1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vredina [299]
2 years ago
11

Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their no

rmal debit or credit balance. Cash, $3,200; Prepaid Rent, $6,700; Accounts Payable $3,600; Common Stock, $33,000; Service Revenue, $24,700; Salaries Expense, $7,500; Accounts Receivable, $5,400; Land, $53,000; Deferred Revenue, $1,950; Retained Earnings, $21,250; Supplies Expense, $8,700. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.
Business
1 answer:
allochka39001 [22]2 years ago
3 0

Answer:

                                           Trial Balance

                                                     <u>Debit</u>               <u>Credit</u>

Land                                             53000

Accounts Receivable                  5400

Cash                                              3200

Prepaid Rent                                6700

Accounts Payable                                                 3600

Deferred revenue                                                  1950

Common Stock                                                      33000

Retained earnings                                                 21250

Service Revenue                                                   24700

Salaries expense                          7500

Supplies expense                       <u>  8700  </u>            <u>              </u>

Totals                                            84500               84500                    

Explanation:

The trial balance has been made in the answer section.

You might be interested in
Assume that Puritan Corp. operates in an industry for which NOL carryback is allowed. Puritan Corp. reported the following preta
timama [110]

Answer:

$87,120

Explanation:

The calculation of the deferred tax asset for the NOL carryforward is given below:

= (Year 2021 loss - Year 2022 income) × tax rate applicable for all years

= ($600,000 - $358,000) × 36%

= $242,000 × 36%

= $87,120

Since in a year 2021 it is a loss and the income in year 2022 that is to be adjusted and the same is considered in the computation part

Hence,  the deferred tax assets for the NOL carryforward is $87,120

6 0
3 years ago
On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount
inn [45]

Answer:

$337.50

Explanation:

the premium on a three year policy = $1,350

premium per year = $1,350 / 3 = $450

premium per month = $450 / 12 = $37.50

Since the premium covered April to December, 9 months of insurance expense are accrued.

insurance expense for 9 months = $37.50 x 9 = $337.50

The journal entries should be:

April 1, purchase a 3 year insurance policy:

Dr Prepaid insurance 1,350

    Cr Cash 1,350

December 31, accrued insurance expense:

Dr Insurance expense 337.50

    Cr Prepaid insurance 337.50

8 0
3 years ago
If savers anticipate an inflation rate of 10 percent and require a real return of 5 percent, then savers will require an interes
malfutka [58]
In here, we can say that we are looking for the nominal interest rate. Given is the real interest rate which is 5% and the inflation rate of 10%. The nominal rate of interest is real interest rate plus the inflation rate. Savers will now require an interest rate of 15%
7 0
3 years ago
Which is not one of the five fundamental questions?
astra-53 [7]
Economics in many cases is an exact science, but usually it is a practical one that has applications. Thus there are some practical goals that need to be answered with the use of economics and an easy to summarize form of them are the five fundamental questions of economics. 3 of the choices above are such fundamental questions; determining the way of production, the receiver of the production as well as the ways in which the economic system can change are of fundamental importance to the science of economics. The other 2 questions are: What products will be produced ? and How can we foster progress?
Choice d is a pretty important question too (that falls somewhat under a) but the fact that it mentions the government specifically makes it less general than the other propositions so it is not a fundamental question.
7 0
3 years ago
The manufacturer must lead the channel design process regardless of the relative market power and financial strength of the memb
katrin [286]

Answer:

The statement is false

Explanation:

Channel design process is the one which is defined as those decisions that involve the development of the new marketing channels where the modification of the existing channels or none had existed before, which requires the market power as well as the financial strength of the members of the supply chain.

Therefore, the manufacturer could lead the process of the design process irrespective of the financial strength of members as well as the market power.

6 0
3 years ago
Other questions:
  • A decrease in individual income taxes​ ________ disposable​ income, which​ ________ consumption spending.
    8·1 answer
  • You are directed to study the actors close to the company that affect its ability to serve its customers-departments within the
    15·1 answer
  • Violations of security policies are considered to be a(n) __________ issue upon which proper disciplinary actions must be taken.
    6·1 answer
  • How is a free-market economy different from a mixed economy?
    7·2 answers
  • A decrease in the wage rate of pizza makers will cause a movement from Point B on supply curve Upper S 2 to ______________.
    11·1 answer
  • Each bank in the town of La Rinconada has only a single set of locking doors at its entrance. In the town of Inverness, on the o
    6·1 answer
  • Who is authorized to give legal advice to a client?
    12·1 answer
  • How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160
    5·1 answer
  • In the Month of March, Digby received orders of 123 units at a price of $15.00 for their product Deal. Digby uses the accrual me
    8·1 answer
  • How to identify the significant accounts, disclosures, and relevant assertions in auditing long-lived assets?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!