Question

In: Accounting

Debit Cash 10,600 Accounts receivable 145,000 Prepaid rent 6.500 Inventory 27,000 Equipment 325,000 Costs of goods...

Debit

Cash 10,600

Accounts receivable 145,000

Prepaid rent 6.500 Inventory 27,000

Equipment 325,000

Costs of goods sold 190,000

Salaries expense 125,000

Rent expense 18,000

Depreciation expense 25.000

Interest expense 3.200

Advertising expense 1.700

Totals 877000

Credit

Accumulated depreciation-equipment 130,000

Accounts payable 35,000

Notes payable-due in three months 32,000

Salaries payable 4,000

Interest payable 1,000

Common stock 230,000

Retained earnings 45,000

Sales revenue 400,000

Totals 877000

3) Prepare the closing entries for China Tea Company for the year ended December 31, 2018.

4) Prepare an income statement for China Tea Company for the year ended December 31, 2018.

Solutions

Expert Solution

3)

4)

5)

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Debit Cash 10,600 Accounts receivable 145,000 Prepaid rent 6.500 Inventory 27,000 Equipment 325,000 Costs of goods...
Debit Cash 10,600 Accounts receivable 145,000 Prepaid rent 6.500 Inventory 27,000 Equipment 325,000 Costs of goods sold 190,000 Salaries expense 125,000 Rent expense 18,000 Depreciation expense 25.000 Interest expense 3.200 Advertising expense 1.700 Totals 877000 Credit Accumulated depreciation-equipment 130,000 Accounts payable 35,000 Notes payable-due in three months 32,000 Salaries payable 4,000 Interest payable 1,000 Common stock 230,000 Retained earnings 45,000 Sales revenue 400,000 Totals 877000 5) Prepare a classified balance sheet for China Tea Company as of December 31, 2018.
debit credit cash 6900 accounts receivable 4500 prepaid rent 6300 supplies 2250 equipment 18000 accumulated depreciation...
debit credit cash 6900 accounts receivable 4500 prepaid rent 6300 supplies 2250 equipment 18000 accumulated depreciation 900 unearned revenue 1500 notes payable 10 000 contributed capital 8000 retained earnings, 1 april 12200 service revenue 11200 advertising expense 650 depreciation expense 900 interest expense 150 rent expense 2100 salaries expense dividends totals 1700 350 43800 43800 Additional Information: i   Rent expires (is used up) at a rate of $700 per month. ii   Monthly depreciation on equipment is $300. iii   Interest on...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment 3,000 Accounts Payable 2,400 Note Payable 3,920 Unearned Fees 3,200 Common Stock 5,000 Retained Earnings 2,700 Dividends 2,000 ​ Fees Earned 37,000 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 7,700 Income Tax Expense 2,700    57,220 57,220 Use the Adjusted Trial above to calculate the Net Income (or Net Loss), and the Retained Earnings balance. Format: Enter...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment...
Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment 3,000 Accounts Payable 2,400 Note Payable 3,920 Unearned Fees 3,200 Common Stock 5,000 Retained Earnings 2,700 Dividends 2,000 ​ Fees Earned 37,000 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 7,700 Income Tax Expense 2,700    57,220 57,220 Use the Adjusted Trial above to calculate the Net Income (or Net Loss), and the Retained Earnings balance.
Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment...
Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment 37000 Accumulated depreciation 5600 Notes payable 1500 Accounts payable 6100 Unpaid salaries 3600 Share capital 3000 Retained earnings 10600 Dividends 5300 Sale 81000 Purchase of inventory 24600 Market cost 4600 Insurance 3500 Salaries 18000 Total 124900 124900 The inventory costing was 1500. Notes payable was taken at the beginning of 2018 to five years, 5% interest, the interests are paid at the beginning of...
Cash $ 30,000 $ 40,000 Accounts Receivable 69,000 80,000 Inventory 64,000 50,000 Prepaid Rent 2,000 18,000...
Cash $ 30,000 $ 40,000 Accounts Receivable 69,000 80,000 Inventory 64,000 50,000 Prepaid Rent 2,000 18,000 Total Current Assets $ 165,000 $ 188,000 Land $ 60,000 $ 150,000 Plant and Equipment 575,000 500,000 Accumulated Depreciation (310,000) (250,000) Total Long-Term Assets $ 325,000 $ 400,000 Total Assets $ 490,000 $ 588,000 Accounts Payable $ 65,000 $ 60,000 Other Accrued Liabilities 50,000 88,000 Total Current Liabilities $ 115,000 $ 148,000 Long-Term Bank Loan Payable $ 75,000 $ 150,000 Total Liabilities $ 190,000...
Rank in order of liquidity: Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Prepaid Insurance Prepaid...
Rank in order of liquidity: Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Prepaid Insurance Prepaid Rent Rent Revenue Supplies
Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140...
Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debit 1150 Office Supplies Debit 1211 Office Equip. Debit 1212 Accum. Depr.-Office Equip. Credit 1311 Computer Equip. Debit 1312 Accum. Depr.-Computer Equip. Credit 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable...
Accounts Debit Credit Cash $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory...
Accounts Debit Credit Cash $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory 20,300 Land 49,000 Equipment 16,500 Accumulated Depreciation 1,800 Accounts Payable 28,800 Notes Payable (6%, due April 1, 2022) 53,000 Common Stock 38,000 Retained Earnings 31,900 Totals $ 158,000 $ 158,000 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account,...
company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained...
company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office Supplies Income Summary Rental Equipment Rental Fees Earned Accumulated Depreciation: Salaries Expense Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Dec. 1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT