The following balances appear on the books of Harvey Tilman Enterprises: Motts, Capital, $25,100; Motts, Withdrawals, $10,300; Income Summary, $0; Service Revenue, $24,900; Salaries Expense, $6,700; Rent Expense, $4,000; and Advertising Expense, $2,100. All accounts have normal balances. Read the requirements. ... Requirement 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal.) at December 31. Motts, Capital Motts, Withdrawals Service Revenue Requirements Salaries Expense 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal.) at December 31. Rent Expense Income Summary Advertising Expense 2. Post the closing entries to the accounts, denoting posted amounts as Clos. 3. Compute the ending balance of Motts, Capital. Print Done ☑
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- Gulf Cement, Inc. reports the following assets and liabilities, Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)). Cash...Asset.. OMR 37,000 Assets e Yi abilities + Equity- Accounts Payable....liabi libies OMR 15,000 30 800 Supplies....A seps. OMR 1, 800 Loan Payable. ibiliies OMR 9,000 Inventory....AScts. OMR 12,000PREPARE AN INCOME STATEMENT AND A BALANCESHEET: Accounts Payable 850,420.00Accounts Receivable 1,458,221.00Accum Dep'n - Bldng 500,000.00Accum Dep'n - Equipment & Machineries 250,000.00Accum dep'n - Office Equipment 390,000.00Advertising Expense 245,000.00Bad Debts Expense 68,900.00Benefits Payable 140,000.00Building 10,000,000.00Cash ?Common Stock 15,500,000.00Delivery Expense 130,000.00Depreciation - Building 250,000.00Depreciation - Machinery and Equipment 85,000.00Dividend Income 46,875.00Estimated Uncollectible Accounts 50,000.00Goodwill 200,000.00Insurance - Building 80,000.00Interest Expense 150,000.00Interest Income 185,420.00Investment in SMC 564,890.00Investment in Jollibee 850,000.00Land 8,000,000.00Machineries and Equipment 4,687,952.00Marketable Securities 854,785.00Merchandise Inventory, Dec 31 800,000.00Merchandise Inventory, Jan 1 650,000.00Notes Payable (4 years) 10,000,000.00Office Equipment 3,850,000.00Preferred Stocks 5,500,000.00Prepaid Supplies…The following selected accounts (amounts in thousands of dollars) appear in the financial statements of The Jean Coutu Group (PJC) Inc.: Accounts payable $181,060 Accounts receivable 132.305 Amortization expense 40,455 Capital assets 185.028 Cash 5.861 Interest on long-term debt expense 12,143 Long-term debt 162.579 Other revenues 170,478 Prepaid expenses 3,414 Sale 2,118,892 Identify the accounts that would be included in a post-closing trial balance
- The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial PositionThe following account balances were extracted from the accounting records of A and D Corporation: Accounts Receivable $280,000 Uncollectible Account Expense $45,000 Allowance for Uncollectible Accounts $35,000 What is the net realizable value of the accounts receivable? $280,000 O $270,000 O $200,000 O $245,000 O $235,000The following accounts have normal balances. Prepare a trial balance. Accounts Payable, 20; Accounts Receivable, 90; Capital, 40; Sales, 200; Cash, 100; Rent Expense, 70.
- Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.The balance sheet debit column of the worksheet for Sandhill Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 3,600, Cash $ 4,000, Supplies $ 4,400, and Debt Investments (short-term) $ 7,100. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) SANDHILL COMPANY Partial Balance Sheet %24 %24 >Synergy Enterprise has the following financial statement items: Details Classification of account 1. Trade payable 2. Brand 3. Cash in hand 4. Cost of sales 5. Transportation charges 6. Property 7. Bond 8. Unearned ticket revenue 9. Notes payable 10. Bad debt recovered 11. Commission received 12. Telephone bill 13. Printing cost 14. 15. Accrued salary 16. Prepaid insurance Required: Indicate whether each of the accounts above is a Current Asset (CA), Non-Current asset (NCA), Current Liability (CL), Non-Current liability (NCL), Revenue (R), and Expense (E). Use the following format to prepare your answer. Details Classification of account Example: Salary and wages Expenses Trade payable 1. 2. Brand 3. Cash in hand Decrease in doubtful debt
- The balance sheet debit column of the worksheet for Ivanhoe Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 4,300, Cash $ 4,200, Supplies $ 4,900, and Debt Investments (short-term) $ 5,500. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) IVANHOE COMPANY Partial Balance Sheet 24 %24 >The balance sheet debit column of the worksheet for Jolie Company includes the following accounts: Accounts Receivable $12,500, Prepaid Insurance $4,500. Cash $4,100, Supplies $5,200, and Debt Investments (short-term) $7,600. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table? Problem#9. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance…