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Business
Accounting
Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575

Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575

FINANCIAL ACCOUNTING
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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What is ending Retained Earnings on this company's statement of retained earnings?

 
 
 

 

What is the correct title for this company's balance sheet?

a. Balance Sheet, Talbridge Ltd., Year ended December 31, 2021

b. Talbridge Ltd., Balance Sheet, December 31, 2021

c. Talbridge Ltd., Balance Sheet, Year ended December 31, 2021

d. December 31, 2021, Balance Sheet, Talbridge Ltd.

e. Talbridge Ltd., December 31, 2021, Balance Sheet

Enter the letter that corresponds to your choice. (A B C D E)

 
 
 

 

What is total current assets on this company's balance sheet?

 
 
 

 

What is the correct order for the current assets section of this company's balance sheet?

a. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies, Website design, Business licence

b. Cash (beginning of year), Accounts receivable, Prepaid insurance, Supplies

c. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies

d. Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

e. Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

Enter the letter that corresponds to your choice. (A B C D E)

 

 
 
 

 

What is the correct order for the intangible section of the balance sheet?

a. Business licence, Supplies, Website design

b. Business licence, Prepaid expenses, Website design

c. Website design, Business licence

d. Website design, Prepaid insurance, Prepaid expenses

e. Website design, Business licence, Prepaid insurance, Prepaid expenses

Enter the letter that corresponds to your choice. (A B C D E)

 

 
Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575
Transcribed Image Text:Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575
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