The following table contains financial information for the company befare closing, entries: Cash Common Stock Supplies Service Revenue Salaries Expense Building Advertising Expense Dividends Accounts Payable Equipment How many of the above accounts are temporary? A Five. B Three. C Four. D Six.
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Temporary accounts are the accounts that are closed at the end of the reporting period and start with zero in the new reporting period.
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- Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…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 115Instructions X Income Statement Balance Sheet Journal spreadsheet, a part of which follows: 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure 2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. Finders Investigative Services statement heading. Refer to the Chart of Accounts and the list of Labels and Amount to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact CNOW joumals do not use lines for joumal explanations. Every line on a joumal page used for debit or credit entries. CNOW joumals will automatically Descriptions for the exact wording of the answer choices for text entries. Enter amounts as wording of the answer choices for text entries. You will not…
- June 1 Cash 2,500 Common Shares 2,500 4 Supplies 250 Accounts Payable 250 7 Accounts Receivable 300 Service Revenue 300 18 Cash 200 Accounts Receivable 200 25 No Entry 0 No Entry 0 27 Cash 200 Deferred Revenue 200 28 Accounts Payable 250 Cash 250 29 Income Tax Expense 100 Cash 100 Using T accounts, post the above journal entries recorded for Ing Ltd. to the general ledger, and determine the ending balances in each account. (Post entries in the order presented in the problem.)Which of the folowing joumal entries would be recorded if a business makes a cash payment to a supplier of OR600 "on account (the business had purchased supplies on account in the previous month)? Select one: a. Cash 600 Supplies O 600 b. Cash 600 Accounts payable O 600 C. Accounts payable Supptes O 600 d. Accounts payable 600 Cesh O 4 de ENG 205 AM 10/2/2020d-1. Record the closing entries in the general journal (and post them to the T-accounts).d-2. What is the amount of net income for the year?
- M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo)…6. Before closing the books for a fiscal period, you should print- a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting C. all the reports in the financials section of the reports menu d. all of the management reports for the business 7. From the supplier aged summary report you can learn – la. the unpaid balance for each invoice b. the total owing to each supplier c. the due date for each outstanding invoice d. which invoices are fully paid 8. Choosing Restore from the home window file menu will - a. restore a compressed backup file to a working data file b. restore the size of the window you are currently working in c. delete the changes from your current work session and restore the data file from your previous session d. restore the classic view home window from an enhanced view module windowNatalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie Creations and Curtis's coffee shop. In this part of the problem, they want your help in preparing financial information following the first year of operations of their new business, Cookie & Coffee Creations. After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, 10,000 shares authorized, 2,000 shares issued Common stock, no par value, 100,000 shares authorized, 25,930 shares issued $10,000 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 June 30 Oct. 31 31 31…
- From the accounts of DELTACOR Company, you are required to properly arrange the following accounts according to their group of accounts then: 1. Prepare the statement of financial position using the report form. 2. Prepare the supporting notes 3. Compute the ending capital of DELTA Office supplies Accounts Receivable Notes Receivable 30, 000 59,400 39,600 172,600 5,000 5, 000 247,500 6, 000 180, 000 225, 000 67, 500 72, 000 Cash Interest Receivable Allowance for bad debts Merchandise inventory Prepaid insurance Furniture and Fixtures Delivery equipment Accumulated depreciation- Fur. & Fixtures Accumulated Depreciation – Delivery Eqpt. Accrued expenses Accounts payable Notes payable (due in 2 yrs) DELTA, capital DELTA, drawing 8, 000 45, 000 105, 000 ? 50, 000 During the year, the owner made an additional investment of P20, 000 and withdrawals amounting of 50, 000. DELTA capital, beginning is 617, 600. Net income for the year is 75, 000.23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000Please don't provide answer in image format thank you.
