All categories

3 years ago

Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.

Business

1 answer:

malfutka [58]3 years ago

4 0

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.

You might be interested in

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month

julsineya [31]

Answer and Explanation:

a. The preparation of the cost of goods manufactured statement is as follows:

Opening work in process $119,760

Direct Material

Opening inventory $178,750

Add: Material Purchased $343,200

Cost of Materials Available $521,950

Less: Ending Inventory -$151,940

Cost of Direct Materials Used $370,010

Direct Labor $321,750

Factory Overhead:

Indirect Labor $34,320

Machinery Depreciation $20,740

Heat, Light and Power $7,150

Supplies $5,720

Property Taxes $5,010

Miscellaneous Costs $9,300

Total Factory Overhead $82,240

Total Manufacturing Costs Incurred $774,000

Total Manufacturing Costs $893,760

Less: Ending Work in Process $101,800

Cost of Goods Manufactured $791,960

b. Now the cost of goods sold is

Cost of Goods Sold= Cost of Goods Manufactured + Beginning Finished Goods - Ending Finished Goods

= $791,960 + $91,160 - $103,320

= $779,800

5 0

2 years ago

Karen Austin Inc. has issued three types of debt on January 1, 2020, the start of the company’s fiscal year.(a) $10 million, 10-

icang [17]

Answer:

Explanation:

Yield rate on unsecured bonds=12%

Yield rate on zero coupon bond=12%

Yield rate on 10% mortgage bonds=12%

Total debt value=10m+25m+20m=55m

Weight of unsecured bonds=10/55=0.182

Weight of zero coupon bonds=25/55=0.455

Weight of 10% mortgage bonds = 20/55= 0.363

Cost of debt=0.182*12+ 0.455*12+0.363*12=12%

3 0

3 years ago

The production function q = 22K^0.6 L^0.3 exhibits A. constant returns to scale. B. increasing returns to scale. C. unknown retu

Ivenika [448]

Answer:

D. decreasing returns to scale.

The answer and procedures of the exercise are attached in the image below.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

6 0

2 years ago

Electric, Inc. was incorporated on January 1, 2016. Electric issued 4,000 shares of common stock and 1,200 shares of preferr

S_A_V [24]

Answer:

$57,600

Explanation:

The computation of the total amount paid to preferred shareholders are shown below:

= Number of shares for preferred stock × par value × dividend rate × number of years

= 1,200 shares × $100 × 12% × 4 years

= $57,600

In case of cumulative, the number of years would be four years for dividend paid

All other information which is given is not relevant. Hence, ignored it

8 0

3 years ago

Shocker Corporation's sales budget shows quarterly sales for the next year as follows: Unit sales Quarter 1 15,400 units Quarter

adelina 88 [10]

Answer:

Production for Q2 12,700 units

Explanation:

sales for the quarter 11,000 units

desired ending inventory

20% of Q3

20% of 19,500 = 3,900 units

Total requirement 14,900 units

Beginning inventory

20% of Q2 sales

20% of 11,000 = (2,200) units

Production for Q2 12,700 units

We add the sales and the desired inventory as the production needs.

The beginning inventory is subtracted, those units is work done towards the goal, so we need to produce the differente, which is 12,700 units.

8 0

3 years ago