B. The following account balances were taken from the ledger of Wilfredo Baltazar, a publicrelation consultant:P127,000Accounts Receivable20,000Baltazar, Capital- CashAccounts PayableSupplies On HandProfessional FeesBaltazar, Drawing- Rent ExpenseDepreciation ExpenseSupplies UsedSalaries Expense49,48012,0003,0008,0002,50015,0006,00073,0006,50063,020Utilities PayableEquipmentAccumulated DepreciationAdvertising Expense10,0003,500Taxes and Licenses10,000Furniture & Fixtures20,0005,00015,000Accumulated DepreciationPrepare a trial balance in good form as of December 31, 2010.

Name: B. The following account balances were taken from the ledger of Wilfr
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: B. The following account balances were taken from the ledger of Wilfredo Baltazar, a publicrelation consultant:P127,000Accounts Receivable20,000Baltazar, Capital- CashAccounts PayableSupplies On HandProfessional FeesBaltazar, Drawing- Rent ExpenseDe

To prepare trial balance take all debit balances of all ledger accounts to debit column and credit…

Business

Accounting

The following account balances were taken from the ledger of Wilfredo Baltazar, a public relation consultant: Baltazar, Capital P127,000 Accounts Receivable 20,000 Baltazar, Drawing Rent Expense Depreciation Expense - Supplies Used . Salaries Expense Cash 49,480 12,000 - Accounts Payable Supplies On Hand 3,000 2,500 73,000 6,500 8,000 15,000 Professional Fees 6,000 Utilities Payable Equipment Accumulated Depreciation Advertising Expense 10,000 63,020 Taxes and Licenses 3,500 10,000 15,000 Furniture & Fixtures 20,000 - Accumulated Depreciation 5,000 Prepare a trial balance in good form as of December 31, 2010.

The following account balances were taken from the ledger of Wilfredo Baltazar, a public relation consultant: Baltazar, Capital P127,000 Accounts Receivable 20,000 Baltazar, Drawing Rent Expense Depreciation Expense - Supplies Used . Salaries Expense Cash 49,480 12,000 - Accounts Payable Supplies On Hand 3,000 2,500 73,000 6,500 8,000 15,000 Professional Fees 6,000 Utilities Payable Equipment Accumulated Depreciation Advertising Expense 10,000 63,020 Taxes and Licenses 3,500 10,000 15,000 Furniture & Fixtures 20,000 - Accumulated Depreciation 5,000 Prepare a trial balance in good form as of December 31, 2010.

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

How do you make a income statment? POST COMPANYADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100 Supplies 400 Accounts Payable 800 Wages Payable 200 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings…
The following data are taken from the balance sheet at the end of the current year: Cash $154,000 Accounts receivable 210,000 Inventory 240,000 Prepaid expenses 15,000 Temporary investments 350,000 Property, plant, and equipment 375,000 Accounts payable 245,000 Accrued liabilities 4,000 Income tax payable 10,000 Notes payable, short-term 85,000 Determine the (a) working capital, (b) current ratio, and (c) quick ratio. Round ratios to one decimal place. a. Working Capital $fill in the blank 1 b. Current Ratio fill in the blank 2 c. Quick Ratio fill in the blank 3
Suppose a local company has the following balance sheet accounts:Accounts BalancesLand $ 9,000Equipment ?Salaries Payable 4,300Notes Payable ?Supplies 2,100Cash 7,200Stockholders’ Equity 13,500Accounts Payable 1,700Prepaid Rent 3,200Calculate the missing amounts assuming the business has total assets of $37,500.
Using the following account balances, calculate the working capital. Account Cash Accounts Receivable Prepaid Insurance Equipment Building Accounts Payable Account Balances data Debit Salaries Payable Notes Payable Common Stock Service Revenue Advertising Expense Rent Expense $27,000 7,300 17,000 50,000 250,000 14,000 120,000 Credit 14,900 16,200 80,000 12,000 66,000
Use the information provided for Privett Company to answer the question that follow. Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Temporary investments 36,000 Based on the data for Privett Company, what is the amount of quick assets? a.$168,000 b.$96,000 c.$61,000 d.$60,000
what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets? a. $46,700 b. $783,400 c. $56,000 d. $975,000 e. $699,700
The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
Construct a proper Balance Sheet using the following accounts: Checking 45,000 Inventory 8,000 Accounts Receivable 10,000 Land 35,000 60,000 (10,000) Buildings Accumulated Depreciation Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense 10,000 22,000 116,000 Rent Expense Cost of Goods Sold Depreciation Expense 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000
MC.03.083.Algo Wu Systems has the following balance sheet. Assume that all current assets are used in operations. How much net operating working capital does the firm have? Cash Accounts receivable Inventory Current assets Net fixed assets Total assets O a. $400 b. $1,770 O c. $2,200 d. $470 e. $830 $ 70 Accounts payable 720 Accruals 510 $1,300 1,000 Notes payable Current liabilities Long-term debt Common equity Retained earnings $2,300 Total liab. & equity $ 250 220 430 Question 3 of 40 $ 900 640 260 500 $2,300
Crane Company compiled the following financial information as of December 31: $330,000 59,000 79,000 248,000 89,000 Revenues Owner's Capital (Jan. 1) Equipment Expenses Cash Owner's Drawings Supplies Accounts receivable Accounts payable 19,000 19,000 39,000 69,000 What are the total assets as of December 31? Group of answer choices 1. $197,000 2. $256,000 3. $171,000 4. $226,000 5. $298,000
Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.