Required informationJournal entryworksheet<1accounts balances: Cash, $15,000: Equipment, $85,000; AccumulatedDepreciation, $25,000, Accounts Payable, $10,000; Retained earnings,$59,000, Dividends, $2,000, Fees Earned, $56,000: Depreciation Expense,$25,000; and Salaries Expense, $23,000. All accounts have normal balances.Note: Enter debits before creditsDateDecember 31General JournalDebitCreditClear entryView general journalRecord entry

Step 1: To prepare the closing entries to Retained Earnings and then make a compound journal entry…

Answered: Required information Journal entry…

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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Net Income , SFP
Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. Prepare Total Assets Section
Complete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…
Need Help with Statement Matching
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
1. The balance sheet of Ysabel coffee shop for selected years is presented below: Cash Accounts Receivables, net Inventories Prepaid Rent Total Current Assets Equipment and Fixtures Less: Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Accounts Payable Notes Payable Accruals Total Current Liabilities Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL .Year 2 299,896 ? 500,009 44 Page 1,894,559 220,000 1.280,961 406,728 409,000 631,980 1,905,966 808,000 Year 1 219,000 aft 66,094 227,713 400,000 1,287,157 281,581 gibt sich seat 540,000 671,870 2,002,624 889,000 REQUIRED: a..Complete the balance sheet. b. Prepare a common-size balance sheet for each year. c. Prepare a trend analysis using Year 1 as a base. d. Discuss orally in front of the class, in what can you say about the coffee shop's performance based on your assessment. Individual presentation
3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Te
Income statement , SFP
Particulars Amount$ Assets Non-Current Assets(Fixed Assets): Property, Plant, and Equipment 550,000 Total Non-Current Assets 550,000 Current Assets: Accounts Receivable 140,000 Notes Receivable 100,000 Inventory 450,000 Supplies and other prepayments 100,000 Cash 1,000,000 Total Current Assets 1,790,000 Total Assets 2,340,000 Liabilities Non-Current Liabilities: Long term debt 300,000 Total Non-Current Liabilities 300,000 Current Liabilities: Accounts Payable 100,000 Notes Payable 100,000 Total Current Liabilities 200,000 Total Liabilities 500,000 Owner's Equity Capital 1,840,000 Total Owner's Equity 1,840,000 Total Liabilities and Owner's Equity 2,340,000 c. How much is the total current liability of the entity? d. How much is the total non current liability of the entity? e. How much is the total asset of the entity?
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…

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