Question
In: Accounting
Question one: 75 marks United Sports Company prepares monthly financial statements. Below are listed some selected...
Question one: 75 marks
United Sports Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September.
UNITED SPORTS COMPANY
Trial Balance (Selected Accounts)
September 30, 2019
—————————————————————————————————————————
|
Debit |
Credit |
|
|
Supplies ............................................................................................... |
$ 2,700 |
|
|
Prepaid Insurance ................................................................................ |
3,150 |
|
|
Office Equipment ................................................................................. |
16,200 |
|
|
Accumulated Depreciation—Equipment ............................................... |
$1,000 |
|
|
Unearned Rent Revenue ..................................................................... |
1,200 |
An analysis of the account balances by the company's accountant provided the following additional information:
- A physical count of office supplies revealed $1,200 on hand on September 30.
- A two-year life insurance policy was purchased on June 1 for $3,600.
- Office equipment depreciated $3,000 per year.
- The amount of rent received in advance that remains unearned at September 30 is $400.
Instructions
Complete the balances of the following accounts in a partial adjusted Trial balance for United Sports Company on September 30.
UNITED SPORTS COMPANY
Trial Balance (Selected Accounts)
September 30, 2019
|
Debit $ |
Credit $ |
|
|
Supplies |
||
|
Prepaid Insurance |
||
|
Office Equipment |
||
|
Accumulated Depreciation—Equipment |
||
|
Unearned Rent Revenue |
Solutions
Expert Solution
If you like my explanation, please give a "thumbs up"
For calculation ref:
ekkarill92 answered 2 years agoRelated Solutions
5. Plover Corporation prepares monthly financial statements. Below are listed some selected accounts and their balances...
5. Plover Corporation prepares monthly financial statements.
Below are listed some selected accounts and their balances on the
September 30 trial balance before any adjustments have been made
for the month of September.
PLOVER CORPORATION
Trial Balance
September 30, 2018
——————————————————————————————————————————
Debit
Credit
Cash........................................................................................................
$12,300
Supplies...................................................................................................
2,700
Prepaid
insurance...................................................................................
5,775
Equipment...............................................................................................
16,200
Accumulated
depreciation—Equipment.................................................
$ 540
Accounts
payable....................................................................................
1,100
Unearned
revenue..................................................................................
1,200
Common
shares......................................................................................
10,000
Retained
earnings...................................................................................
18,925
Rent...
Question 4 Al-Hijrah Company prepares monthly financial statements. Below are the listed account balances in the...
Question 4
Al-Hijrah Company prepares monthly financial statements. Below
are the listed account balances in the Trial Balance at December
31, 2016 before any adjustments have been made for the month of
December.
SCOTSMAN COMPANY
Trial Balance
December 31, 2016
Debit Credit
Supplies....................................................................................................
$ 3,200
Prepaid
Insurance....................................................................................
4,200
Equipment................................................................................................
16,200
Accumulated
Depreciation—Equipment.................................................
$6,000
Unearned Rent
Revenue..........................................................................
1,200
Accounts
Payable.....................................................................................
5,000
Owner’s
Equity........................................................................................
11,400
Totals...................................................................................................
23,600
23,600
An analysis of the...
X Company is a service company and prepares monthly financial statements.
X Company is a service company and prepares monthly financial
statements. In April, it billed customers $405,000 for services it
provided; in May, it billed customers $369,000 for services it
provided.In May, the company received $281,000 from its April customers
and $273,000 from its May customers.Which of the following amounts will appear on X Company's May
Income Statement and Statement of Cash Flows?a. both statements, $369,000b. Income Statement, $369,000; Statement of Cash Flows,
$554,000c. Income Statement, $554,000; Statement of Cash...
X Company is a service company and prepares monthly financial statements. In April, it billed customers...
X Company is a service company and prepares monthly financial
statements. In April, it billed customers $400,000 for services it
provided; in May, it billed customers $369,000 for services it
provided.
In May, the company received $282,000 from its April customers
and $254,000 from its May customers.
Which of the following amounts will appear on X Company's May
Income Statement and Statement of Cash Flows?
- Income Statement, $536,000; Statement of Cash Flows,
$769,000
- both statements, $254,000
- Income...
X Company is a service company and prepares monthly financial statements. In April, it billed customers...
X Company is a service company and prepares monthly financial
statements. In April, it billed customers $418,000 for services it
provided; in May, it billed customers $353,000 for services it
provided.
In May, the company received $282,000 from its April customers
and $241,000 from its May customers.
Which of the following amounts will appear on X Company's May
Income Statement and Statement of Cash Flows?
both statements, $353,000
Income Statement, $353,000; Statement of Cash Flows, $523,000
Income Statement, $523,000; Statement...
web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance...
web> X Company is a merchandiser and prepares monthly
financial statements. The following is its balance sheet at the
beginning of July:
Balance
Sheet
July
1
Assets
Equities
Cash
$51,224
Accounts Payable
$58,945
Accounts Receivable
32,564
Notes Payable
34,137
Inventory
79,249
Prepaid Rent
5,512
Paid-In Capital
222,746
Equipment
220,502
Retained Earnings
73,223
Total Assets
$389,051
Total Equities
$389,051
The following summary transactions occurred during July:
Sold stock to investors for $44,000.
Borrowed $28,000 from a bank and paid off a...
web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance...
web> X Company is a merchandiser and prepares monthly
financial statements. The following is its balance sheet at the
beginning of July: Balance Sheet July 1 Assets Equities Cash
$50,676 Accounts Payable $65,758 Accounts Receivable 33,728 Notes
Payable 31,613 Inventory 80,609 Prepaid Rent 6,118 Paid-In Capital
252,133 Equipment 241,894 Retained Earnings 63,521 Total Assets
$413,025 Total Equities $413,025 The following summary transactions
occurred during July: Sold stock to investors for $45,000. Borrowed
$21,000 from a bank and paid off a...
Company P prepares Financial Statements based on IFRS and Company S prepares Financial Statements based on...
Company P prepares Financial Statements based on IFRS and Company S
prepares Financial Statements based on GAAP.
How to ues their Financial Statements to make decisions and
how to compare.
Question 8 (10 marks) The following information is extracted from the financial statements of XP Sports...
Question 8
The following information is extracted from the financial
statements of XP Sports Limited:
Cash
$677,423
Accounts Payable
$1,721,669
Accounts Receivable
$1,845,113
Notes Payable
$2,113,345
Inventories
$1,312,478
Total Current Assets
$3,835,014
Total Current
Liabilities
$3,835,014
Net Sales
$9,912,332
Cost
$5,947,399
Briefly explain what you understand by the term ‘operating
cycle’.
Click or tap here to enter text.
What is the operating cycle for XP Sports Limited?
Click or tap here to enter text.
What can you say...
X Company was created on September 1 and prepares monthly financial statements. During September, X Company...
X Company was created on September 1 and prepares monthly
financial statements. During September, X Company issued stock to
investors for $98,000, borrowed $83,000 from a bank, bought
merchandise that it planned to sell, paying $3,416 and promising to
pay $5,166 in October, bought equipment, paying $5,100 and
promising to pay $4,800 in December, paid $3,603 that it had
promised to pay to suppliers for previous purchases on account,
sold merchandise, receiving cash of $16,879 and promises to pay
from...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
- In C++ Having call-by-reference allows one to use storeback parameters, i.e., parameters whose values are transmitted...
ADVERTISEMENT