net income for 2019 was reported at $452,000; income for 2020 before depreciation and income tax is $482.000. Assume an income tax rate of 30%. The change from the straight-line method to the double-declining-balance method is considered a change in estimate. What net income is reported for 2020? Net income, 2020 What is the amount of the adjustment to opening retained earnings as at January 1, 2020? Adjustment to opening retained earnings,…
The following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Expense Misc. Selling Expense Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital Prepaid Insurance Rent Expense Retained Earnings Accum Depr - Office Equip Accum Depr- Store Equip Advertising Expense 10,240 1,280 27,360 68,000 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 Cost of Goods Sold 620,000 52,000 Customer refunds Payable Depr Expense - Office Equip Depr Expense - Store Equip 12,000 2,720 25,080 301,600 1,920 992,000 10,160 5,120 Dividends 28,000 Salaries Payable Insurance Expense 3,120 Sales Sales salaries Expense 138,560 Interest Expense Inventory 4,000 140,000 Store Equipment 122,400 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and outstanding…

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