Chapter 4 End-of-Chapter (EOC) Quiz The partial work sheet for Camelback Consulting at June 30, 20xx,...

Chapter 4 End-of-Chapter (EOC) Quiz The partial work sheet for Camelback Consulting at June 30, 20xx, is as follows. Adjusted Trial Balance Debit Credit Cash 131,000 Accounts Receivable 119,000 Supplies 1,000 Prepaid Rent 18,000 Land 45,000 Building 425,000 Accum Depreciation, Bld 167,000 Accounts Payable 159,000 Salaries Payable 1,000 Unearned Service Revenue 10,000 Long-Term Note Payable 125,000 Owner Capital 102,000 Owner Withdrawals 7,000 Services Revenue 495,000 Salaries Expense 256,000 Supplies Expense 3,000 Rent Expense 34,000 Depreciation Expense, Bld 12,000 Miscellaneous Expense 8,000 _________ Totals 1,059,000 1,059,000 Using good form and proper format, prepare the following financial statements: Income Statement Statement of Owner’s Equity balance sheet Using good form and proper format, prepare Post Closing Trial Balance. Show your work on how temporary accounts were closed.

Expert Solution

ekkarill92 answered 3 months ago

Upham Company’s June 30, 2016, balance sheet included the following information: Upham Company Partial Balance Sheet...

Upham Company’s June 30, 2016, balance sheet included the following information: Upham Company Partial Balance Sheet June 30, 2016 1 Accounts Receivable $248,000.00 2 Less: Allowance for Doubtful Accounts (14,400.00) $233,600.00 3 Notes Receivable 21,400.00 4 Total Receivables $255,000.00 5 * The company has a recourse liability of $2,450 for notes receivable sold with recourse. During the company’s fiscal year ending June 30, 2017, the following transactions occurred: 1. Sales on credit $870,400 2. Collections of accounts receivable 842,800 3....

Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended...

Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- 1 Balance Sheet Balance Sheet 2 Account Name Debit Credit 3 Cash 14,815.00 4 Notes Receivable 7,500.00 5 Accounts Receivable 30,170.00 6 Merchandise Inventory 50,244.00 7 Prepaid Property Taxes 2,115.00 8 Prepaid Insurance 1,640.00 9 Land 16,700.00 10 Building 50,000.00 11 Accumulated Depreciation, Building 15,900.00 12 Computer Equipment 6,892.00 13 Accumulated Depreciation, Computer Equipment 5,674.00 14 Store Equipment 7,230.00 15 Accumulated...

MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr...

MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr Dr Cr Cash 12,275 Accounts receivable 1,750 Office supplies 1,800 Prepaid insurance 3,400 Scoring equipment 140,000 Accumulated depreciation – scoring equipment 21,700 Salaries payable 2,800 Common stock 20,000 Retained earnings (unadjusted) 40,000 Dividends 46,425 Bowling revenue 138,075 Depreciation expense – scoring equipment 10,825 Salaries expense 1,800 Insurance expense 1,200 Rent expense 1,600 Office supplies expense 400 Repairs expense 350 Telephone expense 750...

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most...

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows: Debit Credit Cash $6,380 Accounts receivable 1,460 Supplies 840 Accounts payable $490 Unearned service revenue 1,370 Common stock 4,400 Retained earnings 2,420 $8,680 $8,680 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Blue conducted the following transactions during July 2017, and adjusts its...

Materials June 1 Balance 27,300 June 30 Requisitions (A) June 30 Purchases 109,600 Work in Process...

Materials June 1 Balance 27,300 June 30 Requisitions (A) June 30 Purchases 109,600 Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C) June 30 Direct labor (D) June 30 Factory overhead applied (E) Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F) Wages Payable June 30 Wages incurred 120,000 Factory Overhead June 1 Balance 21,700 June 30 Factory overhead applied (E) June 30 Indirect...

The draft accounts for the year ended 30 June 2019 and a balance sheet as at...

The draft accounts for the year ended 30 June 2019 and a balance sheet as at that date for W. Willow are submitted to you. Towards the end of the financial year, her accountant resigned and she had completed the records herself. She thinks that errors have occurred and asks for your help. An examination of the accounting records reveals the following. W. Willow is registered for GST. Required: (a) Show the journal entries required to make the necessary adjustments....

The draft accounts for the year ended 30 June 2015 and a balance sheet as at...

The draft accounts for the year ended 30 June 2015 and a balance sheet as at that date for Thomson are submitted to you. Towards the end of the financial year, her accountant resigned, and she had completed the records herself. He thinks that errors have occurred and asks for your help. An examination of the accounting records reveals the following Thomson is registered for GST. Required; Show the journal entries required to make the necessary adjustments. Interest of $1920...

Production and Purchases Budgets in Units At the end of business on June 30, 2009, the...

Production and Purchases Budgets in Units At the end of business on June 30, 2009, the Wooly Rug Company had 100,000 square yards of rugs and 400,000 pounds of raw materials on hand. Budgeted sales for the third quarter of 2009 are: Month Sales July 220,000 sq. yards August 160,000 sq. yards September 150,000 sq. yards October 160,000 sq. yards The Wooly Rug Company wants to have sufficient square yards of finished product on hand at the end of each...

Complete the partial balance sheet on the bottom. Show all formulas and work. All information is...

Complete the partial balance sheet on the bottom. Show all formulas and work. All information is provided but may not neccessarily be needed. You have been asked to make some recommendations to a company regarding financing for an upcoming major expansion. The company has been very successful but they will need a major inflow of cash to purchase the fixed assets they need for the expansion and hire additional employees. They believe they will need at least $1,500,000 and have...

Using the partial Unadjusted Trial Balance at yearend June 30, 2020 below prepare the annual adjusting...

Using the partial Unadjusted Trial Balance at yearend June 30, 2020 below prepare the annual adjusting journal entries in proper general journal form for the below transactions and answer additional questions. Please record all your answers in the journal entry table provided. Account Title Dr. $ Cr. $ Prepaid Insurance 24,000.00 Notes Receivable 5,500.00 Shop Supplies 2,700.00 Delivery Vehicle 40,000.00 Accumulated Depreciation - Delivery Vehicle 0.00 Unearned Service Revenue 10,000.00 Notes Payable ...

Question