The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:Cash$4,700 Accounts receivable2,700 Common stockDividendsLand3,900 RevenueAccounts payable2,150 ExpenseRetained earnings6,600What is the amount of net income that will be reported on the Year 1 income statement?Multiple ChoiceOO$1,350$3,900$550$2,550$4,1004,6003,9002,550

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Description: The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:Cash$4,700 Accounts receivable2,700 Common stockDividendsLand3,900 RevenueAccounts payable2,150 ExpenseRetained earnings6,600What

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The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $4,700 Accounts receivable 2,700 Common stock 3,900 Revenue 2,150 Expense 6,600 $4,100 4,600 3,900 2,550 Cash Dividends Land Accounts payable Retained earnings What is the amount of net income that will be reported on the Year 1 income statement?

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $4,700 Accounts receivable 2,700 Common stock 3,900 Revenue 2,150 Expense 6,600 $4,100 4,600 3,900 2,550 Cash Dividends Land Accounts payable Retained earnings What is the amount of net income that will be reported on the Year 1 income statement?

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 following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $5,300 Accounts receivable 3,300 Common stock 4,500 Revenue 2,450 Expense 7,200 Cash Dividends Land Accounts payable Retained earnings What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $19,000 $9,800 $14,500 $4,700 5,200 4,500 2,850 $17,800
The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…
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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…
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After the accounts have been adjusted at December 31the end of the fiscal year , the following balances were taken from the ledger of Zuhoor Muscat Company Share capital :RO 800,500 , Dividends RO 30, 000 ; Fees Revenue RO 779,000 Salaries Expense RO 402, 000 ; Rent Expense : RO 59,000 ; Supplies Expense : RO4.200 Miscellaneous Expense RO 10,400 To close off the expense accounts will require a debit to Income Summary of
The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…