Required information[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.TotalsCashAccounts receivableEquipmentAccounts payableCommon stockUse the above information to prepare a December 31 trial balance.LAWSON CONSULTINGTrial BalanceDecember 31$Debit$14,5006,4008,400Rent expense4,710 Wages expense22,190DividendsServices revenue0 $Credit0$ 3,40017,7003,9008,000

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Description: Required information[The following information applies to the questions displayed below.]Lawson Consulting had the following accounts and amounts on December 31.TotalsCashAccounts receivableEquipmentAccounts payableCommon stockUse the above informat

The trial balance is prepared using the final balance of T-accounts of the business. The Financial…

Business

Accounting

Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock LAWSON CONSULTING Trial Balance December 31 Dividends Services revenue Rent expense e above information to prepare a December 31 trial balance. Debit $ 14,500 6,400 8,400 4,710 Wages expense 22,190 Credit $3,400 17,700 3,900 8,000

Required information [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock LAWSON CONSULTING Trial Balance December 31 Dividends Services revenue Rent expense e above information to prepare a December 31 trial balance. Debit $ 14,500 6,400 8,400 4,710 Wages expense 22,190 Credit $3,400 17,700 3,900 8,000

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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The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
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Explain the financial statements that are critical for understanding the company’s ability to earn profits and generate cash in the future.
Subject: accounting
devuben
Subject:- accounting
The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts 12,700 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…