The adjusted trial balance of Cullumber Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000,Owner's Drawings $ 7,900, Service Revenue $ 38,600, Salaries and Wages Expense $ 16,000, Insurance Expense $ 2,700, RentExpense $ 3,900, Supplies Expense $ 2,500, and Depreciation Expense $ 1,100. The balance in Owner's Capital is the balance as ofJanuary 1.Prepare an owner's equity statement for the year assuming net income is $ 12,400 for the year. (List items that increase owner's equityfirst.)CULLUMBER COMPANYOwner's Equity Statement

Owners equity statement is a statement which shows all changes in the equity balance during the…

Answered: The adjusted trial balance of Cullumber…

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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Benwick Company borrowed $56,000 cash on October 1, 2022, and signed a nine-month, 9% interest-bearing note payable with interest payable at maturity. Assuming that adjusting entries have not been made during the year, the amount of accrued interest payable to be reported on the December 31, 2022 balance sheet is which of the following? Group of answer choices $630. $756. $1,260. $1,890.
Sports Authority purchased inventory costing $22,000 by signing a 10% short-term, one-year note payable. The purchase occurred on July 31, 2021. Ivanhoe pays annual interest each year on July 31.
A company's accounts payable dated December 31, 2021, totaled P1.000,000 before any necessary year end adjustments relating to the following transactions and information: • On December 27, 2021. the company wrote and issued checks to creditors totaling P350.000. The issuance of the checks was recorded on January 3, 2022. • On December 28. 2021, the company purchased and received goods for P150.000, terms 2/10. n/30. The company records purchases and accounts payable at net amounts. The invoice was recorded and paid on January 3. 2022 • Goods shipped FOB Destination on December 20, 2021. from a vendor to the company were received on January 2. 2022. The invoice cost was P65,000. The purchase was recorded on January 2, 2022. • Goods costing P120.000 were purchased from supplier with terms FOB shipping point on December 28, 2021. The company received the goods and the invoice on January 4, 2022. • The P1.000,000 ledger balance of accounts payable is net of P80.000 debit balance in one…
Midshipmen Company borrows $18,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. 3. Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0).
The following are the trial balance and the other information related to Bruce Marigold, who operates a construction hauling business.MARIGOLDTRIAL BALANCEDECEMBER 31, 2020 DebitCreditCash$39,000Accounts Receivable48, 400Allowance for Doubtful Accounts$3,400 Supplies3, 040Prepaid Insurance1, 200Equipment30, 000Accumulated Depreciation Equipment5, 750Notes Payable 7, 200Owners Capital45, 640Service Revenue 97,790 Rent Expense 7, 800Salaries and Wages Expense28, 400Utilities Expenses1, 040Office Expense900 $159, 780$159, 7801. Fees received in advance from clients $5, 100, which were recorded as revenue.2. Services performed for clients that were not recorded by December 31, $5,000.3. Equipment is being depreciated at 8% per year.4. Bad debt expense for the year is $1,470.5. Insurance expired during the year $520.6. Marigold gave the bank a 90-
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
In 2020, Grouper Construction Corp. began construction work under a 3-year contract. The contract price was $1,060,000. Grouper uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2020, are shown below. Balance Sheet Accounts receivable $17,700 Construction in process $68,300 Less: Billings 61,300 Costs and recognized profit in excess of billings 7,000 Income Statement Income (before tax) on the contract recognized in 2020 $16,392 (a) How much cash was collected in 2020 on this contract? Portion of contract billings collected $enter a dollar amount (b) What was the initial estimated total income before tax on this contract? Income before tax on this contract $enter a…
Charles Whyte commenced business on May 1 2019, making up his accounts to September 30 annually. The statement of the Profit or Loss Account for the first 17 months ended September 30,2020 is as follows: Gross Profit Less: Repairs and maintenance. Local transport and travelling Salaries and wages Provision for bad debts Preliminary expenses Depreciation Bank interest and charges Legal and professional charges General expenses (Allowable) Clearing expense on motor vehicle Bad debt Amounts written off Loan to absconded employee (ii) (iii) (iv) (1) You are also given the following additional information. Bad debt £ (v) £'000 30/10/2018 1/1/2019 1/5/2019 1,500 2,450 6,500 1,350 960 1,630 1,520 1,380 1,870 685 2,800 Building Motor Vehicle Furniture and fittings Legal and professional charges were: Salaries and wages: The following qualifying capital expenditures were acquired on: Fines for contravention of the law Legal expenses for tax appeal Audit and accountancy charges £'000 19,300…
Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500. Does this need to be reversed on a balance day adjustment GJ. If so how would Ireverse it

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