Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem 1.43AP
Preparing financial statements
Click a Pix Photography works weddings and prom-type parties. The balance of
| Insurance Expense | $ 11,000 |
| Cash | 40,000 |
| Accounts Payable | 6,000 |
| Advertising Expense | 3,200 |
| Service Revenue | 95,000 |
| Dividends | 10,000 |
| $ 12,000 | |
| Notes Payable | 9,000 |
| Retained Earnings, Dec. 31, 2016 | ? |
| Salaries Expense | 20,000 |
| Equipment | 73,800 |
| Common Stock | 34,000 |
Prepare the following financial statements for Click a Pix Photography for the year ended December 31, 2016:
- a. Income statement.
- b. Statement of retained earnings.
- c.
Balance sheet .
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Students have asked these similar questions
Wolfe Inc.
Wolfe Inc. reports these account balances at January 1, 2016:
Retained Earnings
$ 49,000
Accounts Receivable
20,000
Accounts Payable
24,000
Capital Stock
185,000
Land
153,000
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13,000
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Buildings
80,000
See the account balances for Wolfe Inc.
On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe’s trial balance prepared on January 31, 2016, the total of the credit column is:
a. $297,000
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$286,000
$275,000
Question: Perform the following accounting for the receivables of A & G, an accounting firm, at December 31, 2014.
1. Start with the beginning balances for these T-accounts:
Accounts Receivable, $80,000
Allowance for Uncollectible Accounts, $9,000
Post the following 2014 transactions to the T-accounts:
a. Service revenue of $850,000, all on account
b. Collections on account, $790,000
c. Write-offs of uncollectible accounts, $7,000
d. Bad debt expense (allowance method), $8,000
2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts?
3. Show two ways A & G could report accounts receivable on its balance sheet at December 31, 2014.
Please explain & show steps, thank you.
Given the ledger accounts of Bastoni Company as of January 31, 2020:
Cash
$40,500
Accounts Payable $11,000
Supplies
5,200
Rent Expense
4,100
Share Capital-Ordinary 33,200
Accounts
8,700
Receivable
Notes Payable
3,500
Service Revenue
10,800
Required:
Compute the total of the debit side of the trial balance. (show your
computation).
1.
Compute the total of the credit side of the trial balance. (show your
computation).
2.
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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