The adjusted trial balance for Waterway Design Company at December 31, 2024, which is the end of its fiscal year, is as follows: Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment WATERWAY DESIGN COMPANY Adjusted Trial Balance December 31, 2024 Accounts payable Salaries payable Unearned revenue H. Waterway, capital H. Waterway, drawings Service revenue Salaries expense Supplies expense Rent expense Insurance expense Depreciation expense Totals Debit $8,740 10,160 1,940 3,360 15,120 5,720 14,700 1,260 10,080 2,020 2,500 $75,600 Credit $5,040 5,800 1,840 1,180 13,440 48,300 $75,600

The adjusted trial balance for Waterway Design Company at December 31, 2024, which is the end of its fiscal year, is as follows: Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment WATERWAY DESIGN COMPANY Adjusted Trial Balance December 31, 2024 Accounts payable Salaries payable Unearned revenue H. Waterway, capital H. Waterway, drawings Service revenue Salaries expense Supplies expense Rent expense Insurance expense Depreciation expense Totals Debit $8,740 10,160 1,940 3,360 15,120 5,720 14,700 1,260 10,080 2,020 2,500 $75,600 Credit $5,040 5,800 1,840 1,180 13,440 48,300 $75,600

Name: The adjusted trial balance for Waterway Design Company at December 31
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The adjusted trial balance for Waterway Design Company at December 31, 2024, which is the end of its fiscal year, is as follows:CashAccounts receivableSuppliesPrepaid insuranceWATERWAY DESIGN COMPANYAdjusted Trial BalanceDecember 31, 2024EquipmentAc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries & wages expense Service revenue Supplies Supplies expense Equipment O $44,000 O $14,000 $33.000 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 $135,000 7,200 16,000 32,000 135,000 What is the company's net income for the year ending December 31, 2016? 5,000 6,000 210,000
Oriole Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Oriole CompanyAdjusted Trial BalanceJuly 31, 2022 No. Account Titles Debit Credit 101 Cash $8,200 112 Accounts Receivable 9,400 157 Equipment 16,100 158 Accumulated Depreciation—Equip. $7,400 201 Accounts Payable 4,500 208 Unearned Rent Revenue 1,500 301 Owner’s Capital 44,600 306 Owner’s Drawings 15,800 400 Service Revenue 64,700 429 Rent Revenue 6,800 711 Depreciation Expense 9,300 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,900 $129,500 $129,500
Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 157 112 Accounts Receivable 201 Equipment 158 Accumulated Depreciation-Equip. Accounts Payable 208 301 306 400 429 711 726 Cash 732 (a) Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Oriole Company Adjusted Trial Balance July 31, 2022 Account Titles Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,200 9,400 16,100 15,800 9,300 55,800 14,900 $129.500 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Credit $7,400 4.500 1.500 44,600 64,700…
PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company : Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The…
arla Vista Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Carla Vista CompanyAdjusted Trial BalanceJuly 31, 2020 No. Account Titles Debit Credit 101 Cash $10,500 112 Accounts Receivable 8,700 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,100 201 Accounts Payable 4,300 208 Unearned Rent Revenue 1,800 301 Owner’s Capital 48,800 306 Owner’s Drawings 15,600 400 Service Revenue 63,700 429 Rent Revenue 6,600 711 Depreciation Expense 9,500 726 Salaries and Wages Expense 56,600 732 Utilities Expense 15,000 $132,300 $132,300 (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Crane Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Crane CompanyAdjusted Trial BalanceJuly 31, 2022 No. Account Titles Debit Credit 101 Cash $11,000 112 Accounts Receivable 8,700 157 Equipment 16,500 158 Accumulated Depreciation—Equip. $7,600 201 Accounts Payable 4,200 208 Unearned Rent Revenue 2,300 301 Owner’s Capital 45,600 306 Owner’s Drawings 15,600 400 Service Revenue 64,500 429 Rent Revenue 6,600 711 Depreciation Expense 7,300 726 Salaries and Wages Expense 56,700 732 Utilities Expense 15,000 $130,800 $130,800 Prepare the closing entries and post to Owner’s Capital and Income Summary accounts.
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 14,600 b. Depreciation expense—Equipment $ 34,600 c. Loss on sale of equipment 26,450 d. Accounts payable 44,600 e. Other operating expenses 107,000 f. Accumulated depreciation—Equipment 72,200 g. Gain from settlement of lawsuit 44,600 h. Accumulated depreciation—Buildings 175,700 i. Loss from operating a discontinued segment (pretax) 18,850 j. Gain on insurance recovery of tornado damage 29,720 k. Net sales 1,004,500 l. Depreciation expense—Buildings 52,600 m. Correction of overstatement of prior year’s sales (pretax) 16,600 n. Gain on sale of discontinued segment’s assets (pretax) 37,000 o. Loss from settlement of lawsuit 24,350 p. Income tax expense ? q. Cost of goods sold 488,500…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Account Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) Date Account Titles Dec. 31 Debit $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) 24,500 Debit Credit
At the end of its fiscal year, the adjusted trial balance of Wildhorse Company is as follows: WILDHORSE COMPANYAdjusted Trial BalanceJuly 31, 2021 Debit Credit Cash $ 2,800 Accounts receivable 11,500 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,295 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,100 B. Wildhorse, capital 28,285 B. Wildhorse drawings 16,700 Service revenue 74,300 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 37,050 Supplies expense 20,850 $ 160,800 $ 160,800 Prepare the closing entries.
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.