Don't use AI. Wood Company earned revenues of 20,000 andincurred expenses of 6000 the companies honor withDrew 3500 What is the balance of the income summaryaccount after closing net income or loss to the ownercapital account

Just know that even without going through the explanation below, the answer is clearly zero. The…

Answered: Wood Company earned revenues of 20,000…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccount TitleDebitCredit101Cash$ 18,000 126Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment23,000 168 Accumulated depreciation Equipment $ 6,500301A. Cruz, Capital 47, 343302A. Cruz, Withdrawals 6,000 403Services revenue 33,300612Depreciation expense Equipment2, 000 622Salaries expense19, 414 637 Insurance expense 1,399 640 Rent expense2, 231 652Supplies expense 1,099 Totals$ 87, 143$ 87,143 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post - closing trial balance. Note: The A. Cruz, Capital account balance was $47,343 on December 31 of the prior year.
Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. What is the financial statement effect to Being Company at the end of the accounting period on December 31? Select one: a. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash InterestReceivable Retained Earnings InterestIncome A) +25 +25 +25 b. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense B) +25 -25 c. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE Cash NotesReceivable NotesPayable Retained Earnings InterestIncome InterestExpense C) -25 -25 -25 d. BALANCE SHEET INCOME STATEMENT ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY…
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Identify and Compute NOPATFollowing is the income statement for Lowe’s Companies Inc. LOWE’S COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net sales $142,618 Cost of sales 96,802 Gross margin 45,816 Expenses Selling, general and administrative 34,826 Depreciation and amortization 2,954 Operating income 8,036 Interest expense, net 1,248 Pretax earnings 6,788 Income tax provision 2,160 Net earnings $4,628 Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.Note: Round your answer to the nearest whole dollar (millions).
The following list of account balances were extracted from the accounting records of Don's Electrical Services as at 28 February 2021: List of accounts Debit - R Credit - R Land and buildings at cost 250 000 Vehicles at cost 155 000 Accumulated depreciation: Vehicles -1 March 2020 90 00 Equipment at cost 85 000 Accumulated depreciation: Equipment -1 March 2020 12% Fixed deposit: Lock Bank 40 000 30 000 Inventory: Consumables -1 March 2020 21 000 Debtors' control 25 000 Allowance for credit losses 1 125 Bank 80 373 Long tem borowing: 10% per year 37 500 Creditors' control 20 835 Capital: Don Dude 197 500 Drawings 89 327 Service fees 524 835 Interest on fixed deposit 1 888 Rent income 19 180 Advertising 9735 Credit losses 2 100 Communication costs 5 078 Consumables purchased 84 148 Other operating expenses 92 902 Interest on borrowings 3 000 932 663 932 663 Additional information that needs to be taken into account: 1. Stock taking was done on 28 February 2021 and the consumable…
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
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Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income 2021 $59,800 28,900 6,400 $970,400 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 Accounts receivable $75,200 Accounts payable 40,400 Income taxes payable 13,000 704,700 265,700 39,100 $226,600 Adjustments to reconcile net income to Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).) Wildhorse Co. Partial Statement of Cash Flows
The following income statement pertains to Bins Limited as of 12/31/2019: Revenue Operating Expenses: Wages Expense Depreciation Expense Other Expenses: Interest Expense Net Income 590,000 Account (120,000) (50,000) (15,000) 405,000 Based on this income statement, what closing entries should Bins Limited record as of 12/31/2019 Debit Credit
Times interest earned
Please provide correct answer general accounting

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Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account