The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Revenue, $56,000;Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit andcredit columns.View transaction listJournal entry worksheet<1The company's adjusted trial balance as follows includes the following.accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $25,000; Accounts Payable, $10,000; Retained earnings,$59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense,Note: Enter debits before credits.DateDecember 31General JournalDebitCredit

Part 2: Explanation Step 1: Identify the Temporary AccountsTemporary accounts that need to be closed…

Answered: The company's adjusted trial balance…

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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Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓
Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list View journal entry worksheet General Journal No Date Debit Credit No Transaction Recorded Dec. 31
Working Capital Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,600; Accounts Receivable, $7,600; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; Cash, $1,500; Salaries Payable, $5,800; Income Taxes Payable, $4,000; Short-Term Notes Payable, $2,500; Dividends Payable, $750; and Investment in Held-to-Maturity Bonds, $2,750. Calculate Dorothy Corporation's working capital and current ratio. If required, round your current ratio answer to two decimal places. Working Capital = $ fill in the blank 1 Current Ratio = fill in the blank 2 :1
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000. (Amounts to be deducted should be indicated by a minus sign.)
Please answer it properly
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000
Harding Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.
Vedah company's trial balance reflected the following account balances on December 31, 20B: Accounts Receivable, 800,000; Financial asset at fair value through profit or loss, 250,000; Financial asset at amortized cost, 650,000; Cash, 550,000; Inventory, 1,500,000; Equipment and furniture, 1,250,000; Accumulated depreciation, 750,000; Patent, 200,000; Prepaid expenses, 50,000; Land held for future business site, 900,000. In Vedah's December 31, 20B statement of financial position, what amount should be shown as current assets? CHOICES 4,700,000 3,150,000 4,000,000 3,800,000
During the year
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet 1 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense, Note: Enter debits before credits. Date December 31 General Journal Debit Credit >

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