The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Accounts receivable Common stock $1,350 1,975 1,800 1,050 Cash Dividends Land Accounts payable Retained earnings After closing, what is the balance of the Retained Earnings account on December 31, Year 1? Multiple Choice $3,225. O $2.475. O $4.800. O $3,000 1,500 1,800 950 3,975 $3.975. Revenue Expense

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Accounts receivable Common stock $1,350 1,975 1,800 1,050 Cash Dividends Land Accounts payable Retained earnings After closing, what is the balance of the Retained Earnings account on December 31, Year 1? Multiple Choice $3,225. O $2.475. O $4.800. O $3,000 1,500 1,800 950 3,975 $3.975. Revenue Expense

Name: The following pre-closing accounts and balances were drawn from the r
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:Accounts receivableCommon stockRevenue950 ExpenseCashDividendsLandAccounts payableRetained earningsAfter closing, what is the bala

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

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 Retained Earnings Totals $ 174,100 $174,100 During January Year 1, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 22 Receive cash on accounts receivable, $17,700. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February…
Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31. Account Debit Credit Account Debit Credit Cash $ 25,394 Common stock $ 79,500 Accounts receivable 24,010 Paid-in capital in excess of par-C.S. 485,475 Allowance for doubtful accounts 807 Retained earnings 229,941 Interest receivable 100 Cash Dividends 10,004 Inventory 48,004 Sales 2,297,999 Supplies 10,410 Sales discounts 13,276 Prepaid insurance 3,272 Sales returns & allowances 62,900 Prepaid rent 5,398 Interest revenue 2,203 Notes receivable 39,004 Gain on sale of plant asset 4,226 Investment in stock 25,994 Cost of goods sold 1,266,441 Land 144,994 Depreciation expense 44,720 Buildings 1,394,986 Amortization expense 4,175 Equipment 215,400 Salaries expense 569,992…
Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: Cash $8,900 Common stock 5,200 Accounts receivable 6,600 Accounts payable 2,000 Additional paid-in capital 3,500 Prepaid insurance 5,200 Unearned revenue 3,500 Retained earnings 6,000 What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity? $fill in the blank 1
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income…
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year: 1 Year Ago: Current Year Net sales $ 30,400 87,600 113,000 10,500 281,000 $ 522,500 Numerator: $ 128,400 97,500 160,000 136,600 $ 522,500 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Current Year $ 441,000 227,850 12, 200 9,350 1 1 1 Year Ago $ 35,750 62,000 82,000 9,350 249,000 $ 438,100 Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: (2) Compute total asset turnover for the current year and one year ago. Total Asset Turnover I $ 75,250 99,500…
Felix Company had the following balances in its accounting records as of December 31, Year 1*: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 1 1 1 31 31 31 Jan. Mar. Apr. May Sept Dec. Cash 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 55,000 + 166,000 + + + + + Assets Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + $ Made a cash payment on accounts payable. Paid a cash dividend to the stockholders. Purchased additional land with cash. Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. 46,000 48,000 21,000 60,000 129,000 + Land 60,000 Balance Sheet = 25,000 = = = = 25,000 = (60,000) = = = Liabilities & Stockholders'…
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…
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $57,500 41,700 126,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings. Totals $226,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Credits $16,900 46,000 116,000 47,100 $226,000 Provide services to customers on account, $78,400. Provide services to customers for cash, $83,300. Collect on accounts receivable, $47,300. Issue shares of common stock in exchange for $46,000 cash. Purchase supplies on account, $15,300. Pay on accounts payable, $12,900. Pay salaries for employee work in the current year, $80,200. Pay advertising for the current year, $24,100. Pay $4,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued…
Eilish Company had the following account balances. Accounts Payable $ 821Accounts Receivable $ 1953Cash $ 4730Common Stock $ 1702Deferred Revenue $ 1475 Eilish was missing the account balance for retained earnings. What is Eilish's balance in retained earnings?
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $95 2. Second purchase (cash) 200 units @ $103 3. Sales (all cash) 360 units @ $186 4. Paid $16,750 cash for salaries expense. 5. Paid cash for income tax at the rate of 25 percent of income before taxes. Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow (2) LIFO cost flow and (3) weighted-average cost flow $18,500 19,995 (215 units @ $93) 14,700 23,795 E b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) tion by entering your answers in the tabs below.
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…