Income Statement, Statement of Owners Equity, Balance Sheet
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Please help make a proper Chart of Accounts and
Financial Statement Account Name (in alphabetical order) Balance
Accounts Payable 1200- _________________
Accounts Receivable 3200- _________________
Accumulated Depreciation-F&F 890- _________________
Advertising Expense 400- _________________
Cash 2600- _________________
Depreciation Expense 650- _________________
Equipment 10000- _________________
Furniture and Fixtures 8400- _________________
Insurance Expense 700- _________________
Inventory 8720- _________________
LL, Capital 9300- _________________
LL, Drawing 1100- _________________
Notes Payable 20000- _________________
Prepaid Insurance 1500- _________________
Rent Expense 4000- _________________
Sales 23100- _________________
Supplies 300- _________________
Supplies Expense 180- _________________
Utilities Expense 2300- _________________
Wages Expense 12000- _________________
Wages Payable 410-
Financial Statements: Income Statement, Statement of Owners Equity,
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- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.The following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Accum Depr - Office Equip Accum Depr - Store Equip Advertising Expense Expense Misc. Selling Expense Office Equipment 10,240 1,280 27,360 68,000 %3D Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 52,000 Cost of Goods Sold Customer refunds Payable Depr'Expense - Office Equip Depr Expense - Store Equip Dividends 620,000 2,720 Prepaid Insurance Rent Expense Retained Earnings 12,000 10,160 25,080 %3D 301,600 1,920 5,120 %3D 28,000 Salaries Payable 3,120 Sales 992,000 Insurance Expense Interest Expense Inventory Sales salaries Expense 138,560 4,000 Store Equipment 122,400 140,000 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and…You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders. Trial Balance for Comvita Year Ended March 31, 2019 All figures are in ‘000 Account Name Debt Account Name Credit Accounting Fee 9000 Accounts payable 63600 Accounts receivable 286650 Accumulated Depreciation – Motor Vehicle 30000 Advertising 6000 Accumulated Depreciation – Office Equipment 6000 Bad Debts 1500 Mortgage-non current 282600 Bank 60240 Discount Received 31200 Bank Fees 300 Allowance for Doubtful Debts 2865 Freight Out 36000 Retained earnings 1365000 Cost of goods sold 630000 Sales 1218300…
- What are the income statement, balance sheet, and closing entries for revenue and expense for Dynamite Fireworks? The general journal, adjusted trial balance has been answered. On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from…Using the ledger bal & addtl data given, do the following for Callahan Lumber for the yr ended December 31, 2019: Account Balances for Callahan Lumber Account No. 110 Cash $1,140 111 Accounts Receivable 1,270 112 Merch Inv 5,600 113 Lumber Supplies 260 114 Prepaid Insurance 117 121 Lumber Equip 2,600 122 Accu Depreciation, Lumber Equip 340 220 Accs Payable 1,330 221 Wages Payable - 330 L. Callahan, Cap 7,562 331 L. Callahan, Withdrawals 3,500 332 Income Summary - 440 Sales 23,000 441 Sales Returns and Allowances 400 550 Cost of Goods Sold 13,175 660 Wages Exp 2,390 661 Advertising Exp 940 662 Rent Exp840 663 Dep Exp, Lumber Equip - 664 Lumber Supplies Exp- 665 Ins Exp - Addtl Data a. Physical count of inv, Dec 31 $4,700 b. Lumber supp on hand, Dec 31 80 c. Insurance expd 70 d. Dep for the yr 460 e. Accrued wages on Dec 31 165 d. Prepare a post-closing trial balance. e. Journalize the reversing entry for…Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided. What are the following amounts at 1/30/21: Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21: What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap? What is the significance of these two percentages?
- On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on…Prepare a Balance Sheet using the following information for the Ginger Company as of March 31, 2019. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here. Account Normal Balances Accounts Payable $1,730 Cash $11,050 Ginger Ale, Capital March 1 $17,300 Inventory $8,230 Wages Payable $2,150 Sales $13,600 Product Expenses $8,200 Ginger Ale, Capital March 31 $22,700 Equipment $7,300 PLEASE NOTE: When you fill in the dollar amounts, you must include a $ and commas as needed (i.e., $1,234). Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: Total Liabilities and Owner's EquityRenegade Landscaping's general ledger includes the following account balances on December 31, 2018 Accounts Payable Interest Payable Salaries Payable Notes Payable, Current Portion Notes Payable, Long-Term Portion $19,560 a) Calculate current liabilities. Required Do not enter dollar signs or commas in the input boxes. Total Current Liabilities: $ $11,570 $520 b) Calculate long-term liabilities. Total Long-Term Liabilities: $ $14,220 $19,560
- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.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 10,000 25,000 P 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 Sa Rent Expense Supplies Expense 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 Expense Taxes and Licenses Light and Water Expense Total P 105,500 Additional Infommation: 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: 1. Prepare the adjusting entries. 2. Prepare a 10-column worksheet. Arrange the…
