The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7700373059400Credit$544520000 An analysis of the accounts shows that equipment was purchased on July 1, 2023 with an estimated useful life of 10 years. Which ofthe following reflects the adjusting entry for the month of June?Depreciation ExpenseAccumulated Depreciation - EquipmentEquipmentCashDepreciation ExpenseAccumulated Depreciation Equipment5940-59400495Accumulated Depreciation Equipment 495Depreciation Expense594059400495495

Name: The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes
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Description: The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7

Depreciation expense on an accrual basis in accounting represents the gradual allocation of an…

Business

Accounting

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

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 items are taken from the financial statements of the Freight Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries & wages expense Service revenue Supplies Supplies expense Equipment O $44,000 O $14,000 $33.000 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 $135,000 7,200 16,000 32,000 135,000 What is the company's net income for the year ending December 31, 2016? 5,000 6,000 210,000
Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
The following table reports (in millions) earnings, dividends, capital expenditures, and R&D for Intel for the period 1990–95: Capital YearNet IncomeDividendsExpendituresR&D1990$650$0$680$5171991819094861819921,067431,22878019932,295881,93397019942,2881002,4411,11119953,5661333,5501,296What are the dividend payout rates for Intel during these years? Is this payout policy consistent with the factors expected to drive dividend policy, as discussed in the chapter? What factors do you expect would lead Intel’s management to increase its dividend payout? How do you expect the stock market to react to such a decision?
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Prepare the Adjusted Trial balance for the period ending June 30, 2020
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
Prepare an adjusted trial balance and income statement. Cash 26400 Accounts Payable 12100 Inventory 27060 Interest Payable 220 Prepaid Insurance 6280 Notes Payable 44000 Equipment 33440 Owner's Capital 36860 93180 93180 During January 2022, the following transactions occurred. (Sheridan Company uses the perpetual inventory system.) 1. Hydra paid $320 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Hydra purchased $229,768 of inventory on account. 3. Hydra sold for $387,200 cash, inventory which cost $233,200. Hydra also collected $25,168 in sales taxes. 4. Hydra paid $202,400 in accounts payable. 5. Hydra paid $14,960 in sales taxes to the state. 6. Paid other operating expenses of $26,400. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $56,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,840 federal income taxes are withheld.…
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
On March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, afurniture wholesales, are as follows:Accumulated Depreciation-Building$419,000Administrative Expenses302,000Building1,397,000Cash98,000Cost of Merchandise Sold2,123,000Interest Expense6,000April, Capital887,000April, Drawing98,000Merchandise Inventory $547,000Notes Payable140,000Office Supplies11,000Salaries Payable4,000Sales3,582,000Selling Expenses400,000Store Supplies50,000Create create a multi step income statement.
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200