Concept explainers
Tom’s Catering Services prepared the following work sheet for the year ended December 31, 20--.
Required
1. Complete the work sheet. (Skip this step if using QuickBooks or general ledger.)
2. Prepare an income statement.
3. Prepare a statement of owner’s equity; assume that there was an additional investment of $2,500 on December 1. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.)
4. Prepare a
5. Journalize the closing entries with the four steps in the correct sequence.
6. Prepare a post-closing
Check Figure
Net income, $19,567
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Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
- The following items were selected from among the transactions completed by Sherwood Co. during the current year:Required:1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar.2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles):a. Product warranty cost, $29,000.b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year.arrow_forwardRequired: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.arrow_forwardAttached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.arrow_forward
- Sheffield Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $110,500 and building $40,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Proceeds from salvage of demolished building $ Debit $…arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardPlease prepare the Statement of Financial Position (SFP) Please observe the proper separation of the current, noncurrent assets Under the Liabilities and Equity, provide the classification of current and noncurrent liabilities properly. Please see attached photo and take note of the Net Income and Landarrow_forward
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardA summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year -end . Alberto , Capital 12/31 9,029 1/1 6,264 12/31 12,583 Alberto, Drawing 6/30 2,567 12/31 9,029 11/30 6,462 Net Income for the period is A. 6,264 B. 12,583 C. 33,349 D. 20,766arrow_forward
- For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers. The completed worksheet for Valerie Insurance Agency as of December 31 is presented in your Working Papers or in CengageNow, along with the general ledger as of December 31 before adjustments. Check Figure Post-closing trial balance total, $10, 170 Required 1. Write the name of the owner, M. Valerie, in the Capital and Drawing accounts. 2. Write the balances from the unadjusted trial balance in the general ledger. 3. Journalize and post the adjusting entries. 4. Journalize and post the closing entries in the correct order. 5. Prepare a post-closing trial balance.arrow_forwardRequired:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation ‐ Asset Disposal ‐ Profit/Loss on sale of vehicles.Show all your workings.arrow_forwardPlease use excel to complete the work, be sure to show your work and state any assumptions that you make. Please for excel provide exact calculations with formulas.arrow_forward
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub