Connect 1 Semester Access Card for Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259128547
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Chapter 4, Problem 4.25ME
To determine
To Prepare: An adjusted
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An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following:
Accounts receivable (trade) $15,500
Accounts receivable (officers)$3600
Interest receivable, due in 3 months$675
Advances to employees$1800
Notes receivable (trade), due in 3 years $9000
Deposit to guarantee contract performance$5000
Utility deposit$500
Total $36,075
Required :
How would each of the preceding items normally be reflected (current or noncurrent; trade or nontrade receivable) on Hutton’s balance sheet?
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a
classified balance sheet. Total equity........
....... $30,000 Employee federal income taxes payable
$9,000
Equipment......
..725
Salaries payable....
Accounts receivable.
Cash..........
3,100
40,000 Federal unemployment taxes payable .......... 200
34,000 FICA-Medicare taxes payable......
5,100 FICA-Social Security taxes payable..
50,000 Employee medical insurance payable.
..4,000 State unemployment taxes payable.
. 10,000 Sales tax payable (due in 2 weeks).
.2,000
Current portion of long-term debt.........
Notes payable (due in 6 years)...
.275
1,800
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:
Cash
P 96,578
Accounts receivable
452,800
Inventories
376,300
P925,678
An examination of the accounts disclosed that the accounts receivable consisted of the following items:
Trade customers’ accounts
P357,742
Due from employees – current
43,658
Equity in P50,000 of uncollected accounts receivable assigned under guaranty
16,000
Selling price of merchandise on consignment at 140% of cost and not sold by consignee
50,400
Allowance for doubtful accounts
(15,000)
P452,800
What should be the adjusted amount of the current assets as at December 31, 1979?
Chapter 4 Solutions
Connect 1 Semester Access Card for Fundamentals of Financial Accounting
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 4.6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Balance Sheet Refer to M4-14. Prepare...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 4.20MECh. 4 - Prob. 4.21MECh. 4 - Prob. 4.22MECh. 4 - Prob. 4.23MECh. 4 - Prob. 4.24MECh. 4 - Prob. 4.25MECh. 4 - Prob. 4.26MECh. 4 - Posting AJEs and Preparing an Adjusted Trial...Ch. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 4.3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Inferring Transactions from Accrual and Deferral...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.1CPCh. 4 - Prob. 4.2CPCh. 4 - Prob. 4.3CPCh. 4 - identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Prob. 4.2PACh. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PACh. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PBCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.2COPCh. 4 - Prob. 4.3COPCh. 4 - Prob. 4.4COPCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 4.2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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- The following accounts have normal balances. Prepare a trial balance. Accounts Payable, 20; Accounts Receivable, 90; Capital, 40; Sales, 200; Cash, 100; Rent Expense, 70.arrow_forwardThe balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…arrow_forwardUse the following adjusted trial balance to answer questions 22-25.Cash $ 6,530Accounts Receivable 2,450Prepaid Expenses 880Equipment 18,490Accounts Payable 1,800Loan Payable 10,600Owner’s Equity 12,940Fees Earned 9,750Marketing Expense 1,685Rent Expense 1,960Utilities Expense 345Wages Expense 2,750Totals $35,090 $35,09022. Net income for the period is:A. $9,750B. $6,530C. $3,010D. None of these23. Total assets on the balance sheet will be:A. $35,090B. $28,350C. $9,860D. None of these24. Total liabilities on the balance sheet will be:A. $1,800B. $10,600C. $25,340D. None of these25. Owner’s Equity on the balance sheet will be $12,940.A. TrueB. Falsearrow_forward
- The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?arrow_forwardJournal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.arrow_forwardPlease SHOw your workarrow_forward
- Presented below are three receivables transactions.Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. select an account title Accounts ReceivableNotes ReceivableOther Receivables (b) Received a promissory note of $34,000 for services performed. select an account title Accounts ReceivableNotes ReceivableOther Receivables (c) Sold merchandise on account for $60,000 to a customer.arrow_forwardCheck and prepare the corrected classified Balance Sheet. Balance Sheet for the year ended 31 December 2021 Equity $ $ $ Capital 65,000 Less: Net Profit 26,550 Less: Drawings 7,000 31,450 Represented by: Current Assets Cash at Bank 27,200 Inventories 44,000 Creditors 27,350 Office Equipment 30,000 Add: Accumulated Depreciation – Office Equipment 10,000 40,000 138,550 Less: Current Liabilities Loan from OCBC (refer to Note 2) 40,000 Shares in Keppel 9,000 49,000 Working Capital 89,550 Non-Current Assets Accrued Revenue 600 Total Assets 90,150 Profit and Loss Statement as at 31 December 2021 $…arrow_forwardPrepare Balance sheet.arrow_forward
- answer all with complete workarrow_forwardUNADJUSTED TRIAL BALANCE Account Debit Credit Cash $68,900 Accounts receivable 116,300 Interest receivable 1,300 Supplies inventory 138,600 Prepaid insurance 8,700 Notes receivable 50,000 Property and equipment 277,800 Accumulated depreciation $64,500 Accounts payable 104,100 Accrued liabilities 21,600 Deferred revenue 9,200 Notes payable 87,400 Contributed capital 216,100 Retained earnings 143,500 Sales revenue 40,500 Interest revenue 21,900 Cost of service expense 26,400 Supplies expense 0 Depreciation expense 0 Wages expense 3,000 Rent expense 17,800 Insurance expense 0 Totals $708,800 $708,800 The following data are available to determine adjusting entries: A) $4,350 of prepaid insurance expired during the period. B) The company estimates…arrow_forwardGiven data from testing the year-end Accounts Receivable balance Number of accounts Book Balance Balance determined by the auditor Population 3,000 $800,000 Sample 320 $64,000 $58.000 Using dolar-ratio estimation, the estimate of the year-end Accounts Receivable is O a. $743,750 Ob. $794,000 Oc $543,750 Od. $720,000 Oe $725,000arrow_forward
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