Chapter 3, Problem 9BE

The following is the alphabetical adusted trial balance of Meadows Company on December 31, 2019:  1. Prepare Meadows’s December 31, 2019, balance sheet.                               2. Next Level Compute the debt-to-assets ratio. what does it indicate about Meadows at the end of 2019?

The adjusted trial balance of Cullumber Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings $ 7,900, Service Revenue $ 38,600, Salaries and Wages Expense $ 16,000, Insurance Expense $ 2,700, Rent Expense $ 3,900, Supplies Expense $ 2,500, and Depreciation Expense $ 1,100. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $ 12,400 for the year. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement

The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting Sept 30, 2020. The financial statements to be prepared are dated December 31, 2020. How much is the unearned income to be reported in the financial statements?

During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9?         Profit                                                       Net assets   A. Decrease of $500                                  Increase of $500 B. Decrease of $1,000                               Increase of $1,000 C. Decrease of $500                                 Decrease of $500 D. Increase of $1,000                                 Increase of $1,000

The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January 1, 2020 balance of P16,800 representing rent for January through April 2020; and (2) a debit of P57,600 representing a payment for one-year rent beginning May 1, 2020. Compute for the total rent expense at the end of the 2020.

Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, f

The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.

Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,880, Land $47,300, Patents $16,300, Accounts Receivable $93,860, Prepaid Insurance $6,030, Inventory $37,700, Allowance for Doubtful Accounts $4,890, and Equity Investments (to be sold in the next quarter) $14,560.Prepare the current assets section of the balance sheet.

Comprehensive On November 30, 2019. Davis Company had the following account balance.     During the month of December, Davis entered into the following transactions:       Required:   a.Prepare generaljournal entries to record the preceding transactions. b.Post to general ledger T accoun c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of d.Prepare the companis financial statements for 2019. e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.