Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem E4.16E
E4−16 Preparing the financial statements
The adjusted
GREEN ADVERTISING SERVICES Adjusted Trial Balance December 31, 2018 |
||
Balance |
||
Account Title |
Debit |
Credit |
Cash |
$ 14,000 |
|
15,800 |
||
Office Supplies |
6,500 |
|
land |
18,400 |
|
Building |
47,900 |
|
36,100 |
||
Furniture |
19,600 |
|
Accumulated Depreciation—Furniture |
14,100 |
|
Accounts Payable |
10,600 |
|
Salaries Payable |
7,200 |
|
Unearned Revenue |
16,000 |
|
Green, Capital |
61,400 |
|
Green, Withdrawals |
18,300 |
|
Service Revenue |
49,800 |
|
Salaries Expense |
28,600 |
|
Supplies Expense |
8,400 |
|
Depreciation Expense—Building |
2,900 |
|
Depreciation Expense—Furniture |
1,300 |
|
Advertising Expense |
13,500 |
|
Total |
S 195,200 |
S 195,200 |
Requirements
- Prepare the income for the year ending December 31, 2018.
- Prepare the statement of owner’s equality for the year ending December 31, 2018. Assure that there were no contributions made by the owner during the year.
- Prepare the classified
balance sheet as of December 31, 2018. Use the report form.
Expert Solution & Answer
Trending nowThis is a popular solution!
Learn your wayIncludes step-by-step video
schedule05:01
Students have asked these similar questions
Name:
Time:
Queen City Vidadape
Trial Balance
December 31, 2019
Accaunt Titles
Debit
Credit
Cashin Bank
125,000
30,000
Accounts Receivable
Allowance for Uhcollectibe Accaurts
Unused Supplies
Videdtape Inventory
Fumiture and Fixtures
10,000
105,000
80,000
Accumlated Depreciation-Fumiture and Fixtures
Notes Payable
Accaunts Payabe
50,000
35,000
Accrued Interest
Edgar Datbya, Captal
Edgar Detoya, Withdrawels
Rental Income
162,000
180,000
18000
Other Income
Uncallectible Accounts
Depreciation Expense
InterestExpeanse
Damaged Videctape
Suplies Used
Salaries Expense
95,000
445,000
Tdal
445,000
The following errors and omissions were discovered at year-end prior to
closing of the books:
a.
Uncollectible accounts should be provided at 1% of the outstanding
receivable balance.
b. Actual cost of supplies used amounted to P6,000.
Physical inventory conducted on December 31, 2019 were found to have
P15,000 cost of videotapes to have been damaged.
Furniture was acquired on October 1, 2019 with an…
Compute for the net income (loss) for the month ended April 30, 2021.
complete the classified balance sheet based on the adjusted trial balance
Chapter 4 Solutions
Horngren's Accounting (12th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
Additional Business Textbook Solutions
Find more solutions based on key concepts
Evaluate the two departments for Moxie Products. Compare the years performance of the two departments in terms ...
Principles of Accounting Volume 2
Prepare income statements (Learning Objective 5) Part One: In 2015, Fran Lexa opened Frans Flowers, a small sho...
Managerial Accounting (5th Edition)
(Learning Objective 5: Analyze alternative plans for raising money) Bondwell Financial Services is considering ...
Financial Accounting (12th Edition) (What's New in Accounting)
Small Business Analysis Purpose: To help you understand the importance of cash flows in the operation of a smal...
Financial Accounting, Student Value Edition (4th Edition)
Sales Taxes Payable. Eaton Technology operates retail stores throughout the Instate area The companys sales are...
