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Bogdan [553]
2 years ago
7

Prepare an adjusted trial balance as of December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INC. Adjusted T

rial Balance At December 31 (in thousands of dollars) Account Titles Debit Credit Cash $58 Accounts Receivable 7 Prepaid Insurance Equipment 120 Accumulated Depreciation 8 Accounts Payable 7 Common Stock 116 Retained Earnings 17 Sales Revenue 131 Insurance Expense 9 Salaries and Wages Expense Supplies Expense 46 Depreciation Expense Salaries and Wages Payable $11 Income Tax Expense Income Tax Payable 13 Totals $240 $303
Business
1 answer:
DochEvi [55]2 years ago
5 0

Answer:

Hie, the question has missing amounts / account balances relating to the following Accounts<em> Prepaid Insurance</em>, <em>Salaries and Wages Expense</em> and <em>Depreciation Expense</em>. However, both the debits and credit totals must add up to $292 as only debits are missing.

Explained and illustrated below is the approach to take on this question.

A trial balance is a list of balances (debit or credit) extracted from ledger accounts.

<u>Adjusted Trial Balance At December 31</u>

                                                    Debits                 Credit

                                                     $000                   $000

Cash                                                  58

Accounts Receivable                         7

Prepaid Insurance (missing)

Equipment                                      120

Accumulated Depreciation                                           8

Accounts Payable                                                          7

Common Stock                                                            116

Retained Earnings                                                        17

Sales Revenue                                                             131

Insurance Expense                           9

Salaries and Wages Expense (missing)

Supplies Expense                           46

Depreciation Expense (missing)

Salaries and Wages Payable           11

Income Tax Expense

Income Tax Payable                                                     13

Totals                                              292                       292

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3 0
2 years ago
**ECONOMY**
Karo-lina-s [1.5K]

Answer:a

Explanation:

7 0
2 years ago
Performed services for $25,000 cash. Purchased land for $6,000 cash. Hired an accountant to keep the books. Received $50,000 cas
Maurinko [17]

Answer:

a.

1. Operating Activities (OA)

2. Investing Activities (IA)

3. Not Applicable (NA)

4. Financing Activities (FA)

5. Financing Activities (FA)

6. Operating Activities (OA)

7.Investing Activities (IA)

8. Financing Activities (FA)

9. Operating Activities (OA)

10. Financing Activities (FA)

b. Ending Cash Balance $60,200

Explanation:

a. To Indicate how each of the events would be classified on the statement of cash flows as OPERATING ACTIVITIES (OA), INVESTING ACTIVITIES (IA), FINANCING ACTIVITIES (FA), or NOT APPLICABLE (NA).

1. Based on the information it these transaction will be classified as OPERATING ACTIVITIES (OA)

2. Based on the information it these transaction will be classified as INVESTING ACTIVITIES (IA)

3.Based on the information it these transaction will be classified as NOT APPLICABLE (NA)

4. Based on the information it these transaction will be classified as FINANCING ACTIVITIES (FA)

5. Based on the information it these transaction will be classified as FINANCING ACTIVITIES (FA)

6. Based on the information it these transaction will be classified as OPERATING ACTIVITIES (OA)

7. Based on the information it these transaction will be classified as INVESTING ACTIVITIES (IA)

8. Based on the information it these transaction will be classified as FINANCING ACTIVITIES (FA)

9. Based on the information it these transaction will be classified as OPERATING ACTIVITIES (OA)

10. Based on the information it these transaction will be classified as FINANCING ACTIVITIES (FA)

b. Preparation of a statement of cash flows for 2018. Assume All-Star Automotive Company had a beginning cash balance of $9,000 on January 1, 2018.

STATEMENT OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from revenue: $25,000

Less Cash payment for salary expense ($14,000)

Less Cash payments for utilities expense ($2,800)

Net cash flow from operating activities $8,200

CASH FLOWS FROM INVESTING ACTIVITIES:

Cash from the sale of land $9,000

Less Cash paid to purchase land ($6,000)

Net cash flow from investing activities $3,000

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash receipts from stock issue $50,000

Add Cash receipts from loan $5,000

Less Cash payment on loan ($10,000)

Less Cash payments for dividends ($5,000)

Net cash flow from financing activities $40,000

Net increase in cash $51,200

($4,200+$3,000+$40,000)

Add Beginning cash balance $9,000

ENDING CASH BALANCE $60,200

Therefore the statement of cash flows for 2018 Ending Cash Balance is $60,200

8 0
3 years ago
Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.
malfutka [58]

Answer:

<u>Black Diamond Express</u>

<u>Trial Balance as at January 31, 2018.</u>

                                                          Debit               Credit

Accounts Payable                                                      $1,100

Rent Expense                                    $500

Accounts Receivable                      $1,700

Service Revenue                                                      $3,000

Cash                                                 $1,400

Supplies                                             $200

Common stock                                                         $2,000

Salaries and Wages Expense         $1,300

Dividends                                         $1,000

Totals                                                $6,100             $6,100

Explanation:

A trial balance is a list of balances (debits and credits) that is prepared from the ledger accounts from which Financial Statements are prepared.

The Trial Balance can be used a check to the correctness of the double entry system.

4 0
3 years ago
For each of the following situations, select the best answer that applies to consolidating financial information subsequent to t
Whitepunk [10]

Answer:

1. Method(s) available to the parent for internal record-keeping - (A) Initial value method

2. Easiest internal record-keeping method to apply.  - (F) Initial value method, partial equity method, and equity method.

3. Income of the subsidiary is recorded by the parent when earned.  - (E) Partial equity method and equity method but not initial value method.

4. Designed to create a parallel between the parent's investment accounts and changes in the underlying equity of the acquired company.  - (C) Equity method.

5. For years subsequent to acquisition, requires the *C entry.  - (B) Partial equity method.

6. Uses the cash basis for income recognition.  - (D) Initial value method and partial equity method but not equity method

7. Investment account remains at initially recorded amount.  - (C) Equity method.

8. Dividends received by the parent from the subsidiary reduce the parent's investment account.  - (E) Partial equity method and equity method but not initial value method.

9. Often referred to in accounting as a single-line consolidation. - (A) Initial value method

10. Increases the investment account for subsidiary earnings, but does not decrease the subsidiary account for equity adjustments such as amortizations - (A) Initial value method

8 0
2 years ago
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