Question
In: Accounting
The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed...
The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below.
| Fees earned | $816,295 |
| Office expense | 187,750 |
| Miscellaneous expense | 16,325 |
| Wages expense | 391,820 |
| Accounts receivable | 57,140 |
| Accounts payable | 20,405 |
| Cash | 150,870 |
| Land | 261,000 |
| Supplies | 9,795 |
Barb Schroeder, the owner, invested an additional $49,000 in the business during the year and withdrew cash of $31,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $220,000.
Prepare a report form balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity.
| Sentinel Travel Service | |
| Balance Sheet | |
| August 31, 2019 | |
| Assets | |
| $ | |
| Total assets | $ |
| Liabilities | |
| $ | |
| Owner's Equity | |
| Total liabilities and owner's equity | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The revenues and expenses of sentinel travel agency service for the year ended August 31, follow
The revenues and expenses of sentinel travel agency service for the year ended August 31, follow
Particulars
Amount$
Fees earned
7,98,055
Office Expense
1,83,555
Miscellaneous expense
15,960
Wages Expense
3,83,065
Prepare a statement of owner's equity for the year ended august 31,2019. Barb Schroeder, the owner, invested an additional $47,900 in the business during the year and withdrew cash of $30,300 for personal use.Barb Schroeder,capital as of september1,2018 was $2,15,000
A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016,...
A summary of cash flows for Sentinel Travel Service for the year
ended August 31, 2016, follows. The cash balance as of September 1,
2015, was $89,000.
Cash flows
Cash
receipts:
Cash received from customers
$734,000
Cash received from additional
investment of owner
36,000
Cash
payments:
Cash paid for operating
expenses
745,600
Cash paid for land
50,000
Cash paid to owner for personal
use
18,000
Prepare a statement of cash flows for Sentinel Travel Service
for the year ended August...
The revenues and expenses of sentinel travel service for the year ended august 31,2019 follows
The revenues and expenses of sentinel travel service for the year ended august 31,2019 followsParticularsAmount$Fees earned7,50,000Office expense2,95,000Miscellaneous expense12,000Wages expense4,50,000Prepare an income statement for the year ended august 31,2019
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees...
The account balances of Paradise Travel Service for the year
ended May 31, 20Y6, follow:
Fees earned
$801,980
Office expense
184,455
Miscellaneous expense
16,040
Wages expense
384,950
Accounts payable
20,050
Accounts receivable
56,140
Cash
235,320
Common stock
135,000
Land
257,000
Supplies
9,625
Cash dividends of $30,500 were paid during the year. Retained
earnings as of June 1, 20Y5, were $217,000.
Prepare the balance sheet as of May 31, 20Y6. When entering
assets, enter them in order of liquidity.
Paradise Travel...
The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019,...
The balances of Adventure Travel Service’s accounting equation
items for the year ended April 30, 2019, are listed below. Jerome
Foley, the owner, invested an additional $36,600 in the business
during the year and withdrew cash of $16,600 for personal use.
Jerome Foley, capital as of May 1, 2018, was $390,000.
Accounts
Fees earned
$746,000
Office expense
295,500
Miscellaneous expense
10,300
Wages expense
450,000
Accounts payable
43,600
Accounts receivable
72,400
Cash
45,600
Land
320,900
Supplies
4,900
Prepare a balance sheet...
The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019,...
The balances of Adventure Travel Service’s accounting equation
items for the year ended April 30, 2019, are listed below. Jerome
Foley, the owner, invested an additional $60,000 in the business
during the year and withdrew cash of $40,000 for personal use.
Jerome Foley, capital as of May 1, 2018, was $1,020,000. Accounts
Fees earned $2,180,000 Office expense 400,000 Miscellaneous expense
25,000 Wages expense 1,300,000 Accounts payable 105,000 Accounts
receivable 485,000 Cash 197,000 Land 900,000 Supplies 18,000
Prepare a balance sheet...
Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 For...
Selected ledger account balances for Business Solutions
follow.
For Three Months
Ended December 31, 2019
For Three Months
Ended March 31, 2020
Office equipment
$
7,900
$
7,900
Accumulated depreciation—Office equipment
395
790
Computer equipment
18,000
18,000
Accumulated depreciation—Computer equipment
1,125
2,250
Total revenue
32,034
44,800
Total assets
82,860
121,668
Required:
1. Assume that Business Solutions does not acquire
additional office equipment or computer equipment in 2020. Compute
amounts for the year ended December 31, 2020, for
Depreciation expense—Office equipment...
Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 For...
Selected ledger account balances for Business Solutions
follow.
For Three Months
Ended December 31, 2019
For Three Months
Ended March 31, 2020
Office equipment
$
8,000
$
8,000
Accumulated depreciation—Office equipment
400
800
Computer equipment
20,000
20,000
Accumulated depreciation—Computer equipment
1,250
2,500
Total revenue
31,284
44,000
Total assets
83,460
120,268
Required:
1. Assume that Business Solutions does not acquire
additional office equipment or computer equipment in 2020. Compute
amounts for the year ended December 31, 2020, for
Depreciation expense—Office equipment...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
103,000
Insurance, factory
7,000
Utilities, factory
63,800
Purchases of raw materials
?
Indirect labour
60,000
Direct labour
97,000
Advertising expense
78,600
Cleaning supplies, factory
7,200
Sales commissions
38,000
Rent, factory building
108,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
121,000
Insurance, factory
8,200
Utilities, factory
47,500
Purchases of raw materials
?
Indirect labour
70,000
Direct labour
39,300
Advertising expense
66,000
Cleaning supplies, factory
9,000
Sales commissions
52,500
Rent, factory building
144,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
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