Intermediate Accounting
the relationship between the net income and the average common equity that are invested in the company. Use the...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prepare a worksheet of this. thank youarrow_forwardComplete the worksheetarrow_forwardComplete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash P 16.500.00 Accounts Receivable 7.500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2,000.00 Salaries expense 4.800.00 Supplies expense 7,000.00 Utilities expense 2,500.00 Rent expense 5,000.00 525.00 Depreciation Expense Bad debts expense 166.67 P 95,019.17 P 95,019.17 Totals Requirements: 1. Prepare Financial Statements: Profit and loss…arrow_forward
- The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR SHOP Trial Balance December 31, 2020 Debit Credit Cash on Hand P 10,000 25,000 Accounts Receivable Estimated Uncollectible Accounts 750 Notes Receivable 7,000 30,000 Shop Equipment Accumulated Depreciation - Shop Equipment Furniture and Fixture 2,000 8,000 Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable Leynes, Capital Leynes, Drawing Service Income Salaries Expense Rent Expense Supplies Expense Taxes and Licenses 5,00 11,000 12,000 44,750 1,000 30,000 8,000 8,000 4,000 1,500 3,000 P 105,500 Light and Water Expense Total P 105,500 Additional Information: 1. Unpaid taxes, P600. 2. Accrued salaries, P3,000 3. Accrued interest on notes payable, P200. 4. Unpaid light and water, P500. 5. Supplies on hand, P1,000. Bad debts expense is estimated to be 5% of Accounts Receivable. 6. Required: 7. Prepare a 10-column worksheet. Arrange the accounts according to…arrow_forwardPrepare cost of goods manufactured and statement of comprehensive incomearrow_forwardThe following information was extracted from the financial statements working papersfile for year ended 31 December 2020 for Dave Song’s Cleaning Services List of balances at 31 December 2020 Debits Credits Capital: D Song 660 000 Drawings 160 000 Land and buildings at cost 582 000 Vehicle at cost 224 000 Accumulated depreciation: Vehicle (1 January2020) 46 000 Bank 360 000 Inventories: Consumables 104 000 Trade receivables 261 200 Allowance for credit losses 13 060 10% Long term loan 320 000 Trade payables 260 000 Fees earned 1 036 600 Rent expense 160 000 Telephone 10 708 Other distribution expenses 454 752 Interest on long term loan 19 000 2 335 660 2 335 660 Additional information not yet taken into account:1. Included in rent expenses is an amount of R68 000 in respect of rent for 2021 whichwas paid and recorded in December 2020.2. The telephone account for December 2020 of R1 540 was received but not yet…arrow_forward
- prepare the closing journal entries based on the adjusted trial balancearrow_forwardPrepare the closing enteries at Decemeber 31, 2021 in a general journal Accounts payable 6,300 Accounts Receivable 9,000 Accumulated Depreciation Building 41,000 Accumulated Depreciation Equipment $4,200 Building 350,000 Cash $98,000 Depreciation expense, building 7,000 Depreciation expense, equipment 800 Insurance expense 5,200 Interest payable 2,000 Land 700,000 Long-term note payable 52,000 Mike Jones, Capital 1,010,000 Mike Jones, Withdrawals 200,500 Office equipment 8,000 Office supplies 3,300 Prepaid Insurance 9,000 Prepaid Rent 15,000 Rent expense 6,000 Salaries expense 89,000 Salaries payable 14,500 Service fees earned…arrow_forwardThe trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR SHOP Trial Balance December 31, 2020 Debit Credit Cash on Hand Accounts Receivable Estimated Uncollectible Accounts 10,000 25,000 750 Notes Receivable Shop Equipment Accumulated Depreciation – Shop Equipment Furniture and Fixture Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable Leynes, Capital Leynes, Drawing Service Income Salaries Expense Rent Expense Supplies Expense Taxes and Licenses 7,000 30,000 2,000 8,000 5,000 11,000 12,000 44,750 1,000 30,000 8,000 8,000 4,000 1,500 3,000 P 105,500 Light and Water Expense Total P 105,500 Additional Information: 1. Unpaid taxes, P600. 2. Accrued salaries, P3,000 3. Accrued interest on notes payable, P200. 4. Unpaid light and water, P500. 5. Supplies on hand, P1,000. 6. Bad debts expense is estimated to be 5% of Accounts Receivable. Required: 1. Prepare the adjusting entries. 2. Prepare a 10-column worksheet.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License