Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record. Supplies: Supply refers to the general stationery utilities use by the company and Supplies account always has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column. Accumulated depreciation : Accumulated depreciation is a contra asset account. It is deducted from the balance of the assets. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column. Accounts payable: It refers to the short-term liabilities of the company, which arises due to purchase of goods on credit and liabilities are always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column. Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column. Dividend: It refers to that amount of profit which is paid to the stockholders by the company. This account has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column. Depreciation expense: The expenses are always debit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and income statement debit column. Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column. To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.3BE

To determine

Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record.

Supplies: Supply refers to the general stationery utilities use by the company and Supplies account always has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Accumulated depreciation: Accumulated depreciation is a contra asset account. It is deducted from the balance of the assets. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Accounts payable: It refers to the short-term liabilities of the company, which arises due to purchase of goods on credit and liabilities are always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Dividend: It refers to that amount of profit which is paid to the stockholders by the company. This account has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Depreciation expense: The expenses are always debit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and income statement debit column.

Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column.

To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Provide correct answer this general accounting question

Needam Company has analyzed its production process and identified two primary activities. These activities, their allocation bases, and their estimated costs are listed below. BEE (Click on the icon to view the estimated costs data.) The company manufactures two products: Regular and Super. The products use the following resources in March: BEE (Click on the icon to view the actual data for March.) Read the requirements. Requirement 5. Compute the predetermined overhead allocation rates using activity-based costing. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the all Actual overhead costs Actual qty of the allocation base used Estimated overhead costs Estimated qty of the allocation base Predetermined OH allocation rate Data table Data table Regular Super Number of purchase orders 10 purchase orders Number of parts 600 parts 13 purchase orders 800 parts Activity Purchasing Materials handling - X…

Makenna is a waiter at Albicious Foods in South Carolina. Makenna is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 25, 2024, Makenna worked 44 hours and received $210 in tips. Calculate Makenna's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Makenna. 2a. Does Albicious Foods need to contribute to Makenna’s wages to meet FLSA requirements? 2b. If so, how much should be contributed?

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.3BE

To determine

Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record.

Supplies: Supply refers to the general stationery utilities use by the company and Supplies account always has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Accumulated depreciation: Accumulated depreciation is a contra asset account. It is deducted from the balance of the assets. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Accounts payable: It refers to the short-term liabilities of the company, which arises due to purchase of goods on credit and liabilities are always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Dividend: It refers to that amount of profit which is paid to the stockholders by the company. This account has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Depreciation expense: The expenses are always debit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and income statement debit column.

Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column.

To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.3BE

To determine

Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record.

Supplies: Supply refers to the general stationery utilities use by the company and Supplies account always has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Accumulated depreciation: Accumulated depreciation is a contra asset account. It is deducted from the balance of the assets. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Accounts payable: It refers to the short-term liabilities of the company, which arises due to purchase of goods on credit and liabilities are always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Dividend: It refers to that amount of profit which is paid to the stockholders by the company. This account has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Depreciation expense: The expenses are always debit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and income statement debit column.

Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column.

To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.3BE

To determine