Problem 4-7A (Part Level Submission) On November 1, 2017, the following were the account balances of...

Problem 4-7A (Part Level Submission) On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,120 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,010 Accounts Payable 2,630 Supplies 1,450 Unearned Service Revenue 400 Equipment 10,330 Salaries and Wages Payable 720 Common Stock 10,330 Retained Earnings 3,330 $17,910 $17,910 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. 10 Received $1,860 cash from customers in payment of account. 12 Received $3,750 cash for services performed in November. 15 Purchased store equipment on account $3,660. 17 Purchased supplies on account $1,410. 20 Paid creditors $2,510 of accounts payable due. 22 Paid November rent $500. 25 Paid salaries $1,010. 27 Performed services on account worth $950 and billed customers. 29 Received $800 from customers for services to be performed in the future. (d) Prepare a trial balance at November 30.

Solutions

Expert Solution

ekkarill92 answered 8 months ago

Next > < Previous

Related Solutions

Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Hamm Equipment...

Problem 3-05A a-g (Part Level Submission) On November 1, 2020, the account balances of Hamm Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,400 154 Accumulated Depreciation—Equipment $ 2,000 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 700 301 Owner’s Capital 13,950 $20,450 $20,450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees,...

Problem 4-1 (Part Level Submission) The following information is related to Marigold Company for 2017. Retained...

Problem 4-1 (Part Level Submission) The following information is related to Marigold Company for 2017. Retained earnings balance, January 1, 2017 $988,590 Sales Revenue 26,102,600 Cost of goods sold 16,294,600 Interest revenue 79,900 Selling and administrative expenses 4,770,300 Write-off of goodwill 822,300 Income taxes for 2017 1,270,500 Gain on the sale of investments 120,100 Loss due to flood damage 392,700 Loss on the disposition of the wholesale division (net of tax) 448,400 Loss on operations of the wholesale division (net...

Problem 11-7A (Part Level Submission) On January 1, 2019, Larkspur, Inc. had the following stockholders' equity...

Problem 11-7A (Part Level Submission) On January 1, 2019, Larkspur, Inc. had the following stockholders' equity accounts. Common Stock ($10 par value, 78,300 shares issued and outstanding) $783,000 Paid-in Capital in Excess of Par Value-Common Stock 199,000 Retained Earnings 593,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.10 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock...

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 2,790 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Equipment 10,000 Salaries and Wages Payable 620 Common Stock 10,000 Retained Earnings 3,000 $16,820 $16,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. 10...

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,090 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,010 Accounts Payable 2,600 Supplies 1,420 Unearned Service Revenue 400 Equipment 10,300 Salaries and Wages Payable 720 Common Stock 10,300 Retained Earnings 3,300 $17,820 $17,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. 10...

Problem 7-4 (Part Level Submission) At January 1, 2017, Sheridan Company reported the following property, plant,...

Problem 7-4 (Part Level Submission) At January 1, 2017, Sheridan Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $64,150,000 Accumulated depreciation—equipment 53,500,000 Buildings 97,500,000 Equipment 150,200,000 Land 22,400,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2017,...

Problem 7-9 (Part Level Submission) Sheridan Inc. had the following long-term receivable account balances at December...

Problem 7-9 (Part Level Submission) Sheridan Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division $1,500,000 Note receivable from officer 418,000 Transactions during 2017 and other information relating to Sheridan’s long-term receivables were as follows. 1. The $1,500,000 note receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Sheridan’s electronics division to New York Company. Principal payments of...

Problem 12-7A (Part Level Submission) Presented below are the financial statements of Blossom Company. Blossom Company...

Problem 12-7A (Part Level Submission) Presented below are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 76,650 $ 43,800 Accounts receivable 43,800 30,660 Inventory 61,320 43,800 Property, plant, and equipment 131,400 170,820 Accumulated depreciation (70,080 ) (52,560 ) Total $243,090 $236,520 Liabilities and Stockholders’ Equity Accounts payable $ 41,610 $ 32,850 Income taxes payable 15,330 17,520 Bonds payable 37,230 72,270 Common stock 39,420 30,660 Retained earnings 109,500 83,220 Total $243,090...

Problem 3-5A On November 1, 2019, the account balances of Schilling Equipment Repair were as follows....

Problem 3-5A On November 1, 2019, the account balances of Schilling Equipment Repair were as follows. No. Debits No. Credits 101 Cash $ 2,400 154 Accumulated Depreciation—Equipment $ 2,000 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 700 311 Common Stock 10,000 320 Retained Earnings 3,950 $20,450 $20,450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees,...

On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual...

On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,800 Accumulated Depreciation—Equipment $1,200 Accounts Receivable 2,688 Accounts Payable 4,080 Supplies 1,032 Unearned Service Revenue 4,800 Equipment 30,000 Salaries and Wages Payable 2,040 $44,520 Common Stock 24,000 Retained Earnings 8,400 $44,520 During November, the following summary transactions were completed. Nov. 8 Paid $4,260 for salaries due employees, of which $2,220 is for November and $2,040 is for October. 10...

Subjects