Question
In: Accounting
The trial balance of Large Company, Inc. at the end of its annual accounting period is...
The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows:
|
LARGE COMPANY, INC. Trial Balance December 31, 2019 |
||
|
Cash.............................................................................. |
$ 4,000 |
|
|
Prepaid Insurance.............................................................................. |
1,600 |
|
|
Supplies .............................................................................. |
2,100 |
|
|
Equipment .............................................................................. |
20,000 |
|
|
Accumulated Depreciation—Equipment.............................................................................. |
$ 2,000 |
|
|
C. Large, Capital .............................................................................. |
19,000 |
|
|
C. Large, Withdrawals.............................................................................. |
2,000 |
|
|
Revenue.............................................................................. |
33,000 |
|
|
Salaries Expense.............................................................................. |
18,300 |
|
|
Rent Expense .............................................................................. |
6,000 |
______ |
|
Totals.............................................................................. |
$54,000 |
$54,000 |
Additional information:
- Expired insurance, $600.
- Unused supplies, per inventory, $800.
- Estimated depreciation, $1,000.
- Earned but unpaid salaries, $700
Required
- Prepare adjusting entries.
- Prepare closing entries.
- Prepare a post-closing trial balance.
No pdf please
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The trial balance of Large Company, Inc., at the end of its annual accounting period is...
The trial balance of Large Company, Inc., at the end of
its annual accounting period is as follows:
LARGE COMPANY, INC.
Trial Balance
December 31, 2019
Cash.......................................................................
$ 4,000
Accounts Receivable………………………………..
400
Prepaid
Insurance.................................................
1,200
Supplies
...............................................................
2,100
Equipment
............................................................
20,000
Accumulated
Depreciation—Equipment..............
$ 2,000
Owner Capital ……………………………………….
19,000
Owner Withdrawals
.............................................
2,000
Revenue.................................................................
33,000
Salaries
Expense...................................................
18,300
Rent Expense
.......................................................
6,000
______
Totals.....................................................................
$54,000
$54,000
Additional information:
Expired insurance, $400.
Unused supplies, per inventory, $800.
Estimated depreciation, $1,000....
The trial balance of Large Company, Inc. at the end of its annual accounting period is...
The trial balance of Large Company, Inc. at the end of
its annual accounting period is as follows:
LARGE COMPANY, INC.
Trial Balance
December 31, 2017
Cash.......................................................................
$ 6,000
Prepaid
Insurance.................................................
1,600
Supplies
...............................................................
2,100
Equipment
............................................................
20,000
Accumulated
Depreciation—Equipment..............
$ 2,000
Retained Earnings
...............................................
19,000
...............................................................................
Revenue.................................................................
33,000
Salaries
Expense...................................................
18,300
Rent Expense
.......................................................
6,000
______
Totals.....................................................................
$54,000
$54,000
Additional information:
Expired insurance, $600.
Unused supplies, per inventory, $800.
Estimated depreciation, $1,000.
Earned but unpaid salaries, $700
Required...
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Accounting equation
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end of its accounting period, October 31, 20Y2, Inspirational has
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Accounting equation
Inspirational Inc. is a motivational consulting business. The data
for the assests and liabilities of Inspirational Inc. at the end of
its accounting period, October 31, 20Y2, are provided in the table
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Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period,...
Accounting Equation
Inspirational Inc. is a motivational consulting business. At the end of its
accounting period, October
31, 2017, Inspirational has assets of $5,250,000
and liabilities of $1,600,000.
Using the accounting equation and considering each case
independently, determine the following amounts:
a. Stockholders' equity as of October 31,
2017.
$
b. Stockholders’ equity as of October 31, 2018,
assuming that assets increased by $800,000 and liabilities
increased by $330,000 during 2018.
$
c. Stockholders' equity as of October 31, 2018,...
Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period,...
Accounting Equation Inspirational Inc. is a motivational
consulting business. At the end of its accounting period, October
31, 2017, Inspirational has assets of $5,250,000 and liabilities of
$1,600,000. Using the accounting equation and considering each case
independently, determine the following amounts: a. Stockholders'
equity as of October 31, 2017. $ b. Stockholders’ equity as of
October 31, 2018, assuming that assets increased by $800,000 and
liabilities increased by $330,000 during 2018. $ c. Stockholders'
equity as of October 31, 2018,...
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Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: UnitsUnit CostInventory, December 31, prior year6,300For the current year:Purchase, March 518,30011Purchase, September 199,3007Sale ( $30 each)8,500Sale ( $32 each)15,300Operating expenses (excluding income tax expense)$393,000Required: Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. (Loss amounts should...
Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December...
Givoly Inc. uses a
periodic inventory system. At the end of the annual accounting
period, December 31 of the current year, the accounting records
provided the following information for product 2:
Units
Unit Cost
Inventory,
December 31, prior year
6,000
$
10
For the current
year:
Purchase, March
5
18,000
8
Purchase,
September 19
9,000
4
Sale ($25
each)
8,800
Sale ($33
each)
15,000
Operating
expenses (excluding income tax expense)
$
390,000
1.
Prepare a separate income statement through pretax...
Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December...
Givoly Inc. uses a periodic inventory system. At the end of the
annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Units
Unit Cost
Inventory, December 31, prior year
7,900
$
11
For the current year:
Purchase, March 5
19,900
9
Purchase, September 19
10,900
5
Sale ($27 each)
8,900
Sale ($29 each)
16,900
Operating expenses (excluding income tax expense)
$
409,000
1. Prepare a separate income statement through pretax...
Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December...
Beck Inc. uses a periodic inventory system. At the end of the
annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Units
Unit Cost
Inventory, December 31, prior year
7,000
$
11
For the current year:
Purchase, March 5
19,000
9
Purchase, September 19
10,000
5
Sale ($28 each)
8,000
Sale ($30 each)
16,000
Operating expenses (excluding income tax expense)
$
400,000
1. Prepare a separate income statement through
pretax...
Following is the unadjusted trial balance of Skylar Gaming, Inc. at the end of its first...
Following is the unadjusted trial balance of Skylar Gaming, Inc.
at the end of its first year of operations, December 31, 20x7:
Account Name
DR.
CR.
Cash
$71,550
Accounts Receivable
$25,200
Supplies
$550
Prepaid Insurance
$12,000
Equipment
$31,750
Accumulated Depreciation-Equipment
$4,050
Accounts Payable
$6,700
Salaries Payable
$0
Unearned Revenue
$2,200
Common Stock
$45,700
Retained Earnings
$23,850
Dividends
$3,500
Revenue
$80,750
Depreciation Expense-Equipment
$2,000
Salaries Expense
$4,750
Insurance Expense
$3,100
Rent Expense
$4,200
Supplies Expense
$2,500
Utilities Expense
$2,150
$163,250
$163,250...
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