Sunland Pizza had the following account balances at December 31, 2023: Cash Accounts Receivable Inventory Prepaid Rent 2,820 Equipment 56,400 Accumulated Depreciation, Equipment 28,200 1. 2. During 2024, the following transactions occurred: 3. 4. 5. 6. 7. 8. Information for adjusting entries: 9. 10. $31,020 11. 12. 14,100 9,400 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings Purchases of ingredients and supplies (inventory) were $216,200, all on account. Sales of pizzas for cash were $479,400, and sales of pizzas on account were $37,600. The company paid $98,700 for wages. The company also paid $23,500 for utilities expenses. Payments for ingredients and supplies purchased on account totalled $206,800. Collections from customers for sales on account totalled $35,720. Ingredients and supplies valued at $211,500 were used in making pizzas that were sold. A dividend of $14,100 was declared and paid at the end of the year. 75,200 33,840 6,580 1,880 103,400 15,040 At the end of 2024, the amount of rent paid in advance was $1,410. Wages owed to employees at the end of 2024 were $2,350. The equipment had an estimated useful life of eight years, with no residual value. The delivery vehicles had an estimated useful life of six years with a residual value of $7,520.
Sunland Pizza had the following account balances at December 31, 2023: Cash Accounts Receivable Inventory Prepaid Rent 2,820 Equipment 56,400 Accumulated Depreciation, Equipment 28,200 1. 2. During 2024, the following transactions occurred: 3. 4. 5. 6. 7. 8. Information for adjusting entries: 9. 10. $31,020 11. 12. 14,100 9,400 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings Purchases of ingredients and supplies (inventory) were $216,200, all on account. Sales of pizzas for cash were $479,400, and sales of pizzas on account were $37,600. The company paid $98,700 for wages. The company also paid $23,500 for utilities expenses. Payments for ingredients and supplies purchased on account totalled $206,800. Collections from customers for sales on account totalled $35,720. Ingredients and supplies valued at $211,500 were used in making pizzas that were sold. A dividend of $14,100 was declared and paid at the end of the year. 75,200 33,840 6,580 1,880 103,400 15,040 At the end of 2024, the amount of rent paid in advance was $1,410. Wages owed to employees at the end of 2024 were $2,350. The equipment had an estimated useful life of eight years, with no residual value. The delivery vehicles had an estimated useful life of six years with a residual value of $7,520.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Pizza had the following account balances at December 31, 2023:
Cash
Accounts Receivable
Inventory
Prepaid Rent
Equipment
56,400
Accumulated Depreciation, Equipment 28,200
2.
3.
During 2024, the following transactions occurred:
4.
5.
1. Purchases of ingredients and supplies (inventory) were $216,200, all on account.
Sales of pizzas for cash were $479,400, and sales of pizzas on account were $37,600.
The company paid $98,700 for wages.
The company also paid $23,500 for utilities expenses.
Payments for ingredients and supplies purchased on account totalled $206,800.
Collections from customers for sales on account totalled $35,720.
Ingredients and supplies valued at $211,500 were used in making pizzas that were sold.
A dividend of $14,100 was declared and paid at the end of the year.
6.
7.
8.
Information for adjusting entries:
9.
10.
$31,020
11.
14,100
12.
9,400
2,820
Vehicles
Accumulated Depreciation, Vehicles
Accounts Payable
Wages Payable
Common Shares
Retained Earnings
75,200
33,840
6,580
At the end of 2024, the amount of rent paid in advance was $1,410.
Wages owed to employees at the end of 2024 were $2,350.
The equipment had an estimated useful life of eight years, with no residual value.
The delivery vehicles had an estimated useful life of six years with a residual value of $7,520.
1,880
103,400
15,040
Transcribed Image Text:Prepare a trial balance, and ensure that the total of the debit balances is equal to the total of the credit balances.
SUNLAND PIZZA
Adjusted Trial Balance
Totals
$
Debit
Credit
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