The following information relates to Automative Services on 30 June 2021. Vehicles 135,000 160,000 72,000 97,500 13,500 33,750 13,500 13,200 6,000 6,500 12,500 2,750 11,100 9,750 Service Revenue Wages Expenses Cash at Bank Prepaid Insurance Wages Payable Depreciation expense Vehicles Accounts receivable Supplies Expense Supplies Unearned revenue Drawings Electricity Expense Accounts payable Capital Loan payable (due in 2021) Loan payable (due in 2025) Land Accumulated Depreciation- Vehicles 25,000 17,500 250,000 60,000

The following information relates to Automative Services on 30 June 2021. Vehicles 135,000 160,000 72,000 97,500 13,500 33,750 13,500 13,200 6,000 6,500 12,500 2,750 11,100 9,750 Service Revenue Wages Expenses Cash at Bank Prepaid Insurance Wages Payable Depreciation expense Vehicles Accounts receivable Supplies Expense Supplies Unearned revenue Drawings Electricity Expense Accounts payable Capital Loan payable (due in 2021) Loan payable (due in 2025) Land Accumulated Depreciation- Vehicles 25,000 17,500 250,000 60,000

Name: The following information relates to Automative Services on 30 June 2
Uploaded: 2024-03-05T11:50:36.000Z
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Description: The following information relates to Automative Services on 30 June 2021.VehiclesService RevenueWages ExpensesCash at BankPrepaid InsuranceWages PayableDepreciation expense VehiclesAccounts receivableSupplies ExpenseSuppliesUnearned revenue135,00016

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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The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
On April 2,2021, X Company purchased supplies of $2,000 on account. The entry to record the purchase will include * a debit to Supplies and a credit to Accounts Payable a debit to Supplies Expense and a credit to Accounts Receivable a debit to Supplies and a credit to Cash a debit to Accounts Receivable and a credit to Supplies O None of the above
19. A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Cash Accounts Receivable Prepaid insurance Supplies Unadjusted Trial Balance Debit 1,975 1,000 1,600 330 Credit Adjustments Debit Credit 875 650 115
The following information is taken from the 2022 general ledger of Swifty Company. Rent Salaries Sales Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $30,500 5,800 7,400 $65,100 2,500 7,700 $160,900 20,000 7,400 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.
What is the adjusted trial balance?
Sunland Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 1. 2. 3. 4. 5. 6. $0 7. 0 6,000 All the accounts have normal balances. The information below has been gathered at December 31, 2022. Interest will be paid when the note is repaid. 0 10,000 3,000 0 2,900 28,000 Sunland Company borrowed $10,500 by signing a 9%, one-year note on September 1, 2022. A count of supplies on December 31, 2022, indicates that supplies of $860 are on hand. Depreciation on the equipment for 2022 is $2,200. Sunland paid $3,000 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Sunland collected $28,000 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. Sunland performed consulting services for a client in December 2022. The client will be…
The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $5,500 9,600 Rent Expense Equipment 2,600 Furniture 1,200 Notes Payable (due 12/31/25) Accumulated Depreciation 2,000 109,750 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Determine Total Current Assets as of December 31, 2023: $46,700 $190,750 $201,200 $45,500 $45,100 00000 1,000 52,800 3,500 9.500 3,000 2,000 Cash Common Stock Goodwill Retained Earnings (1/1/23) Marketable Equity Securities Depreciation Expense Unearned Revenue $6,000 82,500 22,000 35,000 10,450 26,000 20,000 50,000 14,150 400 10,450 4,200
Illustration: ABC Co.'s cash balance on January 1 2018 was P 20 000 The following were the transactions that affected cash during the period a. Collections from customers for the sale of goods, b. Cash receipt from loan obtained from a bank, c. Cash receipt from additional investment by owner, d. Payments to suppliers for the purchase of inventory, e. Payments for employee salaries, f. Payments for rent expenses, g. Payment for utilities expense, h. Payment for the acquisition of equipment, i. Cash disbursements for drawings by owner, Required: Prepare the statement of cash flows from operating activities Please be guided by the rubric below: ACTIVITY No. RE 20 16 12 8 P 580 000 P 180 000 P 20 000 P 120 000 P 140 000 70 000 P P 20 000 P 200 000 P 60 000 the direct method of presenting cash flows DESCRIPTION The financial position is presented properly, and the amounts are correct The financial position is presented properly, and the amounts have few errors The financial position is…
1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on accounts payable, $11,900. 7. September 30 Pay salaries for employee work in the current year, $70,200. 8. November 22…
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 45,500 Accounts Receivable 29,700 Land 114,800 Accounts Payable 15,700 Notes Payable (due in 2 years) 34,000 Common Stock 104,000 Retained Earnings 36,300 Totals $ 190,000 $ 190,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $66,400. 2. February 25 Provide services to customers for cash, $77,300. 3. March 19 Collect on accounts receivable, $46,100. 4. April 30 Issue shares of common stock in exchange for $34,000 cash. 5. June 16 Purchase supplies on account, $12,900. 6. July 7 Pay on accounts payable, $11,700. 7. September 30 Pay salaries for employee work in the current year, $68,200. 8. November 22…