! Required Information Use the following information for the Exercises below. (Algo) [The following Information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals Debit WILSON TRUCKING COMPANY Balance Sheet December 31 Assets $ 9,000 18,500 4,000 182,000 95,000 21,000 24,500 64,000 9,000 13,000 $ 440,000 Credit $ 37,000 15,000 5,000 63,000 35,000 145,000 140,000 $ 440,000 Exercise 3-22 (Algo) Preparing a classified balance sheet LO C2 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings $145,000 at December 31 of the prior year.

! Required Information Use the following information for the Exercises below. (Algo) [The following Information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals Debit WILSON TRUCKING COMPANY Balance Sheet December 31 Assets $ 9,000 18,500 4,000 182,000 95,000 21,000 24,500 64,000 9,000 13,000 $ 440,000 Credit $ 37,000 15,000 5,000 63,000 35,000 145,000 140,000 $ 440,000 Exercise 3-22 (Algo) Preparing a classified balance sheet LO C2 Prepare Wilson Trucking Company's classified balance sheet as of December 31. The Retained Earnings $145,000 at December 31 of the prior year.

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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Transaction: Laker Co. pays $3,900 on account for tools bought earlier. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained Earnings is selected, choose the reason that it has changed. Cash Account Accounts Receivable Supplies Tools Accounts Payable Capital Stock Which accounts are affected? Is the account increased or decreased? Increase Decrease OO Increase Decrease Increase Decrease Increase Decrease Increase Decrease Increase Decrease What is the amount of transaction? $0 $0 $0 $ 6A $0 Why has Retained Earnings changed?
The following trial balance was compiled from accounting records of Okalongo-stores for the year ended 31 March 2019 Owner's equity Drawings Long term investment Petty cash Provision for bad and doubtful debts Salaries and wages Inventory Accounts receivables Accounts payables Advertisements Administrative expenses Bank overdraft Office equipment at cost Accumulated depreciation: Office equipment Cost of sales Repairs and maintenance Water and electricity Sales Bank Insurance N$ 23 000 80 000 2 000 34 000 22 000 21 300 1 600 2 600 24 000 114 000 3 600 8 650 102 700 10 500 449 950 N$ 207 300 1 200 12 500 12 000 8 400 208 550 449 950 Additional information: (1) The entity took out a fire insurance policy on 1 February 2019 and paid the annual premi of N$6 000 for coverage until 31 January 2020. (2) A credit customer who owes the business N$1 300 was declared insolvent and her accou must be written off as irrecoverable. (3) Depreciation on office equipment c must still be provided for at…
Required information [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Tunstall, Incorporated Unadjusted Trial Balance At December 31 Note payable (3 years; 10% interest due each September 30) Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals ✔ Debit 42,000 11,600 900 800 19,000 8,300 16,200 17,160 115,960 Credit 9,200 3,000 17,000 400 19,000 6,000 61,360 115,960 Data not yet recorded at December 31 included: a. The…
Activity 1. Prepare an CFI/SCF Instruction: Show you solution in a sheet of paper with a complete report with proper heading using your own company name: Solve for the cash flow at the end of the quarter. Net Earnings Depreciation Decrease in account receivables Increase in accounts payable Increase in inventory Equipment Notes Payable 25,000.00 1,000.00 250.00 1,000.00 (5,000.00) (7,500.00) 1,000.00
mework i ! Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Saved Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and…
Prepare a classified balance sheet (using good form-be sure to show different classes) for the Lee Company. The company had the following items on Dec. 31, 2012, (note this is a partial list of all accounts in the adjusted trial balance): Cash Wages Payable Goodwill Notes Payable (due in 3 years) Accumulated Depreciation- Equipment Revenues. Operating Expenses Cost of Goods Sold $30,000 $4,000 $10,000 $50,000 $20,000 $100,000 $20,000 $45,000 Equipment Retained Earnings Accounts Receivable Land Inventory Common Stock Sales Discounts Sales Returns Accounts Payable $100,000 ???--solve for this $50,000 $120,000 $40,000 $100,000 $1,000 $500 $7,000 Additional notes that the bookkeeper wanted brought to your attention: (1) Lee's Accounts Receivable balance includes a $3,000 for an allowance for uncollectibles. (2) Lee's Land account consists of $90,000 that is used by the business, and a $30,000 parcel that is held for future use. (3) The Cash balance of $30,000 is composed of the following:…
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 29,953 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity 85,945 110,242 9,742 271,795 $ 507,677 Accounts payable $ 123,883 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 94,489 162,500 126,805 $ 34,312 60,046 78,537 9,283 255,475 $ 437,653 $ 71,744 100,660 163,500 101,749 $ 507,677 $ 437,653 For both the current year and one year ago, compute the following ratios: $ 36,464 48,619 52,814 3,893 219,310 $ 361,100 $ 49,095 82,197 162,500 67,308 $ 361,100 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last…
The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?
Required information [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,700 cash during the year. Cash Accounts receivable Supplies Equipment $ 10,700 9,700 6,700 5,700 Accounts payable 12,400 Armani, Capital, December 31, prior year 16,700 Armani, Capital, December 31, current year 20,400 Armani, Withdrawals 13,700 Consulting revenue 34,400 Rental revenue 23,400 Salaries expense 20,700 Rent expense 12,700 4 Selling and administrative expenses 8,700 Required: Prepare the income statement for Armani Company for the current year ended December 31 Revenues Total revenues Expenses ARMANI COMPANY Income Statement For Current Year Ended December 31 $ 0
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