The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Required: Prepare a statement of retained earnings for the SKY BLUE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Balance, January 1 Add: Net Income Less: Dividends Balance, December 31 $ 0 year. Debit $ 1,420 3,900 4,200 4,900 21,500 490 25,400 3,200 6,120 3,300 7,900 4,800 $ 87,130 Credit $ 6,400 7,320 1,950 4,800 980 4,300 1,760 59,130 490 $ 87,130

The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Required: Prepare a statement of retained earnings for the SKY BLUE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Balance, January 1 Add: Net Income Less: Dividends Balance, December 31 $ 0 year. Debit $ 1,420 3,900 4,200 4,900 21,500 490 25,400 3,200 6,120 3,300 7,900 4,800 $ 87,130 Credit $ 6,400 7,320 1,950 4,800 980 4,300 1,760 59,130 490 $ 87,130

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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wwwwwwwww The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Sm Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation. Accounts Payable Salaries and Wages Payable Income Taxes Payable. Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Required: Prepare a statement of retained earnings for the year. Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 Servers Debit $ 1,260 2,300 2,600 3,300 13,500 330 22,200 1,600 4,520 1,700 6,300 3,200 $ 62,810 $ 3,200 5,720 1, 150 3,200 660 2,700 1,120 44,730 330 $ 62,810
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The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $4, 100; Equipment, 516, 100; Accounts Payable, S2, 100; Common Stock, S11, 000; Retained Earnings, S6, 300; Dividends, S1, 100; Service Revenue, S15, 100; Salaries Expense, S10, 100; and Utilities Expense, S3, 100. Prepare the post-closing trial balance.
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…
Which of the following accounts will not be closed to Retained Earnings at the end of the fiscal year? a.Utilities Expense b.Insurance Expense c.Prepaid Insurance d.Fees Earned
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Shalett Interiors has the following account balances at the end of the year. Use only the appropriate accounts to prepare a balance. sheet. Accounts Equipment Accounts Payable Common Stock Service Revenue Cash Retained Earnings Salaries Expense Notes Payable otal assets Assets Balances $74,200 8,300 24,000 51,900 9,600 7 36,700 27,100 SHALETT INTERIORS Balance Sheet December 31 Total liabilities Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity
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The following items are taken from the financial statements of the Ivanhoe Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Common stock Dividends Depreciation expense Insurance expense Note payable, due 6/30/22 Prepaid insurance (12-month policy) Rent expense Retained earnings (1/1/21) Salaries and wages expense Service revenue Supplies Supplies expense $ 17800 11000 28000 21300 15300 42800 13800 11900 3100 70100 6200 17000 61700 32500 131700 4000 6000
The following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Expense Misc. Selling Expense Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital Prepaid Insurance Rent Expense Retained Earnings Accum Depr - Office Equip Accum Depr- Store Equip Advertising Expense 10,240 1,280 27,360 68,000 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 Cost of Goods Sold 620,000 52,000 Customer refunds Payable Depr Expense - Office Equip Depr Expense - Store Equip 12,000 2,720 25,080 301,600 1,920 992,000 10,160 5,120 Dividends 28,000 Salaries Payable Insurance Expense 3,120 Sales Sales salaries Expense 138,560 Interest Expense Inventory 4,000 140,000 Store Equipment 122,400 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and outstanding…
Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable Building Cash Interest payable L. Juan, Capital $ 1,160 Accounts receivable 116,000 Accumulated depreciation-Building 20,880 Notes payable (due in 5 years) 2,320 Notes receivable (due in 14 years) 58,000 Accounts payable JUAN COMPANY Balance Sheet December 31 $ 8,120 34,800 59,160 23,200 12,760